机构投资者行为、网络开源信息与IPO定价-金融学专业论文.docxVIP

drive them to set higher offering price, and it was one reason why offer pricing was high. Although QFII had the tiptop bidding precision, the underwriters priced stocks mainly with reference to fund company, security company, insurance company and institutional bidder recommended by underwriter. With respect to open source information’s impact on IPO book-building, the more good open source information before pricing will make the offer price revise upward larger, and the more bad open source information will make the offer price revise downward lager. Investors responsed strongly to the bad open source information during the waiting period, the more bad information, the lower the underpricing of IPO. However, investors were conservative to good open source information. Finally, this article summed up the limitations of the study and put forward the future research direction based on the study design and empirical results. Key words ： Book-building; game analysis; open source information; IPO anomalies I I 目 录 HYPERLINK \l _bookmark0 第一章 绪论1 HYPERLINK \l _bookmark1 1.1 研究背景 1 HYPERLINK \l _bookmark2 1.2 研究意义 2 HYPERLINK \l _bookmark3 1.3 研究思路和方法 3 HYPERLINK \l _bookmark4 1.3.1 研究思路3 HYPERLINK \l _bookmark5 1.3.2 研究方法4 HYPERLINK \l _bookmark6 1.4 研究框架 4 HYPERLINK \l _bookmark7 1.5 本文创新点 5 HYPERLINK \l _bookmark8 第二章 文献综述6 HYPERLINK \l _bookmark9 2.1 IPO 发行制度文献综述 6 HYPERLINK \l _bookmark10 2.1.1 我国 IPO 发行制度文献综述 6 HYPERLINK \l _bookmark11 2.1.2 国外 IPO 发行制度文献综述 9 HYPERLINK \l _bookmark12 2.2 IPO 报价行为综述 11 HYPERLINK \l _bookmark13 2.3 网络开源信息在金融领域的文献综述 12 HYPERLINK \l _bookmark14 2.4 信息对 IPO 询价制影响的文献综述 13 HYPERLINK \l _bookmark15 2.5 本章小结 15 HYPERLINK \l _bookmark16 第三章 IPO 询价制报价博弈与仿真模拟 16 HYPERLINK \l _bookmark17 3.1 中国 IPO 询价制度 16 HYPERLINK \l _bookmark18 3.2 博弈模型 19 HYPERLINK \l _bookmark19 3.2.1 无激励约束机制下的询价过程博弈分析20 HYPERLINK \l _bookmark20 3.2.2 引入惩罚机制的询价过程博弈分析及仿真模拟21 HYPERLINK \l _bookmark21 3.3 本章小结 23 HYPERLINK \l _bookmark