Game of the stock issuance policy _50

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Game of the stock issuance policy

Government's optimal strategy is to Because investors expect the government to form the future behavior: IPO freeze is temporary,[link widoczny dla zalogowanych], once the stock rebounded, the government will be re-issued new shares. Therefore, the optimal choice at this time investors are not involved. Thus, the Government suspended the policy failure of the rescue of new shares. For example, 2OO4 since in June, the stock market downturn, caused the Government to make the decision to suspend issuing new shares and initial public offerings on trial inquiry system. But the stock still continued to fall, continue to hit a new low for several years. 2.2 The state-owned shares of the revelation so far, investors are afraid of no less than state-owned shares in the IPO can be described as about June 30, 2001 the State Council promulgated the However, the state-owned shares is the deepening of China's economic reform necessary requirement is imperative. Thus for large-scale state-owned shares transfer, we must first develop a minimal impact on the stock market reduction program, and then determined using the reduction program down in the form of law and regulations, because the law only restricts the freedom of government action, is equivalent to a credible commitment to action. 3 Conclusion 3.1 This conclusion is derived under the condition of complete information, the complete information of stock issued under the policy will help us seize the Game of the problem. However, more realistic incomplete information of the stock market: As the variability of stock issuance policy, the Government is expected to be difficult to exactly what policies will be adopted, so the investor's information is incomplete; For the government can not be sure in advance share issue the policy known to have much impact will the stock market, and thus the government's information is also incomplete. Therefore, based on incomplete information game of the need for a more realistic analysis of the incomplete information game. Due to limited space, will discuss in another paper. 3.2 This paper assumes that investors have rational expectations under the conclusions reached. But in reality, on the one hand, the majority of investors in the stock market in the medium and small investors (retail), retail investors are mostly irrational. Less access to information because they mixed with a variety of noise and, coupled with limited professional level is difficult for them to make rational judgments. Thus we concluded with the reality of a deviation. 3.3 Discretionary policy stock issues tend to have a rapid expansion, this tendency is a game of complete information structure endogenously determined. On this issue we can consider the structure outside the game (such as the market itself) to be resolved, new issues step inquiry system is a sign of the market process. [
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