circulating rate 中文意思是什麼

circulating rate 解釋
循環率
  • circulating : adj. 流通的，循環的，運行的。
  • rate : n 1 比率，率；速度，進度；程度；（鐘的快慢）差率。2 價格；行市，行情；估價，評價；費，費用，運費...
  1. 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。
  2. 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。
  3. Renin secretion is controlled by at least four mechanisms that are not mutually exclusive : a renal vascular receptor responds to changes in tension in the afferent arteriolar wall ; a macula densa receptor detects changes in the delivery rate or concentration of nacl in the distal tubule ; circulating angiotensin has a negative feedback effect on renin secretion ; and the sympathetic nervous system stimulates renin secretion via the renal nerve mediated by receptors

    腎素的分泌至少受四種互不排斥的機制控制：腎血管受體對向心小動脈壁張力變化的反應；緻密斑受體發現遠端腎小管內氯化鈉傳遞速率或濃度的變化；循環的血管緊張素對腎素的分泌的負反饋效應；和交感神經系統經由受體介導的腎神經刺激分泌腎素。
  4. In the second section of chapter 2, the fact that the essential interest rates of all nodes differ from each other is discussed, a non - homogeneous differential equation model of interest rate - amount of circulating fund is established, and it is proved that the sum of the weighted interest rates of each node in the financial network still remains a constant and that the difference of the instant interest rates between two nodes will finally approach the difference between their basic interest rates. in the third section of chapter 2, the differential equation model of interest rate - amount of circulating fund in an open system is studied, the laws of changes of interest rate are taken into account when fund is injected into or withdrawn from the node or when fund is injected into the network or withdrawn from the network, and the stability of equilibrium solution is proved based upon lyapunov stability theory. in the last, the equation model of interest rate - amount of circulating fund in the financial network with time delay is studied, and a necessary and sufficient condition for the existence of periodic solution is obtained to the interest rate - amount of circulating fund equation with delay

    本文第二章首先建立了封閉系統的利率?流通量微分方程模型，證明了各結點利率加權和為常數即金融市場利率均衡原理，以及各結點利率極限為整個網路平均利率；其次在各結點基本利率不相同的情況下，建立了非齊次利率?流通量微分方程模型，證明了金融網路各結點利率加權和仍是一個常數，並證明了各結點兩兩之間的即時利率之差最終將穩定地趨于其基本利率差；此外，還研究了開放金融網路利率?流通量方程模型，考慮了結點自身追加資金和提走資金的情形以及網路外部注入資金和向外部轉移資金情形下的利率變化規律，用lyapunov穩定性理論證明了模型均衡解的穩定性；最後，還研究了具有時滯的金融網路利率?流通量方程模型，並給出了具有時滯金融網路的利率流通量方程具有周期解的充要條件。
  5. Exchange rate is important variable of one country ' s macro economy. it has significant influence, which is realized through material exchange rate arrangement, on economy circulating - - especially under open economy

    匯率是一國宏觀經濟的重要變量，對經濟運行特別是開放條件下的經濟運行具有重要的影響，而這種影響又是通過具體的匯率制度安排實現的。
  6. 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。
  7. And the report has passed the analysis to ionic membrane caustic soda salt refining handicraft, has suggested that controlling a scheme comparatively rationally, calculation and driving force having carried out the ability choosing a type, circulating to the regulating valve on various appearance ( the temperature, pressure, rate of flow, liquid place, component ) supply a problem waiting for aspect to have done one by one also expound

    本報告通過對離子膜燒堿一次鹽水精製工藝的分析，提出了較為合理的控制方案，並對各種儀表（溫度、壓力、流量、液位、成分）進行了選型，對調節閥流通能力計算及動力供給問題等方面也都一一作了闡述。
  8. An analysis of book saturation circulating rate and book circulating statistics

    圖書飽和流通率與流通統計分析
  9. Electronic commercial system for online bookstores deals with book business through internet and highly increases the circulating rate of books by associating readers, books, publishers and issuers closely

    網上購書電子商務系統通過網際網路進行圖書的交易活動，將廣大讀者、圖書、出版者、發行者緊密地結合在一起，大大提高了圖書流通率。
  10. The experiment acquired pressure distribution and circulating rate under three fluidizing velocity ( 3. 5m / s 、 4. 5m / s 、 5. 5m / s ) and different media load. an experimental equation was acquired between circulating rate and the distribution of the pressure. and the relation between the circulating rate and the opening rate of the valve connecting the returner and the ehe was carefully discussed as well as the relation between the pressure of the ehe and the flow rate of the fluidizing air

    得到三種流化風速下（ 3 . 5m / s 、 4 . 5m / s 、 5 . 5m / s ）不同裝料量所對應的主床床體壓力分佈和物料循環量，得到循環量與壓力的分佈和流化風速的本實驗臺上的經驗公式，並通過測量返料器通向外置換熱器機械閥開度和返料量的關系，得到旋風分離器中下落物料進入換熱器和直接進入主床的比例關系，同時測得換熱器中壓力和送風量的關系。
  11. 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。
  12. In the fourth chapter of the thesis, a study is made of the equation of interest rate - amount of circulating fund with infinite impulse disturbance in an open network. as far as linear and non - linear impulse disturbances are concerned, the conditions on which the system still remains stable under impulse disturbance and the conditions on which impulse disturbance leads to the changes of the stability of the system are discussed

    本文第四章研究了開放網路中具有無限次脈沖擾動情形的利率?流通量方程，對于線性以及非線性脈沖擾動，本章都給出了脈沖擾動下系統仍然保持穩定的條件以及脈沖擾動引起系統穩定性改變的條件。
  13. The third chapter of the thesis makes a study of the equation of interest rate - amount, of circulating fund on limited occasions of sudden events, proves that the network average interest rates of different time periods are also different and change with the impulsive conditions, and makes clear the relationship between the network average interest rates of two neighboring time periods. as far as every node in the network is concerned, its instant interest rate will tend to, in the end, at the sum of the basic interest rate of every node and the growth rate of the network

    本文第三章研究了出現有限次突發事件時的利率?流通量方程，證明了不同時間段的網路平均利率也不相同，並且，隨脈沖條件的變化而變化，同時給出了相鄰兩個時間段網路平均利率之間的關系，就網路中每個結點而言，其即時利率最終穩定於結點基本利率與網路增長率之和。
  14. After 1989, the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan ", the advantageous enterprises " " wallow in money ", specifically, those listed companies that could finance from the stock market, began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998, the vicious circle of deflation and " credit grudging " of banks in product and credit markets, overcapacity, the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries, led to the incessant decrease of enterprises " global income, persistent increase of rate of debts and constant rise of ratio of bad assets of banks, which further intensified the vicious circle of deflation and " credit grudging " of banks

    如在改革開放初期，在產品市場需求旺盛和信貸市場預算軟約束的情況下，各類企業的最優決策就是採用高負債、高擴張的「負債的有限責任效應」策略來搶占市場並獲得高回報； 1989年以後，需求增速開始放緩，面臨產品市場產業集中度較低和信貸市場「信貸緊縮-不良貸款」循環陷阱導致的中小企業資金緊張的局面， 「錢袋鼓鼓」的優勢企業（尤其是那些可以通過股票市場融通資金的上市公司）紛紛採用掠奪性定價策略，試圖通過把中小企業擠出市場來擴大市場份額並獲得高收益； 1998年以後，產品市場和信貸市場形成了通貨緊縮和銀行「惜貸」惡性循環的狀況。產品市場上部分行業生產能力嚴重過剩，且由於體制等原因導致虧損企業無法退出，因此這些行業中出現了過度競爭的現象，企業總體收益的不斷下滑、負債率不斷提高以及銀行不良資產率的持續上升，又進一步加強了通貨緊縮和銀行「惜貸」的惡性循環。
  15. Based on the experiment system, the operating phenomena were carefully observed and recorded, the overall pressure distribution and correspondent circulating rate were recorded

    在此基礎上，觀察循環流化床不同工況下的運行狀態，並對整體壓力，床料循環量等運行參數進行了實驗研究。
  16. Based on the practical measurement data that had gained on the equipment of continuous solid - state polycondensation, which has the output for pet industrial yam 10 kt / a, studies into influences of reaction temperature, residence time, purity and flow rate of circulating nitrogen on the reaction of solid - state polycondensation, discusses the production process of continuous solid - state polycondensation for terylene industrial yarn in detail

    摘要以已投產的年產萬噸級連續固相縮聚裝置生產工業絲級滌綸增黏切片實測的反應條件為依據，從原料切片、反應溫度、停留時間、循環氮氣純度及流量等因素對固相縮聚反應的影響，詳細地對連續固相縮聚生產工業絲級滌綸增黏切片的生產工藝加以探討。
  17. Circulating water was used for washing ash - water in the thermal power plant of yizheng chemical fibre company, which led to a low concentration rate of 1. 6 as well as scale and corrosion problem of condenser copper pipes

    摘要儀化熱電廠將循環水用作沖灰水，導致濃縮倍率只有1 . 6以及凝汽器銅管腐蝕結垢嚴重。
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