First , the issuance of the mof bond should be considered as the replacement of pboc ' s intervention activities , rather than brand new liquidity demand ; and second , details over the mechanism of the bond issuance , which will have great influence over the future liquidity situation , remain uncertain at this point 首先，财政部特别国债的发行应看作是央行市场调节行为的一种替代，而非一种新的流动性需求；其次，特别国债发行方式细节至今尚未透露，而这将对未来的流动性产生巨大影响。
However , the author which has the same opinion with some chinese researchers thinks that the offering system is an important factor for initial underpricing . offering system includes many parts , such as the way for approving the list company , method of pricing and rules about publishing information . the paper tries to thoroughly study the influence of mechanism for pricing and distributing ipo on initial underpricing and proposes some suggestion on how to improve the mechanism for pricing and distributing ipo , decrease the initial underpricing and improve the efficiency of the primary stock market 笔者与国内学者有基本一致的意见,并试图研究发行制度与初始超额收益率间的关系,但发行制度包含诸如发行人主体资格的确认与限制、发行审察与批准办法、发行方式、定价方式、信息披露的制度规定各方面的内容,本文只从ipo发售机制( mechanismforpricinganddistributingipo )的角度探索我国股票较高初始超额收益的根源,进而为中国股票市场的发行机制市场化改革,降低初始超额收益率和发挥股票市场应有的功能提供借鉴和参考。
After 1991 , the distribution of national debts took a measure of contract and being responsible to sell it , especially in 1996 and 1997 the method of public bidding is introduced into the issue of national debt , the commodity characteristics of national debts got an excellent reflection . in 2003 the way of national debts issue was adjusted , one of the important contents is based on the simple price " holland bidding " , several other prices system like " american bidding " was added to the measure of national debts bidding , this measure will have a deep influence on the national debts market 1991年后，国债发行采用承购包销的方式，特别在1996年和1997年招标发行方式被引入国债的发行中，国债的商品属性得到很好的体现； 2003年的国债发行方式做出了一定的调整，其中一个重要内容是记账式国债招标方式在原先单一价格的“荷兰式”招标的基础上增添多个价格的“美国式”招标方式，这个举措将对国债市场产生深远的影响。
In our country , improving the venture capital investment fund will benefit the reformation of the financing system and the regulation of venture capital subject . when considering the corresponding legislation , we should adopt the particular model , namely based on the investment fund law , specifically setting down the law about the venture capital investment fund and supplemented by other laws . the particular law will stipulate the investment direction , administration , the manner of issuance and qualification of the investor and so on 大力舰风险投资基金的发展将促进融资体’制的改革，并有利于规范风险投资主体的行为，因此在相应的立法思路上，应采用专门立法的模式，即以我国投资基金法为基础，具体制定有关凤险投资基金的法律，并通过其他法律进行补充，对于风险投资基金的投资方向、管理、发行方式、投资者的资格以及风险投资基金的治理结构等进行规定。
Initially applying mathematical statistical and financial mathematical methods , this paper does comprehensive study on changing trends and characteristics of ipo price and ipo p / e ratio offered from 1993 to 2005 , and study on ipo characteristics of electric power industries and the effects of entire circulation of shares on p / e ratio of electric power industry 摘要运用数理统计，结合金融数学的方法，对1993年至2005年不同新股发行方式下的发行价格、发行市盈率的变化趋势及特点进行统计分析，并研究了电力行业新股发行的特点以及全流通对电力行业上市公司市盈率的影响。
There are several reasons for this particularity , including the huge and stable price gap between the primary and secondary market , the rate of return averaged by both the immense amount of subscribing funds and the issuing method and the individuality of the earnings between the primary and the secondary markets 造成这种特殊性的原因可以分为多个方面，最重要的包括一二级市场之间巨大而稳定的价差；包括被巨额申购资金和上网定价发行方式平均化了的投资收益；还包括一二级市场投资收益的相对独立性，等等。
Similarly , ipos long - run underperformance which means investors buying ipo shares on the secondary market earn substantial negative abnormal returns over longer horizons is an interest topic too . the meaning of this article lies in : by analyzing the ipo underpricing phenomenon and middle & long - run performance in chinese smes stock market , to find the main factors influencing the ipo underpricing and middle & long - run performance , then to put forward the corresponding suggestions to development of the small and medium enterprises ( smes ) board 发行人和投资银行在ipo市场上通过合作,确定新股的发行价格、承销方式、发行方式、上市时间及上市后的价格定位等问题。然而,一旦ipo进入二级市场,其价格和走势表现就引起了广泛关注,产生了一系列问题,并形成了一个ipo研究领域,该领域包括了三大热点:定价偏低( underpricing ) 、长期弱势( underperforming ) 、热市场问题( hotissuemarket ) 。
