JP4048915B2 - Securities trading system and method thereof - Google Patents

Description

[0001]
BACKGROUND OF THE INVENTION
The present invention mediates buying and selling of securities by electronic data exchange, and particularly relates to a system and method for a small number of private placements where the number of securities sales invitations is limited.
[0002]
[Prior art]
In the sale of securities (hereinafter referred to as “securities”), public offerings are widely offered to general investors, professional private placements limited to sales to investors with some expertise, and investment solicitations. There are a few private placements that limit the number of investors. Public offerings are often used to raise funds for relatively large companies because they require disclosure documents such as securities registration forms from the viewpoint of investor protection and are expensive to issue. On the other hand, professional private placements and minority private placements can be effective at a relatively low cost with few regulations, and can be expected as a means of raising funds for SMEs. Among them, a small number of private placements have been used as a method of soliciting investment mainly for relatives. However, there are situations where it is difficult to recruit investors in the present situation, and in the future, it is expected to realize a form of recruiting after limiting the number of general investors other than related persons by using network technology. Has been.
[0003]
In JP 2001-273400 A, prospectus data about securities related to new offering / sale is stored, and desired prospectus data is selectively downloaded according to the request of the accessed customer, The prospectus reading completion information based on the completion of the prospectus download by the customer is stored in association with the customer, and when the order is received from the customer, the prospectus is read based on whether the prospectus has been read. It is disclosed that a purchase order for judging whether or not to apply for purchase of securities, a purchase instruction for securities to be browsed, or acceptance of a purchase instruction for securities from a book building winning customer are delivered to a securities order processing system.
[0004]
[Patent Document 1]
JP 2001-273400 A
[0005]
[Problems to be solved by the invention]
In the case of solicitation by a small number of private placements, the number of investors to be recruited is limited to 49 or less. The 49 people are not the number actually sold, but the number of people who solicited. In other words, if you solicit 49 people and none of those investors actually buy them, you will not be able to sell securities. Therefore, increasing the contract rate is important in terms of preventing unsold sales, and it is essential to implement a system that can effectively solicit investors with high purchase probabilities.
[0006]
It is an object of the present invention to provide a system and method for improving the sale rate of securities sales.
[0007]
[Means for Solving the Problems]
The present invention receives issue conditions (issue date, offer deadline, interest rate, redemption period, etc.) and solicitation conditions from the issuer. Here, the solicitation condition is whether or not to solicit the sale of securities to the investor based on the past closing rate of the investor (the ratio of the actual purchase of the securities following the solicitation of private placement securities). It is a condition for determining. Next, purchase conditions are received from investors. Next, matching issuance conditions and purchase conditions. If the matching is successful, it is determined whether an investor showing the intention to purchase satisfies the solicitation conditions. If it does, it will solicit the purchase of securities by sending the issuance conditions to the investor.
[0008]
In the present invention, as a mechanism for soliciting only investors with a higher purchase probability, not only matching the issue information by the issuer with the purchase information by the investor, but also purchasing based on the past closing rate of the investor Soliciting securities purchases from highly motivated investors. Furthermore, the present invention realizes a mechanism for changing the solicitation conditions according to the securities solicitation status (remaining solicitation period, unsold amount) and the investor's investment amount.
[0009]
DETAILED DESCRIPTION OF THE INVENTION
As shown in FIG. 1, the system for implementing the present invention is configured by connecting a private securities trading system 110, an issuer system 120, and an investor system 130 through a network 140. The private placement securities trading system 110 is a system that mediates the buying and selling of securities issued in a small number private placement format. Here, the small-group private placement format is a recruitment format in which the number of people who are invited to purchase securities is limited to a certain level. The issuer system 120 is a system used by an issuer that issues securities. The investor system 130 is a system used by an investor who purchases securities.
[0010]
As shown in FIG. 2, the private securities trading system 110 is configured by connecting a storage device 210, a processing device 220, an input device 230, an output device 240, and a communication device 250 via a bus 260. The storage device 210 is a memory, for example. The processing device 220 is an MPU, for example, and executes a program stored in the storage device 210. The input device 230 is a keyboard or a mouse, for example, and receives information input from an external operator. The output device 240 is a display, for example, and displays information to an external operator. The communication device 250 is a network card, for example, and transmits information to other issuer systems 120 and the investor system 130 via the network 140. The bus 260 transmits information between the storage device 210, the processing device 220, the input device 230, the output device 240, and the communication device 250. The configurations of other issuer system 120 and investor system 130 are the same as those of private placement securities trading system 110 shown in FIG.
[0011]
The storage device 210 of the private placement securities trading system 110 includes issuance condition data 111, solicitation condition data 112, issuer rating data 113, closing rate data 114, issuance result data 115, participant data 116, private placement securities trading system processing program 119. Remember. The issuance condition data 111 is data that records under what conditions the issuer issues securities, the details of which will be described later. The solicitation condition data 112 is data for determining to which investors the solicitation is made when soliciting the purchase of the issued securities, and details thereof will be described later. The issuer rating data 113 is data in which a rating obtained by objectively evaluating the issuer's creditworthiness is recorded, and details thereof will be described later. The contract rate data 114 is data in which a past contract rate for each investor is recorded. In the present invention, the contract rate is data that specifies how much of each investor actually made a purchase while receiving an invitation to purchase securities. For example, if 10 purchases are received and 5 purchases are made, the contract rate is 50%. The contract rate may be calculated based on the purchase price, not the number of purchases. In other words, if you received an invitation to purchase securities with a total amount of 1 million yen, of which 300,000 yen was actually purchased, the closing rate would be 30%. In the present embodiment, the calculation of the contract rate based on the number of times is described as a specific example. The issuance result data 115 is data for recording how many investors are specifically solicited for the issuance of each securities and how much of the solicited amount is sold, and will be described in detail later. The participant data 116 is data for authenticating a participant (issuer or investor) who uses the private placement securities trading system 110, and details will be described later. The private placement securities trading system processing program 119 is a program for controlling the operation of the private placement securities trading system 110. Hereinafter, in the description of the present embodiment, “the private placement securities trading system 110 ...” It is indicated that the private placement securities trading system 110 has performed the operation described in accordance with the processing program. An issuer system processing program 129 is written in the storage device 210 of the issuer system 120. The issuer system processing program 129 has the same role as the private placement securities trading system processing program 119 except that the issuer system 120 is the system whose operation is controlled. The storage device 210 of the investor system 130 stores an investor system processing program 139. The role of the investor system processing program 139 is the same as the private placement securities trading system processing program 119 except that the system to be controlled is the investor system 130. In this system configuration, only one issuer system 120 and one investor system 130 are described. However, in reality, there are a plurality of such systems depending on the number of issuers and the number of investors. .
[0012]
Next, a processing flow for carrying out the present invention will be described with reference to FIG. The processing flow for carrying out the present invention is classified into three processes: an initial setting 310, an issuer input 320, and an investor input / matching process 350. The initial setting 310 is a processing flow for performing an initial setting in the private placement securities trading system 110. The issuer input 320 is a processing flow for receiving registration related to the issue of securities from the issuer. The issuer input 320 process is executed each time a security is issued from the issuer. The investor input / matching processing 350 is a processing flow for receiving issuance / buying condition matching and solicitation condition determination upon receiving registration of securities from an investor. The investor input / matching process 350 is executed each time a security is purchased from an investor.
[0013]
First, the processing flow of the initial setting 310 will be described. In process step 311, the participant data 116 is registered. The participant data 116 is data for authenticating the issuer and the investor who uses the private placement securities trading system 110, and confirms that the participant ID uniquely identifies each participant and the participant himself / herself. This is data in which a password is stored for each participant. In addition, it is assumed that the password is notified to each participant in advance, and the data registered in the participant data 116 upon receiving the participant ID and the password during the use start processing (login) of each participant. The participant can be authenticated by comparing with. In the registration of participants in this step, the participant ID and password for each participant are input from the input device 230 of the private placement securities trading system 110 and registered in the participant data 116.
[0014]
Next, in process step 313, issuer rating data 113 is registered. The issuer rating data 113 is data that objectively evaluates the creditworthiness of an issuer who issues securities. For each participant who becomes the issuer, the participant ID and rating data for identifying the participant are used. Recorded data. In the present embodiment, the issuer rating data 113 is held in the private placement securities trading system 110. However, the rating information may be acquired by actually accessing the data of a separate evaluation organization. In the registration of the rating information in this step, the participant ID and rating for each issuer who issues securities are input from the input device 230 of the private placement securities trading system 110 and recorded in the issuer rating data 113.
[0015]
Next, in processing step 315, the contract rate data 114 is cleared (initialized). The contract rate data 114 is data in which a past contract rate for each investor is recorded. For each participant who becomes an investor, a participant ID, a past purchase count, and a past solicitation count for identifying the participant. Record. Clearing the contract rate data 114 in this step means clearing the past purchase count and past solicitation count for each participant to zero.
[0016]
Next, the processing flow of issuer input 320 will be described. The processing flow of the issuer input 320 can be broadly divided into issuer authentication (processing step 321 to processing step 329), input of issuing conditions (processing step 333 to processing step 337), and input of solicitation conditions (processing step 341 to processing). Step 345) consists of three parts.
[0017]
In process step 321, issuer system 120 receives an input of a participant ID and password as login information from input device 230. Next, issuer system 120 transmits the login information received in the preprocessing step to private securities trading system 110 by communication message 323. When the private placement securities trading system 110 receives the message, it searches whether the combination of the received participant ID and password exists in the participant data 116. If it exists, it is assumed that the authentication is successful, and if it does not exist, the authentication is successful. Suppose that it failed. If the authentication fails, a message indicating that the authentication has failed is transmitted to the issuer system 120 using a communication message 327. The issuer system 120 that has received the message uses the output device 240 to display that the authentication has failed and stops the processing. If the authentication is successful, an issue condition input request is transmitted to the issuer system 120 by the communication message 331. When the issuer system 120 receives the message, it receives an issue condition input from the input device 230. Here, the issuance conditions in the present embodiment are composed of the total issuance rate, the interest rate, and the application deadline. Here, the total issue amount specifies how much the securities are solicited in the total amount, and the interest rate specifies how much of the interest rate is issued, and the solicitation deadline is how long the securities will be offered Is specified. In fact, if it is a bond issue, it may include other information such as issue date, redemption period (period until principal is refunded), interest payment method, receiving financial institution, credit guarantee grant information, In the case of issuance of stock, information such as the total number of issued shares, the number of unit shares, and face value may be included. Next, the issuer system 120 transmits the issuance conditions received in the preprocessing step to the private securities trading system 110 through the communication message 335. When the private placement securities trading system 110 receives the message, the issuance condition is data that records the conditions under which the issuer issues the securities together with the participant ID authenticated in the processing step 325 for the received issuance condition. Record in data 111. Therefore, the issuance condition data 111 in this embodiment is assumed to have items (participant's) participant ID, issuance total amount, interest rate, and application deadline for each issuance of securities. In fact, it is conceivable that the same issuer solicits multiple types of private placement securities. To identify each issue, identification data for each offer is required. For this reason, each issuer will only solicit one type of private placement, and the offer can be uniquely identified by the participant ID of the issuer.
[0018]
Next, in processing step 338, the private placement securities trading system 110 clears the issue result data 115. The issuance result data 115 includes a participant ID (of the issuer), the number of solicitations, and the sold amount for each offer of securities. The participant ID is data for specifying which issuer issues the data. The number of solicitations is data for specifying how many investors have already solicited. The issued amount is data for specifying how much a buyer has already been issued in issuing a security. Clearing the issue result data 115 in this step means adding data to the issue result data 115 that has the participant ID authenticated in process step 325, the number of solicitors is 0, and the sold amount is 0 yen (if it already exists) Shall be overwritten). Next, the private placement securities trading system 110 transmits an invitation condition input request to the issuer system 120 by the communication message 339. When the issuer system 120 receives the message, it receives an invitation condition input from the input device 230. The solicitation condition is data that defines what kind of investor and what kind of investor to solicit the sale of securities. The solicitation range 410 shown in FIG. 4 and the switching condition of the solicitation range shown in FIG. 500. In other words, the solicitation condition may be a condition for specifying (narrowing down) investors who solicit the purchase of securities. The solicitation range 410 is data for designating what conditions the solicitation of sales is to be made to investors. A plurality of solicitation ranges 410 can be defined. The solicitation range switching condition 500 controls the use of a plurality of solicitation ranges 410, and the range of investors to solicit can be changed according to the progress of the solicitation. As shown in FIG. 4, the solicitation range 410 shows a solicitation range 413 and a solicitation range 414 in a two-dimensional graph having an investment amount 411 and a contract rate 412 as axes. The investment amount 411 is a parameter related to how much the investor is investing, and the contract rate 412 is the past contract rate of the investor (the number of actual purchases divided by the number of solicitations). For example, in the solicitation range (A) 410 of FIG. 4, if the contract rate is less than 50, no solicitation will be performed regardless of the investment amount (when it is considered that the solicitation range 413 is entered on the boundary line) ). When the closing rate reaches 50%, if the investment amount is 10 million yen or more, solicitation will be made, and then the investment amount limit will be loosened to 5 million yen or more as the closing rate becomes 100%. . The solicitation range (B) 410 in FIG. 4 has a wider range of solicitation than the solicitation range (A) 410 and controls so that the solicitation is made to investors under looser conditions. In the solicitation range (C) 410, solicitation is performed under a looser condition than the solicitation range (B) 410. Next, as shown in FIG. 5, the solicitation range switching condition 500 divides an area within a two-dimensional graph having the remaining recruitment period 501 and the sold ratio 503 as axes, and which solicitation range 410 for each area. Is used as a solicitation condition. The remaining offer period 501 is a parameter indicating how long the offer period of the securities remains, and the sold ratio 503 is a parameter indicating how much has already been sold with respect to the total issue amount of the securities. It is. In the example of FIG. 5, an invitation range (A) application area 505, an invitation range (B) application area 507, and an invitation area (C) application area 509 are defined. The longer the period of the remaining recruitment period 501, the more likely it is that investors will be found in the future, so the solicited scope 410 of more severe conditions is applied. Further, the higher the sold ratio 503 is, the lower the risk of unsold is. Therefore, the strict solicitation range 410 is applied. In this embodiment, the recruitment period and the sold ratio are used as parameters. However, the remaining number of people that can be recruited (a value obtained by subtracting the number of people who have already recruited from the limit of private recruitment) may be used as parameters. . In this processing step, the solicitation range 410 and the solicitation range switching condition 500 are input by, for example, displaying the graph on the screen and actually specifying the range / area using a GUI (graphic user interface). You may enter in. The input range / area needs to be digitized and stored on the computer. For example, this can be digitized by recording the end points of the line segments forming the boundary. I'll omit it in the explanation. Therefore, the specific data structure of the solicitation condition is not mentioned in the description of this embodiment.
[0019]
Next, the issuer system 120 transmits the solicitation conditions received in the preprocessing step to the private placement securities trading system 110 through the communication message 343.
[0020]
When the private placement securities trading system 110 receives the message, in processing step 345, the received solicitation conditions are recorded in the solicitation condition data 112 together with the participant ID authenticated in processing step 325. The participant ID is recorded in order to specify which securities the issue condition is related to.
[0021]
Next, the processing flow of the investor input / matching processing 350 will be described. This processing flow includes processing for authenticating an investor (processing step 351 to processing step 359), processing for receiving input of purchase conditions (processing step 363), matching of issuance conditions / purchasing conditions, and check of solicitation conditions (processing step 367). To processing step 375), and processing after determining whether or not to purchase (processing step 379 to processing step 385).
[0022]
The process of authenticating the investor (process step 351 to process step 359) is the same as the process of authenticating the issuer (process step 321 to process step 329) except that the authentication target is the issuer or the investor. Because there is, the detailed explanation is omitted. After the authentication, the investor system 130 receives the purchase condition input from the input device 230 when receiving an input request for the purchase condition as the communication message 361 from the private placement securities trading system 110. Here, in this embodiment, the purchase conditions include an interest rate, an investment amount, and a rating. The interest rate shall stipulate that securities with an interest rate greater than the entered interest rate shall be the subject of investment. The investment amount shall prescribe the upper limit of the amount of investment for the input investment amount. The rating prescribes that the condition of the investment is that the rating of the issuer of the security is greater than or equal to the entered rating. Next, the investor system 130 transmits the input purchase conditions to the private securities trading system 110 through the communication message 365.
[0023]
Upon receipt of the message, the private placement securities trading system 110 searches the issuance condition data 111 for issuance conditions that satisfy the interest rate limit specified by the received purchase conditions in processing step 367. Further, a search is made for the issuer's rating satisfying the rating restriction specified by the received purchase condition from the searched issue conditions. The rating can be determined by searching the issuer rating data 113 using the issuer's participant ID recorded in the issue condition as a key. If there is no match between the issuance conditions and the purchase conditions in this processing step, the investor system 130 is notified that there is no match in the communication message 369. When the investor system 130 receives the message, the output device 240 displays that there is no match.
[0024]
If there is a matching issuance condition, the private placement securities trading system 110 checks the solicitation condition for each of the matching issuance conditions in processing step 371. First, the solicitation condition data 112 is retrieved using the participant ID in the issuance condition as a search key, and the solicitation condition used for the check is determined. Next, based on the solicitation range switching condition 500 of the solicitation conditions used for checking, it is determined which solicitation range 410 determines whether or not solicitation is possible. For this, first, the remaining offering period 501 and the sold ratio 503 are calculated for the issuance of the securities to be processed. The remaining recruitment period 501 is obtained by dividing the current date from the recruitment deadline within the issuance conditions. The issued ratio 503 is obtained by first searching the issue result data 115 using the participant ID in the issue condition as a search key, and dividing the sold amount of the searched issue result by the total issue amount in the issue condition. The range of the solicitation range switching condition 500 is determined based on the obtained recruitment period 501 and the sold ratio 503, and the solicitation condition 410 used for the check can be determined. Next, it is determined whether or not to solicit based on the investment amount 411 and the contract rate 412. As the investment amount 411, the value of the investment amount received in the processing step 363 is used. The contract rate 411 is obtained by searching the contract rate data 114 using the investor participant ID authenticated in the processing step 355 as a search key, and the past purchase number of the contract rate that has been searched in the same manner. It can be obtained by dividing by the number of times. Next, it is determined in which range of the solicitation conditions 410 the investment amount 411 and the closing rate 412 obtained are within the solicitation condition 410, and if it is in the solicitation range 413, the securities indicated by the issuance conditions currently being processed Determined to be a solicitation for issue. When entering the range 414 where no solicitation is performed, the solicitation condition check in this processing step is repeated for the other issuance conditions searched in the processing step 367. If all of the issuance conditions are determined not to solicit, the communication message 373 informs the investor system 130 that there is no matching, and in process step 375 (explained), Similarly, this is displayed. If it is determined that there is a solicitation item, the issuance conditions are transmitted to the investor system 130 by the communication message 377.
[0025]
Upon receiving the message, the investor system 130 displays the received issuance conditions on the output device 240 and receives an input indicating whether or not the purchase is possible from the input device 230. Next, the received purchase result is transmitted to the private securities trading system 110 by the communication message 381.
[0026]
Upon receipt of the message, the private placement securities trading system 110 updates the contract rate data 114 in processing step 381 for use in determining future contract rates for investors. This is done by searching the investor's contract rate data 114 using the participant ID authenticated in the processing step 355 as a search key. If the purchase is accepted, both the solicitation count and purchase count of the searched contract rate data 114 are set to 1. Increase the number of solicitations if you refuse to purchase.
[0027]
Next, the private placement securities trading system 110 updates the issue result data 115 in processing step 385. This searches the issuance result data 115 using the participant ID (issuer's participant ID) of the issuance condition targeted for solicitation as a search key, and increases the number of solicitations of the retrieved issuance result by one. If the purchase is accepted, the investment amount of the purchase condition input in processing step 363 is added to the sold amount of the issuance result searched.
[0028]
In the following, in practice, notification of the contract result to the issuer and the investor and the procedure for issuing the contracted securities will be performed. However, since this is outside the scope of the present invention, the description of that part is omitted.
[0029]
In the description of the present embodiment, the solicitation conditions are specified by the issuer every time the securities are issued. However, the solicitation conditions are recorded in advance in the private placement securities trading system 110, and the solicitation is made to investors based on the solicitation conditions. It may be determined whether or not.
[0030]
【The invention's effect】
According to the present invention, there is an effect that the restriction rate of securities sales can be improved.
[Brief description of the drawings]
FIG. 1 is an overall system configuration diagram.
[Fig. 2] Configuration diagram of each system
FIG. 3 shows a processing flow.
[Figure 4] Diagram showing the scope of solicitation
FIG. 5 is a diagram showing conditions for switching the solicitation range
[Explanation of symbols]
110: Private securities trading system, 120: Issuer system, 130: Investor system.

Claims (2)

In a securities trading system comprising a communication device, a processing device, and a storage device capable of transmitting information to and from an issuer system and an investor system, and mediating buying and selling of securities between the issuer system and the investor system,
The processor is
It includes a participant ID for identifying the issuer of the security, an issue condition including an issue total amount, an interest rate and an application deadline for the security, and a participant ID of the issuer and a sold amount when the security is solicited. Issue result information, investor participant ID, past purchase count and solicitation count or contract rate information including past purchase amount and solicitation amount, and range of investors who solicit for investment amount and contract rate multiple solicitation range of different range of investors range of investors carry out the invitation to a wide Kunar solicitation range information for performing the solicitation as defined by the investment amount is large indeed also, the close rate increases the information and the remaining a solicitation range switching information defining the switching range between the plurality of invitation ranges for the sold ratio total issuance with the remaining offering period indicating the progress of trading of the securities And solicitation range switching information that is collecting period switched to short Kunaruhodo also the sold percentage is small Kunaruhodo the investor solicitation range range is not wide to perform the solicitation, received from the issuer system, be recorded on the storage device A recording processing unit;
The purchase conditions, including the investment amount and interest rate, and the input processing unit which receives from the investor system,
When determining whether or not to solicit the buying and selling of the securities for the investor, the storage device is searched for an issuance condition having an interest rate equal to or greater than the interest rate within the purchase condition accepted from the investor system , and said from the recruiting period by subtracting the current date in the issue conditions prompted the rest of the recruiting period, searches the issue result information from the storage device the participant ID of the issuer in the issue conditions as a search key the Divide the sold amount in the issuance result information by the total amount issued in the issuance condition to obtain a sold proportion, refer to the solicitation range switching information, and calculate the remaining recruitment period and the sold proportion to determine which enters the solicitation range, the investor searches the close rate information from the storage device the participant ID of the investors received from the system as a search key, said in the close rate information By dividing the past of the purchase price of the within the past divided by the solicitation number of times asked to close rate or the close rate information in the purchase number of times the close rate information of Sa in the solicitation amount of the past in the close rate information Determine the contract rate , determine which range of the solicitation range the investment amount and the calculated contract rate within the purchase conditions received from the investor system, and the investment amount and the contract rate are the solicitation If falling within the scope of investors for performing range the solicitation, securities trading system; and a determination processing unit that transmits the issuing condition to the investors system. Executed by a system comprising a communication device, a processing device, and a storage device capable of transmitting information to and from an issuer system and an investor system, and mediating the buying and selling of securities between the issuer system and the investor system In the securities trading method
The record processing unit of the processing device has a participant ID for specifying the issuer of the securities, an issue condition including an issue total amount of the securities, an interest rate, and an application deadline, and the issuer of the issuer when offering the securities Issue result information including participant ID and sold amount, investor participant ID, past purchase count and solicitation count or contract rate information including past purchase price and solicitation amount , investment amount and contract rate investment carrying out the solicitation range of investors to carry out the more investors the investment amount has been define the scope of the larger the also said close rate increases invitation to perform the solicitation is a wide Kunar solicitation range information for Solicitation range that specifies the range of solicitation between multiple solicitation ranges for multiple solicitation range information with different home ranges, the remaining solicitation period that indicates the progress of buying and selling the securities, and the ratio of sold to the total amount issued Cut off And solicitation range switching information to the rest of the recruiting period a place of information is switched to short Kunaruhodo also the sold percentage is small Kunaruhodo investors of the range is not wide solicitation range for the solicitation, from the issuer system Receiving and recording in the storage device;
Input processing unit of the processing device, the purchase conditions, including the investment amount and interest rate, and the step of accepting from the investor system,
An issuance condition having an interest rate equal to or higher than the interest rate in the purchase condition received from the investor system when the determination processing unit of the processing device determines whether to invite the investor to buy or sell the securities. the retrieved from the storage device, asked the rest of the recruiting period by subtracting the current date from the recruiting period in the issue conditions, the storage device the participant ID of the issuer in the issue conditions as a search key The issuance result information is searched for, and the sold amount in the issuance result information is divided by the issuance amount in the issuance condition to obtain a sold ratio, and the solicited range switching information is referred to, and the obtained remaining amount is obtained. recruiting period and to determine whether the sold ratio falls to any solicitation range of Ken the close rate information from the storage device the participant ID of investors that has been received from the investor system as a search key And, the close rate the past of the number of purchases required the close rate divided by the solicitation number of times in the past in the close rate information or the close rate within the past of the purchase price the close rate information in the information in the information the determine the close rate divided by the solicitation amount of money in the past, the investment amount and obtained the close rate of the investors within the purchase conditions accepted from the system it is determined whether the fall in which the scope of the solicitation range, said of And a step of transmitting the issuance conditions to the investor system when the investment amount and the contract rate fall within the range of the investor performing the solicitation of the solicitation range .

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