总体来看IPO抑价情况仍然存在。
地下水的抑价说明其经常被用来灌溉低价值作物。
Compounding that, underpricing means it is often used for watering low-value crops.
文章通过多元回归模型考察了H股IPO抑价的影响因素。
This paper USES multivariate regression model to investigate the IPO underpricing in the H-shares market.
随着股票市场的发育程度的提高，IPO的抑价程度会降低；
With the development of stock market, the(degree) of the underpricing of IPO will be lowed.
在此背景下，IPO抑价程度的变动和投资者估值标准是否变化值得探讨。
Under this background, the changes of IPO underpricing degree and investors valuation standards are worthy to research.
有鉴于此，本文将对我国新股发行市场上的IPO高抑价现象进行系统研究。
Therefore, this thesis will study the phenomenon of high IPO underpricing in Chinese IPO markets systematically.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
此现象在世界所有的股票市场都几乎存在，但是不同国家其抑价程度的差别却各不相同。
This phenomenon nearly exists in the capital markets of many countries, but its degree of underpricing is not the same in different countries.
研究认为，抑价产生的原因在于我国证券市场尚不完善，银行的管理及股权结构欠佳等。
The research reflects that the reasons of under-pricing are imperfective security market and the poor management and ownership structure of banking industry.
我国学者在国外研究成果的基础上对我国股市IPO抑价进行了大量研究，并取得了很多成果。
The scholars at home studied IPO underpricing of Chinese stock market on the basis of research results abroad, and obtained a lot of results .
而发行政策的变化、不同的行业特征、新股上市首日大盘涨跌幅对于新股发行抑价的影响并不明显。
However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.
更严重的是，很多抽取的地下水并没有实现高效灌溉；地下水的抑价说明其经常被用来灌溉低价值作物。
Worse, much abstracted water is used in inefficient irrigation; compounding that, underpricing means it is often used for watering low-value crops.
事实上，IPO抑价也是一直困扰市场监管者的一个实际课题，频繁的发行制度变迁足以说明这一点。
Actually, IPO under-pricing also remains a practical problem that plagues market supervisors, frequent issue regulation change may be a good evidence for this.
IPO抑价是世界范围内普遍存在的现象，而且随着市场成熟度的提高，初始报酬率有逐渐下降的趋势。
With the universal IPO underpricing in the world, and accompanying with the improved market maturity, the initial return tends to be reducing.
模型认为发行抑价是在保证发行成功的前提下使得发行人与承销商都能最大化自身利益的一种均衡状态；
The model had reached an inclusion that with the assurance of the issuing success, underpricing is equilibrium when both of the issuer and the underwriter maximize their interests.
新股定价是否合理将影响资本是否被有效利用，而IPO抑价程度直接反映了新股定价的准确性与合理性。
Whether the new share pricing is reasonable will affect whether the resources are used effectively, and the degree of IPO directly reflect the accuracy and rationality of the new share pricing.
通过抑价分析，阐述了在我国利用两阶段竞价发行方式的意义，分析了目前证券市场政策环境所存在的问题。
On the basis of price control, this paper expatiates the meaning of using the two-phases biding issue mode and analyzes the existent problems of the policy environment in the securities market.
利用相关分析和格兰杰检验，首日新股开盘涨幅成为本文发现的第一个影响我国IPO抑价水平的重要因素。
Based on the correlation analysis and Granger test, the opening rise rate of new share in the first listing day becomes the first factor, we find, which affects the IPO under-pricing level.
其中的抑价原因应从两地市场本身的特点中去找，并且应该逐步解决这些问题，推动IPO发行价格抑价的理性回归。
The reason of IPO underpricing in China should be found and solved from our own characters. And it can drive the IPO underpricing to be reasonable.
本文通过实证的方法进行了研究发现：制度因素、中签率、可流通新股数量和新股发行价均对发行抑价有着非常显著的影响。
This text passed the method of substantial evidence to carry on a research detection: System factor, win a label rate and can circulate a new an amount to publish price to all suppress the influence.
利用我国询价发行的新股数据，从新股的价格行为特征入手，借助“簿记”理论，可研究我国累积投标询价方式发行新股的IPO抑价现象。
Using the data of newly-issued stocks in the Chinese security market, the phenomenon of IPO underpricing of newly-issued stocks is analyzed according to book-building theory.
首先，本文使用方差分析、无参数估计对不同制度环境对IPO短期抑价的影响进行分析，考察不同发行审核制度以及在一定发行审核制度下不同发行定价机制对IPO短期抑价的影响；
At the first, this study using ANOVA, Non-parameter Estimation to analyze the IPO short-run underpricing in different institutional environments and mechanism to find out the impact from them.
前言： 目的：提高磷甲酸钠微生物效价测定过程中抑菌圈边缘的清晰度。
Objective: To improve the clearity of bacterial inhibition ring is edge during the test of foscamet Sodium microorganism titer evaluation.
并且鸡胚培养的病毒液与流感病毒血清发生血抑反应，血凝抑制效价为1∶80。
Embryo culture fluid with the virus and influenza virus in blood serum stunning response, HI titer of 1:80.
并且鸡胚培养的病毒液与流感病毒血清发生血抑反应，血凝抑制效价为1∶80。
Embryo culture fluid with the virus and influenza virus in blood serum stunning response, HI titer of 1:80.
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