Article 19 after shares have been issued according to law , the issuer shall itself be responsible for any change in its operation or earnings ; and the investors shall themselves be responsible for any investment risks caused by such change 第十九条股票依法发行后，发行人经营与收益的变化，由发行人自行负责由此变化引致的投资风险，由投资者自行负责。
After the issuance of the second series , all cash trading , pricing , lease , contract , debt , and balance shall be written in the new rmb . all previous debt , private or public , shall be paid in the new rmb at the appropriate exchange rate 第二套人民币发行后，一切货币收付交易计价契约合同单据凭证帐簿记载及国际间的清算等，均以第二套人民币为计算单位。
Chapter 2 research review introduces the models of ipo underpricing and long - run performance put by foreign scholars , and then puts forward the evidence of ipo underpricing and middle & long - run underperformance , finally introduces the domestic and foreign scholars " study on ipo underpricing and middle & long - run performance in chinese smes stock market . chapter 3 experiential anaysis adopts many kinds of methods to 新股发行后交易价格的中长期走势表现也较为为引人注意,大部分文献研究表明股票首发上市后股价表现为长期弱势,新股长期弱势现象,是指首次公开发行的股票在上市后的一段时间里给其持有者带来的收益率比其他同类型的非首次公开发行股票的收益率低。
On the other hand , the ipos can averagely get a positive abnormal return over market portfolio between september and december , which means ipos can obtain better return in every last - half year relatively . 5 ) higher exchanging rate of the first circulating day for an ipo can not obtain a higher medium and long return , and it even has a negative relationship with the later 就股票价格的影响因素而言，发行后每股收益、发行后每股净资产特别是bm比率、流通股数尤其是流通市值、总股本或流通盘占总股本比例、行业属性等在较长的时间内对新股的二级市场收益有明显的影响。
For the unreasonable pricing pricipia of sosrh thus an unacceptable had been taken by the market , and therefore the pricing pricipia should be the major element within the sosrh applied structure . author argues that the net asset basis pricing method must be the proper way to solve such problems due to the unstable share price , such as the unregular add - value of net asset . and the net asset basis pricing method also could make an contribution to the full - run reform of state economic system 两次试验不浙江大学学位论文国有股减持模式及对我国证券市场和公司治理结构的影响被市场接受的共同点是国有股减持在定价原则上的不合理，由于国有股在资产评估和发行后的二次增值，已使每股净资产存在较大幅度的溢价，因此以净资产作为定价基础是较为现实的做法，只有在减持价格上作一定让步，才能顺利、彻底地解决这一难题，我们应从推进市场化进程的长远角度加以考虑，让步不是妥协，是为了完成我国经济体制改革的总体规化。
