折价率

鉴于此，提出了实现我国IPO高折价率理性回归的思路。

Based on this , this paper puts forward the idea of realizing the rational regression of the higher IPO discount ratio of our country .

因此，资本市场会基于该正面信号给予公司较高的股价，从而其IPO折价率较低。

Therefore , on the basis of the positive signal , the capital market gives the company a higher share price . So the IPO discount rate is low .

周四，芝加哥商品交易所（ChicagoMercantileExchange）提高了美国国债作为抵押品的折价率。

On Thursday the Chicago Mercantile Exchange raised collateral haircuts for clearing Treasuries .

本文引入在险价值（VaR）和基金折价率指标，利用因子分析和聚类分析方法对基金业绩进行综合评价。

In this paper , Value at Risk ( VaR ) and the discount rate are introduced into this empirical analysis . Based on the factor analysis and the cluster analysis , we evaluate the fund performance comprehensively .

通过研究我们发现我国证券市场IPO折价率呈现两个主要特征：一是其绝对值远远高于国外市场平均水平；二是近年来有逐年下降的趋势，但仍处于高位运行状态。

Then we find that our countries ' stock market IPO underpricing has two main characteristics : one is that its absolute value is even more higher than the average value of foreign market ; another is that it presents downward trend , but still lies in high level .

我国封闭式基金折价率均值回归与投资策略分析

Mean-reversion Analysis of Closed-end Fund Discount and Investment Strategy

基金折价率的变动也表现均值复归（mean&reverting）的特性；

The variation of fund discount rate is also characterized as mean - reverting ;

赎回权的价值与封闭式基金折价率研究&兼论封转开方案设计

Value of Callable Rights and Closed-end Fund Discount

基金的折价率及其变动与基金上市期限的长短无关；

The fund discount rate and its variation have nothing to do with time period since it is issued .

欧洲央行正放开美元贷款的担保品折价率：欧元区贷款也应如此。

The ECB is relaxing collateral haircuts on dollar loans : it should do the same for euro loans .

风险规避程度差异在下降波段对折价率有一定的解释力，而对上升波段没有显著影响；

Risk choice degree can explan the rate of discount during drop phase , but has no influence during rising phase .

同时，资产价格的波动率和限售期也将对流通受限资产的折价率产生正向影响。

And both the volatility of assets price and the restricted period have positive impact on the discounts of marketability restricted assets .

但是基金的折价率变化与不同市值股票收益率之间却没有发现没有相关关系。

Nevertheless , the relative relationship did not found between the discount rate of the fund and the earning ratio of stock .

在不同板块表现方面，三个板块的暂时性冲击和永久性冲击受折价率和成交量的影响方向和程度也不同。

Temporary impact and permanent impact of the three board also different in both direction and degree caused by discount rate and volume .

开放式投资基金具有机制灵活、行为理性、防止内部人控制、降低折价率等明显的优势。

Open type investment funds are remarkably advantageous in flexibility , rationality , avoiding being controlled by internal workers and reducing discount rate .

引入股权分置改革这一事件作为控制变量，证明股权分置改革和封闭式基金折价率呈显著关系这一结论，为我国封闭式基金的发展提供了最新的经验证据。

The reform of division in ownership structure of shares of this event as the control variable . Closed-end Fund significant relationship . development provides the latest experience evidence .

本文以同时发行A股和H股的16家双重上市公司为样本，利用固定效应模型对H股折价率作了实证分析。

This paper makes a pragmatic study on discount rate of H share , taking 16 dual listing corporations on A and H share market as samples by means of the fixed effect model .

此外，证券投资基金是一种重要的金融工具，而折价率则是封闭式基金独有的一个指标，它直接受到收盘价和资产净值的影响。

Besides , Securities Investment Fund is an important financial tool , and agio-rate is an unique index of Close-end Fund , which is influenced directly by its closing rate and net asset value .

我们首先通过主成分分析来探索折价率的变化规律，然后通过变量标准化和函数型典型相关分析来揭示封闭式基金的折价率和开盘价之间的内在联系。

Firstly we apply Functional PCA to the data of agio-rate in order to explore its variation pattern , and then we focus on Variable Standardization Method and Functional CCA to uncover its inner relationship with the opening rate .

关于我国的封闭式基金折价现象有何表现特征、其内在的原因是什么、各种可能因素对折价率幅度的影响程度等等这一课题的研究，在当前具有较强的理论意义和实际价值。

The researches such as what the characterize of the Chinese closed-end funds discount phenomenon , what inside reason it is , and various of possible factors to the influence degree of the discount rate .