Initial public offerings in the port industry: exploring the determinants of underpricing

The capital-intensive nature of the port industry and the long payback period of port investments traditionally determine high financial needs for operating the business. Due to the growing financial requirements for developing greenfield mega-projects and feeding international terminal operators’ overseas expansion, equity markets are expected to extend their role in promoting the industry. In this perspective, the underpricing phenomenon, which represents a direct cost for the issuer during initial public offering (IPO) and discourages companies from going public, is neglected by port literature. The paper explores the antecedents of IPO underpricing in ports. Building upon extant finance and port literature, firm characteristics, transaction features, and country-specific variables are tested as determinants of IPOs’ initial returns. For the aim of this study, 58 port-related IPOs taking place on international stock exchanges are examined, and ordinary least squares regression analysis is performed. The study offers unprecedented understandings of the phenomenon and supports port managers in facing financial challenges. Before launching the IPO, financial executives are invited to carefully identify time-window opportunities, and to monitor underwriters’ reputation when selecting financial partners. Findings bring insights for policymakers, as the public listing of port companies emerges a viable option for implementing port reform.     

IPO择时行为对资本结构的影响分析

基于资本结构的市场时机选择理论,本文以2006-2010年沪深两市IPO公司为研究对象,建立实证分析模型,研究IPO市场时机选择行为对资本结构的影响。实证结果表明沪市不存在明显的IPO择时行为,而深市较为明显,且此行为对资本结构构有长期影响,但其影响力有限,不及传统因素。     

基于B/S结构的游乐设施检测管理系统研究

通过对游乐设施检测领域问题和信息系统领域问题的研究，并根据用户需求，采用MVC模式和J2EE技术构造了游乐设施检测管理系统的网络结构和软件体系结构,采用构造的体系结构实现系统时，只需要根据业务需求添加业务组件，实现业务组件的数据输入、业务处理和数据输出．根据游乐设施检测管理系统的特点说明了系统的实现方法和技术.     

我国股票IPO现状及评价

本文分析了近年来我国IPO市场的现状及主要特征，并从参与主体角度探讨了我国IPO抑价的影响因素，最后根据影响因素给出了相应的对策建议，以降低我国IPO市场上的抑价程度。     

我国上市公司IPO抑价分析

对2003～2004年我国深沪两交易所的IPO抑价情况进行统计分析,选择发行市盈率、中签率、流通比、最新收盘价格、每股收益、每股净资产等因素作为IPO抑价率的影响变量进行实证分析,得出2003～2004年我国的股票市场正走向成熟等结论。     

利用债券市场促进城市轨道交通融资企新

对目前国内城市轨道交通融资模式和环境进行了分析,在考虑债券的融资特点及国内债券市场现状的基础之上,深刻分析了发行轨道交通企业债券的意义;并结合轨道文通的行业特点和当前实际,总结了轨道交通企业发行债券在操作上的难点,并有针对性地提出了相应的解决方案。