Focal point of this text , introduce risk management of stock financing . from quantity that issue , issue kind , issuing way , issue price , etc . respect analysis stock financing risk , and put forward the corresponding office procedure 第三部分是本文的重点，重点介绍股票筹资风险管理，从发行的数量、发行种类、发行方式、发行价格等方面探析股票筹资风险，并提出相应管理方法。
In this section , introducing the evolvement of issuance method in china , the paper pay great attention to issuance method of both marketable and non - marketable bonds , especially bond auction with a model applying the game theory 对于此问题，本文不仅对我国国债发行方式的沿革和现状进行了评述，而且运用博弈论的方法重点考察了国债的招标发行制度，并对凭证式国债和记账式国债分别提出了进一步完善其发行方式的意见和建议。
The first is stock valuing and the second is to find the market price of stocks . to launch these two steps , there are two problems to deal with , namely , methods of valuing and offering styles . in this research paper , methods and styles are two basic questions 确定发行价格一是要进行股票估值，二是发现股票市场价格，而这两个方面涉及估值方法和发行方式问题，本文以发行定价估价方法和发行方式为研究的基本问题展开。
It has become a must to protect our country ' s macro economy in stable development , and it is the need of the stable and healthy development of stock market . it plays an important role in changing ways of stock - issuing , increasing the liquidity of market , promoting the reasonable fluctuation of stock price 股指期货已经成为保障我国宏观经济稳定运行的必然要求，也是股票市场健康和稳定发展的需要，它在促进股票发行方式的转变、增加市场的流动性、促进股价合理波动等方面发挥着重要作用。
Therefore , how to scientifically substantiate the ipos " price becomes a very important task for the issuing firm and underwriter , it shows the underwriter ' s ethics , while reflecting the whole market " s standardization the paper introduce and analyze the ipos " modes and traditional pricing methods at first , and then due to the limit of the traditional pricing methods , proposing a new pricing method based on the neural network theory according to the market participants " concern , and finally providing a practical pricing tool with certain accuracy 本文一方面对新股的发行方式以及传统定价方法进行介绍与评析，另一方面针对传统定价方法的局限，从市场参与者关注的焦点问题出发去研究首次发行股票的定价问题，采用神经网络系统建模，提出了一种新的基于神经网络理论的新股定价方法，从而为投资决策提供了一种具有一定准确性与可操作性的实用方法。
The results indicate that offering mode , price - earning ratio , number of floating shares offered , offering price , issuing and listing time interval and underwriters have a significant effect on underpricing of information industry ipos . furthermore , there is a positive relation between offering mode , price - earning ratio , the reciprocal of offering price and underwriters and underpricing of information industry ipos . on the contrary , number of floating shares , issuing and listing time interval have a negative relation with underpricing of information industry ipos 其主要结论有：发行方式、发行市盈率、流通股本数量、发行价格、主承销商及发行与上市时间间隔是显著影响信息产业新股发行抑价的主要因素；而且，发行方式、发行市盈率、发行价格的倒数、主承销商与新股发行抑价正相关；流通股本数量、发行与上市时间间隔与新股发行抑价负相关。
In the research of ways of national debt issue , through a study and comparison of the features , cost of issuing and efficiency of issuing between several national debts of different countries , on the basis of a retrospect and analysis of the history of ways of issuing , the author puts forwards measures of perfecting the bid methods of national debt in our country 在发行方式的研究中，通过对目前各国几种国债发行方式的特征、发行成本和发行效率等方面的比较研究，在回顾和分析我国国债发行方式历史沿革的基础上，提出了进一步完善我国国债招标制度的措施。
The current study employs empirical and theoretical method in the analysis of stock launching system with diagrams and data . chapter one is the introduction of regulations and methods in stock launching system ; in chapter two , the paper systematically comes into the evolution of chinese stock launching system and points out the direction of the reform , merits and demerits of the system ; chapter three touches upon the chinese system of stock launching and suggestions on the topic from the subject of stock launching perspective ; chapter four presents the empirical studies in the stock launching system , which covers two sub - sections , namely , the periodical characteristics between the year 1998 and the year 2004 based on relative referential data on the one hand , and suggestions on the price fixing system through price fixing with three representative methods and conclusion on the merits and demerits of current way of calculation . the aim of the study is to provide chinese stock launching market some positive hints to assist the real marketing of the stocks 第一章主要对与股票发行机制相关的发行制度、发行方法、发行方式进行介绍;第二章,首先对我国发行制度的演进过程加以系统阐述,然后分析我国股票发行制度的利弊及改革的方向;第三章,主要从股票发行主体行为的角度对我国股票发行机制进行较为详细的探讨并给予适当的合理建议;第四章对我国股票发行机制进行了一些实证研究,分为两大部分,第一部分通过对1998年? 2004年期间我国股票相关发行指标、数据的分析,得到了这一时期股票发行市场化的阶段特征;第二部分运用了三种有代表性的股票定价方法对我国的部分股票进行了定价,通过比较,总结股票发行定价方法在股票发行价格计算中的优缺点,给出合理化建议。
Through collecting schemes of the reduction of state - owned stock from the various circles of society and analyzing the results of these schemes , we propose a new reduction scheme , i . e . , combine the issuing way of the stock with the special investment funds , and analyze its feasibility , then prove the scheme is one of comparatively feasible schemes which can solve the current problem 通过对向社会各界征集国有股减持方案的结果的分析，提出运用存量发行方式结合专项投资基金的一种新的减持方案，就其可行性进行分析，进而得出该方案是现今解决该问题的一种较为可行的方案之一。
With the main line of securities issuing and transferring , this thesis raises concrete analysis on the questions among them , they are securities issuing , market segmentation , insider dealing , affiliated dealing , information revealing . and the thesis also draws relevant opinions and policy suggestions for the institutional constructions of china ' s stock market 文章以股票发行和流通为主线，对其过程当中的发行方式、市场分割、内幕交易、关联交易、信息披露等问题进行了具体的分析与阐述，对中国股票市场制度建设提出了相应的观点和政策建议。
