股票上市的公司

For the thousands of Hong Kong residents who queued for hours to register for new shares in a small Chinese carmaker and the millions set to apply for the listing of China's largest life assurer, Christmas has come early.

成千上万的香港居民排队数小时认购一家小型中国汽车企业的新股，还有数以百万计的香港人将认购中国最大的人寿保险公司的上市股票。对于这些香港人而言，今年的圣诞节提早到来了。

Our analysis result shows: in the judgment and decision-making process, the investor cognation biases can be divided into the cognation bias of price fluctuation, the estimate bias of corporate value, the manager bias of risk and wins, the manipulate bias of trading.

本文认为金融市场上投资者所具有的典型性认知偏差包括对股价波动的认知偏差、对上市公司价值的估计偏差、对风险和回报的管理偏差以及股票交易中的操作偏差四种；而深入分析投资者的这些认知偏差很有理论和现实意义。

According to WIND statistics, there are incentives to consider the draft board of directors or shareholders in the General Assembly the adoption phase of the listed company, its stock price basically the announcement of the draft is far below the exercise price, or even just the right line price 30 percent, which inspired the possibility of the right to object line practically nil.

根据风的统计，有诱因，审议大会的董事或股东板草案的上市公司采用阶段，它的股票价格基本上草案的公布，远远低于演习价格，甚至仅仅是正确的路线价百分之三十，并从中产生的权利对象行的可能性几乎为零。

Our study leads to the following findings: First, if we take short-term debt into consideration and eliminate the IPO effect, the equity financing preference no longer exists: second, financial deficits play a more important role than traditional firm characteristics in debt ratio adjustment process, which implies that the pecking order theory can account for corporate financing behaviors to some extent: third, equity market conditions and government regulatory policies have some effect on the composition of firm external finance.

基于对中国上市公司股本融资偏好问题的重新审视，我们发现：如果将短期债务考虑在内并剔除首次公开募股的影响，股本融资偏好就不复存在；(2)在企业债务比率的调整过程中，融资缺口所起的作用超过了传统的企业特征因素，这意味着顺序偏好理论能在一定程度上解释企业的融资行为；(3)股票市场状况和政府管制政策会对企业外部融资的构成产生一定的影响。

Professor刘纪鹏such as a joint letter to boost the stock market after yesterday刘纪鹏"Daily Economic News" said in an interview that "if the report can be sure, then we will launch for the size of the non-specific programs, known as' zero cost 'program, if adopted by listed companies, then in December leveraging China's stock market is entirely possible."

"零成本"的解决办法的非股票的规模，充分利用火线出版的新书中建议10，如教授联名致信促进昨天刘纪鹏后，股市"每日经济新闻"刘纪鹏在接受采访时说："如果报告可以肯定的，那么我们将推出的大小非特定程序，被称为'零成本'计划，如果上市公司通过，然后在12月利用中国股市是完全可能的。"

Compared with western countries, such kind of shares in China are unexchangeable, including state-owned shares and legal person-owned shares, and Chinese stock market is not very mature. That will probably make difference between our conclusions and theirs.

由于中国上市公司的股权结构的特殊性，股权转让的标的基本都是不可流通的国有股和法人股，加之股票市场还不成熟，可能使得中国股权转让的股价行为与西方的实证结论不完全一致，而带有一些中国特色。

"Scripless Securities" means stocks, shares or other securities within the meaning of "book-entry securities" as defined in Section 130A of the Companies Act including all instruments, orders and regulations made under or deriving validity therefrom which have been listed on the SGX and which have been designated by the SGX as eligible for deposit with The Central Depository Limited and for clearance and book-entry settlement of transactions on SGX.

无纸化证券指《公司法》第130A中规定的记账证券的定义下包括的股权，股票，或其他证券。包括《公司法》下所有的金融工具，依据《公司法》制定的指令和规范，或者衍生效力。这些工具已经在新加坡证券交易所上市，并被交易所指定成为可在新加坡中央托收公司进行抵押的合格抵押物，并有资格在新加坡证券交易所进行交易清算和账簿处理。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题，是导致我国股票市场发展不完全的关键，反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行，困扰我国证券市场发展的股权分置问题将得到解决，整个证券市场也将逐步踏上市场化的轨道。

As the largest A-share market heavyweights, China National Petroleum Corporation holdings of shares of listed companies, is the government policy to respond to this.

作为最大的A股市场巨头，中国石油天然气集团公司的上市公司股票的持有，是政府的政策回应。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。