股票发行

随着我国股票发行额度制的退出及股票发行核准制的正式实施，一直被忽视的IPO发行人质量评价问题得到了证券市场前所未有的重视。

With the implementation of authorization system of issuance of shares , the evaluation of the stock issuer 's quality of IPO , which has been neglected for a long time , has aroused great attention .

第四部分是介绍股票筹资的其他风险，主要是介绍股票上市后上市公司面临的不同于股票发行时的风险。

The fourth part is about other risk of stock financing . Introduce the risk that the listed company faces which different from the issuance of stocks .

我国股票发行通道制与保荐制下IPO定价效率的比较研究

Comparative Research about the Efficiency of IPO Pricing Between the Channel System and Sponsors System

最近，IL&FS交通网络有限公司（IL&FSTransportationNetworksLtd.）在3月30日开始交易的股票发行中筹资1.38亿美元。

The most recent , IL & FS Transportation Networks Ltd. , raised $ 138 million in an offering that began trading March 30 .

指出在中国加入WTO后，完善股票发行方式的终极目标是实现股市资源的市场化选择，而要实现这个终极目标必须经过阶段性目标的积累。

Choosing the stock resources through market after entering into WTO is the final aim to perfect the way of IPO , which must be accumulated stage by stage .

由于一些IPO首日上市表现令人失望，一些公司推迟了股票发行，以等待市场状况改善。

Disappointing trading debuts for some IPOs have meant some companies have delayed share offerings as they wait for better market conditions .

在禁止股票发行9个月之后，一波大规模的首次公开发行（IPO）涌入市场。

A large initial public offering came to market , after nine months in which there had been a ban on equity issues .

俄罗斯政府希望能够把国内的股票发行企业和外国投资者从伦敦吸引到莫斯科去。目前，伦敦全球企业首次公开发行（IPO）的主要地点之一。

Moscow wants to be able to draw Russian equity issuers and foreign investors away from London , the current hub for initial public offerings .

在IPO的整个环节中，定价是最核心的问题，IPO定价是否合理决定着股票发行价格是否能体现其真实价值。

In the course of IPO , pricing is the core sector . Whether the offer price reflects the real value depends on whether the IPO price is reasonable .

本文应用最小价值原理以及考虑到股票发行红利的情况对Black-Scholes期权定价模型进行修正，得出可转换债券价值应等于纯债券价值和转换价值两者中较大者，与期权价值之和。

The article uses The Least Value Theory and the modified Black-Scholes Model which considering the complexion of stock bonus .

美国运通表示，股票发行遵循了美联储（Fed）的附加指引。根据该指引，在公共股票市场募资是回购美国财政部所持公司优先股的前提条件。

Amex said the equity offering followed additional guidance from the Federal Reserve that made raising funds in the public equity markets a precondition for buying back the Treasury 's preferred shares in the company .

股份回购可以通过减少资产负债表上的现金和股票发行数量，来增加投资者的回报。美国SteelPartners等维权活跃分子基金普遍要求公司进行股份回购。

Buy-backs , which can increase returns for investors by reducing cash on the balance sheet and cutting the number of shares in issue , are a common demand of activist funds , such as Steel Partners of the US .

与此相反，瑞信（creditsuisse）虽然在上周末获得了承销许可，但它却一脚踏进了动荡不安的股市：今年的股票发行量可能只有去年的一半。

By contrast , Credit Suisse , which received the green light over the weekend , steps into a tumbling stock market where equity issuance is expected to be half that this year .

汤姆森金融（ThomsonFinancial）的数据显示，今年头9个月，日本之外亚洲市场的后续股票发行额达到了715亿美元，较去年同期增长72%。

The volume of follow-on issuance in Asia , excluding Japan , reached $ 71.5bn in the first nine months , a 72 per cent rise on the same period last year , Thomson Financial found .

潘伟迪（vikrampandit）领导下的花旗集团，可能会通过股票发行来补充更多资本金。

Citi , which is headed by Vikram Pandit , might add more capital through an equity offering .

IPO抑价指股票发行价格显著低于新股上市首日的收盘价格，因此认购新股的投资者能够通过一二级市场的价差获得超额收益。

IPO underpricing refers to the stock issue price significantly lower than the IPO first day closing price , investors can subscribe for new shares through a secondary market spreads for excess income .

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 .

约2亿美元被处置资产是首次公开发行（IPO）前投资，雷曼在一些中国企业计划中的股票发行前做出了这些投资，由于金融危机，这些公司后来没能上市。

About $ 200m of the disposed assets were pre-IPO investments Lehman had made in Chinese companies ahead of planned stock market flotations , which then failed to materialise because of the financial crisis .

dealogic的数据显示，就今年的股票发行额而言，只有美国和英国排在澳大利亚前面。

According to Dealogic , only the US and UK rank higher than Australia this year in volume of issuance .

投资者以及高科技产业正密切关注LinkedIn的股票发行上市，他们把它视为其他准备IPO上市的高科技公司尤其是互联网公司的风向标。

Investors – and the tech industry – are closely watching the LinkedIn float as a bellwether for other tech IPOs in the pipeline , and for Internet IPOs in particular .

此外，此次的股票发行规模也扩大了25%，达到了共4.21亿股股票，以预期定价区间的中间值计算，此次IPO的规模将达到150亿美元。

In addition , the size of the offering has been expanded 25 % , to 421 million shares , making for a $ 15 billion offering at the mid-point of the anticipated pricing range .

其股票发行价定为20美元，为公司募集到了约7亿美元，公司总价值评估为127亿美元，仅次于谷歌公司（Google）2004年首次公开募股之后的评估价值231亿美元。

The stock priced at $ 20 , raising about $ 700 million for the company and valuing it at $ 12.7 billion . That 's second only to Google ( GOOG ), which was valued at $ 23.1 billion upon its2004 IPO .

中国第二大电子商务公司京东已开始在香港进行二次IPO股票发行，发行价格每股不超过236港元，或略高于30美元。

China 's second-largest e-commerce company JD , com has started stock offering of its secondary IPO in Hong Kong , with a price of no more than 236 Hong Kong dollars , or just over 30 U.S. dollars per share .

就连特斯拉青睐的股票发行承销商高盛（GoldmanSachs）的分析师现在也认为，谁都不应买入这些股票：其股价目标为180美元，比当前价格低近一半。

Even analysts at Goldman Sachs , Tesla 's preferred underwriter for the share sales , now reckon no one should buy them : its price target of $ 180 is almost 50 per cent below the current level .

数据提供商dealogic表示，澳大利亚、日本、韩国和中国均位居今年全球10大股票发行国之列。

Australia , Japan , South Korea and China are among the top 10 global countries for equity issuance this year , says Dealogic , the data provider .

出于获取发行上市资格，操纵股票发行价格等目的，企业在IPO市场中具有盈余管理的动机，这不仅对投资者利益造成损害，也影响着资本的有效配置。

For the purpose of qualifying for offering and listing and manipulating issue price , enterprises possess the motivation of earnings management in IPO market , which not only harms the interests of investors , but also affects the efficiency allocation of capital .

如今，对于股票发行与重新发行要求总计超过股本10%的公司，如果不能提出合理理由说服iss，则iss将建议其成员投反对票。

ISS will now recommend its members vote against companies whose combined share issuance and reissuance requests are greater than 10 per cent , unless the company can persuade it there are good reasons for doing so .

因此，银行将处理贷款或股票发行申请，将其送交ffa核实、披露和进行独立评级，随后将证券拍卖给自己旗下的和其它的共同基金。

Thus , a bank would process a loan or stock issuance application , send it to the FFA for verification , disclosure and independent rating , and then auction the security to its own and other mutual funds .

有争议的俄罗斯铝业（rusal）几经拖延的股票发行终于启动，至少标志着投资者的风险偏好开始回升。

The much-delayed stock market flotation of Rusal , the controversial Russian aluminium group , is , if nothing else , a sign of investors recovering their appetite for risk .

本文试图通过对IPO发售机制的研究，为改进我国IPO发售机制，从而提高股票发行市场效率、完善股票市场功能找到一些有用的线索。

This paper tries to study the mechanism for pricing and distributing IPO and find some useful cues of improving the mechanism for pricing and distributing IPO now in use in China and hence improving the efficiency of issuing stock market and perfecting the functions of stock market .