Though china " s primary market has grown rapidly , explicit and implicit administrative control and defects in pricing mechanism and methods have led to the long - run inefficiency of primary market : on the one hand , high ipo under - pr icing coexists with the risk - free return between primary and secondary markets ; on the other hand , the relationships among issuers , investors , regulators and underwriters are greatly distorted 一方面是严重的发行抑价与一二级市场间的无风险收益的存在,另一方面,在新股发行定价过程中,发行人、投资者和承销商之间关系被严重扭曲。发行上市变成了发行企业的“寻租”过程,过度“包装”甚至造假现象普遍存在。
Considering company developing trend and macro - economic environment together , by the calculating of asset value , profit ability value and growing up value , the decision making is mainly based on the balance sheet . secondly , " vit " always takes reality as its basis . it is more practical and more rational when analyze the expecting profit , the future cash flow or judge the value of a invested company 价值投资理论与“现代投资理论”的区别在于:首先, “现代投资理论”将大量复杂的预测技术和数学公式引入对投资资产的定价过程,而价值投资理论却从资产负债表出发,结合公司发展趋势和宏观经济环境等因素,通过对资产价值、盈利能力价值和成长性价值的计算来做出投资决策;其次,价值投资理论始终以现实为基础,在分析处理预期收益和未来现金流时更实际、更理性地判断被投资公司的价值。
And the article emphasizes on ipo pricing models , including in theoretical method and in empirical method . in theoretical part , traditional ipo pricing models are discussed , and their application is analyzed , based on reviewing the " reform " history of chinese ipo . furthermore , a new ipo pricing model is put up , which embraces " option " thought 其中理论研究是在回顾我国新股发行历史变革的基础上,综述传统的新股定价的理论模型,并对其实用性加以评析,然后从我国新股发行现状出发,将期权定价思想纳入新股定价过程,给出一个具有参考意义的定价公式。
In recent years , many overseas and domestic experts had paid attention to research options pricing . but these methods could n ' t get rid of not only the subjectivity and fuzzy qualities existing in pricing process but also the restraint of black - scholes model on the choice of the variable , and the accuracy of assessed results had not quite improved 近年来,国内外专家学者对实物期权的定价方法进行了很多探讨,但始终没有摆脱定价过程的主观性和模糊性,在变量的选择上没有摆脱black - scholes模型的约束,评估的准确性提高不大。
定价: fix a price; make a price; s ...过程: process; procedure; transver ...定价过高: over-pricing议价过程: bargaining process职业评价过程: vocational evaluation process质量评价过程: geographic information - quality evaluation procedures定价过高, 估计过高: over valuation定价过高的商品: over priced goods; over-priced goods定价过高而无销路: price out of the market环境影响评价过程: eis process适合性评价过程: conformance assessment process定价: 1.(规定价格) fix a price; make a price; set price 给某物定价 fix a price for sth.; set a price on sth.; 定价偏低 under-pricing; 这家店里衣服定价偏高。 the clothes in this shop are priced high. 这本字典定价 5元。 the dictionary is priced five yuan.2.(规定的价格) fixed price; price fixing; list price; 定价成本 costs involved in determining price; 定价目标 pricing objective标价过高: overprice估价过低: undervalued估价过高: overcapitalize; overrate; overvalued估价过高, 台高: over stated喊价过低: underbid计价过低: undervaluation计价过高: over valuation将……标价过高: overprice叫价过低: underbid评价过低: under rate; undervaluation; undervalue评价过高: overestimate; overrate评价过高的: having too high a value placed on it索价过高: overprice