新股發行 的英文怎麼說
中文拼音 [xīngǔfāháng]
新股發行
英文
ipo-
Due to its comb i nat i on of theory and practice, ipo pricing has been widely regarded as a d i f f i cu 11 prob i em i n the f i e i d of f i nance
新股發行定價因兼具理論性和操作性而成為金融領域公認的難題。在理論方面，存在各種相關理論和模型，在實踐中各國的市場環境又千差萬別。With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。The fourth part is to introduce the reasons of ipo underpricing
第四部分是對新股發行抑價的原因分析。What are their differences in causing underpricing of the information industry ipos and the non - information industry ones
其影響方式與其對非信息產業新股發行抑價的影響方式有何異同We examine several explanations drawn from prior academic research and current popular press anecdotes for unprecedented level of underpricing information industry firms went public before 2002 in the a - stock market. we provide evidence on the role of previously argued academic theories in explaining the large underpricing of information industry ipos, and draw some conclusions
本文考察了國外學者有關假說對新股發行抑價現象的理論解釋，以我國發行上市的79隻信息產業類上市公司的a股股票為樣本股，實證了其中的有關假說，得到了一些重要的結論。Then the fifth part and sixth part picture the historical and current status and developing process, and make up a model to account for the formative factor of ipo underpricing from administrative pricing to marketable pricing
第五部分和第六部分闡述了我國發行市場的演變進程和現狀，通過構造多元回歸模型對行政定價和市場化定價方式下的新股發行抑價原因進行實證分析。New issue account
新股發行帳戶Chapter 2 research review introduces the models of ipo underpricing and long - run performance put by foreign scholars, and then puts forward the evidence of ipo underpricing and middle & long - run underperformance, finally introduces the domestic and foreign scholars " study on ipo underpricing and middle & long - run performance in chinese smes stock market. chapter 3 experiential anaysis adopts many kinds of methods to
新股發行后交易價格的中長期走勢表現也較為為引人注意，大部分文獻研究表明股票首發上市后股價表現為長期弱勢，新股長期弱勢現象，是指首次公開發行的股票在上市后的一段時間里給其持有者帶來的收益率比其他同類型的非首次公開發行股票的收益率低。Guideline on role of the receiving bank in new share issues hkma
收款銀行在新股發行中扮演的角色指引By the discussion of the " marketing ration ", the formulating principles of new stock price in the future circulating transitional period, and the conditions of changing " checking system " to " registry system ", it emphasizes the marketing construction of new stock issuing system ; it emphasizes the use of marketing methods in order to improve the supply - demand relations, and balance the excessive speculation ; it emphasizes the importance of market measure in counteracting excessive speculation by effectively improving the supply - demand relation, the importance of regulating and raising the action ability of the market main body, the necessity of governmental funtion transformation and the completion of management structure in listed companies
論文最後探討了研究新股短期價格行為對中國證券市場發展的啟示。通過對當前「市值配售」 、未來全流通過渡中新股發行價的制定原則以及實行「核準制」向「注冊制」轉變的條件的討論，強調新股發行制度改革的市場化建設；強調利用市場化手段，平衡過度投機行為，有效改善供求關系；強調規范和提高各市場主體的行為能力，切實解決政府職能轉換、上市公司治理結構完善等問題。A empirical study on voluntary disclosure of earnings forecast in china
盈利預測自願披露行為與新股發行抑價研究Following csrc s granting of the broker license, the company will take steps to strengthen its ties with mainland - based securities houses, with a view to establishing strategic alliances and joint business ventures in the future
亨泰證券有限公司為亨達集團旗下全資附屬公司，並為香港聯合交易所會員，公司主要從事證券買賣及相關之業務，包括包銷新股發行及股票配售。The internal and external elements are chosen according to announced information such as the booklets of directions to reuse capital by floating shares. by the delicate mathematic means, an analysis of the main constructure of new - stock - issue prices and the eighteen factors, new - stock - initial - return and the twenty - five factors, an analysis of the single factor and the testing of the verhemence, an analysis of various factors by frequent regression are performed in order to donate notable testing models and reveal the relations of new - stock - issue - price and company scope, profit power, the rate of new - stock - initial - return, that of on - market - change - hand rate and that of winning
藉助嚴密的數學方法，通過對新股發行價與18個因素、新股初始收益率與25個因素的主成分分析、單因素分析、相關性檢驗和採用逐步回歸法進行的多因素分析，擬合出顯著的檢驗模型，揭示了新股發行價與公司規模、盈利能力等諸多因素以及新股初始收益率與上市首日換手率、中簽率等諸多因素之間的關系。On the reform of the issuing mechanism of new stocks based on the suspension of decreasing state - owned stocks
從國有股減持方案暫停執行談新股發行機制的改革The content of the full text is divided into five chapters : chapter 1 the introduction which introduces the research background of this text and research meaning, then it introduces the research object and research methods finally it introduces the distinguishing features of this article
但在各國股票市場上， ipo均存在新股發行價格低於其二級市場短期均衡價的現象。這一現象被稱為ipo抑價（ ipounderpricing ） 。Article 134 where a company intends to issue new stocks, it shall, under its articles of association, make a resolution on the following matters through the shareholders ' meeting or the board of directors : ( 1 ) the class and amount of new stocks ; ( 2 ) the issuing price of the new stocks ; ( 3 ) the beginning and ending dates for the issuance of the new stocks ; and ( 4 ) the class and amount of the new stocks to be issued to the original shareholders
第一百三十四條公司發行新股，依照公司章程的規定由股東大會或者董事會對下列事項作出決議： （一）新股種類及數額； （二）新股發行價格； （三）新股發行的起止日期； （四）向原有股東發行新股的種類及數額。Chinese stock market was born and developed in a special period during the shift from the planned economy to the market economy. we saw the pricing process from government - oriented to market - oriented
我國的股票市場是在由計劃經濟向市場經濟過渡的特殊歷史時期誕生並發展起來的，新股發行定價方式經歷了由行政定價逐步向市場化定價演變的過程。The thesis consists of 4 parts as follows : the first part introduces the ipo under pricing and analyzes its reason ; the second part introduces the methods of ipo pricing estimation ; the third part analyzes comparably the international market pricing and studies the advantages and disadvantages of ipo pricing ; the fourth part sums up the evolution of chinese ipo pricing methods and analyzes the problems and puts forward the advice of perfecting the ipo pricing
第二部分介紹新股發行定價的估值方法。第三部分對國際上常用的市場化定價方式進行比較分析，探討不同發行定價方式的優缺點。第四部分總結了我國新股發行定價方式由行政定價方式向市場化定價方式逐步轉變的過程，分析實施效果和存在的問題並提出進一步完善新股發行市場化定價方式的建議。The former include the policy premium caused by examining and approving systems, the policy shrink caused by irrational capital stock structure, policy underpricing of rigid ipo pricing method, etc. the non - systemic factors contain the asymmetric information between investors, issuers and investment bankers, the reputation of the underwriters, the proportion of ownership retained by initial shareholders, financial signals such as the capital structure of issuers, etc. using the chinese ipo samples, the paper tested empirically the relationship between the stock issuing method and ipo underpricing, the paper gets some significant conclusions
在此基礎上，從理論上分析了影響我國ipo發行抑價的因素（主要包括由市場發展初期的政策性溢價，發行中發行人、承銷商和投資者之間信息不對稱，上市公司股東結構，投資銀行聲譽等） 。並且通過對由行政定價與市場化定價方式下新股抑價原因的實證分析，說明新股發行定價市場化是我國股票市場規范化、市場化和國際化的必然趨勢。Though china " s primary market has grown rapidly, explicit and implicit administrative control and defects in pricing mechanism and methods have led to the long - run inefficiency of primary market : on the one hand, high ipo under - pr icing coexists with the risk - free return between primary and secondary markets ; on the other hand, the relationships among issuers, investors, regulators and underwriters are greatly distorted
一方面是嚴重的發行抑價與一二級市場間的無風險收益的存在，另一方面，在新股發行定價過程中，發行人、投資者和承銷商之間關系被嚴重扭曲。發行上市變成了發行企業的「尋租」過程，過度「包裝」甚至造假現象普遍存在。分享友人