创业板新规对IPO抑价的影响研究--基于行为金融学理论的观察

行为金融学理论认为市场并非强势有效的,市场中存在大量的非理性投资者,投资者的非理性行为对IPO抑价的影响具有重要的理论和实践价值。本文依据这一理论,分析创业板新规对IPO抑价的影响。本文选取2020年新规后创业板上市公司的数据,采用统计分析的方法,建立多元线性回归模型,检验各个变量与IPO抑价率之间的关系。通过分析发现,羊群效应导致的投资者热衷于打新股,这一行为将推高创业板市场的IPO抑价率;投资者对新股的乐观程度越高,IPO的抑价率就越高;发行成本越大越容易导致投资者对企业产生不信任,最终导致抑价率走低;市盈率越高的企业IPO抑价率越高;发行规模越大的企业,IPO抑价程度越大,并对此提出相应的政策建议。

论我国颁行公司法的必要性

公司法是规定公司的种类、设立、组织、经营、解散以及调整公司对内。

发挥市场机制作用 加速县城经济发展

改革开放的春风,使古老的西岐大地焕发出勃勃生机.十四年间,随着各项改革用逐步深入。

当前银行信贷资金紧缺的原因及对策

随着我国社会主义市场经济体制目标的确立,社会经济迅猛发展,1992年国民生产总值增长率达到12.8％。经济的快速增长,客观上需要信贷与货币相应有较高的增长。银行作为国家宏观经济调控的重要职能部门之一,承担着集聚资金,灵活调剂,支持社会主义经济建设的重要职责。但目前,银行在经营过程中,存在着突出的问题:信贷资金紧缺,供不应求,压力很大,这主要表现在以下几个方面: 第一,由于资金紧缺,该贷的贷不了,使有些既符合国家产业政策、产品又适销对路的企业所需资金不能全额满足,从而造成人员与设备不能充分发挥作用,企业效益和社会效益受到影响。

LU Invariants and Canonical Forms and SLOCC Classification of Pure 3-Qubit States

In this paper the entanglement of pure 3-qubit states is discussed. The local unitary （LU） polynomial invariants that are closely related to the canonical forms are constructed and the relations of the coefficients of the canonical forms are given. Then the stochastic local operations and classlcal communication （SLOCC） classification of the states are discussed on the basis of the canonical forms, and the symmetric canonical form of the states without 3-tangle is discussed. Finally, we give the relation between the LU polynomial invariants and SLOCC classification.

Underground pressure appearance laws analysis for fully mechanized top coal slice caving on high-dipping thick coal seams

Taking Adaohai Coal Mine as the example, underground pressure appearance laws of fully mechanized top coal slice caving on high-dipping and thick coal seams. Through site visit, theoretical analysis and discrete element calculation, the research shows that, as the mining deepens, underground stress of lower sublevels is more obvious and higher than that of upper sublevels and is higher in the air return roadway than that in the air intake roadway in the area that is near to the top coal. Because the top coal is thick and gangue is caved above the support, underground pressure to the working face is relatively gentle. Immediate roof will mainly fall down along the floor. Main roof and the rock bed above the main roof will move to the mined out area along the fault in the early stage and then fall down with the mined out area later. In addition, roof pressure mainly periodically appears in two directions along the trend and the dip.

The Mal-distribution of Weeping from a Distillation Tray and Its Effect on Tray Efficiency

Experiments demonstrated that the weeping is mal-distributed andoccurs mainly in a region of tray deck next to the inlet weir. Theamount of weeping in this region depends on the weeping rate. On thisbasis, three types of weeping distribution are proposed. The effectof mal-distributed weeping on the Murphree tray efficiency isevaluated by using the three-dimensional non-equilibrium mixing poolmodel, where the influences of the flow pattern and the variation ofMurphree pint efficiency on a tray are taken into account.

Study of dynamic pressure roadway supporting scheme under condi- tion of thick composite roof

This paper analyzed the strata behaviors of solid-coal roadway, gob-side entry driving and deformation law of surrounding rock in depth under high stress and thick composite roof based on the dynamic pressure roadway as engineering background in Fengcheng mining area, Jiangxi province. The results, both field measurement and numerical simulation show that gob-side entry driving results the deformation of coal roadway main wall, however, entity-coal roadway driving results deformation of main roof and floor. The maintenance state of gob-side entry driving is better than entity-coal roadway, this situation is relevant to thick composite roof layered and easy collapse characteristics. At the same time, this paper put fox＇ward and proved proper dynamic pressure roadway supporting scheme under the surrounding rock condition and stress environment.

Study on Ground Motion Attenuation Relation in Shanghai and Its Adjacent Region

Based on intensity data in Shanghai and its adjacent region, the intensity attenuation relation is determined. Selecting the western United States as a reference area where there are rich strong ground motion records and intensity data, and by determining ground motion attenuation relation in an area lacking in strong ground motion data, we obtain the ground motion attenuation relation in Shanghai and its adjacent region.

Breeding of High Quality Conventional Japonica Type Glutinous Rice Bancangjingnuo

Bangcangjingnuo is a new, mid-maturing conventional Japonica type glutinous rice variety bred by Hunan Rice Research Institute and Hunan Wucai Agricultural Science and Technology Development Co., Ltd. In 2017, the Hunan Crop Variety Examination and Approval Committee approved Bangcangjingnuo. The breeding process of this cultivar was expounded in this study. This cultivar is highly glutinous and waxy, it produces a stable high yield, and it possesses the quality of low temperature resistance. The theoretical yield of Bangcangjingnuo is 8 731.5 kg/hm^2, and the actual output is about 7 422.0 kg/hm^2 according to the 85% discount.Finally, we described the main points of cultivation technique from the perspectives of timely planting and strict seed sterilization.

Effect of Ship Bow Overhang on Water Shipping for Ship Advancing in Regular Head Waves

This paper presents the results of an experimental investigation dealing with the effect of bow overhang extensions on the quantity of shipping water over the foredeck in case of ships advancing in regular head waves. To perform this investigation, a series of free-running tests was conducted in regular waves using an experimental model of a multipurpose cargo ship to quantify the amount of shipping water. The tests were performed on five bow overhang variants with several combinations of wavelength and ship speed conditions. It was observed that the quantity of shipping water was affected by some parameters such as wavelength, ship speed, and bow shape in terms of an overhang extension. The results show the significant influence of an overhang extension, which is associated with the bow flare shape, on the occurrence of water shipping. These results involve the combined incoming regular waves and model speed.

浅谈提高钢材利用率——港口机械类行业

本文对港机类行业提高钢材利用率的一系列问题探讨。简要阐述了导致钢材利用率偏低的种种原因,采取了一系列活动:原因分析会、无余量制作、套料三级审核、共边切割、材料缺失、控制钢板规格优选、余料管理等等。

Industrial Agglomeration Externalities, City Size, and Regional Economic Development： Empirical Research Based on Dynamic Panel Data of 283 Cities and GMM Method

Local governments have long been ardently pursuing the industrial specialization effect(MAR externalities) and industrial diversification effect(Jacobs externalities). Such a pursuit has resulted in severe distortion of resource allocation and negative effect on sustainability of local economic development. Regarding the effect from both MAR and Jacobs externalities on local economic development existing literature records notable disputes. Therefore, for local economic development, one important issue is which externality(MAR or Jacobs) can better bring the effect into play. By studying a panel data of 283 Chinese cities from 2003 to 2012 and applying dynamic plane data GMM method, this paper conducted a regression analysis of the relationship among industrial agglomeration externalities, city size, and regional economic development. The result indicates that with regard to the whole nation, MAR externalities are conducive to regional economy development whereas Jacobs externalities will, to an extent, restrain regional economic development. As regards eastern, middle, and western regions, MAR externalities are conducive only to the economic development of the eastern region; their effects on middle and western regions are insignificant. Moreover, the interaction item between MAR externalities and city size has a significant negative synergistic effect on national economic development and a certain acceleration effect on eastern region as well as a strong negative synergistic effect on the middle region and an insignificant effect on the western region. The interaction item between Jacobs externalities and city size has a positive synergistic effect on only the middle region and has an insignificant synergistic effect on both eastern and western regions. Capital stock and labor input have significant accelerating effects on GDP growth per capita of Chinese cities, whereas material capital and labor input remain primary driving forces for Chinese local economic development. Furthermore, human capital contributes to accelerating urban economic development, whereas government intervention restrains urban economic development.

Use of Wood Fibre Compost for the Cultivation of Trichoderma sp, （Isolate Td22）

The main objective of this research was to investigate the ability of a Trichoderma sp. （Td22）, inhibitory to Sclerotinia minor Jagger, to grow and survive in mature wood fibre waste （WFW） compost of paper mill origin following nutrient amendment. The growth and survival of the fungus in the WFW compost was assessed by serial dilution plate count method followed by confirmation of the fungal identity using pectic enzyme analysis as described in Cruickshank and Pitt [1]. It was found in this study that the population densities of TdE2 achieved under non-sterile conditions in the WFW compost following nutrient amendment was approximately in the range of 7.0 lOgl0 CFU/g dw - 8.5 log10 CFU/g dw after 28 days, depending on pre-treatment. The efficacy of this WFW compost-grown TdE2 for protection of lettuce from attack by S. minor was also demonstrated in glasshouse trials. This study indicates that cellulosic paper mill waste compost could provide an abundant low-cost growth medium for the large-scale cultivation of fungal antagonists, improving prospects for cost-competitiveness with chemical treatments.

Study on mechanical principle of reinforcing sidewalls and corners of roadway to control floor heave by anchors

The movement principle of sidewalls and floor of extraction opening is analyzed, it is found that floor heave not only has something to do with the floor strata, but sidewalls. The effect of sidewall anchor and corner anchor is studied, the mechanical principle of reinforcing sidewalls and corners is put forward and applied in engineering practice.

Fuzzy Earthwork Dynamic Allocation and Optimization for Construction of High Concrete Face Rockfill Dam

Due to the complexity of earthwork allocation system for the construction of high concrete face rockfill dam,traditional allocation and planning are not able to function properly in the construction process with strong randomness.In this paper,the working mechanism of earthwork dynamic allocation system is analyzed comprehensively and a solution to fuzzy earthwork dynamic allocation is proposed on the basis of uncertain factors in the earthwork allocation of a hydropower project.Under the premise of actual situation and the experience of the construction site,an all-coefficient-fuzzy linear programming mathematical model with fuzzy parameters and constraints for earthwork allocation is established according to the structure unit weighted ranking criteria.In this way,the deficiency of certain allocation model can be overcome.The application results indicate that the proposed method is more rational compared with traditional earthwork allocation.

Temperature Stress Analysis of Prestressed Concrete Box Girder with Corrugated Steel Webs

To figure out the distribution of temperature gradient along the girder height of steel-concrete composite box girder, combined with the mechanical characteristics of prestressed concrete composed box girder with corrugated steel webs, the calculation formulas of cross-sectional temperature stress along the span in a simply-supported beam bridge with composite section were derived under the conditions of static equilibrium and deformation compatibility of the beam element. The methods of calculating the maximum temperature stress value were discussed when the connectors are assumed rigid or flexible. Theoretical and numerical results indicate that the method proposed shows better precision for the calculation of temperature self-stress in both the top and the bottom surfaces of the box girder. Moreover, the regularity of temperature stress distribution at different locations along the girder span is that the largest axial force of the top or the bottom plate of the box girder is located in the midspan and spreads decreasingly until zero at both supported ends, and that the greatest longitudinal shear density in steel-concrete interface appears at both supported ends and then reduces gradually to zero in the midspan.

石墨电极验收对电极使用效果的影响

针对石墨电极成品加工检测中遇到的一些异常现象,分析了产生的原因,并结合生产实际及所使用检测工具,对石墨电极成品验收检测内容及方法进行深入的阐述,为石墨电极的加工和检验提供参考。