U - underprice 中文

underprice vt.1.將…的定價低于貨物的實際價值。2.削價競售。

underprivileged
Based on the above evidence , we also apply game theory and information economics to explaining the underpricing of information industry ipos . our analyzing results verify that investors “ over - speculation , institution investors “ manipulating the stock price , underwriters “ adverse selection and moral hazard and auditors “ tolerance deeply account for underpricing of information industry ipos in china stock market . compared to the other domestic and abroad academic literature , our paper has several advantages as follows 在實證基礎上，本文應用博弈論和信息經濟學的有關原理對我國信息產業新股發行抑價現象進行了博弈分析，分析的結果表明，投資者市場過度投機、機構投資者操縱股價、證券商違規違法、政府監管不嚴及對違規機構懲罰不力等是引起我國信息產業新股發行嚴重抑價的深層次原因。
Chapter 2 research review introduces the models of ipo underpricing and long - run performance put by foreign scholars , and then puts forward the evidence of ipo underpricing and middle & long - run underperformance , finally introduces the domestic and foreign scholars “ study on ipo underpricing and middle & long - run performance in chinese smes stock market . chapter 3 experiential anaysis adopts many kinds of methods to 新股發行后交易價格的中長期走勢表現也較為為引人注意,大部分文獻研究表明股票首發上市后股價表現為長期弱勢,新股長期弱勢現象,是指首次公開發行的股票在上市后的一段時間里給其持有者帶來的收益率比其他同類型的非首次公開發行股票的收益率低。
The results indicate that offering mode , price - earning ratio , number of floating shares offered , offering price , issuing and listing time interval and underwriters have a significant effect on underpricing of information industry ipos . furthermore , there is a positive relation between offering mode , price - earning ratio , the reciprocal of offering price and underwriters and underpricing of information industry ipos . on the contrary , number of floating shares , issuing and listing time interval have a negative relation with underpricing of information industry ipos 其主要結論有：發行方式、發行市盈率、流通股本數量、發行價格、主承銷商及發行與上市時間間隔是顯著影響信息產業新股發行抑價的主要因素；而且，發行方式、發行市盈率、發行價格的倒數、主承銷商與新股發行抑價正相關；流通股本數量、發行與上市時間間隔與新股發行抑價負相關。
We examine several explanations drawn from prior academic research and current popular press anecdotes for unprecedented level of underpricing information industry firms went public before 2002 in the a - stock market . we provide evidence on the role of previously argued academic theories in explaining the large underpricing of information industry ipos , and draw some conclusions 本文考察了國外學者有關假說對新股發行抑價現象的理論解釋，以我國發行上市的79只信息產業類上市公司的a股股票為樣本股，實證了其中的有關假說，得到了一些重要的結論。
Ipos ( initial public offerings ) is a behavior that a company sells its stocks ( common stocks ) publicly to investors on the stock market for the first time . analysis indicates that ipo underpricing is a common phenomenon all over the stock market of various countries . but compared with stock market of developed or developing country , the degree of ipo underpricing in chinese stock market is all quite serious Ipo ( initialpublicofferings ) ,即首次公開發行,指私人(或非公眾)公司在投資銀行或券商等中介機構的幫助下,第一次公開在股票市場上向潛在的廣大投資者發售股份,為項目投資募集權益資本的行為。
Until now , the chinese “ hot issue ” phenomenon has not been explained convincingly , evenworse , there does not have much literature concerning about it . some mentioned it in there researches on the ipo underpricing phenomenon , but there is no systematical research about the ipo “ hot issue ” phenomenon in china . since the “ hot issue ” research is very important for the underpricing research and for the chinese stock market 時至今日,中國a股ipo市場熱銷市場現象始終沒有得到很好的解釋,相關的理論研究也少之又少,只是在一些關于ipo的文獻綜述和一些關于ipo的首日收益率研究中有過提及,但系統的研究中國ipo市場熱銷市場還很少。
Based on the research of the former and the investigation on the development of chinese a share initial public offerings market , the author studies a share initial public offerings underpricing by using the data of new issues in shanghai and shenzhen from january , 2000 to november , 2001 在回顧前人已有研究成果和深入考察中國a股首次公開發行市場的發展歷程的基礎上，本文以2000年1月初至2001年11月底滬深兩市首次公開發行的新股為研究樣本，對中國a股首次公開發行價格低估現象進行了實證研究。
A large number of empirical results have shown that ipo underpricing universally exists in almost every country of the world , not only in the developed countries but the developing ones . does underpricing of information industry ipos also exists in our country 國內外學者通過大量的經驗研究表明，新股發行抑價幾乎是世界各國證券市場中一種普遍存在的現象，無論是發達國家成熟市場還是發展中國家的新興市場，都存在顯著的新股發行抑價現象。
It is found that chinese underpricing is highly related to factors such as primary shares , p / e ratio , according to empirical study . it is also found that chinese ipo price trend is rather stronger than the market within 14 months , and obviously weaker than the market in 15 - 37 months 新股長期弱勢的實證研究主要限于指標分析，結論是我國新股上市14個月內的走勢略好于大市，但是15 ? 37個月內的走勢明顯弱于大市。
Ipo underpricng is referred to an average excess return , statistically significantly positive , of a new issue immediately aftermarket relative to its offering price . a common perception is that underpricing is a challenge to market efficiency at least apparently 所謂新股發行抑價，是指首次公開發行的新股上市后，其二級市場價格相對一級市場發行價格，在統計上所存在的顯著為正的平均超額收益。
However , the last conclusion is not formed though a number of theories have been put forth , underpricing in chinese market is extremely high all along from the beginning of securities exchanges , compared with other markets in both developed and developing countries 中國股市從開市伊始，抑價幅度便一直居高不下，遠甚于歐美成熟股市，即使與發展中國家的證券市場相比，也明顯地高出許多。
Using linear regression model , we also tested the relations between d ( declining degree of underpricing between ipos and seos ) and t ( time interval between ipos and seos ) . contrary to our hypothesis , the data demonstrates that the correlation is weak 此外，作為補充，本文研究了折價下降幅度和上市公司兩次發行時間間隔、公司高層管理人員變動之間的相關性，結果顯示相關性不明顯。
All over the world , ipo has three abnormal phenomena , underpricing , long - term underperformance and hot issue , which are also puzzles perplexing financial circle . the aim of this article is to give some advice for marketilization of chinese stock market 從全球角度來看，首次公開發行價格存在三個顯著異常現象：新股抑價、新股長期弱勢和新股熱銷，這也是困擾金融界的三個難題。
The result indicates that a share initial public offerings underpricing could be explained by the uncertainty model . furthermore , the approval system and other system alterations have reduced the initial public offerings underpricing 研究結果表明，近期中國a股首次公開發行價格低估現象能較好地用不確定性模型進行解釋，此外，核準制的實施等制度變更降低了新股發行價格低估程度。
Then the fifth part and sixth part picture the historical and current status and developing process , and make up a model to account for the formative factor of ipo underpricing from administrative pricing to marketable pricing 第五部分和第六部分闡述了我國發行市場的演變進程和現狀，通過構造多元回歸模型對行政定價和市場化定價方式下的新股發行抑價原因進行實證分析。
First of all , our samples include the information industry ipos that are first studied in china . we testify that information industry ipos have a more severe underpricing than one of the non - information industry ipos 與國內外其他學者的研究成果相比，本文的創新和貢獻主要表現在：其一，首次以信息產業為樣本，對中國的新股發行抑價現象進行了實證研究。
So the initial underpricing becoming a long - term hot issue is debated by researchers both in china and at abroad . in the foreign literatures , researchers mainly focus on the behaviors analysis for market participants 西方學者對初始超額收益的研究多從微觀市場參與主體的行為出發,國內的部分學者認為發行制度是形成超額收益率的重要原因。
As the human development report puts it : “ underpricing ( or zero pricing in some cases ) has sustained overuse : if markets delivered porsche cars at give - away prices , they too would be in short supply 如同人類發展狀況報告里說的那些： “訂價過低（或者某種情況下免費）導致了過度使用，如果向市場提供價格極低的保時捷汽車，它一樣會供不應求。
Then both the basis and some of the inferences are tested through empirical studies . many ipo related problems in china are involved , such as underpricing , the long - term performance of ipo and so on 研究比較全面地涉及了與首次公開發行（ ipo ）相關的多方面問題，如抑價、新股上市后長期表現等等，對我國a股一級市場進行了全方位的考察。

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underprice

underprice vt.1.將…的定價低于貨物的實際價值。2.削價競售。

underprivileged