上市

The company successfully listed in 2003 (stock Abbreviations: high-hung shares; stock code: 000851), are of Datang Group, one of two listed companies.

公司于2003年成功上市（股票简称：高鸿股份；股票代码：000851），是大唐集团旗下两家上市公司之一。

Corporate market value that departures from intrinsic value influences managers behavior and thus holdbacks corporate value creation.

进而，本文采集中国上市公司数据，验证本文提出的有限理性对公司定价的影响机理，实证研究发现：1、中国证券市场上，投资者不能正确判断公司价值创造的效率，从而中国上市公司的市场价值严重脱离公司价值创造的实际情况，出现公司价值创造效率越低，市场对公司的价值预期反而越高的现象。2、背离了公司真实价值创造效率的市场对公司的价值预期强烈影响到公司经理人的投融资和经营行为，阻碍了公司下期的价值创造效率。3、在公司定价偏差对公司内在价值的反作用过程中，行为成本、代理成本和制度成本使经理人理性在现实中受到限制，从而经理人的有限理性行为妨碍并降低公司再投资效率，进而妨碍了公司价值创造效率，从而影响公司的内在价值和市场价值。

The paper gets the conclusion that the inners controlling, on one hand, represents the inner trend of the enterprises to create profits, and on the other hand, represents the result of the reform under the thoughts of "cross the river by touching the rocks".

尽管中国上市公司在治理方面还很不完善，但是，模型分析结果表明，中国上市公司在治理机制上的许多做法是与治理理论分析相一致的。

To飞乐股份for example,飞乐股份listed by the end of 1990, in the initial listing of a few years ago, that is the end of 1992,1994 and 1996, carried out three small dividends, but after the listing of more than a decade years, its financing in the stock market in line reached as many as 800 million, financing methods, without exception, all the Lettings.

以飞乐股份为例，飞乐股份列出了1990年底，在几年前首次上市，即是1992，1994和1996年年底，进行了3次小红利，但经过十多年多年上市，其在符合股市的融资达成多达800亿美元，融资方式无一例外，所有的出租房源。

Not just come to a halt IPO, listed companies issuing, detachable debt Lettings …… also fell into a standstill.

不仅停顿上市，上市公司发行，可分离债券配股……也陷入了停顿。

In the empirical part, the author was 34 SFC punishment in public listed companies and 34 corresponding non-fraud samples for the study of listed companies so as to whether the financial Corrupt happen to be the explanatory variable to external governance factors (governance and market relations, Product market, elements of the degree of market development, legal environment of sound, etc.) and internal governance factors (ownership structure, board characteristics, general manager of the term of office, etc.) as explanatory variables, in the control of company size, asset liquidity and other factors on the basis of the two companies to carry out the mean test, and construct a line Logistic regression analysis model.

在实证部分，作者以34家被证监会公开处罚的上市公司和34家对应的非舞弊上市公司为研究样本，以是否发生财务舞弊为被解释变量，以外部治理因素(政与市场的关系、产品市场、要素市场发育程度、法制环境的健全等)和内部治因素(股权结构、董事会特征、总经理任期等)为解释变量，在控制公司规模、会计毕业论文等因素的基础上，对两类公司进行均值检验，并构建Logistic模型行了回归分析。

The researchmethodology system is as follows:The variables that can be measured and have significance to stock relative intrinsic value are industry characteristic, profitability,development potential,qulity of earing and asset, the expandable potential of capital stock,the ability to pay off the debt,asset manging ability and the scale of the capital stock;(2)When the MFPM is established, the original variables should be disposed beforehand;(3)As for the research objects.we should value synthesizationly the achievement of the listed,and take the No.

本章所建立的研究方法体系为：（1）上市公司个股基本面因素中可以量化，并且对股票相对内在价值有重要影响的主要有行业特性、盈利能力、成长性、盈利质量及资产质量、股本扩张潜力、偿债能力、资产运营效率和股本规模大小等方面；（2）在建立MFPM模型时，原始指标值是不能直接用于模型计算的，必须对数据进行预处理后才能用于模型中：（3）在确定研究对象时，需要对上市公司经营绩效进行综合评价，在剔除主要靠未来业绩预期定价的第Ⅳ类股后，把第Ⅰ、Ⅱ和Ⅲ殴作为模型研究对象；（4）在选择多元回归模型时，由于原始自变量由于存在错综复杂的关系，尽管对原始自变量进行过预处理，但自变量指标依然会存在一定的多重共线性，为此在建立MFPM模型时，须采用逐步回归模型；（5）在检验MFPM模型有效性时，须从统计意义和投资实战意义两个方面进行。

The connected transactions were either properly approved by the independent shareholders or constituted the de minims transactions as defined in the Listing Rules.

该等关连交易已获独立股东批准，或属于上市规则所界定之最低豁免交易。上述所有其他关连人士交易均不构成上市规则所界定之关连交易。

Still, the market isn't hospitable to all IPOs this year, which serves as a warning to weaker wannabes: 14 of 36 completed offerings are trading at less than the offering price.

不过，市场并未热情款待今年上市的所有股票，这可以看作是对新股崇拜者的一个警告：在36只已经上市的新股中，有14只已跌破了发行价。

The stare trading reform institutionally solves problems on two tyes of share,two markets and two pricing mechanism and consolidate the base of common interests of public companys shareholders.

股权分置改革从制度上解决了上市公司两类股份，两个市场，两种定价机制的问题，巩固了上市公司股东的共同利益基础。

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。