IPO Rent-seeking Research Of Listed Companies In Our Country

Securities markets play a decisive role on economic growth and prosperity of the securities market and macro economic development supplement each other. And the prosperity and development of the securities market is effective to protect the interests of the investors. The listed company's fraud, damage to the core values of the securities market, destroying investor confidence in the securities market and securities market the function of the efficient allocation of resources. From the listed company's fraud cases, we can see a lot of the value of the efficiency of investment and big losses. To strengthen the research of the listed company's fraud listed, therefore, not only has theoretical significance, but also has strong practical significance.Based on the rent-seeking theory, this paper defines the meaning of rent-seeking, the rent, rent-seeking main body such as the definition of related concepts, and from the system of external conditions and internal rent-seeking of supply and demand two aspects, the listed companies in the reality and the possibility of rent-seeking behavior in the process of IPO. And incomplete information dynamic game model, regulation and to our country stock market IPO company in 2012 and 2014 as sample, with IPO company management fee is (GLFL) as the explained variable, with IPO company financial leverage ratio (LEVRE), the first big shareholder holds (CR1), and public sector (BAN), the nature of the ownership (STATE), as the explained variable, to raise funds logarithmic (LNMONEY) as control variable, to establish logistic model to analyze the factors affecting the IPO companies rent-seeking, prove the existence of IPO rent-seeking. Finally, combined with the regulation of IPO rent-seeking game model put forward policy Suggestions.