二级市场价格

在一级市场中运用B-S期权定价模型分析和计算各区域排放权初始分配价格，并详细分析了二级市场价格形成机理。

By B-S options pricing model , the paper calculates the initial allocation price of carbon emissions in different regions , and get a detailed analysis of the price formation mechanism in the secondary market .

定价偏低是指新股发行的一级市场价格低于二级市场价格，特别是上市首日的交易价格巨幅上扬，又称新股抑价。1975年Ibbotson通过实证研究证实了抑价现象。

Underpricing is defined as that initial public offerings of common stocks are systematically priced at a discount to their subsequent trading price In 1975 , Ibbotson found empirical evidence of underpricing .

股票二级市场价格定位实证研究

Empirical analysis to orientation of exchange price of stock

实证分析还表明，我国上市公司配股再融资价格主要受二级市场价格的影响。

The empirical analysis also indicates that the price of rights offering is mainly influenced by the stock price in the secondary market .

按二级市场价格定价会打击投资者的信心，引发证券市场动荡，是一种不可取的方法。

Pricing based on the secondary market will deal a blow to investor confidence and caused stock market turmoil , is a desirable approach .

在增加了一级市场与二级市场价格波动的同时，该现象也抑制了市场的资金融通、资源配置功能。

As increasing the price fluctuation between initial market and secondary market , it still restrains the functions of financing and the distribution of resources .

正是基于这一点，新股发行价格的确定如何贴近二级市场价格成为了我国发行市场制度建设的重要组成部分。

So , the problem that the difference between price of IPO and price in expected secondary market becomes one important part of our issue market system .

但如果发行定价与二级市场价格相差过大，则说明发行定价方式存在一定的不合理性。

But if there is a big difference in price between the new offer and the second-class market , it will indicate that there is irrationality in the way of the IPO pricing .

推进发行定价方式的市场化，使发行定价贴近二级市场价格是各国发行市场制度建设的重要组成部分。

To further the marketing of the offer and pricing and to make it close to the second-class market price is a vital integral part in system construction of the stock offering market across countries .

从各国发行实践看，判断发行定价是否合理的主要标准是，发行价的确定是否以预期的二级市场价格作为定价基础。

According to the IPO practice in the other countries , the main standard of judging the rationality of the offer pricing is that whether the pricing is based on the base of the anticipatory second-class market .

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

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 .

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 .

这一均衡过程可以分解为两个阶段：事前（Ex-ante）的价格形成阶段，以及事后（Ex-post）二级市场短期价格调整阶段。

As a matter of fact , the process contains two mainly stages : the ex-ante offering price formation stage , and the ex-post short-term adjustment in the second market .

银行往往持有债券至到期日，剥夺了市场流动性或二级市场的价格发现机制。

Banks tend to hold bonds to maturity , depriving the market of liquidity or a price-discovery mechanism through secondary trading .

二级市场的价格信号具有引致上市公司进行产业转移的功能，虽然存在着过度反应。

The price signal in secondary market can lead to the industrial shift of listed companies , although there exists an overreaction .

这些债券迎来了强劲的需求，发行后在二级市场的价格均出现上涨，突显出市场对此类债券的需求之大。

These bonds saw strong demand and traded higher in the secondary market once they were priced , underlining the appetite for this debt .

上市公司的股利政策对公司股票二级市场的价格有较强的影响，符合股利相关论。

The result shows : ( 1 ) The dividend policy of our list companies affects the price of stock market strongly . Accord with dividend relevant theory .

股利政策是公司重大财务决策之一，上市公司的股利分配方案公布会引起二级市场股票价格的波动。

The dividend policy is one of company significant finance decision-making and the announcement of listed company 's dividend distribution plan will cause stock price undulating in second market .

另外，通过比较企业在二级市场上价格竞争、产量竞争和价格合谋三种状态下的收益，得出只有价格合谋才是开发商的理性抉择。

In addition , by comparing the gains the real estate firms respectively get from price competition and quantity competition and price collusion , we can see that only the price collusion is their reasonable choice .

IPO发行定价是否符合二级市场的均衡价格是判断发行定价是否合理的一个重要的标准，因此本文利用的上市后月均价作为多因素定价模型的因变量。

Whether the price of IPO is consistent with secondary market pricing is an important standard which determine the reasonableness of the pricing . Therefore , the price of the listing for one month is chosen to be the dependent variable .

这种债券由高盛（goldmansachs）安排，发行价比20年期英国国债高出330个基点远高于信贷泡沫时期的价格，但低于去年二级市场上的价格。

The bond , arranged by Goldman Sachs , was sold at a price of 330 basis points over 20 years gilts a price far higher than during the credit bubble , but lower than the prices seen in secondary markets last year .

这意味着Zynga已在二级市场交易的价格出现25%的溢价，也为不敢买入团购网站Groupon公司股票的交易者提供了另种一选择。

This would represent up to a 25 % premium to where Zynga has been trading on the secondary markets , and could serve as a portfolio alternative to traders scared of getting into Groupon .

Dow和Gorton（1997）认为二级股票市场的价格虽然被认为是资本主义经济中最具有信息效率的价格，但它在决定资本配置方面并不起直接的作用。

According to Dow and Gorton ( 1973 ), although the price of secondary market is the most information efficient price in capitalism economy , it has not direct function in the process of capital allocation .

征地补偿费与土地一、二级市场上的价格相差悬殊，形成了巨大的利益空间。

As there is difference between land compensation fees and market price , the great benefit space appears .

因此，二级市场上股票价格即使通过检验实现了某种程度的有效性，并不能说明就实现了股票市场资本有效配置。

So , even the price of secondary market pass the test of information efficiency , we still can not say the capital allocation of stock market is efficient .

近年来，我国证券市场寻租行为盛行，主要表现在证券一级市场发行资格、发行价格和发行结构方面，以及证券二级市场的股票价格操纵、政府干预与上市公司信息披露失真等方面。

It is mainly evinced by securities issue qualification , issue pricing , issue structure in the primary market , and evinced by stock price manipulating , government intervening , untrue information revealing of listed corporation in the secondary market .

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 .

传统金融学的有效市场理论并不适用于A股二级市场，也即是说，二级市场股票价格并非能够理性地反映其应有的内在价值。

Efficient Market Theory does not apply to Chinese A-shares market , which means that prices of new shares listed in the secondary market can be rationally reflect their due intrinsic values .