underpricing 中文意思是什麼

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 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

A study of earnings forecast voluntary disclosure and ipo underpricing

上市公司自願性信息披露影響因素研究

Severe underpricing of water is one of the main reasons to cause the crisis

過低的水價是引起水危機的主要原因之一。

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

The initial underpricing of initial public offering ( ipo ) exists in many capital markets

首次公開發行新股（ initialpublicoffering ，簡稱ipo ）的初始超額收益在各國資本市場都普遍存在。

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。

It is found that chinese underpricing is highly related to factors such as primary shares, p / e ratio, according to empirical study. it is also found that chinese ipo price trend is rather stronger than the market within 14 months, and obviously weaker than the market in 15 - 37 months

新股長期弱勢的實證研究主要限於指標分析，結論是我國新股上市14個月內的走勢略好於大市，但是15 ? 37個月內的走勢明顯弱於大市。

Chapter 2 research review introduces the models of ipo underpricing and long - run performance put by foreign scholars, and then puts forward the evidence of ipo underpricing and middle & long - run underperformance, finally introduces the domestic and foreign scholars " study on ipo underpricing and middle & long - run performance in chinese smes stock market. chapter 3 experiential anaysis adopts many kinds of methods to

新股發行后交易價格的中長期走勢表現也較為為引人注意，大部分文獻研究表明股票首發上市后股價表現為長期弱勢，新股長期弱勢現象，是指首次公開發行的股票在上市后的一段時間里給其持有者帶來的收益率比其他同類型的非首次公開發行股票的收益率低。

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。

In addition, the shareholding structure of listed firms has no significant relation to underpricing rate, underpricing rate is negatively related to the issuing price

而上市公司增發時的總市值，相對增發規模，增發時公司股票的市盈率和上市公司的股本結構與增發上市公司折價率之間的相關關系並不明顯。

Seasoned equity offerings of chinese listed firms were underpriced by an average of 11. 59 percent during last four years, from 1999 to 2002, with the discount decreasing substantially over time, which is opposite to the increasing tendency in american listed firms. consistent with uncertainly and asymmetric information theory, underpricing rate is positively related to the stock price volatility and the p / e ratio when issuing the seasoned equity offers

根據理論分析的結果，本文假設了這6個影響因素與上市公司增發折價率之間的相關關系：增發公司股價的波動性，增發時公司股票的市盈率和相對增發規模與增發折價率呈正相關關系；上市公司增發時的總市值、股本結構和股價與增發折價率呈負相關關系。

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。

By examining the difference of the degree of underpricing between ipos and seos ( public cash offer ) in chinese market, we confirmed the above hypothesizes

以我國上市公司增發和首次發行時的折價程度為研究對象，本文驗證了上述假說的正確性。

Using linear regression model, we also tested the relations between d ( declining degree of underpricing between ipos and seos ) and t ( time interval between ipos and seos ). contrary to our hypothesis, the data demonstrates that the correlation is weak

此外，作為補充，本文研究了折價下降幅度和上市公司兩次發行時間間隔、公司高層管理人員變動之間的相關性，結果顯示相關性不明顯。