抑价

As for the second conclusion, the authors explanation can be divided into two parts: on the one hand, the more self-identity that investor put on for the value of state-owned assets ,the lower risk agio the investor ask for, so the underpricing of IPO is low.

对于国有股比例与IPO抑价程度的负相关关系的解释是：一方面国有股比例所内含的政府信用的隐性担保功能降低了投资者的风险，其所要求的风险贴水也就相应降低，因此IPO抑价程度也低。

Company stock's IPO priceing and underpriceing problem is generally accepted have captivation most of one of the finance hard nut to cracks, need a thorough research.

公司股票首次公开发行定价及抑价问题是公认的最具迷惑性的财务难题之一，需要深入研究。

Fourthly, this paper constructs a dynamic model of the choice between fixed-price offerings and auctions in EPOs in China, in the basic of the incomplete information game theory. The model discusses the total revenue of new issuer from IPO and SEO, bidding strategies and payoff of investors, the choice of selling method.

本文将招股机制主要分为固定价格发行（将累计投标询价方式纳入固定价格发行范畴）和竞价发行两种方式，以发行人联合收益最大化为分析框架，建立模型，在两种招股机制下分别考察发行人的联合收益、投资者的申购策略和申购效用、发行中的抑价等，论证发行人对招股机制的选择。

When oversubscription happens, underwriters can reduce the level of discount and increase the bottom price by strategic allocation so that both financing cost and IPO underpricing will be less. It suggests that financial supervisor should allow underwriter to allocate IPO stocks freely to a certain extent in China.3. If independent IPO allocation is allowed in IPO bookbuilding, the underwriter and affiliated institutional investor maybe exploit free allocation and information asymmetry to manipulate.

在发生超额认购时，承销商通过有策略地分配股票可以有效地降低折价水平并保证较高的发行底价，减少了发行成本的同时也减轻了IPO抑价程度，建议我国监管当局可以考虑在适当的时候赋予承销商一定的新股自主分配权。3、在有自主分配权的条件下也可能会发生承销商与关联机构投资者共同进行市场操纵的行为。

On the other hand, the higher price of state-owned listed company on IPO market, the smaller imaginable roomage for investor. So the underpricing of IPO is low.

另一方面IPO定价越高，留给投资者的遐想空间会越小，股票受追捧的程度就会降低，因此IPO抑价程度将会降低。

Secondly,for widespread IPO underpricing under Bookbuilding issuing method and abnormal high IPO underpricing in Chinese stock market,we propose policy recommendations at two different levels.The policy recommendation for Chinese stock market is to introduce short-selling mechanism,for widespread IPO underpricing under Bookbuilding issuing method is to open when-issued market of IPO shares to improve Bookbuilding issuing method.

然后，针对累计投标询价机制下的IPO抑价现象尤其是中国股市IPO抑价畸高的现象，从两个层面提出相关政策建议：针对中国股市的政策建议是引入卖空机制；针对全球股市普遍存在的IPO抑价现象，提出的政策建议是开放IPO股票市前交易来完善累计投标询价机制。

Adaptability Analysis of Western Relevant Theories to Chinese A Share Markets 1. Theories on IPO's underpricing The empirical results in the dissertation indicate that, among western IPO underpricing theories, Winner's Curse Hypothesis, Investment Bank Monopoly Hypothesis, Band Wagon Hypothesis, Market Climate Hypothesis, Seasoned Equity Offering Hypothesis ect.

五、影响中国A股IPO抑价率及长期收益率的因素本文用分类分组统计及回归模型分析等实证研究方法，对影响中国A股IPO抑价率及长期收益率的各种因素进行了分析，相关因素的影响情况如下表：〓六、西方IPO相关理论对中国A股市场的适应性分析 1。

Then this paper has introduced the overall situation of IPO underpricing in Chinese stock market.

随后，本文介绍了我国股票市场IPO抑价的总体情况：我国的平均IPO抑价率较高，但有逐步降低的趋势。

The degree of underpricing in the primary market of our country is higher than in stock markets of other countries.

新股发行抑价是个普遍存在的现象，中国一级市场新股的抑价程度高于其他国家的股票市场。

But IPO underpricing is very high in Chinese stock market.

IPO抑价现象普遍存在于世界各国证券市场，而我国的证券市场的IPO抑价相当高。

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