over-allotment option 中文意思是什麼
over-allotment option
解釋
超額分配選擇權-
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 initial offer price for the initial public offering of tencent s ordinary shares, which included a hong kong public offering and an international placing, was fixed at hk 3. 70 per share. at that offer price per share and assuming the over - allotment option is not exercised, the net proceeds from the offering are estimated to be approximately hk 1, 437. 8 million
騰訊的普通股首次公開招股包括香港公開發售以及國際配售的發售價定為每股港幣3 . 7元，以此每股發售價及假設不行使超額配股權計算，上市集資凈額估計約為港幣14 . 378億元。 -
The company may issue up to 37, 500, 000 additional new shares under the over - allotment option
本公司同時獲授超額配股權，可發行三千七百五十萬股額外股份。 -
If the over - allotment option is exercised in full, additional net proceeds received from the exercise of the over - allotment option will be used as additional working capital of the group
倘若超額配股權全數行使，額外凈額將作本集團之額外營運資金。 -
The company may issue up to 37, 500, 000 additional new shares under the over - allotment option. applications for placing received well response and it recorded a subscription rate of approximately 2. 3 times
本公司同時獲授超額配股權，可發行三千七百五十萬股額外股份。是次申請配售股份取得良好反應，獲超額認購約二點三倍。 -
Over - allotment option
超額配售選擇權 -
There is also an over - allotment option for the company to sell an extra 113. 7m existing shares, bringing the total amount raised to $ 1. 5bn
該公司還擁有再發行1 . 137億股現有股票的超額配售選擇權，這將使其籌資總額擴大至15億美元。
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