查询词典 disadvantages

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。

We should take stock of the advantages and disadvantages of our choice.

我们应该仔细权衡一下我们所做选择的利弊。

To introduce the principle,structure characteristic,advantages and disadvantages of several kinds of heavy coil take-up .

介绍几种大盘重收线机的工作原理、结构特点及其优缺点。

Through summarizing the experiences of the salesman and experts, and drawing lessons from the professional organizations such as banks which have established indexes system for credit rating, the thesis builds its own indexes system of credit rating for tally trade which is intentionally built up for enterprises; then by contrasting the advantages and disadvantages of the commonly used multi-indexes evaluation methods, adopts the fuzzy hamming network as the primary tool for credit rating.

首先通过总结销售人员经验，并借鉴银行等专业机构资信评级所采用的评价指标，建立适合工商企业应用的客户信用评级指标体系；然后对比常用多指标综合评价方法的优缺点和适用范围，确定采用神经网络模型中的模糊Hamming网络作为客户信用评级的主要工具。

This is the advantages and disadvantages of the joint results of the joint, the two can reduce the blood pressure, also can be achieved, but the optimal combination therapy may be better to protect the target organ, which is later this year or even more needs to be emphasized .

这就是优势的联合和劣势的联合得到的结果，二者都能把血压降低，也都能达标，但优化的联合治疗可能得到更好的靶器官保护，这也是在今年或以后更需要强调的。

Based on this conclusion, and from the view of technological evolution, this paper analyzed the argument of"advantages and disadvantages of Internet"with the theory of technophobia and the third-person effect.

根据这一结果，本文从传播技术发展的历史脉略入手，运用"技术恐惧"理论和"第三人效果"理论，对近几年关于互联网"利弊观"的争议进行分析，以期获得对网络传播功能的理性与全面认知。

The classical theoretical system of crime, the new classical theoretical system of crime, the teleological theoretical system of crime, and the theoretical system of rational crime all have their own advantages and disadvantages.

不仅每个国家都有自己的犯罪理论体系，而且，每个国家的犯罪理论体系都处在一个不断发展变化的过程之中，从而形成了内容与风格各具特色的流派。

Legislative form of specific economic law has such advantages asseparation,specialties,concentration,timeliness,tentativeness,etc.,but it alsohas such disadvantages as unilateralism,temperarilism,imbalance,etc.

经济刑法立法的语言结构应符合以下要求：应符合经济刑法立法专业性和技术性的要求；应具有易懂明确的风格；应简明扼要；应严谨一致。

Based on the special characteristics of stepping motor, using direct drive mode, many of the traditional servo system disadvantages can be avoided and it can notably improve the precision of terminal speed and position.

基于步进电动机的特点，采用直接驱动方式，可以消除存在于传统驱动方式中的诸多不利因素，显著提高伺服系统的终端合成速度和定位精度。

Objective The traditional delay time phase space reconstruction method has the disadvantages of complicated operation, time consuming and unstableness. This paper presented a novel approach called Tessellated Map for ECG phase space quantitative analysis.

目的 鉴于传统的标量坐标延时相空间重构方法存在运算复杂、耗时大、稳定性差等缺点，本文提出了相空间定量分析的一种新方法－"棋盘"映射(tessellated map， TM)。

We have no common name for a mime of Sophron or Xenarchus and a Socratic Conversation; and we should still be without one even if the imitation in the two instances were in trimeters or elegiacs or some other kind of verse--though it is the way with people to tack on 'poet' to the name of a metre, and talk of elegiac-poets and epic-poets, thinking that they call them poets not by reason of the imitative nature of their work, but indiscriminately by reason of the metre they write in.

索夫农 、森那库斯和苏格拉底式的对话采用的模仿没有一个公共的名称；三音步诗、挽歌体或其他类型的诗的模仿也没有——人们把&诗人&这一名词和格律名称结合到一起，称之为挽歌体诗人或者史诗诗人，他们被称为诗人，似乎只是因为遵守格律写作，而非他们作品的模仿本质。

The relationship between communicative competence and grammar teaching should be that of the ends and the means.

交际能力和语法的关系应该是目标与途径的关系。