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The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素，对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究，发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&，而不是一级市场的&价格低估&，这与成熟市场的IPO价值低估现象具有本质区别。

You will hear someone sudden wealth in the stock market, what someone bankrupt is sad pleased, will also hear . someone earn million patrimonies in the stock market sudden risely, turn into naught in the slump again of regretful face. May 31th of 2007 goes to June a day, will be load in the historical work of the Chinese stock market, picking out pause to appear on market in three days, in 1432 stocks for be listed and traded fall to stop a number is 967s,400ses,804ses respectively, 270 among thoses stock falls to stop continuously for three days.

你在股市会听到有人暴富、有人破产的悲喜，也会听到有人在股市暴涨中赚得百万家财，又在暴跌中化为乌有的憾事。2007年的5月3 1日至6月3日，将被载入我国证券市场的史册，三天中，剔出暂停上市股，在1432只挂牌交易的股票中，跌停数分别是967只、400只、804只，其中270只股票连续三天跌停。

E. , the formative process and final goal of MD from the angle of formative analysis, and a series of conclusions have been drawn as follows: The cross-the-border of governmental intervention and the shrivelling of market consist of the logical and historical prerequisites of MD. MD is proved to be able to promote economic efficiency and therefore boost economic development. According to theoretic analysis the final goal of MD is to reach the reasonable function border between government and market. As to the MD of RTE, its objective-orienting can be divided into three both independent and joint processes, and they are shrinking governmental intervention, expanding market function, and turning RTE into principal part of market.

文章第一部分从规范分析的角度论述了市场深化的目标取向，即市场深化的规范过程和终极目标，我们认为，政府越界和市场萎缩构成了市场深化的逻辑和历史前提，市场深化被证明可以带来资源配置效率的增长和促进经济的发展，而市场深化的限度就是政府和市场之间的合理的功能边界；乡镇企业市场深化的目标取向可分解为三个既彼此独立、又相互联动的子过程，即政府归位、市场扩张和企业的市场主体地位的确定。

From 1980 to 1991, Chinese securities market was an unbalance market that revived and rose from the crevices of planned commodity economy system, a segmented market that experienced many zigzags, and an emerging market that was very immature.

1980~1991年间的中国证券市场，是生于夹缝的失衡市场、曲折兴起的分割市场、极不成熟的新兴市场。

Do poineering work board the company appears on the market conditional photograph is compared advocate board reduce greatly, average scale is lesser, manage insufficient stability, high-tech kind the risk is higher also while company poineering initial stage has larger growing latent capacity, because this does poineering work board the market needs to adopt a design more commercialize, than advocate board the system retreating city with more rigid market comes discard of aggrandizement superior bad, maintain the integral quality of the market, also guide investor to establish careful investment concept.

创业板公司上市条件相比主板大为降低，平均规模较小、经营不够稳定，高科技类公司创业初期具有较大成长潜力的同时风险也较高，因此创业板市场需通过设计更市场化、比主板市场更加严格的退市制度来强化优胜劣汰，保持市场的整体素质，也引导投资者树立审慎的投资理念。

Second, a comprehensive victory in the way the market shelf of Taiwan, Jiefang professional wool market, small cent of Taiwan professional studio market, shoes, cloth hall of the professional market, with a total area of about 5500 square meters, construction area of about 3200 square meters, with fixed pitch 768 , operates mainly in garments, cloth, shoes, hats, yarn, Knitting, more than a dozen major categories of daily necessities, such as tens of thousands of varieties of goods.

二是胜利路棚台综合市场、解放路毛线专业市场、小百棚台专业市场、鞋、布大厅专业市场，总占地面积约5500平方米，建筑面积约3200平方米，拥有固定摊位768个，主要经营服装、布匹、鞋帽、毛线、针纺、日用百货等十几大类上万个品种的商品。

Third, research and development company always adhere to market-oriented product development strategy, have a first-class design and development talent, timely capture the market and consumer demand dynamic, even faster, newer creative, higher quality development of a more Subject to market and consumer satisfaction with the products, diversification of product models with additional features and meet the different levels and stages of the needs of people and the country in 2003 "logo leather Cup" leather backpack design won the Grand Prix award category , Product has a high reputation and market position, product research and development capabilities abode in the forefront of the industry.

公司始终坚持以市场为导向的产品研发策略，拥有一流的设计开发人才，及时捕捉市场和消费者的需求动态，以更快的速度、更新的创意、更高的品质开发出更受市场和消费者满意的产品，以多样化的产品款式和附加功能满足不同层次、不同阶段人群的需求，并于2003年在全国&真皮标志杯&皮具设计大奖赛中荣获背包类一等奖，产品具有较高的声望和市场地位，产品研发能力居同行业前列。

According to the source analysis, TCC's wine market into the cloud, first phase of Yunnan liquor broad consumer market, while the Yunnan Although liquor market such as "Yulin Stephen","Yanglin fat liquor" and a number of regional brands, but the lack of can push the market a greater number of brands.

据消息来源分析，TCC的入云端的葡萄酒市场，云南酒类消费市场广阔的第一阶段，而虽然云南白酒市场，如&榆林斯蒂芬&，&杨林肥酒&和区域品牌的数量，但缺乏对可以推动市场的品牌较多。

Green Wind" brand fans, fan in the year 2000 the Ministry of Internal Trade Organization market quality merchandise in random, was detected as a "qualified and outstanding quality of merchandise," and were commended in Beijing;"Green Wind" brand all-metal pipeline fan by the market as "the vanguard of fire, leading the fan market products made of plastic products to the all-metal transition of the market trend.

&绿岛风&牌电风扇、换气扇在2000年度国内贸易部组织的市场商品质量随机抽查中，被检测为&合格及质量突出商品&，并在北京受到表彰；&绿岛风&牌全金属管道换气扇被市场誉为&防火尖兵&，引领着换气扇市场由塑料型产品向全金属型产品过渡的市场潮流。

Can release poineering plate gauge to seek an opinion from Chinese card inspect after draft, appear on the market of the company " achieve cast wind " sadly be current, more and more appearing on the market the company hopes to pass direct or indirect " achieve cast " will get yield, the near future, many appearing on the market the company tries water poineering investment in succession, a few companies were built achieve drop subsidiary, another some of company divides a thick soup to plan to appear on the market directly enterprise.

自中国证监会发布创业板规则征求意见稿后，上市公司的&创投风&悄然盛行，越来越多的上市公司希望通过直接或间接的&创投&来获取投资收益，近期，不少上市公司纷纷试水创业投资，一些公司建立起了创投子公司，另一些公司直接分羹拟上市企业。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。