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Research On The Efficiency Of The IPO Institution In Security Market

Posted on:2003-06-27Degree:MasterType:Thesis
Country:ChinaCandidate:J R LuFull Text:PDF
GTID:2156360065460374Subject:Finance
Abstract/Summary:PDF Full Text Request
Initial Public Offering Institution is the essential component of primary security market, and its efficiency will directly affects the allocation of social resources and the operation of secondary market. IPO institution is composed of five components: IPO information disclosure system, IPO regulation, the state of security companies, the underwriting pattern and the method of security price-setting. On the base of those five components, this paper provides the efficiency measuring system of the IPO institution: Operation Efficiency-measuring the efficiency of the institution's operation process, and Price-setting Efficiency-measuring the efficiency of the institution's operation result. In discussion, paper has used extensive foreign or domestic existing research achievements to judge which kind of institution designing is efficient. With that measuring system, paper measures the operation efficiency and price-setting efficiency -of china's IPO institution and draws the conclusion that it is low-efficient. During the measurement, paper also deeply expounds the cause of that low-efficiency and provides some concise advice for improvement.
Keywords/Search Tags:Initial Public Offering (IPO), Security Market, Efficiency
PDF Full Text Request
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