底价

This is our rock bottom price, we can't make any concessions .

这是我们的底价，我们不能再做任何让步

An upset Shah Rukh sought the support of his family and friends to get over his sadness.

一个底价沙鲁克征求了他的家人和朋友的支持，以克服他的悲伤。

In particular, we consider how the frequency of these expected changes affects the optimal pattern of bid sequences (e.g., strictly increasing over time or following a nonmonotonic pattern).

我们研究了可预期的卖家底价变化频率如何影响消费者竞价序列的最佳形式（例如，严格随时间变化或者服从非单调模型）。

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。

In addition, if there are developers bidding, at least than the upset price increase by 400 million yuan.

此外，如果有开发商竞标，至少比底价增加400万元。

Commercial real estate sites auction prices generally 20% higher than the upset price, and some are even higher than doubled.

经营性房地产用地的拍卖价格普遍比底价高出20％以上，有的甚至高出一倍。

The past, some real estate development enterprises in the selection of investment projects, due to the pressure of no funds, few make the feasibility of in-depth and meticulous analysis, often blind investment, especially in the open land linked to strokes and beat the market, some development of enterprises, especially Some investors, in order to access to land, often far more than the upset price bid, the successful tenderer to seek cooperation after the units, often the floor is too high and difficult to land development and construction, causing the land idle.

过去，一些房地产开发企业在选择投资项目，由于没有资金压力，只有少数的可行性作出深入细致的分析，往往是盲目投资，特别是在开放的土地联系杆和殴打市场，一些企业的发展，特别是一些投资者，为了获得土地，往往远远超过底价的出价，中标者，以寻求合作的单位后，往往发言太高和困难的土地开发和建设，造成土地闲置。

6Th Price is 130,911,400 yuan, quote time is at 2:12 p.m. on February 1, than the upset price of 2,500,000 yuan float.

第六价格是13091.14万元，报价时间是在下午2时12分2月1日，比底价二百五点〇〇万元浮动。

September 25 last year, on the 1st block蠡湖Metro huge 680 acres of residential land market, although only 958 million yuan more than the upset price, but the construction and Jiangsu Sunshine Qixia, Wenzhou era, Zhongshan University, Zhejiang together, at the same time to see in the Lake of the treasure-house of this too.

去年9月25日，在第1块蠡湖新城巨大六百八英亩住宅用地的市场，尽管只有九万五千八点零万元超过底价，但建设和江苏阳光栖霞，温州时代，中山大学，浙江合作，在同时看到湖的宝库这一点。

Third, a stable website advertising revenue, both the Association Connaught guide you, autonomy, and generally in the 100 yuan / about to play three days in the ancient city of about 600 yuan can be solved, while adding at least a thousand travel agents or more, while the self-tour, the boss will not give you the upset price, and easy to store owner with soliciting pass channeling partnership al.

再次，网站有稳定的广告收入，导游费双方协诺议，自主性强，一般在100元/左右，在古城玩3天600元左右即可解决，而加入旅行社至少需要千元以上，而自助游，老板是不会送你底价的，且容易被拉客的与店老板窜通合伙宰。

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