托市

基于收益率分布分析的IPO承销商托市行为研究

An Investigation of IPO Underwriters ' Stabilization Based on Analysis of Return Distribution

这说明中国IPO市场不存在明显的承销商托市，目前高抑价的原因不能用承销商托市行为来解释。

This suggests that no aftermarket price support exist in China 's IPO markets .

IPO市场上承销商托市的博弈分析

Game Analysis of Price Stabilization in IPO Market

在亚洲其它地区，台湾早已规划了规模5000亿元新台币的国安基金（NationalStabilisationFund），在非经济事件造成股市动荡时入场托市。

Elsewhere in the region , Taiwan has long had a T $ 500bn ( $ 14.4bn ) National Stabilisation Fund designed to support markets in times of volatility caused by non-economic events .

日本财务大臣与谢野馨（kaoruyosano）表示，正在考虑购买股票等托市措施，但投资者未予理会。

Investors ignored comments from Kaoru Yosano , finance minister , that he was considering support measures such as buying shares .

与FT共进午餐之前，查尔斯•科克（CharlesKoch）并不需要看菜单。这位亿万富豪选择了一家他特别熟悉的餐厅：位于堪萨斯州威奇托市，他公司总部内的自助食堂。

Charles Koch does not need to look at the menu before lunching with the FT. The billionaire has chosen a restaurant he knows well : the in-house canteen at his company headquarters in Wichita , Kansas .

本文通过对沪市1996&2004年间发行的651只A股IPO进行收益分布检验，发现IPO上市后前6日的收益分布出现了显著负偏现象，从而否定了中国IPO市场上存在承销商托市行为。

By testing the revenue distribution of 651 IPOs listed in Shanghai A share markets from 1996 to 2004 , we find that the distribution skews to left significantly during the first six trading days . So the underwriters ' price support is denied .

首先，本文对承销商托市的具体行为、其与新股折价发行的关系以及托市动机进行讨论，并综述国内外关于IPO承销商托市的研究，对研究方法进行理论上的阐述。

In the first place , this paper simply describes the concrete behavior and motives of stabilization , the relationship between underpricing and it , also makes a study of underwriters ' stabilization on IPO in the domestic and international stock market and describes the detailed test methods of stabilization .

承销商很有可能对上市首日收益率小于或等于0.334的IPO进行托市，在上市后的其他交易日内承销商最有可能在0.4175的收益率处进行托市。

In the stockmarket of China , underwriters is most likely to support newly issued stock whose initial return on the first trading day after the public offer is below or equal to 0.334 , and the stabilization return is higher on other trading days , that is around 0.4175 .

接着利用Probit回归模型首次对这种方法在中国证券市场上的适用性进行检验，并且验证新思路确定的中国新股发行市场承销商托市收益率取值的正确性。

Later on , using the Probit regression model , the writer tests the applicability of the research method referred to in the stock market of China and the validity of stabilization return value for China 's underwriters acquired by the use of the new thinking for the first time .

两年前，当纽约州北部人氏维基杰比诺（vickigerbino）犹豫是否搬到堪萨斯州威奇托市（wichita）时，这个中西部城市看上去并不像美国经济的未来典范。

When Vicki gerbino , a native of upstate New York , was deciding two years ago whether to move to Wichita , Kansas , the Midwestern city did not seem like a model for the future of the US economy .

政府不应一味利用行政力量进行托市；

Government should not utilize administrative strength to hold the market simply ;

威奇托市美国堪萨斯州中南部的城市，位于阿肯色河上、堪萨斯市的西南部。

A city of south-central Kansas on the Arkansas River southwest of Kansas City .

美国堪萨斯州威奇托市，科氏工业集团自助食堂

Koch industries cafeteria , Wichita , Kansas

在上海，政府的托市举措仍在激励着投资者的信心。

In Shanghai , government moves to shore up the markets continued to boost confidence .

跌破2000点后，我们会向中央政府提出一些更严肃的建议，以帮助托市。

After that we will make some more serious recommendations to the central government to help support the market .

对中国股市新股发行抑价的再思考&承销商托市

Reflections on the Issue of Restraint of Price when the Issue of New Shares of China ′ s Shares Market

加拿大庞巴迪公司正在投资超过6亿美元来扩大其在堪萨斯州威奇托市的李尔喷气机工厂的规模。

The Canadian company Bombardier is investing more than $ 600 million to expand its Learjet facility in Wichita , Kansas .

在美国和英国，央行购买资产托市和提振经济的做法并没有引起什么争议。

Asset purchases by central banks to support markets and boost the economy have been uncontroversial in the US and UK .

2002年承销商的托市行为较有规律，托市周期约为25个交易日；

Underwriters ' price support was relative regular in 2002 and the stabilization period in that year is about 25 trading days ;

而且投资者事先对托市行为有所认知，可起到降低其投资风险的作用。

From practical aspect , investors ' acquaintance of underwriters ' price support is advantageous to the reduction of their investment risk .

要转变经济增长模式，美国面临着艰巨的任务：把威奇托市的发展经验进行大规模复制。

To transform its growth model , America faces the arduous task of replicating the city 's experience on a much larger scale .

的确，很多散户认为可以指望政府托市，因为这事关民族自豪感。

Indeed , many retail investors thought that they could count on the government to prop up share prices as a matter of national pride .

上海——中国股市暴跌之际，该国政府积极介入，已经推出了一系列托市措施。

As the Chinese stock market slumps , the country 's government has stepped in boldly , unveiling a series of measures to prop up shares .

许多小投资者期待政府更为直接的干预，也许是以一种市场稳定基金的形式。这种基金会通过买入股票帮助托市。

Many small investors are hoping for more direct government intervention , perhaps in the form of a market stabilisation fund that would buy shares to help support the market .

在恐慌散户的抛售行为面前，中国政府的托市努力效果十分有限。出于这个原因，许多分析师认为，如果股市再次面临下行压力，中国政府将会采取进一步措施。

With Beijing 's efforts to underpin the market having limited effect in the face of panicked retail investor selling , many analysts think further steps will be taken if downward pressure returns .

上证综指大涨4.5%，创3月份以来的最大单日涨幅，因市场认为，随着本月初以来股市一路下行，政府有望采取行动托市。

The Shanghai Composite Index leapt 4.5 per cent its biggest one-day rise since March amid hopes of government action to support the market following its slide since the start of the month .

上证综指大涨4.5%，创3月份以来的最大单日涨幅，因市场认为，随着本月初以来股市一路下行，政府有望采取行动托市。

The Shanghai Composite index leapt 4.5 per cent - its biggest one-day rise since March - amid hopes of government action to support the market following its slide since the start of the month .

不过，尽管房地产市场这么疲软，但在政府的托市压力下，今年上半年银行对住宅地产开发商的贷款同比增长了26.9%，增至3.1万亿元人民币。

Yet despite this weakness banks , under pressure from the government to prop up the property market , lifted lending to residential real estate developers by 26.9 per cent year-on-year in the first six months of 2014 to Rmb3.1tn .

文章对承销商托市的具体行为，其与新股折价发行的关系以及托市动机进行了阐述，并探讨了分别基于托市交易数据和后市异常现象的承销商托市行为的研究方法。

This article describes the concrete behavior and motives of stabilization , its relationship with the underpricing of new issues , and probes into the detailed test methods of stabilization based on actual transaction data of stabilization and aftermarket abnormal phenomena .