| 股票IPO的价格形成：一个经济学的理论分析框架 |
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| 引用本文： | 黄方亮,冯栋.股票IPO的价格形成：一个经济学的理论分析框架[J].青年论坛,2010(2):101-103. |
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| 作者姓名： | 黄方亮 冯栋 |
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| 作者单位： | [1]山东财政学院,山东济南250014 [2]北京师范大学,中国北京100875 |
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| 摘 要： | 与一般商品的价格形成过程类似，供求力量决定着股票IPO价格的形成。通过对股票IPO供给方与需求方的目标、行为的分析，可以发现，单次新股发行的供给曲线是一条垂线，总供给曲线斜率为正；在理性条件下，单次需求曲线斜率为负；而在非理性条件下，需求曲线斜率变为正。总需求曲线的形状在不同前提下，斜率也分别会出现正、负两种情况。一般而言，在不同的供给与需求状况下，会出现不同水平的股票发行价格。
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| 关 键 词： | 股票IPO 供给 需求 价格形成 |
Pricing of Stock IPO:A Theoretical Analysis in Terms of Economics |
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| Abstract: | Similar to the price formation process of common goods, supply and demand decide the prices of an IPO. By analyzing different parties of supply and demand, we may find that an IPO＇ s supply curve is vertical and the slope of the general supply curve is positive. Under the rational condition, the slope of single offering demand curve is negative, while under irrational condition, it becomes positive. The slope of the general demand curve may also be positive or negative under different conditions. Different offering prices may occur with different supply and demand conditions. |
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| Keywords: | IPO supply demand price formation |
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