新股發行市場 的英文怎麼說

中文拼音 [xīngǔfāhángshìchǎng]
新股發行市場 英文
new i ue market
  • 新 : Ⅰ形容詞1 （剛出現的或剛經驗到的） new; fresh; novel; up to date 2 （沒有用過的） unused; new 3 （...
  • 股 : Ⅰ名詞1 （大腿） thigh; haunches 2 （機關、企業、團體中的組織單位） section of an office or enterp...
  • 發 : 名詞（頭發） hair
  • 行 : 行Ⅰ名詞1 （行列） line; row 2 （排行） seniority among brothers and sisters:你行幾? 我行三。where...
  • 市 : 同 「黻」[fú]
  • 場 : 場Ⅰ名詞1 （平坦的空地 多用來翻曬糧食 碾軋穀物） a level open space; threshing ground 2 [方言] （...
  • 新股 : ipos
  1. 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。
  2. 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。
  3. 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。
  4. 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。
  5. 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 ） 。
  6. 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。
  7. 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。
  8. 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。
  9. 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。
  10. Seasoned equity offerings ( seos ) is the main refinancing channels in foreign mature stock markets. more and more chinese companies - exchanged have refinanced by seos since 1999, especially after the china securities regulatory commission issued the " the regular of companies - exchanged issuance exchange ". the qualification of companies - exchanged has been lowered, and the main refinancing channels have been changed from quotations to seasoned equity offerings

    增發新股是國外成熟證券市場再融資的主要途徑，自1999年以來，我國證券市場上通過增發新股融資的上市公司越來越多，尤其是2001年3月28日中國證監會發布了《上市公司新股發行管理辦法》 ，降低了增發門檻，增發新股有取代配股成為再融資的主要途徑的趨勢。
  11. One of the primary standard of deciding the extent of accuracy is that the difference between the ipo price and the expected secondary market price

    發行定價是否貼近預期的二級市場價格，是判斷新股發行定價是否合理的主要標準。
  12. 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。
  13. Beginning from the baron theory, based on the existence of the asymmetric information among the market participators, this paper hypothesize that : ( 1 ) hold the other factors constant, the degree of underpricing is positively related to the extent of information asymmetric among the market participators ; ( 2 ) the extent of information asymmetric is a decreasing function with the time length after the company go public

    本文在回顧信息不對稱理論對新股發行折價解釋及相關實證研究的基礎上，提出以下兩點假說： （ 1 ）在其它條件不變的情況下，新股發行的折價幅度和市場參與各方之間的信息不對稱程度成正相關； （ 2 ）信息不對稱程度隨著公司上市時間的延長而減弱。
  14. Ipo underpricng is referred to an average excess return, statistically significantly positive, of a new issue immediately aftermarket relative to its offering price. a common perception is that underpricing is a challenge to market efficiency at least apparently

    所謂新股發行抑價，是指首次公開發行的新股上市后，其二級市場價格相對一級市場發行價格，在統計上所存在的顯著為正的平均超額收益。
  15. New issue market

    新股發行市場
  16. And the purpose of the thesis is to provide references for the reform of pricing marketing through theoretical research and analysis of the ipo pricing both at home and abroad

    本論文的基本目的就是通過對國際國內新股發行定價的理論研究和實證分析，為我國發行定價方式的市場化改革提供參考。
  17. The characteristics of china stocking exchange and the gradual process of the issuing principles of new stocks are introduced in advance and then the importance of selection and accuracy of research sample and result, caused by the organization system of china ' s stock issuing market, the volume management principle, the marketing assistance principle, the verifying principle, the selling principle, the pricing principle and the change of issuing way involved are put an emphasis on. here the research sample of new stocks ( a - share ), issued and marketed in shanghai stock exchange from 2001 to 2002 are defined by synthesizing all of other elements

    論文首先介紹中國證券市場的特點以及新股發行制度的演進歷程，強調中國證券發行市場的組織體系、額度管理制度、上市輔導制度、審核制度、承銷制度、定價制度、發行方式變遷對研究樣本選擇和研究結果準確的重要性，並綜合考慮其它因素確定2000 - 2001年在上海證券市場發行並上市的新股（ a股）作為研究樣本。
  18. To solve these problems, in 1999 the government began to advance the institutional reforms and marketlization in chinese ipos market but this process was in logjam at the end of 2001. this article analyzes the institutional characters of chinese ipos issues and empirically investigates the whole ipos price process before and after the marketlization reform respectively

    本文在對中國一級市場進行深入制度分析，充分把握和體會中國ipos問題的制度特性的基礎上，通過改革前後我國新股發行價格過程的實證和對比分析，認為雖然1999年開始的一級市場制度改革確實帶來了發行價格的「市場化」 ，但卻並未從根本上提高一級市場的運行效率。
  19. Chapter v analyzed the characteristics of secondary market, the institutional arrangements, and factors that led to the severe under - pr icing in china " s ipos. the author first discussed the characteristics and functioning efficiency of secondary market, then used traditional financial theories and behavior theory to bui id a multi - factor cross section model of secondary market price, and conducted a positive study on the model

    在對新股發行定價的研究上，從不同股祭定價的理論的適用性、 ipo市場bfi內在的規律、 ipo市場制度文排和發汀定價機制以及市場參與者效山、策略、行為特點等兒0萬面，兼顧理論和實踐，進行了系統的分忻。
  20. Basing on the theoretical and empirical analyses, the paper gives some important countermeasures and suggestions that build efficient ipo market of china from some aspects which are respectively the regulation system of ipo issuing, the method of ipo issuing and pricing, the development of investment bankers, and presents the stratagem about the reform of stock issuing regulation mechanism in china

    論文在理論分析和實證分析的基礎上，通過對中國ipo市場股票發行定價方法的研究，得出新股發行市場化的對策與建議。並且針對我國股票發行管理制度的改革戰略，借鑒國際市場常用的累計投標方式，參照我國工p0市場現狀，提出了目前新股發行定價方式的改革方向。
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