administrative pricing meaning in English

行政定价

Examples

This model had indicated the factors affecting ipo pricing , and proved the shortcomings of single administrative pricing method
模型揭示了影响ipo定价的因素，同样也证明了目前方法单一的行政定价存在较大的缺陷。
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阐述了我国发行市场的演变进程和现状，通过构造多元回归模型对行政定价和市场化定价方式下的新股发行抑价原因进行实证分析。
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。

administrative pricing meaning in English

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