查询词典 circulating capital

3Rd chapter summarizes the principal character that our country venture capital develops at present, and analyses the problem that our country venture capital there exists in job at present mainly, such as: the government supporting strength to venture capital job is insufficient, risk capital scale is minor, financing gap is big, the venture capital professional is deficient, the venture capital withdrawing from is machine-made wait urgently after perfect.

第3章 概述我国风险投资目前发展的主要特征，并主要分析目前我国风险投资业存在的问题，诸如：政府对风险投资业的支持力度不够、风险资本规模小，资金缺口大、风险投资专业人才匮乏、风险投资的退出机制亟待完善等。

It is the summation which the society and economy relation reflect essentially. The manpower capital property right have three common characters: exclusiveness、 resolvability、business and four special characters: the first one, the owner have not impartibility ownership and control right to the manpower capital himself. The second one, manpower capital can reflect in the different way of material capital when the property right deformity; the third one, manpower capital's employment and investment course are in-phase, the fourth one, the effective yardstick and mechanism of measuring manpower capital are absence.

在此基础上，概括出人力资本产权排他性、可分解性、可交易性的一般特征以及它的四个特殊特征：一是所有者对其自身的人力资本并不具有不可分离的所有权和控制权；二是当发生产权残缺时人力资本可以以迥然于物质资本的方式回应，通过关闭人力资本达到效用享有的均衡；三是人力资本的使用和投资过程是同步合一的；四是缺乏有效计量人力资本的尺度和机制。

And thus I provide the evidence to undermine the commonly held opinion that China's public companies improved their performance by increasing financial leverage ratio. Seventhly, the international comparison reveals that the development of capital market has direct influence on the industry performance and the capital markets of developed countries are more effective than those of developing ones. Whether the finance system is bank-dominated or capital-market-dominated means little to the effectiveness of capital market and also the industry productivity. Eighthly, capital market, bank and FDI differ markedly in the mechanism of financing selection, supervisory effectiveness and industry characteristics. Averagely, capital market is the most appropriate mechanism among the three out-sourcing financing, considering the supervisory cost and effectiveness comprehensively. Certainly, some flaws remain in this study.

因此，我们认为，中国各产业上市公司产业绩效的提高不是通过提高财务杠杆比例来实现的；第七，基于资本市场自身的国际比较研究表明，资本市场发展程度直接影响其对产业绩效的改善和促进程度，成熟市场的资本配置效率显著高于新兴市场，而金融体系以银行为主导还是以资本市场为主导，并不影响资本市场功能的有效发挥，也不对产业绩效的影响产生效率上的差异，仅仅表现为在多大规模或范围内对产业绩效产生影响；第八，基于资本市场、银行贷款及外商投资3种外源融资方式对产业绩效影响的比较研究，三种方式在融资选择机制、监督力以及所影响的产业特征方面均存在显著差异，三者对不同产业绩效的影响呈现互补作用，而资本市场是监督成本与效力结合较好的融资方式。

The situation of manpower shortage in the entrepreneurs human capital market is the factor which determines the entrepreneurs' strong position in the negotiations. The speciality, professionality and risk resisting ability of entrepreneurs human capital forms inherent basis of human capital negotiation power. Entrepreneurs human capital's contribution to the enterprise determines the performance criterion of entrepreneurs human capital negotiation power. These factors above together affect the entrepreneurs human capital negotiation power and determine entrepreneurs' ability to participate in enterprise's income distribution.

企业家人力资本市场的供不应求状况是决定企业家谈判力强势地位的环境因素，企业家人力资本的特殊性、专有性和风险抵押能力是企业家人力资本谈判力的内在基础，企业家人力资本对企业的贡献是决定企业家人力资本谈判力的绩效标准，上述因素共同作用影响企业家人力资本谈判力，决定了企业家有能力参与企业收益分配。

The essay introduces proposals and roles of venture capital, and di- cusses the unique demand of the capital in high tech industry. It also reveals the key points of success in venture capital, which is coalescence of the capital, the technolony, the knowledge and the human capital. It analyses the operating system in the venture capital.

本文介绍了风险投资的特征及功能，论述了高科技产业独特的资金需求特征，揭示出风险投资中资金、技术、信息及人力资源的整合是其成功的主要原因，并分析了风险投资的运行机制。

The first is that intellectual capital is reclassified into the human capital and the structure capital , the structure capital subdivides for the market capital and the innovation capital.

对智力资本进行了重新分类。将智力资本分为人力资本与结构资本，结构资本又细分为市场资本与创新资本。

This paper endogens carbon tax and subsidy two variables, discussing how to decide the optimal level of carbon tax and subsidy. The results of the research are obtained as the following:(1) price and capital subsidy which one is priority depend on the productivity of renewable energy capital, if productivity is high enough, then should adopt capital subsidy policy;(2) price and capital subsidy indeed exist trade-off and non-independent relationship;(3) renewable energy regulation ratio has negative effect on carbon tax, however has positive effect on price subsidy;(4) green certificate price increase will result in decrease carbon tax and price subsidy, but increase capital subsidy;(5) if the authority loose the environmental target, then should impose high carbon tax which maintains the environmental quality, but have ambiguous effect on subsidy policy;(6) increasing stability of renewable energy, then increase price subsidy, however, under budget constraint should decrease capital subsidy;(7) analyzing Taiwan's three wind power energy with different price subsidy, which can improve the technology of wind power energy. In another word, it can raise the capacity of wind power energy and reach the goal of renewable energy.

本文考量政府预算限制下，探讨最适碳税税率与补贴率订定之问题，获得如下发现：(1)发电量补贴与资本补贴对促进再生能源发展效果不一样，决定於再生能源资本的生产力，如果资本生产力足够高，则发电量补贴效果较佳；反之，则应优先采行资本补贴措施；(2)发电量补贴与资本补贴的确存在抵换而非独立关系，亦即在政府预算限制下，为促进再生能源发展，应将种种补贴措施整合考量，以最低行政成本达到再生能源发展目标；(3)再生能源管制配比与碳税税率及资本补贴率呈反向变化关系；而与发电量补贴呈正向关系；(4)绿色权证交易制度具促进再生能源管制目标达到之奖励效果，因此，绿色权证价格提高可降低发电量补贴及碳税税率，降低碳税对经济不利冲击效果；(5)政府如果采行较宽松环境目标，宜提高碳税税率，避免环境品质进一步恶化，然而，对发电量或资本补贴之影响效果不确定；(6)再生能源发电效率愈高，则应提高再生能源发电补贴，在预算限制下，应降低再生能源资本补贴；(7)透过台湾三座风力机组的实证分析，采取差异性发电量补贴，将可诱导较高效率风力机组的投资行为，提高整体风力发电效率，达到再生能源发展之目标。

The so-called securitification of assets refers to a process in which the original rights and interests holders of non-circulating stocked assets or foreseeable incomes in the future are structured and transformed into marketable and circulating financial products on the capital market.

所谓资产证券化，就是将原始权益人不流通的存量资产或可预见的未来收入构造和转变成为资本市场可销售和流通的金融产品的过程。

The results show that although economic growth in the northwest region as the whole has been physical capital-driven, elasticity and contribution rate of human capital in each province has been relatively high, indicating the spillover effect of human capital These findings suggest that effectively and steadily speeding up human capital accumulation while increasing capital investment may enhance the level of economic development in the northwestern China, thus reducing the disparity between this region and the eastern region.

结果表明，虽然西北地区的经济增长总体来看是资本推动型的，但各省区人力资本的产出弹性和贡献率较高，而且人力资本的溢出效应较为明显，此外，各省区间人力资本对经济增长的贡献率有较大差别。据此作者认为，在中国经济增长方式转型期，除加大物质资本投资力度外，有效、持续地加快人力资本积累，可以更快地提高西北地区的经济发展水平，从而缩小该地区与东部地区的差距。

The economic growth accounting of China's provinces between 1990 and 2004 finds some results like the following: no matter whether human capital was introduced or not, there were technological inefficiencies in most provinces'economic activity which were pure technological inefficiencies or scale technological inefficiencies; technological change, capital deepening and human capital accumulating all promoted labor productivity, but technological efficiency change played a negative role during these years as a whole; the descending order of provincial difference of labor productivities'changes brought out by each factor was technological change, capital deepening, technological efficiency change and human capital accumulating; each province's pure technological efficiency change or scale efficiency change not only had different size, but also different evolution route.

中国各省在1990～2004年间的经济增长核算结果表明：不论是否引入人力资本，大多数省份的经济活动都存在着技术无效率，这既包括纯技术无效率，也包括规模无效率；技术进步、资本深化和人力资本积累都促进了劳动生产率的提高，而技术效率的变化整体上来说在其中起阻碍作用；各因子引致的劳动生产率变化的省际差异从大到小依次为技术进步、资本深化、技术效率的变化和人力资本积累；各省的纯技术效率或规模效率的变化不仅大小不同，而且它们的演变路径也不一样。

A carrier gas such as nitrogen is directed through line 20 and valve 22 to connect with line 26 and mix with the gas sample.

如氮气之类的载体通过管线20和阀22引入，与管线26相通，与气体样品混合。

But for the most part, knaves and parasites had the command of his fortune

然而支配他的家产的大多是恶棍和寄生虫。