到期的

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。

Including, without limitation, indebtedness owing by Seller to third parties who have granted Buyer a security interest in the accounts, chattel paper and general intangibles of said third party; and further including, without limitation, any and all attorneys fees, expenses, costs, premiums, charges and interest owed by Seller to Buyer, whether under the Agreements, or otherwise） whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether Seller may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes barred by any statute of limitations or whether such indebtedness may be or hereafter becomes otherwise unenforceable, and includes Sellers prompt, full and faithful performance, observance and discharge of each and every term, condition, agreement, representation, warranty undertaking and provision to be performed by Seller under these Agreements.

这里的术语"负债""债务"应按照各自最广泛的含义被使用，债务包括卖方先前、现在和今后，基于自愿或非自愿发生的所有预付款、负债、债务和责任，不论债务如何产生，（包括但不限于，卖方对已用自己的帐户、动产文书或一般无体物向买方提供担保利益的第三方之负债，并进而包括但不限于，卖方在协议等项下欠付买方的全部律师费、支出、费用、保险费、运费和利息），不论债务是否已经到期、是否必然发生、是否已清算、是否已决，不论卖方是单独或与他人连带承担责任，不论债务的追偿是否已经或将会受到时效法的阻碍，也不论债务是否已经或将要无法强制执行，卖方应当即时、充分和善意的履行、遵守和完成全部条款、条件、协议、陈述、担保义务和这些协议项下卖方应当履行的条款。

The terms indebtedness and obligations are （hereinafter collectively referred to as the Obligations） used herein in their most comprehensive sense and include any and all advances, debts, obligations and liabilities of Seller, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, and however arising（including, without limitation, indebtedness owing by Seller to third parties who have granted Buyer a security interest in the accounts, chattel paper and general intangibles of said third party; and further including, without limitation, any and all attorneys fees, expenses, costs, premiums, charges and interest owed by Seller to Buyer, whether under the Agreements, or otherwise） whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether Seller may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes barred by any statute of limitations or whether such indebtedness may be or hereafter becomes otherwise unenforceable, and includes Sellers prompt, full and faithful performance, observance and discharge of each and every term, condition, agreement, representation, warranty undertaking and provision to be performed by Seller under these Agreements.

这里的术语"负债""债务"应按照各自最广泛的含义被使用，债务包括卖方先前、现在和今后，基于自愿或非自愿发生的所有预付款、负债、债务和责任，不论债务乍样产生，（包括但不限于，卖方对已用自己的帐户、动产文书或一般无体物向买方提供担保利益的第三方之负债，并进而包括但不限于，卖方在协议等项下欠付买方的全部律师费、支出、费用、保险费、运费和利息），不论债务是否已经到期、是否必然发生、是否已清算、是否已决，不论卖方是单独或与他人连带承担责任，不论债务的追偿是否已经或将会受到时效法的阻碍，也不论债务是否已经或将要无法强制执行，卖方应当即时、充分和善意的履行、遵守和完成全部条款、条件、协议、陈述、担保义务和这些协议项下卖方应当履行的条款。

The terms indebtedne and obligatio are （hereinafter collectively referred to as the Obligatio ） used herein in their most comprehe ive se e and include any and all advances, debts, obligatio and liabilities of Seller, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, and however arising（including, without limitation, indebtedne owing by Seller to third parties who have granted Buyer a security interest in the accounts, chattel paper and general intangibles of said third party; and further including, without limitation, any and all attorneys fees, expe es, costs, premiums, charges and interest owed by Seller to Buyer, whether under the Agreements, or otherwise） whether due or not due, a olute or contingent, liquidated or unliquidated, determined or undetermined, whether Seller may be liable individually or jointly with others, whether recovery upon such indebtedne may be or hereafter becomes barred by any statute of limitatio or whether such indebtedne may be or hereafter becomes otherwise unenforceable, and includes Sellers prompt, full and faithful performance, o ervance and discharge of each and every term, condition, agreement, representation, warranty undertaking and provision to be performed by Seller under these Agreements.

这里的术语"负债""债务"应按照各自最广泛的含义被使用，债务包括卖方先前、现在和今后，基于自愿或非自愿发生的所有预付款、负债、债务和责任，不论债务如何产生，（包括但不限于，卖方对已用自己的帐户、动产文书或一般无体物向买方提供担保利益的第三方之负债，并进而包括但不限于，卖方在协议等项下欠付买方的全部律师费、支出、费用、保险费、运费和利息），不论债务是否已经到期、是否必然发生、是否已清算、是否已决，不论卖方是单独或与他人连带承担责任，不论债务的追偿是否已经或将会受到时效法的阻碍，也不论债务是否已经或将要无法强制执行，卖方应当即时、充分和善意的履行、遵守和完成全部条款、条件、协议、陈述、担保义务和这些协议项下卖方应当履行的条款。

The terms indebtedness and obligations are （hereinafter collectively referred to as the Obligations） used herein in their most comprehensive sense and include any and all advances, debts, obligations and liabilities of Seller, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, and however arising（including, without limitation, indebtedness owing by Seller to third parties who have granted Buyer a security interest in the accounts, chattel paper and general intangibles of said third party; and further including, without limitation, any and all attorneys fees, expenses, costs, premiums, charges and interest owed by Seller to Buyer, whether under the Agreements, or otherwise） whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether Seller may be liable in华夏学习网idually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes barred by any statute of limitations or whether such indebtedness may be or hereafter becomes otherwise unenforceable, and includes Sellers prompt, full and faithful performance, observance and discharge of each and every term, condition, agreement, representation, warranty undertaking and provision to be performed by Seller under these Agreements.

这里的术语"负债""债务"应按照各自最广泛的含义被使用，债务包括卖方先前、现在和今后，基于自愿或非自愿发生的所有预付款、负债、债务和责任，不论债务如何产生，（包括但不限于，卖方对已用自己的帐户、动产文书或一般无体物向买方提供担保利益的第三方之负债，并进而包括但不限于，卖方在协议等项下欠付买方的全部律师费、支出、费用、保险费、运费和利息），不论债务是否已经到期、是否必然发生、是否已清算、是否已决，不论卖方是单独或与他人连带承担责任，不论债务的追偿是否已经或将会受到时效法的阻碍，也不论债务是否已经或将要无法强制执行，卖方应当即时、充分和善意的履行、遵守和完成全部条款、条件、协议、陈述、担保义务和这些协议项下卖方应当履行的条款。

To answer the questions above mentioned this research utilizes an experimental design and analyzes how discount levels expiration activation of unused amounts and unused amounts affect intention of prepaying product purchase intention and restoring intention Important results are discovered as followed (1)Higher discounts are significantly correlated to higher intention of prepayment; however they do not react significantly to the product purchase and restoring intention (2)Expiration reduces the intention of prepaying but increases product intention (3)The effect of activating unused amounts on intention of prepaying and product purchase intention is not significant and the moderating effect of unused amounts on restore intention isn't significant (4)The moderating effect of discounts and unused amounts on restoring intention is significant The practical suggestions offered by this research are:(1) Remind customers how they use what they already buy (2) Activating unused amounts can increase not only product purchase intention but restoring intention (3) Even when expired companies should also allow customers to activate unused amounts (4) Provide special discounts to those who leave higher unused amounts

为了探讨上述问题，本研究利用实验设计的电脑情境模拟，探讨不同形式的预付方案对消费者购买方案、购买产品及储值意愿之影响。本研究所得之重要结论为：(1)折扣幅度越高则消费者购买预付方案之意愿越高，但对购买产品及储值的影响却无显著的差异。(2)有使用期限会降低消费者购买预付方案的意愿，但却提高购买产品之意愿。(3)残值可否续用对购买方案及购买产品意愿的影响并不显著，且与高低残值对储值意愿的交互作用也不显著。(4)折扣幅度与高低残值的交互作用对储值意愿的影响是显著的。本研究之实务建议为：(1)提醒顾客已购买方案的使用情况。(2)采用残值可续用方案不仅可促进购买方案意愿，还可增加储值意愿。(3)到期后，仍提供残值可续用方案给有余额的消费者。(4)针对余额高的消费者，额外给予储值的价格优惠。

According to Wang, the city in 2004 issued a series to invigorate the stock of real estate policies, including various types of idle speed up the clearance of land, and properly deal with the expiration of real estate and real estate issues left over by history, inter alia, to expedite the processing of the "uncompleted flats", to actively promote the "Villages" transformation of a wide range of utilizing land in stock and the stock of real estate measures, which is conducive not only to the city to contain the deterioration of the city's ecological environment, to further improve the urban landscape, but also be able to add real estate in the city and tightening the supply of land for continued strong market demand, under the premise of the increase in effective real estate supply, to solve the increasingly sharp contradictions of market supply and demand, the city's residents to meet the growing demand for living.

另据介绍，该市于2004年出台了一系列搞活存量房地产的政策，包括各类闲置加快清理土地，妥善处理到期房地产和房地产历史遗留问题，除其他外，加快处理的&楼花&，积极推进&城中村&改造的范围广泛的盘活存量土地和存量房地产措施，这不仅有利于城市，以控制恶化的城市生态环境，以进一步改善城市景观，而且还能够购买房地产在城市和紧缩土地供应的持续强劲的市场需求，的前提下，增加有效的房地产供应，解决日益尖锐的矛盾，市场供给和需求，城市的居民，以满足不断增长的需求生活水平。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了