oao造句
- With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132 . 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個(gè)部分組成：第一部分介紹新股發(fā)行定價(jià)的估值方法；第二部分對(duì)我國(guó)的發(fā)行定價(jià)方式和發(fā)行制度進(jìn)行分析，探討不同發(fā)行定價(jià)方式的優(yōu)缺點(diǎn)，以及審批制和核準(zhǔn)制經(jīng)濟(jì)效率分析；第三部分從信息經(jīng)濟(jì)學(xué)角度和其他因素的角度詳細(xì)分析造成新股發(fā)行抑價(jià)的原因，并結(jié)合我國(guó)股票市場(chǎng)實(shí)際情況，分析了我國(guó)市場(chǎng)的特有因素是否及如何影響一級(jí)市場(chǎng)的發(fā)行抑價(jià)程度的；第四部分利用統(tǒng)計(jì)分析軟件spss對(duì)我國(guó)新股行政化和市場(chǎng)化定價(jià)進(jìn)行實(shí)證分析，主要包括新股發(fā)行行政化和市場(chǎng)化定價(jià)方式的實(shí)施情況和效果分析、新股發(fā)行行政化定價(jià)方式的實(shí)證分析，以及新股發(fā)行行政化和市場(chǎng)化定價(jià)方式的比較實(shí)證分析；第五部分利用統(tǒng)計(jì)分析軟件spss對(duì)我國(guó)新股發(fā)行審批制和核準(zhǔn)制進(jìn)行實(shí)證分析；第六部分是本論文的主要結(jié)論。本文的主要結(jié)論和建議有： （ 1 ）從實(shí)證分析結(jié)果看，我國(guó)新股發(fā)行抑價(jià)與市場(chǎng)環(huán)境、發(fā)行市盈率呈顯著正向關(guān)系，與發(fā)行規(guī)模、申購(gòu)中簽率等呈顯著反向關(guān)系。 （ 2 ）取消發(fā)行市盈率限制和實(shí)施核準(zhǔn)制等市場(chǎng)化改革措施并沒(méi)有降低發(fā)行抑價(jià)的絕對(duì)水平，只是由于市場(chǎng)環(huán)境的因素，發(fā)行抑價(jià)的相對(duì)水平才有所降低。 - It's difficult to see oao in a sentence. 用oao造句挺難的
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