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IPO询价制下的灰色市场机制主要涉及IPO预发行或IPO前市交易中的信息提取机制、股份差别分配机制、抑价安排机制及托市机制,这些机制有助于确定发行价、股份的分配及后市交易的稳定,但也存在着加重“胜者的诅咒”、机构合谋、IPO信息噪声、承销商竞争弱化,以及对比定价发行较高的直接成本等缺陷。对我国询价制的分析表明,由于存在询价股份数量限制,股份差别分配机制的效果十分有限;信息提取机制差;存在价格合谋等现象。必须强化信息攫取机制,规范累积投标询价流程,培育成熟的机构投资者,以提高我国询价制下的灰色市场效率。
The gray market mechanism under the IPO inquiry system mainly involves the information extraction mechanism, the stock dividend distribution mechanism, the underpricing arrangement mechanism and the entrustment mechanism in IPO pre-IPO or IPO market transactions. These mechanisms help to determine the issue price, the shares However, there are also some shortcomings such as aggravating the curse of the winner, institutional collusion, noise of IPO information, weakening of the underwriter’s competition, and the relatively high direct cost of pricing and issuing. The analysis of China’s quotation system shows that due to the limited quantity of inquiry shares, the effect of the mechanism of dividend distribution is very limited; the information extraction mechanism is poor; the phenomenon of price collusion exists. It is necessary to strengthen the mechanism of information capture, standardize the process of cumulative bidding inquiry, and foster mature institutional investors so as to enhance the gray market efficiency under China’s quotation system.