发行制度的英文

• when-issued market

• 发行    issue; distributing and rele ...
• 制度    system; institution
• 纸币发行制度    system of note issue
• 分散发行制    decentralized issue system
• 集中发行制    centralized issue system
• 银行制度    banking system
• 执行制度    execution system
• 比较银行制度    comparative bank system
• 分行银行制度    branch banking system
• 兼营银行制度    mixed banking system
• 全能银行制度    universal banking
• 双轨并行制度    dual system
• 双轨银行制度    dual banking system
• 中央银行制度    central banking system
• 部分信用发行制    partial fiduciary issue system
• 弹性受托发行制    elastic fiduciary issue system
• 最高限制发行制    system of maximum issue
• 安全基金银行制度    safety fund banking system
• 多功能银行制度    universal banking system
• 复合中央银行制度    compound central bank system
• 国际间代理行制度    agent of correspondent banking system
• 跨国中央银行制度    multinational central bank system
• 联邦备银行制度    federal reserve system
• 联邦储备银行制度    federal reserve system
• 准中央银行制度    quasi central bank system

• Secondly , the article sets forth the development of our listing companies and stock market , and emphasis on the analysis of its systemic defections . such as complicated stock structure , weak fluidity of stock , special structure of corporate governance , weak validity of stock market , unreasonable system of stock issue , low correlation between stock market and economic development , over speculation , poor financing effect of foreign stock generally , and so on . the paper points out these defections have affected the function of equity finance greatly
  文中论述了我国上市公司和我国股票市场的发展，重点分析了我国上市公司和股票市场发展中的缺陷，如股权结构复杂、股权流动性差、公司治理结构独特、股票市场有效性较差、股票发行制度不合理、股票市场发展与经济发展相关度低、股票市场分割、过度投机严重、外资股市场融资效果总体较差等。
• By the discussion of the " marketing ration " , the formulating principles of new stock price in the future circulating transitional period , and the conditions of changing " checking system " to " registry system " , it emphasizes the marketing construction of new stock issuing system ; it emphasizes the use of marketing methods in order to improve the supply - demand relations , and balance the excessive speculation ; it emphasizes the importance of market measure in counteracting excessive speculation by effectively improving the supply - demand relation , the importance of regulating and raising the action ability of the market main body , the necessity of governmental funtion transformation and the completion of management structure in listed companies
  论文最后探讨了研究新股短期价格行为对中国证券市场发展的启示。通过对当前“市值配售” 、未来全流通过渡中新股发行价的制定原则以及实行“核准制”向“注册制”转变的条件的讨论，强调新股发行制度改革的市场化建设；强调利用市场化手段，平衡过度投机行为，有效改善供求关系；强调规范和提高各市场主体的行为能力，切实解决政府职能转换、上市公司治理结构完善等问题。
• To the efficient price , the paper studies whether the price reflects completely the information , and whether the price has the function of prospect and retrospect . then the paper studies how the stock market in our country allocates resources and the problems when allocating from two points of view : the allocation of stock resources and increment resources . the paper does actual examination when studying the allocation of increment resources
  然后分别从增量资源的配置和存量资源的配置两个角度研究了我国股票市场配置资源的现状及存在的问题，在对增量资源的研究中，本文重点研究了一级市场的发行制度和新股发行定价问题；在对存量资源的研究中，本文对于二级市场价格信号对产业转移的引导作用进行了实证分析，并研究了资产重组的问题。
• Following a review of origin , element and advantages of private placement , suggestion on improving existing private placement system in china is put forward in an effort to put into full play the advantage of private placement system and facilitate its growth
  本文在介绍分析证券私募制度的由来、要素及优势的基础上，结合我国市场及法规制度实际情况，从有利于发挥证券非公开发行制度优势、有利于促进企业利用该制度融资与发展的角度，提出了完善我国证券非公开发行制度的建议。
• The current study employs empirical and theoretical method in the analysis of stock launching system with diagrams and data . chapter one is the introduction of regulations and methods in stock launching system ; in chapter two , the paper systematically comes into the evolution of chinese stock launching system and points out the direction of the reform , merits and demerits of the system ; chapter three touches upon the chinese system of stock launching and suggestions on the topic from the subject of stock launching perspective ; chapter four presents the empirical studies in the stock launching system , which covers two sub - sections , namely , the periodical characteristics between the year 1998 and the year 2004 based on relative referential data on the one hand , and suggestions on the price fixing system through price fixing with three representative methods and conclusion on the merits and demerits of current way of calculation . the aim of the study is to provide chinese stock launching market some positive hints to assist the real marketing of the stocks
  第一章主要对与股票发行机制相关的发行制度、发行方法、发行方式进行介绍;第二章,首先对我国发行制度的演进过程加以系统阐述,然后分析我国股票发行制度的利弊及改革的方向;第三章,主要从股票发行主体行为的角度对我国股票发行机制进行较为详细的探讨并给予适当的合理建议;第四章对我国股票发行机制进行了一些实证研究,分为两大部分,第一部分通过对1998年? 2004年期间我国股票相关发行指标、数据的分析,得到了这一时期股票发行市场化的阶段特征;第二部分运用了三种有代表性的股票定价方法对我国的部分股票进行了定价,通过比较,总结股票发行定价方法在股票发行价格计算中的优缺点,给出合理化建议。
• However , when we affirm much progress we have made in the passing days , we have to admit that chinese securities market is immature compared with western securities markets , and there still remain many problems that must be solved in the near future by the improvement of securities law of china progressively , including the laws and rules of securities issue
  但是在肯定证券市场取得显著成绩的同时也应该清醒地认识到,我国证券市场还是一个不成熟的市场,还存在着诸多问题,这有赖于继续完善我国的证券市场法律制度,当然也包括证券发行制度。
• However , the author which has the same opinion with some chinese researchers thinks that the offering system is an important factor for initial underpricing . offering system includes many parts , such as the way for approving the list company , method of pricing and rules about publishing information . the paper tries to thoroughly study the influence of mechanism for pricing and distributing ipo on initial underpricing and proposes some suggestion on how to improve the mechanism for pricing and distributing ipo , decrease the initial underpricing and improve the efficiency of the primary stock market
  笔者与国内学者有基本一致的意见,并试图研究发行制度与初始超额收益率间的关系,但发行制度包含诸如发行人主体资格的确认与限制、发行审察与批准办法、发行方式、定价方式、信息披露的制度规定各方面的内容,本文只从ipo发售机制( mechanismforpricinganddistributingipo )的角度探索我国股票较高初始超额收益的根源,进而为中国股票市场的发行机制市场化改革,降低初始超额收益率和发挥股票市场应有的功能提供借鉴和参考。
• 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
  本文的主体由六个部分组成：第一部分介绍新股发行定价的估值方法；第二部分对我国的发行定价方式和发行制度进行分析，探讨不同发行定价方式的优缺点，以及审批制和核准制经济效率分析；第三部分从信息经济学角度和其他因素的角度详细分析造成新股发行抑价的原因，并结合我国股票市场实际情况，分析了我国市场的特有因素是否及如何影响一级市场的发行抑价程度的；第四部分利用统计分析软件spss对我国新股行政化和市场化定价进行实证分析，主要包括新股发行行政化和市场化定价方式的实施情况和效果分析、新股发行行政化定价方式的实证分析，以及新股发行行政化和市场化定价方式的比较实证分析；第五部分利用统计分析软件spss对我国新股发行审批制和核准制进行实证分析；第六部分是本论文的主要结论。本文的主要结论和建议有： （ 1 ）从实证分析结果看，我国新股发行抑价与市场环境、发行市盈率呈显著正向关系，与发行规模、申购中签率等呈显著反向关系。 （ 2 ）取消发行市盈率限制和实施核准制等市场化改革措施并没有降低发行抑价的绝对水平，只是由于市场环境的因素，发行抑价的相对水平才有所降低。
• Finally , the paper discusses the feasibility of the corporation bond in our country and submits some suggestions . the continuously creation of issuance and trading market of enterprise bond provided us the basic condition for the development of corporation bond . for example , the reform in the national debt market , the concern of market principal , the raise of
  国债市场的改革；政府、发债企业、投资者和券商等企业债券市场主体对企业债券市场提高关心程度；企业债券发行量的的增加、发行主体的多样化和资金用途等有所放松等发行制度的不断创新；证券交易所降低债券交易费率等流通市场的不断创新为我国债券市场的发展提供了基本的条件。