摘要
文章采用ARMA模型对信息不对称条件下企业首次上市并融资(IPO)成本进行研究,分析了IPO直接成本和间接成本的影响因素。研究结果表明,仅仅将首日折价率作为间接成本具有较大的局限性,企业IPO成本呈现受多种因素影响的复杂性。
Through an ARMA model, the authors study the IPO costs under asymmetric information, analyze the influencial factors of the IPO direct costs and indirect costs. The research shows that only taking the first day of discount rate as indirect costs has greater limitations, and IPO costs of enterprises are affected complicatedly by many factors.
出处
《商业经济与管理》
CSSCI
北大核心
2008年第9期46-51,共6页
Journal of Business Economics
