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Of South Korea said it will reduce memory-chip capital expenditure this year by an unspecified amount because of weak market conditions, and may also lower overall capital-spending plans for next year in line with the business environment.

上周五表示第三财季盈利锐减44%，之后公司宣布由于市场状况不佳，将于年内减少记忆芯片业务的相关资本支出，并有可能视明年经济环境的状况而下调总体资本支出计划。

The first systematic and fundamental research is did by Modigliani and Miler, they bring out with the famous MM theorem in 1958.Which says capital structure doesn't affect enterprise market value and average capital cost in a condition of perfect market. After that, several economists including Modigliani and Miler themselves put this theory forward with the MM theorem with the consideration of tax, the trade-off theory, the pecking order theory,market for corporate control, these analyses throw lights on the problem from different aspect.

对此做出系统性和开创性研究的是Modigliani和Miler，在1958年提出了资本成本与资本结构无关的MM定理，在此基础上，包括Modigliani和Miller在内的许多经济学家对此进行了探索，他们先后提出了考虑税收的MM定理、权衡理论、优序融资理论、控制权理论，从不同的角度分析了资本结构的优化问题。

This paper estimated the return rate of human capital and main influencing factor in China in 1990 and 2000 based on classical Mincer income equation and variables of education,experience and region,and made the basic judgment about characteristic of human capital in our country.

以经典Mincer收入方程为基础，通过引入教育、经验与区域变量，对1990年和2000年我国人力资本收益率及其影响因素进行估计，形成了关于我国人力资本发展阶段特征的基本判断。

In order to discover the effect which the human capital investment takes on the growth of farmer income in the poverty-stricken areas, the west region of Hunan Province is empirically analyzed by using of the Production Function and Mincer Equation, and the result as follows: Even in the countryside of the poverty-stricken areas, the human capital investment takes a positive effect on fanner's income, meanwhile, it must be pointed out mat the migration of labor force and education plays key role in the growth of farmer's income.

为了揭示人力资本投资对贫困地区农民增收的具体作用，论文进一步利用生产函数和明塞尔方程对湖南西部进行实证分析，得出了与预期相一致的结论：即使在贫困地区农村，人力资本投资对于农户收入也具有显著的促进作用，其中以劳动力迁移和教育所起的作用最为重要。

Such as Markowitz"s modern assets portfolio theory, Sharp, Minter and Mossin"s Capital Assets Price Model; Ross"s Arbitrage Pricing Theory; Black-Scholes"s the option of fixes the price classical capital market theories. They are all based on EMH.

例如马克维兹现代资产组合理论，Sharp、Minter、Mossin的资本资产定价模型，罗斯的套利定价理论，Black-Scholes的期权定价公式等经典资本市场理论，都是以有效市场假设为前提的或者与之有密切的联系。

Based on its own advantages, Kuntai has focused on one field and at the same time developed mixed farming. Based on its industry, it has also developed capital operation. It has more than ten full-finance and holding sub-enterprises, including Shanghai Yincheng Enterprise Development Group Co.Ltd., Shanghai Yincheng Sheshan Silver Developing Co.Ltd, Shanghai Kuntai Nonferrous Metal Co.Ltd, Qinling Copper Factory, Shanghai Kuntai Real Estate Co.Ltd., Shanghai Yincheng Kunhong Metal Powder Development Co.Ltd., Shanghai Kunxin Nanometer Material Co.Ltd, Shanghai Kunze Culture and Media Co.Ltd., Shanghai Kunyang Glue Size Co.Ltd., Shanghai Qiangdi Enterprise Development Co.Ltd and so on, with the net assets value of more than 1 billion Yuan and the share capital of more than 5 billion Yuan.

公司凭借自身实力，一业为主，多种经营，实业为本，兼具资本运营，下属上海银城企业开发集团有限公司、上海银城佘山白银开发有限公司、上海坤泰有色金属有限公司、秦岭铜厂、上海坤泰房地产有限公司、上海银城坤宏金属粉末开发有限公司、上海坤鑫纳米材料有限公司、上海坤泽文化传媒有限公司、上海坤阳浆料有限公司、上海强地企业发展有限公司等10多家全资、控股企业，净资产10多亿元，控股资本规模50亿元以上。

In 1958, Franco Modigliani and Merton Miller established two propositions for the relation between a firm's capital structure, its market value and cost of capital.

在1958年，佛朗哥莫迪利亚尼和默顿米勒设立了两个主张之间的关系一个公司的资本结构，其市场价值和资本成本。

From the paper named "The cost of capital, corporate finance and the theory of investment" coming out, Modigliani and Miller established the theory of capital structure, and the theory has developed for more than 40 years.

从Modigliani和Miller于1958年发表题为《资本结构、公司财务和投资理论》论文开始，他们便创建了现代资本结构理论，而资本结构理论至今已经经过了40多年的发展历史。

In their celebrated papers,Modigliani and Miller (1958,1963) argued that the capital structure decision and dividend policy is a matter of irrelevance,affecting neither the value of corporation nor it's cost of capital.

Modigliani和Miller(1958，1961)的经典论文指出公司的资本结构政策和股利政策均与公司的价值无关。

Since Modigliani and Miller (1958) in his groundbreaking thesis,"the capital structure and corporate value"said that in under ideal conditions the corporate value has nothing to do with corporate capital structure.

自从Modigliani and Miller(1958)在其开创性论文《资本结构与企业价值》中给出了理想条件下企业价值与资本结构无关的命题以来，公司资本结构一直是企业界、管理界和财务理论界研究的一个重要问题。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。