新股发行

从1998年起，机构投资者作为参与者出现在新股发行市场。

Since 1998 , institutional investors as the IPO market participants appear .

不同新股发行方式下初始收益率差异性比较研究

The Comparative Research of the Rate of Initial Profit under Different Kinds of IPO Methods

主要是在新股发行中套现的Facebook早期投资者。

Primarily , the early Facebook shareholders who cashed out in the offering .

我国新股发行制度变迁与IPO高抑价的实证研究

A Positive Study of Under-pricing of Chinese IPOs and Its Offering System

中国证券市场新股发行（IPO）效率研究

Study on the Initial Public Offerings Efficiency of the China Stock Market

IPO抑价问题普遍存在于全球新股发行市场，到目前为止，IPO抑价仍然是困扰金融学界的难题之一。

The problem of IPO under-pricing exists in global new stock markets universally .

这两宗IPO原本都将成为所在地区今年规模最大的新股发行。

The two deals would have been the biggest IPOs in their regions this year .

IPO定价一向是新股发行过程中的核心问题，定价的合理性会影响股票的发行效果。

IPO pricing is always a core problem , which will influence the outcome of issuance .

中国股市新股发行（IPOs）的初始收益率研究

Study of New Issues ' Initial Return in China Stock Market

制定合理的新股发行价格（简称IPO定价），已成为理论界和实务界最关注的热点。

The pricing of IPOs has become one focus in the current theory and the practicing field .

供需平衡原理与新股发行决策&兼论不同市场条件下的IPO发行博弈

Supply-Demand Balance Principle and New Shares Issuing Decision & Also on IPO Game in Different Market Conditions

就IPO而言，新股发行成功与否主要取决于目标。

On the IPO , judging whether an offering is successful or not depends on the objective .

其次，我国新股发行市场存在IPO热市现象，且这种现象周期性的发生。

Second , the IPO market exists hot issue market phenomenon , and this phenomenon happens periodically .

新股发行分配中的承销商作用、机构利益和股权结构影响了中国股票市场的IPO抑价；

Underwriters ' functions , institutional interests and equity structure in the IPO allocation influenced the IPO underpricing of China ;

相对国外成熟资本市场而言，中国新股发行市场上的IPO抑价现象更为严重。

Comparing with foreign mature capital markets , the phenomenon of IPO underpricing in Chinese IPO markets is more serious .

但是，在经历了新股发行监管方式和发行定价方式的多次改革后，我国IPO高抑价现象仍然是一如既往的存在。

However , the reform of new issues of regulation and Issuing pricing way did not change the high IPO under-pricing phenomenon .

最后，完善现行的市盈率估值法，可以在现行市盈率估值法中引入动态市盈率即PEG指标（Price/EarningstoGrowthratio），从而检验新股发行市盈率是否合理。

Also , improve the existing price-earnings ratio valuation method and can introduce Price / Earnings to Growth ratio in order to test whether the new share issue price-earnings ratio is reasonable .

这表明新股发行制度改革以后，联合VC能够降低IPO抑价率水平，发挥了认证作用。

This indicates that after the new IPO system , the syndicated VCs can reduce IPO underpricing rate and they play the certification role .

这反映出在年末大量新股发行和近期某些IPO定价偏高之后，中国内地的投资者变得更谨慎了。

This reflects a more cautious approach by mainland investors following a glut of year-end IPOs and the high pricing of some recent offerings .

全文核心内容如下：1.本文对国际、国内新股发行制度和IPO抑价现象进行了比较分析。

The core content includes : 1 . This paper analyzes the difference of the offering policy and IPO underpricing phenomena between aboard and home .

阿里巴巴集团目前获得了全球媒体的空前关注，该公司准备进行的IPO可能成为史上规模最大的新股发行交易之一。

Alibaba is getting more global media coverage than ever , as it prepares for what could be one of the largest IPOs in history .

进一步的研究表明，发行监管是影响IPO抑价的主要因素，一级市场抑价随新股发行的市场化进程而显著降低。

Further empirical research shows that financial regulations are the most important factor affecting IPO underpricing and IPO underpricing decreases with the improvement of the primary market .

所谓的IPO抑价，是指首次公开发行的股票上市后，新股发行价低于首日收盘价的现象。

IPO under-pricing refers to the phenomenon that on the first trading day of the initial public offering , the closing price is above the issue price .

我国IPO询价制度实施效果研究询价制度下新股发行价格有偏调整特征实证研究

On Validity of IPO Price Seeking System in China An Empirical Study on the Phenomenon of " Partial Adjustment " of Chinese New Stocks Issued by Book-building Method

中国平安保险（PingAnInsurance）在上周末宣布，计划融资近220亿美元，以便为收购活动提供资金，这引发了投资者对于市场将出现大量新股发行活动的担心。

The announcement by China 's Ping An Insurance at the weekend that it planned to raise almost $ 22bn to fund acquisitions prompted concerns about a flood of new shares being issued .

但本次改革前的多次新股发行改革并没有对IPO抑价程度产生较大影响，我国IPO抑价水平一直居高不下。

The number of new shares issued reform in the pre-reform and IPO underpricing have a greater impact , the level of IPO underpricing in China has been high .

中国新股发行市场上同样存在IPO抑价现象，但与成熟资本市场不同的是，新股抑价幅度很高且长期居高不下。

This phenomenon is also existed in China but different with maturity capital markets . The degree of IPO underpricing is high and hardly falls down for a long time .

制定科学、合理、公平的IPO价格，对发行人而言，不但可以防范新股发行失败，而且可以为公司筹集到足够的资金；

To the IPO companies , the formation of scientific reasonable and fair IPOs price can not only succeed the issue , but also help the company raise enough fund ;

但是，随着新股发行的监管方式和定价方式多次改革的深入，新股发行逐渐放开市场化后，我国IPO高抑价现象并未有效得到减轻，仍然一如既往的存在。

However , after the IPO regulatory mode and distribution pricing mode for many times , after the reform in our country high IPO underpricing phenomenon is still as usual .

这个规模是该公司2008年8月在美国证券交易委员会（SecuritiesandExchangeCommission）登记的7.5亿美元的两倍多，也是新股发行市场复苏的最新信号。

That is more than twice the $ 750 million it targeted when it registered with the Securities and Exchange Commission in August 2008 and is the latest sign of the recovery in the market for new issues .