Securites become a kind of currency, traded in the so called "secondary market" at fluctuating price. 证券变成一种货币,在所谓的“第二市场”以波动价格予以交易。
Market observation: Building a garden villa secondary market price will decline? 楼市观察:市场上首层带花园洋房二手价会下滑?
The influence of the secondary stock market on money demand is realized through stock price, and this influence works through three kinds of effects mainly, namely the wealth effect, the trading effect and the substitution effect of the stock market. 股票二级市场对货币需求的影响主要是通过股票价格变动对货币需求的影响得以实现,主要体现在:财富效应、交易效应、替代效应三个方面。
Almost all the factors that affect the level fo the initial return come from the secondary market, including the market price level the mean industry P/ E ratio, and so forth. 影响初始回报的主要因素来自二级市场,如股价总体水平、行业平均市盈率等。
In other words, investors in the secondary market, the irrational investment behavior will eventually lead to new stock price bubble, and this would affect the speculative bubble in stock prices of other investors the right to judge. 换句话说,在二级市场上投资者的非理性投资行为最终会导致新股价格的泡沫,而这种投机泡沫又会影响其他投资者对股票价格的正确判断。
While for public shareholders, they can circulate their stocks at the secondary market and make them cashed at any time. The fluctuations of dividend and stock price are very critical, and they pay attention to the sustainable development and promotion of the listed company. 对于流通股股东而言,由于其股份可以在二级市场随时变现流通,股利和股价的波动对其利益有重要影响,因此,他们更重视上市公司的可持续发展能力以及上市公司价值的持续提升。
Whether the price of IPO is consistent with secondary market pricing is an important standard which determine the reasonableness of the pricing. Therefore, the price of the listing for one month is chosen to be the dependent variable. IPO发行定价是否符合二级市场的均衡价格是判断发行定价是否合理的一个重要的标准,因此本文利用的上市后月均价作为多因素定价模型的因变量。
Markets respectively, from a perspective of earnings management small plates listed on the first day of IPO stock return over the issue, while the secondary market study based on the first day of listing the reasons for the closing price above the issue price. 分别从一级市场上市公司盈余管理的角度考察中小板上市公司股票IPO首日超额收益问题,同时立足于二级市场考察上市首日收盘价高于发行价原因。
When the stock get into the secondary market, due to the weak efficiency and the speculation, resulting in a high closing price on the first day, there are extra earnings, this is the phenomenon of IPO underpricing. 而在股票上市以后由于二级市场的弱式有效及浓重的投机氛围,造成首日收盘价很高,存在超额收益率现象,这就是IPO抑价现象。
The stock of large market capitalization is not easy for speculation on the secondary market, the price is difficult to sharply increase.2.Turnover rate and IPO underpricing rate of price was positively correlated. 同时较大市值规模的股票不易在二级市场上炒作,价格难以被大幅推高。2、换手率与IPO抑价率呈明显正相关关系。
According to Dow and Gorton ( 1973), although the price of secondary market is the most information efficient price in capitalism economy, it has not direct function in the process of capital allocation. Dow和Gorton(1997)认为二级股票市场的价格虽然被认为是资本主义经济中最具有信息效率的价格,但它在决定资本配置方面并不起直接的作用。
IPO underpricing, which connect a stock market pricing with secondary market trading price, has always been an important reference standard for the study of IPO pricing rationality and effectiveness of the secondary market. IPO抑价将股票的一级市场定价与二级市场交易价格联系在一起,一直都是研究股票首次公开发行定价合理性和二级市场有效性的重要指标。