查询词典 market conditions

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。

The natural conditions, market scale and financing mode have important influence on the virtuality of real estate market in a country or region.

自然条件、市场规模和融资方式对一个国家或地区房地产的虚拟性具有重要影响，本文对我国和美日等主要发达国家房地产市场在这些方面的差异进行了比较研究

Your knowledge of local conditions will be supplemented by an organized market study,but no market study can substitute for intimated,first-hand knowledge of a com- munity.

一个有组织的市场调研将会有助于你对当地条件的了解，但是没有什么市场调研可以代替社区第一手的资料。

Furthermore, many favourable conditions in respect of human surroundings, market requirements, developing trend, peripherial environment, infrastructure, etc are helpful for the establishment of this project, so the market prospect is quite optimistic.

而且无论从人文环境、市场需求、发展趋势、周边环境、基础设施等各方面都为本项目的建设创造了良好的条件，市场前景十分乐观。

This paper will assume that there are effective stock market and effective executive market, and the basic hypothesises in Black-Scholes Stock Options Pricing Model are correct. We will discuss the optimal repricing scheme under three situations, one is that the board of the company considers repricing when the price declines straightly ; the second is at the beginning of stock life,the board promises to reprice under some conditions at a certain coming time; the third is when some condition happens at an uncertain coming time, the board promises to reprice the ESO.

本文在有有效的股票市场，也有有效的经理人市场，Black-Scholes期权定价模型中的基本假设是正确的条件下，分别讨论了公司的董事会在股价持续下跌时考虑重新定价、在授予经理人期权的时候就承诺在未来某一确定时刻一定条件下可以进行重新定价和未来不确定时刻一定条件下可以进行重新定价三种情况下的最优重新定价问题。

After systematically analyzing the conditions of the capital market with uncomplete information, the author says that the perceiving-degree the firm acquires in the capital market reflect the price of the earnings and the risk of the economic activity the firm takes part in.

企业的市场定位能力是从企业的理性欲望方面显现了企业选择活动范围的理性程度，而企业的资产经营能力是从企业的理性能力方面显现了企业进行资产创新的理性程度。

Facing such a changeable and unfrosted buyers'market,the"vertical integration"management form which the companies adopted before could not grain the expected profits at the current market competition conditions.

供应链管理即是&横向一体化&管理思想的一个典型代表。供应链管理是一种集成的管理思想和方法，它执行供应链中从供应商到最终用户的物流计划和控制等职能。

Advertisement competition decision making analysis for double oligarchies monopolization market;2. By using the current microeconomic theories and analyzing methods, the paper approached the causes of monopolization in natural gas industry, and also analyzed the market structure and pricing system under the conditions of monopolization .

围绕我国天然气工业发展初期的市场发育不全、定价机制不能反映供需要求和价格扭曲等问题，运用现代微观经济理论和分析方法，系统地探讨了天然气工业形成垄断的原因，并对垄断环境下的天然气市场特征及价格机制进行研究。

Firstly, this paper, based on the principle of fact-finding, will regard the improvement of the processing arts of the super-light and super-thin cashmere knitwear as its objects and conduct deep-rooted analysis on the market needs and current situation of the fall-down of the export market share of the worsted cashmere knitting products manufactured by Erdos Cashmere Group. We conclude that High cost and unstable quality of the products are the main reason for that. Due to the above-mentioned conditions, we will conduct discussions on the necessities and significance for carrying out the quality improvement in line with the study and analysis for relevant techniques and products both from home and abroad.

本文以鄂尔多斯羊绒集团超轻薄精纺羊绒针织衫工艺质量改进为研究对象，本着一切从实际出发的原则，首先通过对鄂尔多斯集团精纺羊绒针织产品外销市场份额下滑的现状和市场需求深入分析，确定了超轻薄精纺羊绒针织衫成本过高和质量不稳定是产生上述现象的主要因素，并结合国内外的相关技术及产品研究分析，论述了实施此次质量改进的必要性及意义。

This paper firstly reviews the evolution of American going-concern auditing opinion, so we can know the essence of this kind of auditing opinion. Secondly, on the base of analysing the conditions of going-concern of Chinese enterprises and a typical case, we draw our conclusion that chinses capital market urgently demands going-concern auditing opinion.Finally, this paper focuses on financial characteristic of company and the characteristic of going-concern auditing opinion, the market response to going-concern auditing opinion, the value relevance as well as the determinants of auditor reporting going-concern auditing opinion.

本文首先以美国为例，回顾了持续经营不确定性审计意见(going-concern opinion，以下简称为GCO)的发展沿革，籍此认识持续经营不确定性审计意见的本质内涵；其次，在对我国企业尤其是上市公司的持续经营问题进行分析的基础上，通过典型案例的剖析得出我国资本市场对持续经营不确定性审计意见存在较强烈需求的结论；最后，针对我国证券市场持续经营不确定性审计意见的市场反应、价值关联性及被出具持续经营不确定性审计意见公司的财务特征、审计师出具持续经营不确定性审计意见的影响因素进行了实证分析。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。