二级市场

上周，欧洲央行（ecb）采取了进一步措施来稳定二级市场。

This week the European Central Bank took further steps to stabilise the secondary market .

与此同时，在二级市场上，facebook及同类股票取得了同样令人称奇的市销率。

In the secondary market , meantime , shares of Facebook and its ilk sell on equally fanciful multiples .

两年前，twitter调整了授予员工股票期权的政策，以抑制二级市场股权交易。

Two years ago , twitter changed its policy for granting options to prevent trading on secondary markets .

Facebook仍可以选择保持其私有无限责任制性质，这也将允许现有的股东通过私人二级市场来获取流动性。

Facebook has the option to remain private indefinitely , allowing existing shareholders to generate liquidity via the private secondary markets .

然后，采用可比公司乘数法确定IPO公司的内在价值且剔除二级市场影响后得到291价企业的样本，并再次进行多元回归分析。

Then , using comparable companies multiplier method to excluding the secondary market impact , and again multiple regression analysis .

设想如果一家二级市场交易活跃的公司IPO价格比二级市场交易价低30%，会怎样？

Imagine one of the heavily-traded companies goes public at 30 % lower than where it traded on the secondary market .

第四，账面市值比越高，发行上市间隔期越短，二级市场情绪越低，IPO长期表现越好。

Fourth , the companies with higher BM ratio , shorter issuing-listing interval and lower secondary market sentiment have better long-term performance .

私人IPO的蓬勃发展催生了企业、企业员工和投资者对二级市场交易平台的需求。

This boom in private primary offerings has translated into demand for secondary trading platforms from companies , their employees and investors .

这意味着，在IPO之前，能在二级市场上交易的Twitter股票总量存在一个上限。

This means that until an initial public offering , there is a cap on the volume of trading in Twitter stock .

中国银行（BankofCHina）编制的数据显示，二级市场也出现大幅抛售，平均收益率从4.35%，升至5月底的5.71%。

There has also been a steep sell-off on the secondary market , with average yields rising from 4.35 per cent to 5.71 per cent at the end of May , according to data compiled by Bank of China .

以至于欧洲央行（ecb）不得不介入二级市场并购买意大利国债，以避免酿成灾难。

The European Central Bank felt obliged to step into the secondary market and buy Italian debt to prevent a catastrophe .

但一位LinkedIn的重要投资者&高盛（GoldmanSachs），决定远离二级市场的狂欢。

But one sizable LinkedIn investor , Goldman Sachs ( GS ) , decided to sit out the secondary-market fun .

基于Hedonic模型的武汉市住宅二级市场特征价格研究

The Research of Characteristic Price in Wuhan Residential Secondary Market Based on Hedonic Model

以IPO新股的内在价值为基础，分别从一级市场和二级市场两层次对创业板IPO高初始收益率进行分解。

Based on the intrinsic value of new shares , then this chapter respectively decomposes IPO initial yield from the primary and secondary market .

互联网内容供应商DemandMedia公司承认，潜在的大患是谷歌公司（Google）频繁修改其搜索算法，但其股价仍然坚挺（虽然它一度在二级市场苦苦挣扎）。

Demand media ( DMD ) admitted potential disaster is Google ( GOOG ) tinkered too much with its search algorithms , yet still priced well ( although it had struggled in the aftermarket ) .

研究发现，中国股市过度超额初始回报率的本质是对二级市场的高估，它与国外的IPO价值低估有着本质区别。

It turns out that the overpricing of secondary market is strongly associated with the excess initial return , which is different from the Western countries essentially .

这在目前并不可行，因为efsf不能在二级市场购买债券。

That is currently not possible because the EFSF is not allowed to purchase bonds in secondary markets .

Twitter的发行价和它在递交首份IPO文件时在二级市场的股价相当。

This price is mostly in line with where twitter shares were being offered on the private markets in the weeks leading up to its original IPO filing .

在此基础上，从二级市场层面，结合噪声交易、投资者情绪和市场气氛假说，研究非理性行为因素对于创业板IPO高初始收益率的影响。

On this basis , from the secondary market , combining with noise trading , investor sentiment and market sentiment hypothesis to research irrational factors for the GEM high initial yield .

同时较大市值规模的股票不易在二级市场上炒作，价格难以被大幅推高。2、换手率与IPO抑价率呈明显正相关关系。

The stock of large market capitalization is not easy for speculation on the secondary market , the price is difficult to sharply increase.2.Turnover rate and IPO underpricing rate of price was positively correlated .

基于IPO首日抑价可以产生信息动量效应，进而增加二级市场对新股需求的假设，建立了锁定期与IPO抑价关系模型。

Based on the assumption that first-day IPO underpricing could generate information momentum and thereby increasing demands for the new issuing stocks , this paper models the relationship between lockup period and IPO underpricing .

汇丰股票分析师孙瑜（StevenSun）在最近一份报告中写道，当前制度造成市场效率低下，使投资者踊跃认购新股，以期从（一级市场和二级市场之间的）估值差距中获利。

The current system has caused market inefficiency as investors flock to IPO subscriptions to benefit from the valuation gap between primary and secondary markets , HSBC equity strategist Steven Sun wrote in a recent report .

在获得诺贝尔奖的柠檬市场研究中，乔治•阿克洛夫（GeorgeAkerlof）对最终的二级市场会是什么样子做出了著名的解释。

George Akerlof famously explained what the eventual secondary market would be like in his Nobel Prize-winning study of " the market for lemons " .

在此基础上，本文提出了降低IPO抑价水平、推进发行市场改革、维持一、二级市场正常套利机制的政策建议。

At last , we made suggestions to bring down the rate of IPO underpricing , accelerate the reform in the primary market , and maintain the arbitrary system between the first and secondary market .

IPO抑价将股票的一级市场定价与二级市场交易价格联系在一起，一直都是研究股票首次公开发行定价合理性和二级市场有效性的重要指标。

IPO underpricing , which connect a stock market pricing with secondary market trading price , has always been an important reference standard for the study of IPO pricing rationality and effectiveness of the secondary market .

投资者情绪是影响IPO抑价率的最主要的因素，我国创业板IPO抑价的真正原因是二级市场的溢价。

Our GEM IPO underpricing is more likely due to the GEM secondary market but not derived from the primary market . 2 . Investor sentiment is the most important factors affecting the rate of IPO underpricing .

所以，要想改变目前IPO高抑价的现状，最重要的措施就是遏制二级市场的疯狂炒作，同时还要对投资者进行投资理念和风险教育。

Therefore , in order to change the current status of IPO underpricing , the most important measures is to limit the crazy speculation in the secondary market , but also enhance the risk education to investors .

一些投资者表示，cerberus的基金持有者在二级市场上出售股权时，可能不得不接受大幅折价。

Some investors said Cerberus fundholders were likely to have to accept the sharpest discounts on stake sales in the secondary market .

因此，IPO首日收益的相对减少不是衡量新股发行制度改革的绩效之一；要提高市场效率，必须建立一、二级市场情绪导出机制。

Therefore , the reduction of IPO initial return is not a good measurement of the performance of the reform of IPO system . It is necessary to establish a mechanism to ease investor sentiment to improve market efficiency .

由于IPO抑价程度是把一级市场的发行价格和二级市场交易价格相比较的结果，因此必须考虑到作为比较标准的二级市场价格是否合理这一重要问题。

Because the degree of under-pricing is the result of comparing the offering price in the first market with the transaction price in the second price , so we must consider if the price in the second market is rational .