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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。

Based on the A-stock market panel data of 292 non-financial public companies from 2001 to 2005. This dissertation adopts the integrated methods of normal research and empirical research to analyze the relationship between board governance and audit fees.By utilizing the board scale ,the lead structure of directorate,the composing of company's board ,the establishment of professional committees,the operation of the board of directors and so on as descriptive variables ,this dissertation has verified seven hypothesises.The conclusions are as follows:when the board-chairman and the general manager of the company are the same man,audit fees are more expensive.

本文采用规范研究和实证研究相结合的方法，利用经典审计收费模型，对我国沪深两市292家非金融类A股上市公司2001-2005年的情况进行统计检验，分析了董事会治理特征与审计收费的关系，采用了董事会规模、董事会的领导权结构、董事会的构成、次级委员会的设置、董事会成员持股情况、董事会会议情况等能对董事会治理做数量描述的变量，用实证研究的方法检验了提出的七个假设。

Finally, this paper carried out empirical study to the influential factors and economic consequences of financial behaviour of Chinese listed family firms from the perspectives of ROE, EPS, firm scale, growth rate, family share holding proportion, family control degree, circulated share proportion, stock equity concentration degree, stock equity discretion, board scale, external board member proportion, whether general managers hole the positions of board members, whether general managers are the family members, industry factors, district factors, by using hypothesis test, correlation analysis, regression analysis.

最后，论文从净资产收益率、每股收益、公司规模、成长率、家族持股比例、家族控制度、流通股比例、股权集中度、股权离散度、董事会规模、外部董事比例、总经理是否兼任董事或监事、总经理是否是家族内部人员、行业因素、区域因素等，应用假设检验、相关分析、回归分析等方法，对我国家族上市公司融资行为影响因素与经济后果进行了实证研究。

When getting out jiayuguan,your eyes will be full of grit beyond grit, and bunches of camel grass everywhere,which express some spring feeling.wind runs all round to twists the yellow sands high liking the smoking uprisingflat.

一出嘉峪关，你望吧，满眼是无边无际的砂石，遍地只有一丛一丛的骆驼草，略略透出点春意。四处有的是旋风，一股一股的，把黄沙卷起多高，像是平地冒起的大烟，打着转在沙漠上飞跑。

THE HOUSE WAS musty, and there was a faint, sweet smell of carpet cleaner, as if someone the caretaker we paid?

老屋里一股霉味，还有股淡淡的地毯清洁剂的香味，好像有人（是我们付钱雇佣的保姆么？

The shares of the company lifted a total of nearly 117 million shares, accounting for the lifting of the ban before the proportion of the outstanding shares of nearly 130 percent, limit the sale of shares cash considerable pressure.

该公司的股价上涨了近1.17亿股，合计在之前的近1.3倍的比例流通股解禁的会计，限制出售股份的现金相当大的压力。

Gg To accept payment for the business or undertaking of the Company or any part thereof, or for any property or rights sold or otherwise disposed of or dealt with by the Company, either in cash, by installments or otherwise, or in shares or bonds of any company, or corporation, with or without deferred or preferred rights in respect of dividends or repayment of capital or otherwise, or by means of a mortgage, or by debentures, debenture stock or mortgage debentures or bonds of any company or partly in one mode and partly in another and generally on such terms as the Company may determine

接受公司全部或部分业务或担保的所有开支以及公司出售或处理财产或权利的款项，可以通过现金、分期付款、其他公司或企业分股、债票（无论其在获得股息或偿还股本时是否有递延权或优先权）或其他方式支付，如：任何公司的债券、债券股或抵押债券及债票（可部分为此种方式，部分为另一种方式，但总体上，所有条件均由公司决定）。

It was concluded that the FAC unit with an angle of deflection at 45 and with a finished level of 1.1 m performs better than the unit with other configurations.

有人总结说，刚果股与偏转角为45 ？并与成品水平一点一米执行优于股与其他配置。

Finite-element analysis of quadrangular drill tower under wind load ;2. Curvature variation rule of cable and membrane structures subject to the wind load ;3. Then the wire strands and catway of Zhoushan Xihoumen bridge applied wind load in main cable construction are studied.

探讨了西堠门大桥主缆架设期间不同工况中索股在各级风载下的横向变形规律，结合猫道在不同级风载作用下的横向变形，通过索股和猫道相对横向变形量确定出猫道上可供主缆架设施工的风速。

Three-factor Jensen model reveals that 82% of all the funds have positive alphas and half of these alphas are statistically significant. And also, the average of the sample funds' alphas and the alpha of the equal-weighted fund are both positive and statistically significant. These illustrate that the sample funds have excellent performance when size and style factors are considered.(4) The study shows that Chinese funds as a whole do not exhibit excellent skills for stock selection and market timing.

在三因素模型下，有82％的基金的詹森阿尔法大于零，正值詹森指数中的一半具有统计显著性，样本基金詹森指数均值及等权基金的詹森指数均为正值，且具有统计显著性，说明在考虑了规模和价值因素的影响后，样本基金表现优异；（4）对基金选股与择时能力的实证分析表明，中国基金在整体上没有显示出良好的预测市场走势的能力，也未显示出优异的选股能力。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。