承销发行

从实证分析的结果可以看出低声誉券商的承销发行也是导致破发的重要因素之一。

From the results of empirical analysis , we can see that the low reputation broker underwriting issue is one of the important factors that led to the break .

第二十一条证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。

Article 21 . A securities company shall , in accordance with the stipulations of laws and administrative rules and regulations , underwrite to sell the securities an issuer offers for public subscription .

如重新启用控制市盈率定价法；重新启用市值配售；引进首日涨跌停板制度；改革承销发行制度，引进独立第三方公告发行公司信息；改革新股发行相关法律制度。

For example , pricing re-enable control of price-earnings ratio ; re-enable the market value of the Placing ; the first day of the introduction of price limits ; distribution system reform of underwriting , independent third-party distribution company announced the introduction of information ; IPO-related legal system reform .

上周末，该行确定了在11家承销此次发行的投行中，哪些投行将牵头这宗ipo。

Over the weekend , the Chinese lender decided which of the 11 investment banks picked to underwrite the offering would lead the IPO .

瑞银（UBS）的银行人士也认为，在今年年底之前，IPO发行应出现复苏。瑞银是为数不多获准承销A股发行的跨国公司之一。

Bankers at UBS , one of the few global firms able to underwrite A-share offerings , also believe that IPO issuance should recover before the year end .

后续股票发行活动为那些从事承销和发行安排的全球投资银行提供了不断增长的收入源泉。

The activity is providing a growing source of revenues for global investment banks , which underwrite and arrange the share sales .

金融债券以协议承销方式发行的，主承销商应提交尽职调查报告。

A due diligence report shall be submitted by the lead underwriter if the issuance of financial bonds takes the form of contracted underwriting .

2007年上半年，在印度运营的投资银行从承销股票发行和收购咨询业务中所获得的收益，几乎与去年一年的收益持平。

Investment banks operating in India have earned nearly as much in the first half of 2007 as they made throughout last year from underwriting stock offerings and advising on takeovers .

但最起码它能提供本地市场经验，而最理想的情况是，能提供进入一个不断迅速扩张市场的渠道只有那些持有中资银行股份的外资银行才被允许在中国承销证券发行。

But at the minimum they give market know-how and , at best , access to a rapidly expanding market the only foreign banks that are allowed to underwrite securities issues in China are those with a stake in the Chinese banks .

定价机制、承销方式与发行成本：来自中国IPO市场的证据

Pricing Mechanism , Underwriting Contracts and Issue Costs ; Evidence from China 's IPO Market

国外的大量实证研究验证了投资银行声誉理论，即知名的投资投行能够有效降低IPO发行的信息不对称，承销的IPO发行抑价低于普通投资行承销的IPO。

The theory of investment bank reputation considers that a prestigious investment banker can reduce the ex ante uncertainty and lower the degree of IPOs underpricing more effectively than a common investment banker .

包括摩根大通（JPMorgan）和巴克莱（Barclays）在内的数家外资银行，正争先恐后地在中国内地申请证券合资企业牌照，以便承销首次公开发行（IPO），并交易中国国内股票。

Several foreign banks , including JPMorgan and Barclays , are scrambling to obtain mainland licences for securities joint ventures able to underwrite initial public offerings and trade domestic stocks .

IPO过程中，对公司估值只是定价的基础工作，在此基础上，承销商和发行人要根据市场的需求权衡利弊，最终确定新股的发行价格，这必然要涉及到IPO发行体制和定价方式。

In the process of IPO , estimating the value of enterprise is the first step , and then underwriter and issuer should balance the profit and loss according the market demand and decide the final price of new issue .

传统上对商业银行和投资银行实行格拉斯-斯蒂格尔式严格分离的中国，禁止商业银行在股市承销首次公开发行（IPO）或扮演经纪交易商角色&这两项业务是证券公司的最大营收来源。

China , which has traditionally maintained a strict Glass-Steagall-style separation between commercial and investment banking , bans commercial banks from underwriting initial public offerings or acting as broker-dealers in the stock market , the two biggest revenue sources for securities companies .

确定债券的期限、利率、承销方式、发行对象；

Settle the term , rate and undertaking of bonds ;

本文从发行人和承销商在发行过程拥有不同的市场需求信息并各自最大化其收益的角度出发，提出净收益模型。

From the point of maximizing their benefit , this paper gives a model to study the asymmetry between issuer and underwriter .

从残差角度对主承销商的发行定价进行了分析，发现价格回归残差与主承销商的自身特征存在稳定的联系。

Second , from the perspective of regression residual , the paper analyzed the relation between issuance price and character of main underwriters .

由于缺少运转良好的二级市场，投资者对被迫持有债券直至到期日感到不满，因此在承销一级发行时会要求提高价格。

In the absence of well-functioning secondary markets , investors are weary of being forced to hold their bonds to maturity , and therefore ask for increasing prices when underwriting primary issuances .

随着我国《证券法》等证券法规的颁布实施，以及股票发行制度的改革，主承销商和发行公司在首次公开发行股票时日益倾向于聘请高声誉的会计师事务所。

With the promulgation and implement of Chinese Securities Exchange Act and other regulations and also with the increased reform of stock issuing system , major underwriters and listing companies tend to engage the prestigious accounting firms when issuing a new stock .

此外，目前参与艺术品证券化的交易所作为承销商和发行方，应该扮演起证券化过程中投资银行的角色，承担起所应该承担的义务和责任，特别是要为最终证券购买者进行风险隔离。

Besides , the art stocks , as the underwriter and the seller , should play a role as investment bank in the process of art securitization and take the relating duties and responsibilities , particularly help the security buyers avoid the risks .

多年来，高盛在全球股票发行承销，全球IPO发行承销，全球企业并购等主营业务领域一直在国际大投行中排名首位。

Kuoshing has listed the first among international investment banks , in the main operations fields of global stock issuing and saling , global IPO issuing and saling , global mergence and acquisition .

为了降低信息不对称在证券市场上所带来的不利影响，承销商在新股发行定价方面扮演着重要角色。

In order to reduce the adverse effects of the information asymmetry in the stock market , the underwriters play an important role in the IPO Pricing .

花旗与这家总部位于上海的券商成立合资公司的消息，最早将于今日正式公布，此项合作将为花旗提供一个在中国承销股票和债券发行的平台。

The partnership with the Shanghai-based group could be formally announced as soon as today and would give Citigroup a platform to underwrite stock and bond issues in China .

政府主导模式与证券公开规制的失效首次公开发行制度包括证券发行信息披露制度、发行监管制度、证券商行业状况、证券承销制度及证券发行定价方式五个环节。

IPO institution is composed of five components : IPO information disclosure system , IPO regulation , the state of security companies , the underwriting pattern and the method of security price-setting .

在整个上市上柜的流程中，承销商主要扮演发行公司和投资人的中介角色，其业务在资本市场中资金需求者与资金供给者间。

In the whole process , the Underwriters mainly act as intermediaries ( i.e.the issuing firms and investors ) between those who have money to invest , and those who need capital .

股票发行失败后，主承销商应当协助发行人按照发行价并加算银行同期存款利息返还股票认购人。

After the failure of the share offering , the lead underwriter shall assist the issuer in making the refunds to the share subscribers at the offer price plus interest at the bank deposit rate of the same period .

相关方案实施前，主承销商不得承销上市公司发行的证券。

Until the relevant plan has been implemented , the lead underwriter may not underwrite the Securities offered by the listed company .