the fundamental condition to realize the hypothec is the debt is due but not cleared.

a security contract shall be a subordinate one to the principal contract.

担保合同是主债权债务合同的从合同。

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the kind and amount of the principal debt secured;

被担保的主债权种类、数额；

provided by jukuu

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.

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。

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first of all, we briefly introduce the research status of ipo underpricing in our country and foreign countries, the degree of ipo underpricing in each country and the definition of underpricing in the first section.

本文的第一章首先简要地介绍了IPO折价现象的国内外研究现状，以及各国IPO折价的程度，并明确了IPO折价的定义。

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then he conducted a survey of 1,000 iphone and ipad customers to find out how much of a discount a competing product would have to offer before those customers would consider switching.

然后，他对1000名iPhone和iPad用户进行了调查，希望知道竞争产品要提供多大折价，才能吸引这些苹果用户考虑换到其他产品。

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this paper presents a new matchmaking tradeoff competition mechanism. it solves the problems of transmission price between provincial networks in a regional electricity power market.

设计了考虑输电价格和输电损耗折价，并按MCP结算的区域电力市场月度撮合交易竞价机制，它主要解决了区域电力市场中省级电网间存在跨省输电价格情况下的竞争交易问题。

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The initial public offering under-pricing is the phenomenon that the closed price is higher than the issuing price in the first day when a company is listed in the stock market.

新股发行折价是指IPO企业上市后首日收盘价高于发行价的现象，这种现象在发达资本市场还是新兴资本市场上都普遍存在。

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the empirical study shows that to the variety of closed-end funds discount is positive correlation to the variety of future fund price return.

研究封闭式基金折价与基金未来收益之间的动态关系，并用GARCH（1，1）模型分析基金折价与基金未来收益波动性之间的关系。

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ipo ( initial public offerings) underpricing refers to the phenomenon that the issue price is lower than the first-day market closing price, which brings the positive initial returns.

IPO折价是指股票的发行价格低于上市首日价格，从而产生正的初始回报的现象。

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lns model documents that ipo discount is the result of underwriters trying to extract the surplus from over-optimistic individual investors and maximize their proceeds.

LNS模型认为，IPO折价是承销商试图从狂热的投资者那里攫取剩余而使发行收入（proceeds）最大化的结果。

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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.

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。

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the mean-reversion character of discount;

基金价格和NAV存在协整关系，即基金折价遵循均值回复过程；

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thus, the joint participation by both informed and uninformed investors in underpriced ipos makes the demand for underpriced ipos high, and allocation rate low.

这样，由于知情投资者和未知情投资者共同参与折价IPO，这使得对折价IPO的需求高，从而中签率低。

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a lot of empirical studies indicate that ipo underpricing is an extended and universal phenomenon in the stock markets of different countries all around the world.

大量实证研究表明，IPO折价是世界各国证券市场中长期、普遍存在的一种现象。

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

鉴于此，提出了实现我国IPO高折价率理性回归的思路。

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the discount of ipo in the stock exchanges has aroused the wide attention of the academic circles and formed a series of theoretical explanations.

股票市场中IPO折价现象已引起学术界的广泛关注，并形成了一系列的理论解释。

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it was announced in april as a$ 1 billion deal, which would have valued facebook shares at$ 30.43.

四月份，Facebook宣布以10亿美元价格收购Instagram，因此当时Facebook股票每股折价应该是30.43美元。

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models about the pricing of ipos are given when the investors have no idea about the true value of the project.

本文研究了该假设下，如果投资者自始至终无法知道项目的真实价值，而只能根据发行份额和折价程度来判断项目的真实情况时的IPO定价问题。

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we attempt to shed light on this issue by examining some classical models of ipo underpricing for the chinese market.

本文试图通过在中国证券市场检验IPO折价的一些经典模型来弄清楚这个问题。

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ipo discount of state-owned enterprises: interpretation based on the theory of policy signaling

国有企业IPO发行折价：基于政策信号理论的解释

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