自2005年实施以来,IPO询价制进行了11次改革,见证了中国资本市场的光辉历程.询价制改革至关重要,需要有关各方不断加深认识和把握.国内外学者对询价制展开了大量研究,但缺乏对研究成果的全面细致梳理,尤其是未能形成以中国渐进式改革为脉络的文献综述.本文系统总结了IPO询价制的国外学术争鸣、我国渐进式改革以及询价制改革效果等方面的重要研究成果.在此基础上,结合全面注册制背景和当前IPO的主要问题,对未来询价制的改革路径和研究方向进行展望.

以商业银行综合经营为研究背景,将内部控制环境区分为宏观、中观和微观三个层次,探讨其面临的新问题,提出其相应对策.针对宏观制度文化环境,采取调控策略,主要通过建立防火墙制度,构建独立、分层、联动的内部审计体系,营造良好的集团内控文化等.针对中观组织体系,采取重构策略,主要通过合理定位母子公司的产权关系,选择合理的集团管控模式,构建分层次的公司治理结构等.针对微观内控人员素质,采取再造策略,主要通过明确专业胜任力能力结构、培养员工集团整体内控意识、制定集团整体的科学用人和奖惩激励机制等.

我国资本市场频现的IPO破发现象使投资者情绪与投资策略成为行为金融理论关注的对象.本文选择沪深两市2010-2012年654家A股上市公司为样本,分析上市前后股东户数变化和机构投资者持股比例变化,考察投资者对IPO破发的反应.研究发现,IPO破发中小投资者因代表性偏差、 损失厌恶与后悔厌恶而产生过度反应,而机构投资者因信息优势和技术经验优势而过度自信以至于产生过度反应;由于投资者过度反应,退出股东的势力压倒进入股东的势力,造成破发股在市场上面临着在股东户数减少和机构投资者持股比例降低情形下新一轮股东的大洗牌.

以沪深两市1136家A股上市公司为研究样本,以实行询价制以来其市场化进程的几次重大改革事件为研究时间节点,分析了制度变迁对IPO定价效率的影响.研究发现,询价制市场化是IPO破发的重要原因之一,而且伴随着其市场化程度的提高,IPO破发越来越普遍,日益成为中国资本市场的正常现象,而IPO破发程度并没有随之显著提高.这体现了市场这双“看不见的手”和“赢者诅咒”机制在发挥着作用,让新股市场价格逐渐回归到内在价值水平并围绕其上下波动.

利用一个简单的模型将IPO首日超额收益分解为一级市场抑价与二级市场溢价两种效应,并分析了两种效应对新股上市之后市场业绩的影响机理,然后以中国A股中小板2008-2009年期间发行的新股为样本,进行实证研究.结果发现一级市场“抑价”与二级市场“溢价”现象同时并存,定价市场化可能导致的IPO发行价虚高现象并未得到支持;研究还进一步发现IPO新股上市首日尽管投资者情绪推动股价偏离内在价值,但市场的理性定价机制仍然发挥作用:一方面投资者情绪并非完全外生随机变量,而是受到一级市场抑价程度影响,抑价程度越高则投资者情绪越强,首日超额收益越高;另一方面市场仍然能够识别出新股的长期增长潜力,即溢价程度与增长潜力呈现正相关关系.

This paper divides IPOs into the ones with IPO overpricing and the ones without IPO overpricing according to the first-day market performance , chooses different market yields as benchmark , and uses event time method to examine their cumulative abnormal return ( CAR) and buy-and-hold abnormal return ( BHAR) , uses calendar time method to examine the monthly average abnormal returns ( MMAR) and Fama-French three-factor model , and then carries out the empirical test with the multiple linear regression model .The findings indicate that in the short term IPO overpricing affects the company′s market performance adversely;however in the medium and long term the companies with IPO over-pricing have better market performance than the companies without IPO overpricing .

Based on frequency of IPO overpricing in recent years,this paper collects 718 Chinese A-share listed companies from 2009 to 2011 as research samples and examines relationship between equity structure and IPO underpricing or overpricing,from perspective of equity structure which embodies and affects bargaining motivation and ability of IPO pricing participation parties.The results indicate that managerial ownership is not related to IPO underpricing significantly and on contrary negatively related to IPO overpricing,showing the Convergence of Interest Effect.Compared to non-state-owned enterprises,the state-owned enterprises have a higher level of IPO underpricing and a smaller probability of IPO overpricing,implying that state-owned enterprise managers may employ IPO underpricing to ensure successful issue to obtain political reputation and seek future political promotion.

Walt Whitman and Emily Dickinson are known as original geniuses in American literature. There exist both similarities and differences between Whitman and Dickinson. This paper will discuss the similarities and differences between these two out?standing American poets from several aspects, such as their lives, literary styles, themes and poetic techniques.

Text linguistics,which extends the research field of traditional linguistics,is applied to the translation research,making people pay more attention to context,culture and communicational function,so translation is researched from the static words and sentences to the dynamic text,causing the writer,the translator and the reader to sympathize in the process of the verbal communication.By introducing the research achievement of text linguistics in translation to the Tang-poetry Chinese-English translationt,his paper aims at suggesting the translator to set up the text consciousness,guide the specific translating with the method of text linguistics and convey accurately "context of situation","context of culture " and communicational function in the original poem so as to enhance the diffusion of Chinese traditional culture and the communication of global culture.