primary market 中文意思是什麼
primary market
解釋
初級市場,一級市場-
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 principle of communication between peoples " relationship is also changed, which leads to changes taking place in gross - rooted organizations. that is to say, the whole local community life has been reintegrated now because of the emerging of the primary market
具體地說，交通條件的改善和初級市場的形成，使村民實現了由農民向工商戶的轉變，這種轉變相應地改變了村民傳統的「日出而作，日落而息」的生活方式以及他們的價值觀念。 -
This liability system, which leads to a discriminatory treatment between investors who purchase securities from the primary market and those from the secondary market, conflicts with the trend of integration of the periodic disclosure requirement and the disclosure requirement for the issues of securities
美國證券法針對證券發行市場和二級市場上發生的虛假陳述設置了不同的責任形式，其缺點是導致一級市場與二級市場上的投資者受到差別待遇，有悖于信息披露制度一體化的趨勢。 -
It was rare that the price of a new stock dropped below the issuance price, which would lead high issuance risk in the primary market
新股上市不久就跌破發行價是近年來所罕見的，這將直接導致一級市場上較高的發行風險。 -
After the middle period of the 1990s, the remarkable behavior of the real estate market of our country is, the primary market is out of control and there is too much land for sale ; in the secondary market, a large number of idle apartments appear and the market begins to lower the temperature ; the tertiary market has not invigorated basically
房地產市場通常劃分為一、二、三級市場。 90年代中期后，我國房地產市場突出的表現是一級市場調控不力，土地出讓過多；二級市場消化不良，出現大量空置商品房，市場開始降溫；三級市場基本沒有發展。 -
7. to further enhance the transparency of this database of housing supply statistics, and to enable the public to have a clearer picture of the flat supply situation based on factual data, we will, with effect from 2005, start to release on a quarterly basis statistics on private housing supply in the primary market
7 .為加強住宅樓宇供應統計數字資料庫的透明度，並讓市民可以根據實際數據更清楚了解房屋供應情況，本局將由二零零五年開始，每季發布有關私人住宅一手市場供應的統計數字。 -
That is, retail investors can subscribe to the notes in the primary market without specifying the bid price
即是說，一般投資者可無需指定投標價，在一手市場認購債券。 -
In contrast, the primary market was very quiet as both developers and buyers adopted a wait - and - see attitude
反觀一手市場，因為發展商和買家均採取觀望態度，所以交投非常淡靜。 -
This paper analyzes the institutional defects in view of the policy environment, the primary market of mbs, the secondary market of mbs, and offers countermeasures : first, setting up national housing mortgage management institution, second, enlarging the service scope of housing mortgage - backed loan, third, differential loaning, fourth, regularly issuing the pricing of housing construction ; fifth, normalizing the institutional investors
從政策環境，抵鉀貨款一級市場，抵押貸款二級市場分析了中國房地產抵鉀證券化的制度缺陷，進而提出了對策措施： 1 ）成立國家住宅抵押管理機構； 2 ）擴大房地產抵押貨款范圍； 3 ）區別放貨； 4 ）國家定期公布房地產造價； 5 ）規范mbs機構投資者。 -
Generally speaking, when the high - tech enterprises is in their expansion stage, they have achieved primary success in the technology r & d aspect, have formed primary market and have preparation to expend it ; however they are weak in marketing, are eager to get capital support. at that time, net cash inflow comes into being in business operation ; they are still faced with particular growth risks in spite of lowering risks
處于成長期的高新企業，技術研發已基本取得成功；市場已形成並開始擴張，但企業的營銷力量較為薄弱；對資金的需求在急劇增加；財務經營方面開始出現正的現金流；風險開始降低，但面臨著獨特的成長性風險。 -
For the financial year ended on 30 june, the exchange recorded over 67 billion new capital raised on our primary market
截至6月30日止的財政年度，在聯交所的集資市場新籌集所得的資金超過670億元。 -
For the financial year ended on 30 june, the exchange recorded over $ 67 billion new capital raised on our primary market. securities trading turnover on the secondary market exceeded $ 3, 000 billion, of which about 40 per cent was contributed by individual investors
截至6月30日止的財政年度，在聯交所的集資市場新籌集所得的資金超過670億元。交易市場的證券成交額超過30 ， 000億元，其中個人投資者的交易約佔四成。 -
Primary market refers to the market in which securities are issued and sold for the first time, usually directly from the issuers to the investors
第一市場指證券首次發行及出售的市場，通常是由發行人直出售予投資者。 -
Once in a while participants in the stock market should remind themselves that this is the primary market for initial public offerings ipos, which serves the important role of bringing together investors and institutions with a need to raise funds
參與股市的人應不時提醒自己，股市是首次發售新股的第一市場，目的是撮合投資者與集資者，以滿足其不同的需要。 -
The secondary market cannot exist on its own without the primary market, although as a machine for making and losing money and a centre of constant investor attention the former is a lot more important than the latter
第二市場不能缺少第一市場而獨立存在，但由於前者可提供買賣股票賺錢的機會當然亦可能會蝕錢，並且是恆常吸引投資者注意的焦點，因此遠比第一市場重要得多。 -
In the equity channel for financial intermediation, for example, where activity in the secondary market far overshadows that in the primary market, the primary purpose of the market in channelling savings into investment can often be ignored, or even forgotten
以股票這種中介渠道為例，由於第二市場的活躍程度遠遠超過第一市場，股市作為中轉儲蓄至投資的主要功能往往會被忽略或遺忘。 -
The closure of a secondary market, which provides the liquidity for attracting primary market activity that channels additional savings into investments, was blatantly wrong and seriously damaged the credibility of the stock market as a channel for financial intermediation
第二市場的作用是提供流通性，以增加第一市場把儲蓄中轉為投資的吸引力。因此關閉第二市場是極大的錯誤，並且嚴重損害股市作為金融中介渠道的公信力。 -
Stock brokers make a market in shares and provide the secondary market liquidity necessary to entice investors and fund raisers into the primary market of initial public offerings, thereby serving the public interest by providing financial intermediation that promotes economic growth and development
股票經紀擔當莊家的角色，刺激第二市場的流通量，以吸引投資者與集資者參與第一市場的首次招股活動，從而發揮金融中介作用，促進經濟增長與發展，這符合公眾利益。 -
The issue will be divided into two portions for allocation in the primary market. the bigger portion, with a minimum size of hk 400 million, will be restricted for competitive bidding by the recognised dealers under the existing tendering mechanism administered by the hkma for exchange fund paper and specified instruments including nip notes
是次發行的債券會在第一市場分為兩部分分配，較大的部分為數最少達億港元，是供金管局管理的外匯基金票據及債券和指定工具包括在債券發行計劃下發行的債券的現有投標機制下的認可交易商出價競投。 -
With a trading volume of over us 1. 8 trillion per day and a 24 - hour inter - bank primary market 5 1 2 days a week ; it is also the most liquid market in the world
每天超過1 . 8萬億美元的交易量24小時不間斷的交易時間和每周5天半的交易周期都使得外匯交易市場成為世界上資金流動量最大的市場。
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