股票上市的公司

Newly-rising means greater growth, and transiting means indeterminacy, which increases the difficulty of valuation and causes the inapplicability of some valuation methods. Yet, the stock market of China is getting more and more regularly, which increases the applicability of valuation methods.

但是，我国股市在开放和规范中成长，机构投资者的壮大、QFII的引入、股权分置改革、企业会计制度改革、更加严格的信息披露制度、以及对上市公司监管的加强和上市公司陆续推出的股权激励制度等一系列措施和现象都表明：我国股市的规范程度在提高，上市公司的质量在提高、财务透明度在提高，这都为扩大股票估值方法的适用范围提供了基础。

The results of empirical research indicates that: Nonrecurring gains have a significant positive impact on the stock price, instead nonrecurring losses don't have a significant impact on the stock price; Nonrecurring gains and losses have an obvious information noise, and nonrecurring losses have greater information noise than nonrecurring gains; Nonrecurring gains and losses of the listed companies when the absolute value of more than 10% of the return of extraordinary items have greater information noises than the companies which has the absolute value of less than 10% of the return of extraordinary items.

研究发现：对于我国经常发生非经常性损益的上市公司，其非经常性收益对股票价格有显著的影响，非经常性损失对股票价格没有显著的影响；非经常性损益具有明显的信息噪音，并且非经常性损失的信息噪音更大，非经常性收益的信息噪音不明显；非经常项目利润率绝对值为10%以上的上市公司的非经常性损益的信息噪音要比非经常项目利润率绝对值为10%以下的信息噪音大。

The relationship of the stock price and the performance of the listed companies and some of the related problems are studied in this paper, using the method the time series analysis by selecting ROE and EPS as the indices of the performance of the listed companies, while the SHSE composite index and SZSE Comp. Subindex as the proxies of the stock price.

选取净资产收益率和每股收益指标代表上市公司的业绩，上海综合指数和深圳成份指数作为股票价格表征，运用时间序列分析方法，在对各序列特征进行全面分析的基础上，重点对股票价格与上市公司业绩两者之间的变动关系进行了研究。

Offer for the grant of option The board is pleased to advise you that pursuant to a resolution passed at a meeting of the board held on 8th March 2007,the board has resolved to grant you the "Offer"(which is still subject to listing of committee of the stock exchange approving the granting of the listing of and permission to deal in the shares which may fall to be issued pursuant to the exercise of the options under the Pre-IPO Share Option Scheme) at a consideration of HK$1.00 an option pursuant to the Pre-IPO Share Option Scheme to subscribe for 40000 shares at an exercise price of 85% of final HK dollar price per share at which the shares are to be subscribed for /purchased and issued/ sold pursuant to the global offering of the shares in the initial public offering in or around March 2007 at any time during the six-year period commence from the expiry of twelve months from the listing dateprovided that the maximum number of shares in which you are entitled to subscribe for by exercising the option shall not exceed 25%of the total number of option shares during the period from expiry of the first anniversary of the listing date to the date immediately before the second anniversary of the listing date :and 25%of the total number of option shares during the period from expiry of the second anniversary of the listing date to the date immediately before the third anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the third anniversary of the listing date to the date immediately before the fourth anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the fourth anniversary of the listing date to the date immediately before the fifth anniversary of the listing date save that any of the outstanding and unexercised option at the end of each of the aforesaid vesting periods may be rolled over to the next vesting period and exercisable during the option period ,and the option shall,in any case ,lapse where you cease to be employed by the company or its subsidiaries for whatere reason or otherwise pursuant to the terms of the Pre-IPO Share Option Scheme.

登录后回答可以获得经验值奖励，并可以查看和管理所有的回答。登录|1.Offer的期权该委员会很高兴地通知您，根据是在对2007年3月8日举行的董事会会议上通过一项决议，该委员会决定授予您"要约"（依然受在联交所上市委员会批准给予上市，并准许其在交易的股票可能下跌发出依据根据首次公开招股前购股权计划之购股权获行使）在审议为港币1.00元的选择根据首次公开招股前购股权计划认购40000股为85港元，最终每股％美元的价格行使价格，股票要认购/购买并发行/出售依照全球发售的股份在最初在2007年3月左右上市期间的任何六年期开始从十二个月上市日期提供的届满时间，在你有权认购股份的最大数量行使在紧接上市日期2周年选项不得超过（在从上市日期一周年期间届满的日期一）25的选择权股份总数％：及在从该上市日期2周年期间届满之日起的25选择股份总数％，紧接上市三周年之日；25的选择权股份总数％，与从上市日期四周年期间届满的日期紧接上市日期五周年，并保存该悬而未决的和未执行的选择任何在最后上述的归属期间每年可结转到下一个归属期期间内行使的期权，而选择应在任何情况下，失误，你不再是由公司或whatere或其他原因及其附属公司雇用根据该条款前首次公开售股购股权Scheme。

The IPOs of Fortress and Blackstone three years ago were signs the equity bubble was nearing its peak. Those who invested in Fortress when it went public have so far lost three-quarters of their money. In the first two years after the offering, the stock plummeted 95%. As for Blackstone, the stock has halved since the IPO. Even when you include dividends, ordinary investors have lost more than $2 billion. The Chellonese government also got hosed: It bought a 10% stake around the same time through the inaptly named Beijing Wonderful Investments.

三年前Fortress 和百仕通的公开上市就是资产泡沫吹到最大的迹象那些在Fortress上市时投资这家公司的人迄今已经赔了75%的钱在首发后的头两年里，其股票狂跌了95％至于百仕通，它的股票自上市以来已跌去了一半即使把股息也算上，普通投资者也已损失了20多亿美圆神州当局也被套患上够呛：约在同一时期，通过北京万德福投资有限公司，神州当局买下了百仕通10%的股分说它是WONDERFUL真是有点名不副实了

By classified statistics for the peccant behaviors, the author designs the measuring model in virtue of event study and market model, and measures stock's credit risk on abnormal fluctuation of yield.

论文研究了上市公司违规失信行为所形成的股票信用风险，探讨其影响因素和预测方法，构建了符合我国证券市场环境和上市公司特点的股票信用风险评估模型，取得如下创新性工作结果：（1）构建股票信用风险测度模型，用以分析各类违规失信行为的异常损益。

The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的结论：[1]中国企业的迅速发展对融资有迫切的要求，中国国内资本市场发展不完善与这种强烈的融资需求的冲突导致了企业寻求通过买&壳&的方式控制上市公司，以此来提高自身的融资能力；[2]中国上市公司股票的两种定价机制为&系&低成本控制上市公司提供了可能，监管机制的不完善为&系&提供了操纵上市公司的空间，国有资产在调整过程中从部分竞争行业退出，为资本市场提供了一定数量的&壳&资源；[3]民营企业纷纷买&壳&上市，在这个过程中，部分实力突出的企业形成了&系&；[4]&系&现象对进行行业整合、提高资本市场融资能力等方面起到了积极的作用；[5]&系&通过对上市公司进行的操纵放大了金融风险，将上市公司的股东利益最大化变为大股东利益最大化，存在着侵害小股东利益的潜在倾向。

Research indicates that the proportion of stock which the third big shareholder holds have positive relevance to ultra ability paying cash dividends of the listed companies,negative relevance to scale of the board of supervisors,asset debt ration and net asset income rate.

伍丽娜(2003)[1]通过logistic回归模型进行实证研究表明：公司股本规模越小、流通股所占比例越高、大股东中证券投资基金越多、上市公司净资产收益率越接近配股达标线区间(6%，7%)，上市公司的上市年限越短、上市公司当年如果没有发放股票股利或进行股票转增，越容易发生&异常高派现&。

A fund company executives call the Post reporters, said that if the markets remain unchanged, according to the New Deal, once the stock to resume trading of listed companies, up by the decline in influence only on the day down 10%, but prior to the Fund by the net Has been estimated valuation of the stock fell 50 percent, the listed companies resume trading on that day even if the limit, Shanghai China will also fund up net.

一基金公司高管致电邮报说，如果市场保持不变，根据新政，一旦股票恢复交易的上市公司中，只有一天的上升下降的影响力下降10％，但之前的净基金估计股票的估值下跌百分之五十，上市公司于当日恢复交易，即使限制，上海中国也将资助了网。

At the same time, there are still many problems in stock market. One of the key factors to the healthy growth of stock market lies in the quality of listed companies that is determined by the performance of listed companies.

同时我们也看到股票市场上仍存在着不少问题，股市健康发展的关键因素之一在于上市公司的质量，而上市公司的质量就是看公司的经营效果，经营绩效决定了上市公司的质量好差。

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。