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First of all, China's economy began a sharp turn this week, this is A-share market rebounded strongly to the foundation.

首先,中国经济开始逆转,本周,这是A股市场强劲反弹的基础。

According to China Everbright Bank branch in Jinan fiscal manager, said the sun set on the 5th asset management plan is "Everbright Sunshine" series of products together another silver certificate, a new work, flexible style of sound, steady income for the highest in the A-share market the prospect of not clear, the sun set on the 5th asset management plans to hedge the value of individual investors is a good choice for family financial planning, rational distribution of the assets of the ideal investment tool.

据中国光大银行济南分行理财经理表示,阳光五号集合资产管理计划是"光大阳光"系列产品银证联手的又一款全新力作,风格稳健灵活,收益稳中求高,在A股市场前景暂不明朗的情况下,阳光五号集合资产管理计划将是个人投资者避险增值的上佳选择,也是家庭理财规划、合理配置资产的理想投资工具。

In addition to the suspension unit, the two cities all stock trading, a record of this century to a record A-share market.

除了悬挂装置,这两个城市所有股票的交易,是本世纪的纪录,达到创纪录A股市场。

In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外,对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较,为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施,本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施,并且在价格区间的制定中引入发行底价,考察了价格区间与分配量之间的关系,得到最优的价格区间和分配策略,从中体现自主分配权的优点;在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端,与已有文献不同的是,在模型中引入了累计投标询价机制,研究了承销商在混同均衡操纵中采取的分配策略,并对操纵存在的条件进行分析讨论,得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中,充分考虑了我国实际应用的背景,加入了与固定价格发售混合的条件,并将询价与固定价格混合发行分为序贯与同步两种方式,指出机构投资者在两种情况下申购策略的侧重点各有不同,通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真,考察了机构投资者申购策略对无自主分配权下的询价发行的影响,填补了相关研究文献的空白;在包含超额配售选择权的询价发行中,将发行定价策略分为热销策略和弱销策略,在考虑了我国含超额配售选择权的发行流程下,通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取,进而会对新股发行价格、发售数量产生怎样的影响,对目前相关研究的缺乏做出了有益的补充。

In the A-share market, social security funds and insurance funds to the movement of A shares has been regarded as one of the trend of the wind vane.

在A股市场,社会保障基金和保险基金的A股运动已被视为对趋势的风向标之一。

In the A-share market this year has dropped more than 70%, IPO stopped for more than two months against the background of the bear market, many firms to tighten the pocket of his trousers eking out a subsistence living, at this time to open up a new business, new sources of income, when exciting.

在A股市场今年超过70%的下降,上市两年多反对熊市背景个月停止了,许多公司,以加强他的生活里艰难生活的裤子口袋,在这个时候打开了新的业务,收入时,令人兴奋的新来源。

Yesterday, A-share market was the seventh consecutive trading day lower, as a result of the continuing downturn in market sentiment and a negative performance preganglionic expected to exacerbate the sell-off of emerging.

昨天,A股市场连续第七个交易日收低,因持续低迷的市场气氛及不利的业绩预期加剧了节前抛压的涌现。

Adaptability Analysis of Western Relevant Theories to Chinese A Share Markets 1. Theories on IPO's underpricing The empirical results in the dissertation indicate that, among western IPO underpricing theories, Winner's Curse Hypothesis, Investment Bank Monopoly Hypothesis, Band Wagon Hypothesis, Market Climate Hypothesis, Seasoned Equity Offering Hypothesis ect.

五、影响中国A股IPO抑价率及长期收益率的因素本文用分类分组统计及回归模型分析等实证研究方法,对影响中国A股IPO抑价率及长期收益率的各种因素进行了分析,相关因素的影响情况如下表:〓六、西方IPO相关理论对中国A股市场的适应性分析 1。

Zijin : its A-share listco announced a plan to set up a copper refinery JV for annual capacity of 0.2mt.

紫金矿业:A股上市公司宣布一项计划,将合资建立年产能20万吨的铜业公司。

Margin is a double-edged sword in the short term in favor of A-share market strength, and from the long-term point of view, the market plunge up the situation will be difficult to re-emerge in the market at a relatively high level, it will prevent market bubble Too large.

保证金是一把双刃剑,在短期内剑在A股市场实力的青睐,并从长远来看,建立市场暴跌的情况将很难再出现在市场上一较高水平,将防止市场泡沫过大。

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