股票发行认购不足的理论分析
财经研究 2004 年 第 30 卷第 12 期, 页码:122 - 130
摘要
参考文献
摘要
股票发行认购不足,是指投资者认购股票的数量低于公司实际发行的股票数量。这种现象主要存在于公司配股过程中,而且投资者完全放弃认购的现象是非常少见的,通常是部分投资者认购股票,而部分投资者放弃认购股票。为什么不同的投资者选择不同的股票认购比例?文章以完全市场为假设前提,运用证券组合理论,分析了投资者选择认购股票比例的内在经济动机,研究结果表明,在完全市场条件下,投资者根据原有的投资组合以及股票风险,选择不同的认购比例。因此,确定合理的发行价格,允许配股权的转让,都可以有效降低股票发行认购不足的风险。
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引用本文
朱凯, 陈信元. 股票发行认购不足的理论分析[J]. 财经研究, 2004, 30(12): 122–130.
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