是指新股公开发行时,事先不确定发行价格和发行股数,而是根据投资者的需求信息确定发行价格和发行数量。在发行的初始阶段,承销商首先根据拟发行股票的估值确定出一个价格区间,作为投资者判断股票价格的依据。然后向潜在的投资者进行推销,并根据法律规定披露发行公司的相关信息。同时要求投资者在价格区间内按照不同的发行价格申报认购数量,这一申报认购价格和数量的时期就是累计投 Refers to the public offering of new shares, the issue price and the number of shares issued in advance is not determined, but according to investor demand information to determine the issue price and issue quantity. In the initial stage of issuance, the underwriter first determines the price range based on the valuation of the shares to be issued as the basis for investors to judge the stock price. Then sell to potential investors and disclose information about the issuing company in accordance with the law. At the same time require investors to declare the number of subscriptions in the price range according to different issue price, the declaration of subscription price and quantity of the period is accumulated investment