circulating market 中文意思是什麼

circulating market 解釋
流通市場
  • circulating : adj. 流通的，循環的，運行的。
  • market : n 1 （尤指牲畜和食品的）集市；市場；菜市，菜場。2 需要，銷路；推銷地區。3 市價；行情，市面，市況...
  1. The total capital stock of a share company were proved to be the best criterion and the size effects were found to be much more obvious, the second best crierion is the circulating capital stock. even though, the size effects were not proved to be existing through all the periods that were tested. it is proved that the size effects were periodical and highly correlated with the changes of policy of the stock market

    從時間來看，小公司效應是從1999年6月30 ? ? 1999年12月31 ，即統計的第三個時期開始的，這在時間上與我國證券市場資金準入政策變得寬松是一致的；而在最後一個時期，即2001年6月30 ? ? 2001年10月26日的統計時期內卻沒有小公司效應，與我國國有股減持政策出臺、打擊市場操縱、規范上市公司治理結構和信息披露制度在時間上是一致的。
  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. This article based on the content and came up with a practicable scenario ? to organize state - owned stock circulating market, which ensures the sufficient liquidity of the state - owned stock

    文章即是在此基礎上提出了從根本上解決國有股權流通的方案? ?建立s股市場，實現國有股權的充分流動。
  4. Chapter two, introduce the problems lies in the distribute of equity resource in the issuing market : problems of distribution inside the trade and among the trades, reorganization of listed companies, affection of issuing price to the distribution of equity resource, problems lies in the distribute of equity resource in the circulating market, use of the equity resource of listed company, analysis of distribute of equity resource in the stock market of china, state - owned economics administration system and regulation of stock market

    第二章，介紹股票?級市場股本資源配置中的問題：行業內配置的問題、行業間配置的問題、上市公司的重組方式問題、發行定價對股本資源配置的影響；股票二級市場股本資源配置中的問題：配股資源配置的問題、上市公司股本資源使用的問題；中國股票市場股本資源配置的總體效應和原因分析：國有經濟管理體制因素、股票市場管理規則因素。
  5. By using serial correlation test and cross - section test through the data of the share companies that were listed in shanghai stock exchange before 16th oct 1998, the size effects in china stock market was tested in the period from 16th oct 1998 to 26th oct 2001. all the share companies which in total 373 were grouped into 11 according to four different criterions. these four different criterions were total circulating captal stocks, total circulating market value, total capital stocks, total value of a share company. through the correlation test between the abnormal return rate and the size of the group, no size effect was found through the size criterion of the total value and the total circulating value except only one period

    運用序列相關性我國股票市場的小公司效應進行實證檢驗，所採用的樣本是在1998年10月16日以前掛牌上市的373家上市公司從1998年10月16日到2001年10月26日，共150周的交易數據。對公司進行以規模大小分組時，分別採用了流通市值、流通股本、總市值和總股本四種不同的標準進行投資超額收益率規模相關性分析，發現以總市值和流通市值為規模標準的實證結果除個別時期內存在著小公司效應外，其它時期並不存在小公司效應，而以總股本和流通股本為標準的小公司效應最為明顯；另外，小公司效應在統計區間內表現出時段性。
  6. Chapter three, according to the stated problems and the facts in the stock market of china, give some suggestions for the distribution of equity resource in the issuing market and the circulating market : the way for selection of listed company, the way for control of issuing, refbrm of the way for issuing price, regulating of medium agency and listed company, encouraging the listed company distributing resources by buying and reorganization

    第三章，針對上述問題，結合中國股票市場實際，提出優化一級市場、二級市場股本資源配置的建議：上市公司的選擇方式、發行規模的管理方式、發行定價方式的改進；規范中介機構和上市公司行為；鼓勵上市公司通過兼并、收購、重組等行為優化資源配置；配股管理方法的改進。
  7. To the end of december 2002, there are 15 standardized funds management corporations in china, they manage 54 contractual type close - end securities investment funds and 19 open - end funds. the assets size of securities investment funds in china reaches almost 100 billion yuan, correspond to about 10 % of the circulating market price of shanghai and shenzhen stock markets

    到2002年12月底，按規范化要求我國共成立了15家基金管理公司，管理了54隻契約型封閉式證券投資基金和19隻開放式基金，中國證券投資基金資產規模約1000億元人民幣，相當于滬、深兩市流通市值10左右。
  8. The above problems and difficulties could be solved through the following perspectives : attaching great importance to the development of the non - public sectors of the forest economy ; quickening the system innovation and forestry legislation ; cultivating market of living trees ; establishing organizations for evaluating forest resources ; improving the circulating services ; expanding channels of financing ; encouraging the qualified non - public sectors of the forest enterprise to become listed companies ; allowing forest to be mortgaged as assets, guiding the social investment in forestry with the economic leverage ; developing leading enterprises and implementing the operation model of " companies, bases and farmer households " ; and improving the socialized forestry service systems

    通過調研，作者認為應從以下幾方面著手解決上述問題：把發展非公有制林業經濟作為今後一個時期林業工作的戰略重點，加快創新機制和林業法律法規的建設；培育活立木市場，建立森林資源評估機構，做好流轉服務工作；拓寬融資管道，鼓勵具備條件的非公有制林業企業上市融資；允許林木資產以抵鉀形式向銀行貨款；運用經濟杠桿作用，引導社會參與投資；培育龍頭企業，實施「公司+基地+農戶」的經營方式；健全林業社會化服務體系。
  9. This paper includes five parts. the first is to review the study on the subject ; the second is to discuss the characteristic of chian ' s stock market. the change of money - admitted policy and the questions on the study. the third is to verify the size effect in china ' s stock market by using correlation test and regression test on the bases of four different criterions, each criterion will be applied with two time - series methods. the fourth is to summary the main character of four different criterions, and apply joint test to the criterions that were proved the best concerning the size effect. the illiquidity risk was introduced to the study, the indexes of turn - over rate and the fluctuation of turn - over were used here. however, other factors that may influence the invest return rate as circulating rate and size were also included. according to the result, the size effect will be interpreted. the fifth is to summary the size effect and its explaination, and then to provide some useful invest strategies based on the conc lusion above

    論文分五部分，第一部分對小公司效應的有關研究文獻進行回顧;第二部分我國股票市場的狀況、資金供給政策的變化和我國股票市場實證的相關問題進行論述;第三部分對我國股票市場的小公司效應按照四種不同的規模標準分類，每一種標準均分兩種不同的統計周期分段標準進行實證分析;第四部分小結不同的規模分類、不同統計周期分段的統計結果特徵，然後對小公司效應最明顯的規模分類標準進行多因子聯合回歸分析，這里引入了流動性風險因素，其用換手率和換手率波動指標來衡量，還分別引入了其它影響投資收益率的因子，分別是規模、流通比例。
  10. 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。
  11. The difference of the price of the circulating shocks and theirs inner value is the china stock market bubbles

    中國股市泡沫是流通股的價格與其內在價值的差。
  12. Corporate governance exists in the company in every kind. shareholder structure in chinese stock market originates from non - liqudity of rights of control, this is passive give - up or compulsory give - up, it was system selection under public ownership in that time. along with deepening of economic reform and pluralization of sharehold structure, as a special commodity, rights of control bring about the need of liqudity, this is internal reson of circulating system, is also

    公司治理就以各種形式存在於企業之中。中國證券市場上股權分置起源於控制權的非流動性，這是被動放棄或強制放棄，是當時在公有制條件下的制度選擇。隨著經濟改革的深化和股權結構的多元化，控制權作為一種特殊商品日益產生了流動性需求，這是全流通制度的內在動因，也是現代商品經濟的合理訴求。
  13. There is still no absolutely feed grain circulating system, but the reform of grain circulating system accelerated the development of feed industry. china should promote the integration of feed market

    目前中國尚未形成獨立的飼料糧流通體系，但近年來糧食流通體制的改革對飼料工業的發展起到了促進作用，中國應加快飼料業市場的整合。
  14. Study suggests the main constraints of management buy - out : it ' s groundless to fix a price, the information published not confirm with regular standard, purchase procedure is not transparent, purchase action is not with market law, and also policy restriction. consequently, the paper put forward solutions to improve management buy - out : 1 ) the policy to evade the inside risk : the main way is to select suitable enterprises to develop management buy - out ; 2 ) to ensure the transparent and the market standard of the purchase procedure : the main point is to guarantee the justification of the purchase price, to strengthen the transparent of the information announcement ; 3 ) to consummate the mechanism of supervise government : which the work should be done in the supervise department of government ; 4 ) to emancipate the mind, decrease the government action in the enterprises purchasing ; 5 ) to care for the latter developing of the mbo, the purpose of mbo is to pursue the biggest profit of the enterprise ; 6 ) to consummate the environment of circulating necessary funds ; 7 ) to solve the funds and taxes problems of mbo, this is a better way to solve the problems of mbo

    一是管理層收購定價方面的法律依據不足：二是信息披露不夠規范，現階段運作或已完成的mbo案例在進行信息披露時尤其是披露其資金來源時多諱莫如深，令投資者對其資金來源皆產生懷疑；三是收購程序不透明，歸根到底也是法律方面的不足，缺乏相關的公正的運作程序和政策保障；四是收購行為非市場化，我國的管理層收購結束之後往往僅僅是相對控股，股票繼續交易，所有者與經營者分離的問題並沒有從根本上得到解決，所有權與經營權相統一的目標沒有達到，這就可能造成大股東也就是內部人侵吞中小股東利益將更為便捷；五是融資渠道潰乏，主要是國家政策和法律的障礙限制了mbo的融資渠道；六是服務市場不夠發達，主要是中介市場缺乏高素質的專業人才，無法滿足客戶進行mbo的需要，從而限制了mbo在中國的運行；七是政策限制，主要對合法的收購主體的限制、收購規模的限制、收購時點的限制以及收購資金來源的限制。
  15. The point made here is that this market is a spontaneous, self - developed curb transaction place, its functions defective and incomplete. the single most important factor in its emergence is that there is a large amount of stock shares, which, although with a good market circulating expectation, cannot for the time being be integrated into regular market circulation

    一級半市場從1994年以歷史遺留問題股的交易開始形成，后隨著定向募集股份公司內部職工股、 staq和net系統原流通法人股、上市公司法人股、創業板擬上市企業股權等品種的加入，吸引了越來越多的投資者，市場的規模不斷壯大。
  16. As a multi - functional financial product, the credit card gradually gathers depositing & drawing, transferring & balancing, consuming & circulating credit together. nowadays, the credit card business becomes the focus of the competition among the commercial banks. as a result, the credit card business, with its rich returns, strong market infiltrations and broad brand influences, will certainly be the first target for the commercial banks that have the ambition to scramble the financial market

    隨著我國經濟的發展和信息科技水平的提高，銀行信用卡逐漸成為一種集存取現金、轉賬結算、商戶消費、循環信貸等多項功能於一體的金融產品，日益受到人們的青睞，信用卡業務以其豐厚的回報、強大的市場滲透力和廣泛的品牌影響，逐步成為各商業銀行競爭的焦點。
  17. Since reform and opening up, with the continuous improvement of socialist market economy, the tax system with circulating tax as the main body and income tax as the subsidiary has taken shape initially in china. this tax system plays a positive role in promoting the development of chinese economy which is undergoing changes

    改革開放以來，隨著社會市場經濟體制的改革與不斷完善，我國初步建成了流轉稅為主體，所得稅為輔的稅制結構體系，這一稅制結構對于轉型中的中國經濟發展起到了正面的推動作用。
  18. It is proposed to build a professional mansion taking the lead in circulating trade of building materials, architecture installation and relevant auxiliary sectors, so as to absorb international and domestic famous brand shops of building materials to the mansion and to form the changzhutan building materials trade & circulation center by combining with surrounding medium, up - market and down - market building materials markets

    擬建設以建材流通貿易、建築安裝及其相關配套行業為主導的專業大廈，吸引國際、國內建材品牌店入駐，與周邊中、高、低檔建材市場配套，形成長株潭建材交易流通中心。
  19. On the other hand, the ipos can averagely get a positive abnormal return over market portfolio between september and december, which means ipos can obtain better return in every last - half year relatively. 5 ) higher exchanging rate of the first circulating day for an ipo can not obtain a higher medium and long return, and it even has a negative relationship with the later

    就股票價格的影響因素而言，發行后每股收益、發行后每股凈資產特別是bm比率、流通股數尤其是流通市值、總股本或流通盤占總股本比例、行業屬性等在較長的時間內對新股的二級市場收益有明顯的影響。
  20. There does not exist an effective connection system between the individual rural household and the market, namely lacking a medium. therefore, an innovation of circulating organizations of agricultural products is indispensable to support and develop agriculture and rural economy

    單個農戶和市場之間缺乏有效的連接機制，即中介缺失，農業和農村經濟的持續發展迫切呼喚農產品流通組織創新。
分享友人
分享到 Line

分享到臉書