查询词典 allocation of funds

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。

This article analyzes the profit model of insurance companies in detail and validates the relevance between the prescripts which have been constituted by the China Insurance Regulatory Commission in the operation of insurance funds and the investment income of insurance companies through financial statements of the three companies, China Life, Ping An of China and China Pacific, which have been coming into A-stock market. It analyzes the relationship between the insurance company asset allocation and the funds income and risk of insurance companies by simulating the different insurance companies' earnings on different asset allocation and different equity investment yield, so as to arrive at the objective how to configure which prescripts to funds operation of insurance companies is reasonable, demonstrates the rationalities of insurance funds operation prescripts which have been constituted by the China Insurance Regulatory Commission, and considers the equity investment of insurance companies can be properly enhanced to thirty percent of total assets because China's economy will develop stably, chronically and at high-speed .

文中通过借助目前A股上市的中国人寿、中国平安和中国太保三家保险公司的报表详细地分析了保险公司的盈利模式，验证了保监会关于保险资金运用的管理规定与保险公司的投资收益率存在的相关性，并通过模拟在不同资产配置及不同股权投资收益率下保险公司最后的收益情况，用数据分析了保险公司资产配置与保险公司的资金收益和风险的关系，从而得出保险公司的资金运用怎样规定才是合理的，也论证了保监会对保险资金运用的管理规定的合理性，并认为在我国经济仍将长期稳定高速发展的情况下，可适当将保险公司的股权投资比例提高到总资产的30%。

Meanwhile, we highlight several research corners for future further study, the trade-offs on resource allocation within perennial plant had not been proved, the relationship of neighbor effects and reproductive allocation was still not so clear for individual plant, there was no definite conclusion on perennial plant reproductive strategy under different neighbor effects and different habitats. The relationship between reproductive allocation and sexual allocation , the cause of resource distribution in anthotaxy structure, the similarities and differences of reproductive allocation and the maintain mechanism within all kinds of reproductivest rategy need a further investigation. In addition, a molecular study is required for explaining the variation mechanism and the biological meanings on seed size research.

指出生活史研究仍存在不足首先是研究内容上，资源分配在多年生植物中的权衡仍未被有力证明，邻体效应与繁殖分配的关系在个体水平上仍不明了，多年生植物在不同邻体效应和生境下将采取何种繁殖对策目前尚无明确的结论；繁殖分配与性分配之间的关系，引起花序结构上资源分配差异的原因，各种繁殖对策中繁殖分配异同与维持机制等问题仍有待于进一步的研究；种子大小的变异机制以及生物学意义仍未得到令人满意的答复，更需分子水平上的研究来解释其机理。

The primary views as following: water rights allocation means to distribute the natural resource water's usufructs, real right of product water and water-abstract rights in different areas and among various subjects by government or market, which is an important method to use water efficiently and to better resources structure; water rights allocation should emphasize the value of efficiency and equity; water rights administrative allocation should follow nine principles such as the principle of the priority to residents' daily water and take into consideration the domestic water and the environment water, the principles of sustainable development, of united planning and macro-adjustment, total quantity control and ration management, plan the distribution of water by unit of drainage area, respecting the conventional water rights, earlier applicants first in the same sort of rights, combination of administrative allotment and transference with compensation, the water rights gained by transferring is terminable; water rights allocation inside the government departments should distribute according to population, area, and output via planning and negotiation means; water rights allocation outside the government departments should decide the use order according to the kind of water, which can be realized by competition or non-competition methods.

主要观点是：水权配置是运用行政或市场手段对自然资源水的使用权、产品水物权和取水权在不同区域之间或不同用水主体之间的分配，是有效利用水资源、实现资源优化组合的重要手段；水权配置应当兼顾效益和公平两大价值目标；水权行政配置应当遵循居民生活用水优先并兼顾生活和生态环境用水、促进人类可持续发展、统一规划宏观调配、总量控制定额管理以供定需、以流域为单元制定分水方案、尊重习惯水权、同类水权申请在先、无偿划拨与有偿出让相结合、出让方式获得水权有期限等九大原则；水权行政内部配置应当以人口、面积、产值等为依据通过计划和协商等方式进行配置；水权行政外部配置应当按照用水类别确定不同的用水顺序，并通过竞争性和非竞争性手段实现。

It has the most complete investment product range, covering pure stock funds, asset allocation funds, currency funds, bond funds, index funds and many other major fund categories.

嘉实目前资产管理规模超2500亿，居行业前列，管理着两只封闭式基金、十二只开放式基金以及多个社保组合及企业年金组合全国社保基金投资组合，拥有业内最完善的投资产品线，产品覆盖股票型、配置型、货币型、债券型、指数型等主要基金产品类型。

If you do have a 3-5 year plan for major expenditure, you can consider buying a currency-based funds or bond funds to improve the idle funds of the proceeds; if it is a long-term idle funds, may consider the use of fixed investment in the stock approach funds, to share the economic development of the long-term results, so that would not be forced to appear in the low redemption of equity funds has been the case.

如果你有一个3-5年主要开支计划，可以考虑购买货币型基金或债券基金，以提高收益的闲置资金，如果它是一个长期闲置资金，可以考虑使用在股票基金的方式固定投资，分享长期经济发展的结果，因此这不会是被迫出现在赎回股票基金低一直是如此。

All the banking financial institutions shall practically fulfill the "six service commitments" and handle special affairs in a special way to ensure smooth channels for earthquake relief donations and remittances; shall provide good services for payment and settlement of disaster relief funds to ensure that disaster relief funds be remitted to the accounts of payees as soon as possible; shall do a good job in capital dispatch and remittance to safeguard the needs of the clients in disaster areas for drawing cash and ensure the timely entry of disaster relief funds into accounts and the timely allotment of disaster relief funds; shall try to resume normal business operation of outlets in disaster areas, and may set up temporary outlets under a special circumstance to ensure the needs of clients for transactions; shall rapidly process international earthquake relief funds and reduce charges as much as possible; shall open green credit-granting channels for earthquake relief, actively do a good job in granting of disaster relief loans, support the timely purchase and circulation of earthquake relief materials, provide special financial services for the heavily affected industries and enterprises of power, communications, highway and railway, etc., guarantee the efficiency in examination and approval of loans and ensure the disaster relief funds be in place timely.

银行业金融机构都要切实履行&六项服务承诺&，特事特办，确保抗震救灾捐款、汇款通道顺畅运行；做好救灾款项的支付清算服务，确保救灾款项第一时间到达指定收款人账户；做好资金调运和汇划，保障灾区客户提取现金的需求，保证救灾款项及时入账和拨付；在保证安全的基础上，设法恢复受灾地区网点的正常营业，特殊情况下可设临时营业点，以保证客户办理业务的需求；对有关抗震救灾的国际救助资金快速办理，并尽可能减免费用；开启抗震救灾绿色授信通道，积极做好抗震救灾贷款投放，支持抗震救灾物资的及时采购和流通，对电力、通讯、公路、铁路等受灾害影响大的行业和企业采取特殊的金融服务支持，保证信贷审批效率，确保救灾贷款及时到位。

The innovations of this essay are following:Ⅰ, Completely investigating the theoretic introduction, practical application, and effects on investment administrant, and putting forward that China should transit gradually from dracon quantity regulation rules to prudent man rules;Ⅱ, Lucubrating the rational, negative effects, and experience tests of portfolio allocation regulation, performance regulation, and industry structure regulation of pension funds over OECD countries;Ⅲ, Analyzing the rational and sensibility of relative rate of return guarantees of pension plan, and advancing the scheme of rate of return guarantees of China;Ⅳ, First investigating the investment policy of pension plans globally using "contents analysis" over the world pension plans;Ⅴ, Lodging that portfolio diversification should be the most important risk management instrument, and presenting efficiency measure model of evaluating portfolio diversification of pension funds;Ⅵ, Lucubrating the optimal portfolio allocation model during accumulation phase and decumulation phase of pension funds; taking for that risky assets should decrease with time reducing during accumulation phase, but during decumulation risky assets should increase.

指出了本文研究的主要结论，以及研究的不足和未来研究的方向。本文研究的创新点在于：（1）从法和经济学的原理角度，全面研究了&审慎人&原则的理论解释、实践应用、对投资管理人行为影响的实证分析以及成功实施&审慎人&原则的因素分析，提出我国养老基金的投资管制应该逐步从严格的数量管制原则过渡到&审慎人&管制原则；（2）深入研究了养老基金的资产配置管制、业绩管制和产业结构管制的基本原理、负面效应、实证检验等，以及对OECD国家的国际比较；（3）研究了养老金计划的相对收益率担保的基本原理，并对其作用机制进行了敏感性分析，提出了我国收益率担保机制设计的方案；（4）首次采用&内容分析法&对国际范围内的养老金计划的投资政策进行了研究，找出了投资政策应该包含的关键要素；（5）提出组合多样化是最重要的风险控制手段，并给出了衡量养老基金组合多样化程度的效率评价模型；（6）深入研究了养老基金积累阶段和缩减阶段的最优资产配置的数量模型，认为在积累阶段对风险资产的投资应该随着时间减少，而在缩减阶段，风险资产应随着时间增加。

Reporters, according to preliminary statistics, is being issued in the new fund has 11, including the stock-Days Hong Yong set the value of growth funds, fund Xiang Yi Fang Dakota; configuration, including Golden Eagle-dividend value of the fund in the sea Blue-chip flexible allocation of funds, fund selection strategy Fu; bond type, including 10,000 in Paris Tim Shen Po-yi bonds A + B, Yinhua Fund to enhance revenue bonds, bond fund returns Oriental sound, stable and increased profits by HSBC Jin Xin Bond Fund, the Bank of farmers Agricole, and always will benefit by bond funds, the silver-AXA to optimize revenue bond funds.

记者，据初步统计，正在发行的新基金有11个，其中包括股票天闳壅设置的价值成长型基金，基金Xiang易伐嗯达科他州，配置，包括金鹰股息基金的价值在海蓝筹灵活分配资金，基金选择策略富；债券类型，包括万巴黎添申坡义债券甲+乙，银华基金，以提高收入债券，债券型基金回报率东方的声音，由汇丰靳稀嗯债券基金，农民银行法国农业，稳定和增加利润都将受益于债券基金，银安盛优化收益债券基金。

It concludes that in order to solve the problem of the sources of capital funds, we should increase the degree of financial allocation, enhance the self-raising of funds, and try out the issue of preferred stock; and in order to solve the sources of loan funds, we should use loans from national development banks, try out municipal bonds, and increase the channels of foreign funds utilization.

借鉴发达国家的经验，从我国的国情出发，我们认为：我国城市污水处理资本金来源难题的破解，应是加大财政拨款力度，增加企业自筹强度，试行优先股票发行；我国城市污水处理借入资金来源难题的破解，应是国家开发银行贷款，试行市政债券发行；拓宽利用外资渠道。

But this is impossible, as long as it is engaging in a market economy, there are risks in any operation.

但是，这是不可能的，只要是搞市场经济，是有风险的任何行动。

We're on the same wavelength.

我们是同道中人。