信息不对称对于IPO竞价发行的影响

构建了在信息不对称条件下进行IPO竞价发行的价格博奕模型，证明了在我国现有的市场条件下采用竞价发行方式是对证券市场的一种极大的考验，因为这种机制在信息不对称的情况下对于缺乏信息的一方是非常不利的，会影响投资者参与IPO发行和资源的有效配置。因此竞价发行方式的顺利运行必须依赖于市场的成熟，信息披露制度的完善。

The Influences of Information Asymmetry on IPO Pricing

During the process of IPO issuing, the original fixed price system has met a greatdeal of troubles, and a lot of scholars have proposed to have the price sets by the market. It is said that the method of book building, which has a principle similar to auctions, is an ideal way because it sets the price according to the feedback of investors efficiently and it will bring the maximum profit for the issuer, and reflects the market demand comparatively accurately. Although it is a common practice, it will meet some trouble in the emerging market of the Chinese stock market. The facts that the Chinese market has no efficient information disclosure mechanism and the man\|made insufficient supply of IPO make it quite possible for the parts who hare no access to inner information to suffer from a loss. Thus to adopt competitive pricing in the IPO is not a reasonable way to realize resources allocation.