增发融资市场运行中的问题及制度完善研究

目前中国增发融资出现了市场融资功能错位、发行监管效率不高、发行折价幅度偏大、内幕交易和利益输送频发以及信息披露不完善等问题。借鉴国外成熟市场制度,从上市审核、发行主体、发行定价、发行对象、流动性限制、信息披露制度等方面完善中国增发融资市场的相关制度,从而提高市场的运行效率。     

营销型企业网站的建设与优化技巧

营销型企业网站是指以网络营销理念为导向,以用户体验为中心,具有良好的搜索引擎表现,能够有效利用多种手段获得商业机会,提高产品销售业绩和品牌知名度的企业网站。本文论述了营销型企业网站的规划方法、特征并提出了网页优化的具体技巧。     

财务柔性对上市公司股权再融资偏好的影响分析

以2014—2018年沪深上市公司为样本,借助CSMAR、wind金融证券数据库资源和Stata11软件完成数据分析处理,对我国上市公司股权再融资偏好现象进行实证分析和研究。研究发现股权投资偏好并不是全体上市公司所为;具有控制权的大股东影响配股融资决策;财务柔性储备越多的企业越不偏好股权再融资;成长性越高的上市公司越偏爱股权再融资;企业收入波动性与企业股权再融资行为呈现负相关。     

搜索引擎的发展现状与趋势研究

在现代网络飞速发展的带动下,搜索引擎技术的功能也越来越强大,提供的服务也越来越全面,现已成为一个新的研究、开发领域。目前如何提供对网上信息的高效、智能的检索机制已经成为计算机网络领域内的一个研究热点。搜索引擎的研究要用到许多领域的理论和技术,所以具有综合性和挑战性。     

Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China

We examine the information content of unexpected dividend changes under China’s unique semi-mandatory dividend policy, which requires firms to pay a minimum amount of cash dividends before they can undertake seasoned equity offerings (SEO). The cumulative abnormal returns (CARs) are significantly positive in response to unexpected dividend increase for non-SEO firms, but they are not significantly different from zero for SEO firms. For non-SEO firms, there is a significant positive relation between future earnings and unexpected dividend increases, but the relation is not significant for SEO firms. However, when considering additional refinancing costs for SEO firms caused by the mandatory dividend policy, higher dividend payments are associated with lower future earnings. Overall, our findings are consistent with both the dividend signaling theory and the negative effects of SEOs on a firm’s value.     

Estimating the Model for Seasoned Equity Offering Underpricing: Application to the Chinese Financial Market

We estimate the binomial probit model to examine the significance of important explanatory variables documented in seasoned equity offering (SEO) underpricing literature using two statistical approaches: maximum likelihood estimation and Bayesian estimation. In particular, our estimation relies on SEO-related data in the Chinese financial market, where the pricing mechanism is less transparent compared to that in the U.S. market. We find that the signs of coefficients for the explanatory variables in each model are not different, but their magnitudes appear to be different. Our finding also shows that estimation results are generally consistent with the results observed in the U.S. market.     

关键字策略在SEO中的应用研究

关键字常被称为是整个搜索应用的基石,在搜索引擎营销的整个环节中,关键字的选择最为重要,如果选错了关键字,可能会影响营销目标的实现。在运用关键字策略时,首先应站在客户的角度,将关键字扩展成一系列词组/短语,并进行多重排列组合,从而确定你的核心关键字。在确定了自己的关键字之后,需要在网页文本中适当出现这些关键字,对关键字的密度和位置进行合理的分布。     

SEO Cycles

Public equity offerings by seasoned firms (SEOs) exhibit similar but less volatile cycles than initial public offerings (IPOs) of newly public firms. Our paper provides a comprehensive examination of the factors that cause variation in the number of firms issuing SEOs. Specifically, we use four factors from studies of IPOs as potential determinants of SEO cycles. We find that whether tested separately or collectively, only the demand for capital and market timing hypotheses receive strong empirical support in explaining SEO volume. Investor sentiment is not an important factor in explaining SEO volume, nor is information asymmetry.     

Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.     

浅谈SEO技术在服装类电子商务中的应用

搜索引擎优化(Search Engine Optimization,简称SEO)是一种利用搜索引擎的搜索规则来提高目标网站在有关搜索引擎内的排名的方式。在当前服装电子商务网站风起云涌的年代,SEO无疑是一种投入小、回报率高的推广方式。本文针对服装电子商务网站的SEO技术提出一些建议以及注意点,希望能对相关网站有所帮助。