We are going to issue 35 , 000 , 000 shares in shanghai stock exchange in 2004 . by 2006 , the market value will be up to rmb 3 billion . and by that time , xingfa will become as the largest , image - best , yield - most and most beneficial public company of aluminum profiling 2004年计划股票公开发行上市，预计上市后的兴发公司2006年的市值可达到30亿元，广东兴发集团将成为全国规模较大、形象最佳、产量最大、效益最好的一家铝型材上市公司。
Though the new securities law regulates that the power of approval revocation will not be exercised if the stock has been issued , even if the stock isn ’ t issued , we should also think of the limited factors , such as reliance interest , public interest , the degree of violation and prescription 虽然我国新《证券法》规定了在股票发行上市后就不再行使撤销权,但是即使没有上市,要撤销核准决定也应该考虑信赖利益、公共利益、违规严重程度和时效的限制。
That will gives us proper reference when we set up a steady and effective second security market in china . by comparative analysis and institutional analysis , this article gives systemic suggestions to listing institution and transaction institution of our second security market 因为文章容量所限，本文采用传统视角将二板制度分为宏微观两个层面，并以微观制度为研究对象，同时按流程将其分为上市制度和交易制度，其中上市制度包括发行上市制度和持续上市制度。
For many years , the price / earning model had become the predominated pricing method , causing seriously ipo pricing discount . this research is focusing on the shanghai security market after the adoption of authorized practice ; applying factors analysis on the public disclosed information of 111 ipo companies between 2001 / 04 and 2003 / 02 ; using stepwise regression analysis to determinate factors affecting ipo pricing , and reconstruct these factor on a quantitative basis ; and establishing a multi - factors ipo pricing model 本文以实行核准制后的上海证券市场为研究对象，选取2001年4月到2003年2月底111家发行新股的公司，搜集它们新股发行上市前披露的公开信息等有关资料，在选用因子分析方法处理变量数据的基础上，运用逐步回归分析法归纳判断影响ipo定价的因素，并将它们进行数量化的复合再现，建立了ipo定价多因素模型。
Article 161 professional institutions and individuals that produce documents such as audit reports , asset appraisal reports and legal opinions for the issuance or listing of securities or for securities trading activities shall do so in accordance with the working procedures prescribed in the rules of their profession . they shall check and verify the truthfulness , accuracy and completeness of the contents of the reports to be produced by them and shall bear joint and several liability for the parts of such reports for which they are responsible 第一百六十一条为证券的发行上市或者证券交易活动出具审计报告资产评估报告或者法律意见书等文件的专业机构和人员，必须按照执业规则规定的工作程序出具报告，对其所出具报告内容的真实性准确性和完整性进行核查和验证，并就其负有责任的部分承担连带责任。
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。
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 本文考察了国外学者有关假说对新股发行抑价现象的理论解释，以我国发行上市的79只信息产业类上市公司的a股股票为样本股，实证了其中的有关假说，得到了一些重要的结论。
Ipo means initial public offerings ; it ’ s one of the important canals of raising funds for the company , and also is the investment way which the general investors is familiar with , so the earnings forecast information which ipo corporation announces invests one of policy - making important bases as the investor , also becomes the hot spot to its reliable research which the scholar pays attention to Ipo即公司首次发行上市,是上市公司在资本市场上进行融资的重要方式之一,也是广大投资者所熟悉的投资方式, ipo公司公布的盈利预测信息作为投资者投资决策的重要依据之一,对其可靠性的研究也成为学者关注的热点。
It is finally concluded that ( 1 ) the marketilization degree of chinese ipo rises up step by step , ( 2 ) it is not a good idea for ipo in small amount , ( 3 ) marketilization reform of chinese ipo should be more cautious than ever before , and ( 4 ) authorities should regulate and supervise the time of certain company , according to its attribute of industry , in order to allocate financial resources efficiently 本文的研究结论为：我国的新股发行的市场化程度正在逐步提高，监管部门要审慎对待继续完善新股定价方式和定价机制的市场化改革，新股发行的小盘化不可取，政府应该依据公司行业性质来调控新股发行上市时间差，最大限度地实现股市进行资金配置的功能。
Article 202 if a professional institution that produces documents such as audit reports , asset appraisal reports and legal opinions for the issuance or listing of securities or for securities trading activities makes false statements in the part of the contents for which it is responsible , its illegal gains shall be confiscated , it shall be fined not less than the amount of but not more than five times the illegal gains , and the relevant authority in charge shall order the said institution to suspend business and shall revoke the qualification certificates of the persons directly responsible therefor 第二百零二条为证券的发行上市或者证券交易活动出具审计报告资产评估报告或者法律意见书等文件的专业机构，就其所应负责的内容弄虚作假的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款，并由有关主管部门责令该机构停业，吊销直接责任人员的资格证书。
