股票发行市场

通过这些已有的研究可以发现，新股抑价的现象普遍存在于国内外股票发行市场中，且我国的IPO抑价水平相对较高。

Through these existing studies we found that IPO under-pricing is a common phenomenon in the domestic and foreign stock markets , and the level of IPO under-pricing is relatively high to the others countries in China .

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 .

股票发行市场高度垄断，层次单一等问题。

And the market of stock issuance is highly monopolized .

我国现阶段股票发行市场制度研究

A Study on the System of Issuing Market

股票发行市场化的顺序&兼论核准制

Stock issue : marketization order

而股票发行市场由于信息不对称更加严重，定价问题尤为重要。

However , the pricing problem of stock issuing market is especially important due to its more serious information asymmetry .

股票发行市场中存在的金融管制、信息不对称和股权分置带来的投资风险造成了一级市场发行价格确定的低效性。

Financial regulations and investment risks due to information asymmetry and the segmentation of equity lead to severe IPO underpricing in the primary market .

汤姆森金融的数据显示，澳大利亚是最为活跃的后续股票发行市场，共筹资164亿美元，较去年同期增长70%。

According to Thomson Financial , Australia has been the most active follow-on market with $ 16.4bn raised - an increase of 70 per cent on the same period last year .

新股发行定价是股票发行市场的核心环节，定价是否合理将直接影响到股票市场的资源配置效率。

The pricing of IPO is the core issue of market segments , the pricing is reasonable or not have a direct impact on the stock market efficient allocation of resources .

采用偏相关检验、逐步回归的方法，实证检验了中国股票发行市场的价值低估现象。

This paper tests the underpricing of IPOs of A share market based on the research methods developed from the Western empirical studies and combined with the environment of Chinese stock market .

此外，加强对股票发行市场的信息监管，也是保证上市公司质量从而防范二级市场风险的关键。

Moreover , strengthening the supervisal of the information in the IPO market is also an important way to guarantee the quality of the listed company and to keep away the risk of secondary market .

采用相关分析的方法，选取2001年3月～2003年12月在沪深两市新发行并上市的241只A股为样本，实证检验了我国股票发行市场股票首次公开发行热销市场的存在性。

Adopting data of 241 new issues from March 1 , 2001 to December 31 , 2003 , by using empirical analysis method of correlate , the existence of Hot Issue Markets in Chinese IPOs is proved .

股票发行市场在股票市场中处于非常重要的地位，发行价格的形成过程不仅反映了整个市场的成熟度，也是整个股票市场健康运行和效率提高的基础。

Primary market is the important part of the stock market , and the formation of IPO price not only reflects market maturity , but also constitutes the base for healthy function of the stock market and efficient resource allocation .

中国股票发行制度市场化改革研究

The Research on Marketing Reform of Chinese Stock Issue Institutions

关于股票发行机制市场化

The marketization of the offering mechanism of shares

最后，通过对现存核准制的制度缺陷进行分析，提出了继续推动我国股票发行制度市场化改革的相关政策建议。

At last , I analyse the defects in current checking system and bring forward some advices to further reform the stock issuing system .

第三部分重点考察了中国股票发行制度市场化改革进程，并对改革前后的两种发行制度进行了比较；

The third section high spot reviews the progress of marketing reform of Chinese stock issue institutions , and compares the pre-reform issue institution with post-reform issue institutions .

股票发行方式的市场化；

Coming into the market listing in series with stock-issuance .

进一步推进股票发行机制的市场化。

The mechanism for stock issue will become market-oriented .

中国股票发行定价制度市场化改革的次序

The Sequence of Market Oriented Reform on Offer Pricing System in Chinese Stock Market

在这个案件中必须要区分正当的股票发行运作和市场操纵。

The case will somehow have to distinguish the proper management of an offering from market manipulation .

股票发行是股票市场运行最开始的环节，只有股票市场发行制度的良好运行，股票市场乃至整个资本市场才能更好地发挥资源配置的功能。

Only when the stock issuing system runs well that the stock market and even the entire capital market perform the functions of better allocation of resources .

以我国2000年沪深两市发行的137支股票和发行日市场指数为样本，提取了11个因素作为解释变量，利用计量经济学方法建立多元回归模型，对超额收益率产生的原因进行了分析。

Based on 137 equities , which was issued in our country in 2000 , a model is built with 11 factors that effected the excess return as variable in modern econometrics method .

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 .

股票市场分为发行市场和流通市场，与其它市场相同，价格在股票市场中处于核心地位。

The stock market is composed of issuing market and circulation market . Same as other markets , price is also at the core of the stock market .

创业板股票IPO定价问题是影响股票发行市场和二级交易市场的公平与效率的重要因素，关系着整个证券投资市场的健康与稳定的发展。

Therefore , the GEM stock IPO pricing mechanism is an important factor of the fairness and efficiency of the stock issuance market and secondary trading market , related to the health of the securities market .

股票市场的发行制度功能是纠正股票发行市场上由于市场参与主体信息不对称所导致的市场失灵，提高资源配置效率。

Some conclusion are being drawn such as the institutional function of stock issuing is to improve the resource allocation efficiency ;

其中，新股发行的定价理论主要研究股票发行的定价机制和定价方法，这也是股票发行市场的核心。

The pricing theory of IPO focuses mainly on researching the pricing mechanism and method which also are the core of IPO market .

近期拟试行的在首次公开发行股票中向机构投资者询价的改革措施，旨在加强股票发行制度的市场化改革，更好地实现资本市场的价格发现功能，提高资源的配置效率。

The aim of the bidding for price enquiry with institute investors which is put into practice recently is to promote the function of price discovery of capital market and improve the efficiency of resource collocation .

我国股票市场的建设，近年来已取得很大的进步，其中包括股票发行市场。

Significant progress has been made in the recent years in the development of our country 's securities market , including securities offering market .