Finally , using the 5 minutes intraday data for measuring the market short - term liquidity , we discover that the liquidity of a share market have the reverse " l " sharp , intraday spead have the straight " l " sharp , volatility of retain also have the straight " l " sharp , but intraday volume have the " u " sharp 最后利用日内五分钟交易数据对市场短期流动性指标进行了度量与分析,发现沪深a股市场日内流动性呈现出倒l型,日内价差呈现出正l型,收益率的日内波动也呈现出正l型,日内交易量则呈现出u型。
But as a kind of mature theory system , it has n ' t been applied successfully in china ' s a shares market . the reasons of that include misunderstanding of ipos pricing theory china ' s a shares market is immature the executive condition of substantivcregulation is incomplete corporation corporation governance structure is faulty lack of investor sense , and another important reason is that most of corporations use the administrative method of ipo pricing . the administrative ipo pricing method based on p / e prescribed by china securities regulatory commission 然而ipo定价理论作为一项比较成熟的理论体系,在我国a股市场却并没有得到很好的应用,这其中除了有对ipo定价的基本理论认识不足、 a股市场不成熟、核准制实施的条件还不完全具备、公司治理结构不完善、投资者缺乏投资理性等原因外,另一个重要原因是大部分上市公司ipo定价时使用的是行政化的定价方法,即基于证监会规定的某个市盈率得出上市公司ipo定价。
First , it can be do by adjusting the capital market structure , which required to solving several important problems such as the reducing of state - owned shares , the circulation of total shares , the merge of a shares market and b shares market , and the opening of capital market . second , we must improve the issues system and companies " governance to remove the hidden peril at quality of listed companies . finally , the government should improve the capital market regulation system and cancel the recessive guarantee to the capital market ‘为此,要积极推进资本市场结构调整,优化市场结构,稳妥地解决国有股减持、股份全流通、 ab股并轨、资本市场对外开放i等重大问题,并减小它们对市场造成的冲击;要改进股份公司上市发行制度和进一步完善退市机制,改善公司治理,消除上市公司质量隐患;要矫正政府角色定位,取消政府的隐性担保,完善市场监管体系,保护中小投资者利益,抑制过度投机。