Article 140 when a company is approved to issue new shares to the public , it shall make public the prospectus for the issue of new shares , its financial and accounting statements and subsidiary statements , and shall prepare the subscription form 第一百四十条：公司经批准向社会公开发行新股时，必须公告新股招股说明书和财务会计报表及附属明细表，并制作认股书。
Where a joint stock limited company issues new stocks for increasing its registered capital , the subscription for new stocks by shareholders shall be subject to the relevant provisions of the present law regarding the payment of stock money for the establishment of a joint stock limited company 股份有限公司为增加注册资本发行新股时，股东认购新股，依照本法设立股份有限公司缴纳股款的有关规定执行。
Combination by exchange of stocks is the merger between two listed companies , by head company issues new stocks to exchange target companies " stocks held by shareholders . it is the method most in use in western societies , and has mature basis of converting stocks 两个上市公司之间的换股合并是指主并企业发行新股去换取目标企业的股票，这种方法在西方证券市场上经常被使用，其股票的转换具有成熟的基础。
High nominal returns , low real returns , little risk , great oversubscription and high turnover of initial public offerings ( ipos ) are long - standing distinguishing features of chinese capital markets , which damage the market efficiency and the resource allocation efficiency 首次发行新股( ipos )的“高名义回报、低实际收益、低风险约束、巨额冻结资金、高换手率”一直是我国资本市场的一个显著特点，大大降低了市场运行效率和资源配置效率。
The 117 ( including 57 on the growth enterprise market ) newly - listed companies raised a total of $ 52 . 0 billion from initial public offerings ( of which $ 7 . 0 billion was raised in the growth enterprise market ) . besides new share issues , funds were also raised in the secondary market , with a total amount of $ 58 . 5 billion 新上市公司的数目共117家(其中57家在创业板上市) ，这些公司首次公开招股的集资总额为520亿元(其中70亿元在创业板集得) 。除发行新股所得的资金外，在第二市场筹集的资金达585亿元。
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。
To this end , the company intends to apply approximately hk 566 . 2 million , out of the total net proceeds of approximately hk 936 . 8 million based on a mid - point offer price of hk 6 . 85 from the issue of new shares , to expand production capacity of laminates and upstream component materials at fogang and lianzhou in guangdong province , and in jiangyin , jiangsu province 因此公司计划从发行新股所得款项净额约9 . 368亿港元以发售价中位数6 . 85港元计算中动用约5 . 662亿港元，在广东省的佛网及连州，以及江苏省江阴，扩大覆铜面板及上游物料之生产能力。
By the theoretical analysis , the factors were selected inside and outside that influenced the ipo pricing , and the supposition was made , at the same time the shanghai a share stocks released in the recent 4 years were selected as the research sample . then the linear return method was used to make the analysis , discovered the primary factors affecting the ipo pricing , and made the corresponding explanation 在理论分析的基础上,选择影响ipo定价的各类内外因素,并做出假设,同时选取沪a近4年来发行新股作为研究样本,利用多元线性回归方法作分析,找出影响ipo发行价格的8个主要因素。
I found that under the modern system of enterprise and financial market , especially under the system of eso , the stock price can lead the change of investment by the effect on the behavior of executives , by the cost of investment , and by the sales and the reliability of enterprise . and more , the speculation of industries comes to the world 值得一提的是，股票期权制度的引入和快速发展，不仅对企业内部人的投资行为产生了深刻的影响，还使得产业投机成为金融投机的派生物;使得大型_ l市公司经常以“换股”的形式进行并购，减少了它们的直接投资，减少了面向市场发行新股。
The primary factors got by linear return analysis were as the cluster factors , and an industry ( this paper to choose electric power industry as a sample ) was selected as a sample . then this sample was analyzed by the methods of cluster and discriminant . it will establish the system to decide the ipo pricing in the industry and will help the ipo companies to give a reasonable price 然后,将定价研究集中到行业中进行,以多元回归得到的主要因素作为聚类指标,选取某一行业(本文选取电力行业)已发行股票为样本,对其进行聚类分析和判别分析,建立该行业新股发行定价的衡量体系,为拟发行新股的公司提供定价指导。
