primary circulating system 中文意思是什麼
primary circulating system
解釋
第一循環管系- primary : adj 1 第一的，最初的，初級的；初等的；基本的；基層的。2 主要的，為首的，第一位的。3 原始的，根本...
- circulating : adj. 流通的，循環的，運行的。
- system : n 1 體系，系統；分類法；組織；設備，裝置。2 方式；方法；作業方法。3 制度；主義。4 次序，規律。5 ...
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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。 -
On the basis of research on correlative relation between the system of financial revenue and the variables of macroeconomy, combining qualitative analysis with quantitative analysis, systematically analyzing financial revenue structure and running feature of fujian province during " the ninth five - years plan of the national economic and society development ", using research achievement of the formers for reference, synthetically using financial and economic theory 、 econometric way and means and computer statistical software, the text set up the financial revenue metric model in fujian province. moreover, exercising our established model, the text forecast and analyzed the circulating track 、 the changing rule and the causality of the primary variable of financial revenue in fujian province, and prospected for their development
本文是在研究財政收入體系與宏觀經濟變量間相互依存關系的基礎上，採用定性定量相結合的方法，對「九五」期間福建省財政收入結構及其運行特點系統分析，借鑒前人研究成果，綜合運用相關的財政學經濟學理論、計量經濟學方法以及計算機統計軟體，建立了福建省財政收入計量模型；用所建立的模型預測分析「十五」期間福建省財政收入主要指標的運行軌跡、變化規律及其它們之間的因果關系，展望它們發展趨勢。
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