In addition to profit warnings from hsbc due to their higher than expected provision for the us business , sentiment was further deteriorated on the back of several negative developments , including earlier than expected upward adjustment of reserve ratio requirement for chinese banks , the plunge in a - share market in china and signs of capital outflow from hong kong markets 除因汇丰对美国业务的拨备超过预期，导致发出盈利预警外，内地提早调高国内银行存款准备金率中国a股市场急跌，以及本港股市出现资金外流的迹象，种种负面因素均令市况雪上加霜。
Taking non - finance chinese listed companies in a share securities market as the example , the paper applies statistical and metric method , rational analysis and empirical evidence to study the existing situation of the debt maturity structure and its impact factors and determinants . with the help of spss , the paper analyzes 656 sample companies ’ financial data from 1998 to 2004 to describes the debt maturity structure ’ s existing situation , while applies their financial data from 2001 to 2004 to analyze the determinants of debt maturity structure . in order to analyze the impact of trade and economic developing level , the paper employs 1164 non - finance companies ’ finance data of 2003 and the data of china statistical yearbook ( 2004 ) . the paper also uses one - way anova and stepwise regression to help the empirical evidence 其中,分析中国沪深a股市场中上市公司债务期限结构现状时,选取了656家样本公司在1998 - 2004年这七年间的财务数据;在综合分析公司成长机会、公司规模、资产期限、公司质量、实际税率和非债务税盾等因素对中国a股市场中上市公司债务期限结构的决定性时,仅选取了上述样本公司在2001 - 2004年这四年间的相关数据;分析行业特征和经济发展水平对我国债务期限结构的影响时,采用了2003年沪、深a股市场中1164家分布于12个行业门类的非金融上市公司为研究对象,同时,还运用了《中国统计年鉴2004 》中相关数据。
Finally , using the 5 minutes intraday data for measuring the market short - term liquidity , we discover that the liquidity of a share market have the reverse " l " sharp , intraday spead have the straight " l " sharp , volatility of retain also have the straight " l " sharp , but intraday volume have the " u " sharp 最后利用日内五分钟交易数据对市场短期流动性指标进行了度量与分析，发现沪深a股市场日内流动性呈现出倒l型，日内价差呈现出正l型，收益率的日内波动也呈现出正l型，日内交易量则呈现出u型。
But as a kind of mature theory system , it has n ' t been applied successfully in china ' s a shares market . the reasons of that include misunderstanding of ipos pricing theory china ' s a shares market is immature the executive condition of substantivcregulation is incomplete corporation corporation governance structure is faulty lack of investor sense , and another important reason is that most of corporations use the administrative method of ipo pricing . the administrative ipo pricing method based on p / e prescribed by china securities regulatory commission 然而ipo定价理论作为一项比较成熟的理论体系，在我国a股市场却并没有得到很好的应用，这其中除了有对ipo定价的基本理论认识不足、 a股市场不成熟、核准制实施的条件还不完全具备、公司治理结构不完善、投资者缺乏投资理性等原因外，另一个重要原因是大部分上市公司ipo定价时使用的是行政化的定价方法，即基于证监会规定的某个市盈率得出上市公司ipo定价。
In our country , risk management has aroused increasing attention of entrepreneurs with the development of market economy and the deepening of opening - up . however , we still have a long way to go in risk management on account of varied causes , compared to the developed countries . therefore , the top priority task for us is to follow those advanced experiences in this field to help us develop the capability in risk management 市场人士分析,与股指期货孪生的做空机制将挤爆a股市场的‘泡沫’ ,加剧大盘震荡;再加上,业内仍在探索与总结的“ 3 . 27 ”事件、巴林银行案件、陈久霖案件等,不得不提醒我们思考:衍生工具为什么会造成如此大的经济损失
By quitting the stocks whose history less than 5 years , we choose 710 stocks ( which includes 136 " st " stocks ) from china ' s a stock market . then we calculate eva of those stocks using their trading data and financial statements . we classify st companies and non - st companies into two combinations 作者从我国a股市场上选取了交易时间长于5年的710只股票，其中包括136家st公司和574家非st公司的股票，利用1997年至2001年的股票市场交易回报率数据和财务报表，计算他们的经济增加值。
In this foundation , we reviewed and evaluated the classical literature in financial distress predicting both in domestic and foreign . then , we selected 67 st - companies and 67 normal companies as the samples of our research and 15 financial ratios that can reflect the financial condition of enterprise as the variables . we use t - test to select out important variables which will be used in coming model 在此基础上,对国内外财务困境预测研究领域中的经典文献进行了回顾和评价,在对前人研究方法及研究成果总结的基础上,从我国a股市场上选取了67家财务困境公司和67家非财务困境公司作为研究样本,计算了财务困境出现前3年的15个财务指标。
This paper first elaborated and analyzed the main ipo pricing theories - intrinsic value theory and the factor model , and pointed out the deficiency of the theories . then chinese ipo system vicissitude and the offering pattern evolution were introduced and every stage has been discussed . in this foundation , the factors in three aspects that affect the ipo pricing include the intrinsic factors , the external factors and the benefit correlations , and the relations between these factors and the ipo pricing were systematically studied 本文首先阐述和分析了ipo定价的基本理论? ?内在价值理论和因素模型,并指出相关理论存在的不足之处,随后结合a股市场ipo的制度变迁和发行模式的演进,并对各阶段作了评介,在此基础上,系统地从影响ipo定价的内在因素、外在因素和利益相关者三个方面研究了这些因素与ipo定价的关系。
According to the analysis of the debt maturity of chinese listed companies in a share securities market , i find that the rate of long - term debt is much lower than short - term debt , some even reach zero degree . therefore , i draw a conclusion that most of chinese listed companies prefer the short - term debt 研究结果发现:就中国a股市场中上市公司的整体负债融资结构而言,长期负债比率(长期负债与负债总额相比)偏低,有的甚至为0 ,短期负债比率(短期负债与负债总额相比)远远超过长期负债比率,呈现中国上市公司普遍偏好使用短期负债融资的现象。
