投资者

This dissertation analyzes mainly on the theories of strategic plan in colleges and universities of such classification: 1 being in the charge of provincial government and invested mostly by either provincial or municipal government; 2 serving for the municipality which the investment comes from and the areas around; 3 Bachelor-oriented higher education; 4 profession-oriented higher education, and graduates'vocational selection tends towards the practical areas of technology application; 5 Students are mostly native. Up till April 2006, there are more than 600 public run and local sponsored, regional universities and colleges in our country. The dissertation proposes as follows some new viewpoints on forming a strategic plan for colleges and universities of such classification mentioned above.

本文着重研究这样一类高等院校的发展战略，1、主办者为省级人民政府，投资者以省级人民政府，也可能以市人民政府为主； 2、服务面向以投资者管辖的城市和这个城市所辐射的区域为主；3、人才培养规格以本科教育为主；4、所培养人才的职业特征以科学和技术的创造性应用为主，教育类型主要为专业教育，或者说普通教育基础上的专业教育，比较通一点的专业教育；5、所招收的学生以本地生源为主。

An investigation of company of Mai Ken stannum makes clear, the investor of different country and area is willing to pay different company to govern excessive price, and the investor of the country with company processing poorer condition or area is willing to pay higher proportional company to govern excessive price.

麦肯锡公司的一项调查表明，不同国家和地区的投资者愿意支付不同的公司治理溢价，而且公司治理状况较差的国家或地区的投资者愿意支付更高比例的公司治理溢价。

Investors should first opened in securities trading commissioned by the securities account, the opening of capital accounts at the same time, stock trading and clearing of funds through accounts, investors in the company through securities accounts formalities completed, the account registration cards and shareholders code , is involved in the transaction after the important documents.

投资者应当先在证券公司开立委托买卖的证券账户，同时开立资金账户，股票买卖和资金的结算都通过账户进行，投资者在通过证券公司完成开户手续后，取得账户登记卡和股东代码，是以后参与交易的重要凭证。

Dow suggests that we may not have hit bottom yet; stupefaction seems not to have set in yet. What we

有这么多的投资者都对道指的大幅振荡迷了心窍一般的关注，这就说明股指还没有见底，投资者还未大批陷入麻木状态。

The obsessive attention so many investors are paying to the huge swings in the Dow suggests that we may not have hit bottom yet; stupefaction seems not to have set in yet.

有这麼多的投资者都对道指的大幅振荡迷了心窍一般的关注﹐这就说明股指还没有见底﹐投资者还未大批陷入麻木状态。

In the markets with frictions, there is no reason to view price as a sufficient statistic for the states of the market, and the volume of trade provides additional information about how assets are priced in the market.

但是，当信息不完全时，投资者对金融资产价值的估价有可能较大地偏离其基础价值，此时发生的交易可能是部分投资者的非理性行为。

It's important to pick an experienced VC with deep pockets to lead, one that will be able to syndicate of similar investors.

选择一位经验丰富且资本雄厚的风险投资者是相当重要的，他可以为公司吸引类似的投资者。

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。

Although the surface appears to be in the gold seats in the stock sell-off, but in fact in the gold business department stationed Huaihai Zhong Road, there are 12 QFII, the seller is more like the real QFII.

虽然表面上似乎是在股市出让金席位过，但事实上，在黄金业务部门进驻淮海中路，有12个合格投资者，卖方是更像是真正的合格境外机构投资者。

For individual investors, in particular, is "the size of non-" the sale of shares transfinite problems, Shenzhen yesterday evening issued a notice to further regulate, require investors through the auction trading system Trading System or the bulk of shares of listed companies more than the ratio of the standard should be to fulfill their reporting and notice obligations, and the stipulated period of time may not be the sale of the listed company's shares.

为个人投资者，尤其是"大小非"股份出售超限问题，深圳市昨天晚上发出的通过拍卖交易系统交易系统或大容量的通知，进一步规范，要求投资者对上市公司股票超过标准的比例应履行报告和公告义务，并规定在一段时间内可能不是上市公司的股份出售。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。