In general under ideal perfect competitive environment, because of the replaceability the active output of a certain generating set will fall in vast scale while its bidding price is slightly raised, and the sensitivity index based on its own price will be a very small negative value; along with the increment of market power this index will gradually increase until sensitivity index becomes zero. This conclusion can be spread to the situation of multi-generating sets.

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In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，對我國A股市場詢價發(fā)行方式與固定價格發(fā)行方式下的IPO鎖定期到期時持有收益率Aa一级片公司室、以及我國A股市場與香港市場的詢價發(fā)行價格區(qū)間進行了統(tǒng)計比較国产精品俺来也在线观看了，為評價我國IPO市場的詢價發(fā)行提供了比較全面的依據。2色欲天天影院视频、相比已有文獻僅考慮折價和分配中的一種激勵措施国产亚洲精品国产91，本論文在有自主配售權下的機制設計中并用了分配與折價兩種激勵措施，并且在價格區(qū)間的制定中引入發(fā)行底價性视频亚洲网站，考察了價格區(qū)間與分配量之間的關系黄片免费一级，得到最優(yōu)的價格區(qū)間和分配策略日韩中美精品中文视频在线播放，從中體現自主分配權的優(yōu)點；在有自主分配權下的操縱行為研究中則體現了自主配售權的弊端免費看毛片視頻，與已有文獻不同的是激情第一第二综合天天，在模型中引入了累計投標詢價機制，研究了承銷商在混同均衡操縱中采取的分配策略东北女人乱子视频，并對操縱存在的條件進行分析討論杭州最疯狂一级毛片视频，得出各個因素對混同均衡操縱存在的影響。3国产一区二区三区手机在线观看、在無自主分配權下的詢價發(fā)行中操我视频，充分考慮了我國實際應用的背景，加入了與固定價格發(fā)售混合的條件熟女激情视频，并將詢價與固定價格混合發(fā)行分為序貫與同步兩種方式又大又湿免费视频，指出機構投資者在兩種情況下申購策略的側重點各有不同，通過對序貫混合發(fā)行方式下的網下累計投標策略以及同步混合發(fā)行方式下的資金分配策略的模型建立和數值仿真中文字幕欧美精品人妻一丘，考察了機構投資者申購策略對無自主分配權下的詢價發(fā)行的影響啪啪啪精品，填補了相關研究文獻的空白；在包含超額配售選擇權的詢價發(fā)行中日韩欧精品无码视频无删节，將發(fā)行定價策略分為熱銷策略和弱銷策略花蝴蝶高清视频在线观看01，在考慮了我國含超額配售選擇權的發(fā)行流程下，通過建模以及數值仿真得出承銷商會對發(fā)行定價策略作出怎樣的選取字幕网国产在线观看，進而會對新股發(fā)行價格干干干干干干射射、發(fā)售數量產生怎樣的影響，對目前相關研究的缺乏做出了有益的補充性感美女被操免费视频。

Five this week, a major broker between the news spread:"The end of the year or before and after the Spring Festival, there may be a wave of price index, stock Please note that pre-or high-quality small stocks."

本周五91黄色视频在线观看，新聞與傳播的主要經紀人說：&在今年年底或之前和之后的春節(jié)，有可能是價格指數日韩精品免费乱码福利视频，股票請注意前或高波小型優(yōu)質的股票亚洲三级片在线网址。&

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares The current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; Secondly, the central rate repurchase focus on the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, which流通盤size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban is still in circulation is the pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, although the size of non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指數的跌幅遠遠高于上海綜合指數，但香港股市年底更有理由較少91精品国产自产在线观看48页，有幾個：首先亚洲国产一区二区av观看在线，A股目前的平均價格市盈率為15倍，而香港股市的平均市盈率僅8倍的比例人人扣B人人干B视频免费播放，資金流量較低国产精品色在线播放，在最近香港股市上漲造成的，而A股仍毫不猶豫地向前推進国产精品福利一区；第二日韩欧美精品视频在线观看_，中央率，H股回購的焦點国产黄色网站在现免费观看，一個最典型的價格比較現在是中國的石油A股超過10元的價格免费黄色免费，同時擁有股票的H股中性爱视频A级，只有5比港幣，當然www.youjizz.com.日本，而流通盤的大小的因素亚洲av试看，但中國的石油大股東回購自己的股票將不考慮這一因素，如果大股東要考慮如果回購成本欧美一級性愛視頻，H股更具吸引力是毋庸置疑的，第三手机一级在线视频，大小非解禁仍是流通是在A股市場的壓力性欧美精品久久久久，一座大山的頭部，但一個典型的例子是最近海通證券的大小非视频欧美日韩，禁售期間解除為2338600000的海通證券特黄真人免费AAA级毛片，在大小非流通股股份，甚至高達799.396億股中文字幕av人妻一本二本，雖然大小非釋放是漸進的女生一区二区三区视频网站，所有流通有一個過程，但掛著&堰塞湖&影響市場的擔憂91人妻论坛社区。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares the current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; secondly, The focus of the central enterprises to buy back into the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, there are流通盤size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban circulation is still pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, Despite the size of the non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指數的跌幅遠遠高于上海綜合指數亚洲欧美另类专区，但香港股市年底更有理由較少，有幾個：首先精品久久国产精品99国产，A股目前的平均價格市盈率為15倍绿巨人直播在线观看免费，而香港股市的平均市盈率僅8倍的比例，資金流量較低国产在线一区无码视频久，在最近香港股市上漲造成的免费网站一区二区，而A股仍毫不猶豫地向前推進；第二亚洲国产精品三区第一次，重點中央企業(yè)將購回的H股免费人成视频在线观看完整版，一個最典型的價格比較現在是中國的石油A股超過10元的價格，同時擁有股票的H股中国产精品视频拍自网站，只有5較港元當然国产精品第99页在线观看看，有流通盤的大小的因素，但中國的石油大股東回購自己的股票將不考慮這一因素操人操人，如果大股東要考慮如果回購成本中文在线天堂网www官网，H股更具吸引力是毋庸置疑的以及第三，大小非流通的禁令解除仍然在A股市場的壓力中文字幕日本黄色视频，一座大山的頭部加勒比在线精品观看，但一個典型的例子是最近海通證券的非規(guī)模的解除班期間，二十三點三八六億海通證券欧美激情a片免费专区，在大小非流通股股份6080无码吃奶在线观看视频，甚至高達7993960.0萬股份人人爱人人操人人摸人人干人人爱，盡管大小非釋放是漸進的，所有的流通有一個過程超碰在线免费公开干，但它掛1 &堰塞湖&市場擔憂的影響亚洲欧美国产一区二区。

The methods commonly used are specific price index, replacement cost, current entry prices, current exit prices, reproduction cost and discounted present values.

通常使用的方法是特定的價格指數，重置成本无码网站色哟哟在线观看，本期買入價格黄色网站黄页，本期賣出價格，再生產成本和貼現現值美女张开腿被弄到高潮视频。

The methods commonly used are specific price index, replacement cost, current entry prices, current exit prices, reproduction cost and discounted present value s.

通常使用的方法是特定的價格指數一极黄色网站、重置成本、本期買入價格黄色毛片免费看永久、本期賣出價格www黄色网站免费观看com、再生產成本和貼現現值。

The price index is used to eliminate the impact of monetary variables in order to get the real aggregations, which are thought of more important than the nominal aggregations.

價格指數的主要作用被認為是一種工具91后入国产在线，用來消除經濟總量中貨幣因素的影響可以在线观看毛片的网站，以得到更有意義的實際總量。

China's producer price index for manufactured goods was up 2.6 percent in August over the same period of last year.

對工業(yè)品的中國的生產價格指數八月份與去年同期相比上升2.6%美女a视频网站。

In India and the United States, an earlier version of the PPI was called the Wholesale Price Index.

在印度和美國人妻系列无码转区久久五月天， PPI 早先被稱為批發(fā)價格指數。