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本文以我国2005—2010年在主板IPO的所有公司和2005年、2006年在中小板IPO的公司为样本,从理论和实证角度考察我国IPO询价制度下机构投资者报价策略。本文发现机构投资者在IPO询价过程中倾向于在初步询价阶段压低报价,而在累计投标询价阶段以价格区间上限报价,而机构投资者执行这种报价策略的原因在于我国现行的IPO询价机制不能有效激励机构投资者在询价过程中尽可能披露其私人信息。
In this paper, all the companies listed on the Main Board IPO in China from 2005 to 2010 and the companies listed on the IPO board in 2005 and 2006 are taken as samples to examine the bidding strategies of institutional investors under the IPO inquiry system in China from both theoretical and empirical perspectives. This paper finds that institutional investors tend to press down the quotation in the initial inquiry stage in the process of IPO inquiry and quote the upper limit of the price range in the stage of accumulating bidding inquiry. The reason why institutional investors implement this quotation strategy lies in the current IPO Inquiry mechanism can not effectively encourage institutional investors in the inquiry process as much as possible to disclose their private information.