抑價 的英文怎麼說
中文拼音 [yìjià]
抑價
英文
kedown the price1-
Government intervention to dampen these price increases could reduce society's well-being.
政府干預阻抑價格上漲只會降低社會的福利。Ipo uprising and the time decision of going to public
抑價與企業上市時機抉擇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。An empirical investigation of underpricing in chinese ipos
中國上市公司抑價率的實證研究The ipo underpriced phenomena and its empirical study in our country
抑價現象及其實證研究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。Disclosure regulation and ipo underpricing : an international analysis
信息披露管制以及ipo抑價的全球分析Analysis on the model of the electric power public companies ' underpricing ipo and inquiry mechanism
抑價模型與詢價機制分析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。All over the world, ipo has three abnormal phenomena, underpricing, long - term underperformance and hot issue, which are also puzzles perplexing financial circle. the aim of this article is to give some advice for marketilization of chinese stock market
從全球角度來看，首次公開發行價格存在三個顯著異常現象：新股抑價、新股長期弱勢和新股熱銷，這也是困擾金融界的三個難題。Financial regulators did little to restrain banks when the boom was under way, bar the odd comment that the industry was underpricing risk
當銀行起步發展時和出現產業有抑價風險等風言風語時金融調度師對其的抑制和禁止作用微乎其微。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 ） 。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。It is a major standard to determine if the ipo price is reasonable whether the ipo price is close to the expecting the secondary market price
從國際證券市場的實踐看，新股發行價格往往會低於新股上市首日的價格，存在新股發行抑價現象。Why ipo under - priced severy in china ' s a shares market : a new evidence
抑價率很高的一個新證據The first part is an introduction on the literature on “ hot issue ” phenomenon. in the second part, i analyze the special issuing mechanism and the equity separation and the government regulation in china. and finally i find the four market partner activity distortion phenomenon in the chinese market. then i conduct a correlogram test between the ipo issuing quantity and the first day return
本文分為三大部分，第一部分是對國內外ipo熱銷現象研究現狀和理論基礎做詳盡的綜述，對ipo熱銷現象國內外的研究現狀作了理論綜述，對關于ipo熱銷現象的各類理論解釋作了相關回顧，了解了ipo熱銷現象產生的內在機理;然後對影響ipo發行數量和發行抑價率兩大變量的因素作了理論上的綜述和總結。分享友人