一级市场

汇丰（HSBC）的数据显示，各国央行和保险公司在一级市场上的购买占比不到10%。

Central banks and insurers account for less than 10 per cent of purchases in the primary market , according to HSBC .

IPO效率乃一级市场效率，是资本市场效率的重要组成部分。股权分置改革必定会对其产生深远影响。

IPO efficiency , the primary market efficiency , is an important part of capital market efficiency , which equity separation reform absolutely has a profound impact on .

IPO发售机制是影响股票一级市场效率的重要因素。

The mechanism for pricing and distributing IPO is an important factor affecting the efficiency of the primary stock market .

以IPO新股的内在价值为基础，分别从一级市场和二级市场两层次对创业板IPO高初始收益率进行分解。

Based on the intrinsic value of new shares , then this chapter respectively decomposes IPO initial yield from the primary and secondary market .

进一步的研究表明，发行监管是影响IPO抑价的主要因素，一级市场抑价随新股发行的市场化进程而显著降低。

Further empirical research shows that financial regulations are the most important factor affecting IPO underpricing and IPO underpricing decreases with the improvement of the primary market .

但是，传统理论忽略了金融体系内广泛存在的信息不对称问题，特别是信贷市场上的信息不对称同样可能会对一级市场的IPO产生影响。

However , they ignores the widespread problem of asymmetric information in the financial system , especially asymmetric information on the credit markets which also impact IPO underpricing .

接着以1996年至2006年间的A股1098家IPO公司为样本，通过子样本的划分和收益测度方法的选择，对一级市场抑价率进行实证检验。

Then , it selects 1098 IPO samples from 1996 to 2006 listed in A-Share market and tests their underpricing rate by dividing samples into groups and selecting return measurement methods .

第三章结合房地产市场及住房抵押贷款一级市场的情形分析了MBS的风险并提出了相应的风险管理措施；

The third chapter analyze the MBS risk and propose the corresponding risk management measure based on unioning real estate market and housing mortgage loan level of markets situations .

IPO抑价将股票的一级市场定价与二级市场交易价格联系在一起，一直都是研究股票首次公开发行定价合理性和二级市场有效性的重要指标。

IPO underpricing , which connect a stock market pricing with secondary market trading price , has always been an important reference standard for the study of IPO pricing rationality and effectiveness of the secondary market .

由于IPO抑价程度是把一级市场的发行价格和二级市场交易价格相比较的结果，因此必须考虑到作为比较标准的二级市场价格是否合理这一重要问题。

Because the degree of under-pricing is the result of comparing the offering price in the first market with the transaction price in the second price , so we must consider if the price in the second market is rational .

从理论上讲，若二级市场的需求是一级市场制定价格的依据，那抑价问题是不应存在的，但是，实证证明IPO抑价问题在各国都普遍存在。

Theoretically , if the needs of the secondary market is a market basis for setting prices , and that the underpricing problem should not exist , however , empirical proof of IPO underpricing problem is prevalent in all countries .

分别从一级市场上市公司盈余管理的角度考察中小板上市公司股票IPO首日超额收益问题，同时立足于二级市场考察上市首日收盘价高于发行价原因。

Markets respectively , from a perspective of earnings management small plates listed on the first day of IPO stock return over the issue , while the secondary market study based on the first day of listing the reasons for the closing price above the issue price .

在一级市场中运用B-S期权定价模型分析和计算各区域排放权初始分配价格，并详细分析了二级市场价格形成机理。

By B-S options pricing model , the paper calculates the initial allocation price of carbon emissions in different regions , and get a detailed analysis of the price formation mechanism in the secondary market .

这些回归使用的解释变量都是实际的发行价，因而，当一级市场存在人为折价发行时，这些回归方程就已经低估了IPO的真实价值，回归结果当然也就缺乏可信度。

Explanatory variables used in these regressions are the actual issue price , and therefore , when artificially issued at a discount on the primary market , these regression equations had underestimated the true value of the IPO . Of course , the regression results will lack credibility .

所以，只有通过放松政府管制和提高上市公司整体的治理水平才是降低长期存在的IPO严重抑价的根本路径选择，进而可以对长期驻留在一级市场上的巨额资金产生挤出效应。

Therefore , only through the relaxation of government control and improve the overall governance of listed companies is to reduce the long-standing severe IPO underpricing in the fundamental path selection , and thus can stay permanently in a huge sum of money on the market generate crowding-out effect .

定价偏低是指新股发行的一级市场价格低于二级市场价格，特别是上市首日的交易价格巨幅上扬，又称新股抑价。1975年Ibbotson通过实证研究证实了抑价现象。

Underpricing is defined as that initial public offerings of common stocks are systematically priced at a discount to their subsequent trading price In 1975 , Ibbotson found empirical evidence of underpricing .

文章发端于对这些不规范问题的关注，着眼于一级市场。

This article pays much attention to the stock issue market .

关于排污权的一级市场和二级市场问题

About the primary market and secondary market of pollutant emission right

国债发行市场化是一级市场的发展方向。

Marketeering is the direction of the first rank market .

一级市场卖家的要价通常比较低。

Primary dealers usually like to keep quiet about their asking prices .

对土地一级市场政府垄断的思考

Thoughts on " Government Monopoly of Primary Land Market "

城市住宅一级市场供需及发展研究

Study on the Supply and Demand and Development of First-Class Urban Housing Market

新股一级市场高市盈率形成的系统机制及对策

Systemic Mechanism and Solutions of the Formation of High PE Ratio in IPOs

农地城市流转与土地一级市场均衡

Rural-urban land conversion and the primary land market equilibrium

与此同期，一级市场交易量也大幅上升。

Over the same period the number of primary dealers also rose rapidly .

A股一级市场发行抑价研究

Study on the Underpricing in Chinese IPOs Market

一级市场中电力产品的差别化及其带来的市场进入壁垒

Product Differentiation of Electric Power and Deterrence of Market Entry in First Grade Market

关于完善上海土地一级市场的思考

Some Reflection on the Perfection of the First Level Market of Urban Land in Shanghai

我国土地一级市场现状分析&以北京市为例

An Analysis of First-Level Land Market of China & with Beijing City as an example

地方政府垄断土地一级市场，以确保地方财政收入来源稳定。

The local governments monopolize the primary market , which ensures the governments ' revenue .