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This article analyzes the profit model of insurance companies in detail and validates the relevance between the prescripts which have been constituted by the China Insurance Regulatory Commission in the operation of insurance funds and the investment income of insurance companies through financial statements of the three companies, China Life, Ping An of China and China Pacific, which have been coming into A-stock market. It analyzes the relationship between the insurance company asset allocation and the funds income and risk of insurance companies by simulating the different insurance companies' earnings on different asset allocation and different equity investment yield, so as to arrive at the objective how to configure which prescripts to funds operation of insurance companies is reasonable, demonstrates the rationalities of insurance funds operation prescripts which have been constituted by the China Insurance Regulatory Commission, and considers the equity investment of insurance companies can be properly enhanced to thirty percent of total assets because China's economy will develop stably, chronically and at high-speed .

文中通过借助目前A股上市的中国人寿、中国平安和中国太保三家保险公司的报表详细地分析了保险公司的盈利模式，验证了保监会关于保险资金运用的管理规定与保险公司的投资收益率存在的相关性，并通过模拟在不同资产配置及不同股权投资收益率下保险公司最后的收益情况，用数据分析了保险公司资产配置与保险公司的资金收益和风险的关系，从而得出保险公司的资金运用怎样规定才是合理的，也论证了保监会对保险资金运用的管理规定的合理性，并认为在我国经济仍将长期稳定高速发展的情况下，可适当将保险公司的股权投资比例提高到总资产的30%。

Since March 16,1998 security markets begin pursuing ST system, by the end of 2003, there are 178 special treated companies. Before these companies were special treated, 106 listed companies have offered debt guarantee for other companies. 43 companies of these 106 listed companies make the contingent liability become real debt because guaranteed companies default contracts.

从1998年3月16日起我国证券市场开始推行ST制度以来到2003年底，共有178家公司被ST，其中在被ST的前3年中，存在对外担保的上市公司有106家，在这106家上市公司中有43家公司由于被担保公司逾期未还担保贷款而使上市公司的或有负债成为实际负债。

Third, this paper theoretically demonstrates and analyzes the four assumptions of the preference theory of guarantee behavior of Chinese listed companies:(1) On the condition of guarantee behavior preference of Chinese listed companies shaped, Chinese listed companies take on the risks, duties and functions on evaluating and supervising the debtors which Chinese banks transfer to listed companies;(2) On the condition of guarantee behavior preference of Chinese listed companies shaped, the irrational financial and investmental psychology of the debtors bourgeons, and then, results in the appearance of irrational behaviors;(3) On the condition of guarantee behavior preference of Chinese listed companies shaped, the security screening system of bank is deformed, the "relation-security system" forms, and results finally that the self-develop system of the debtors becomes flabby;(4) On the condition of guarantee behavior preference of Chinese listed companies shaped, the "guarantee chains" and the "guarantee nets" give birth, and the "tool" function of guarantee,"guarantee chains" and "guarantee nets" forms.

第三，对中国上市公司担保行为偏好理论的&四大假说&进行了理论分析和验证：一是在中国上市公司担保行为偏好形成的情况下，上市公司承担了由银行通过保证担保转移过来的、对借款人进行评判和监督的风险、责任和职能；二是在中国上市公司担保行为偏好形成的情况下，借款人非理性投融资心理倾向萌发，并进而导致其非理性投融资行为产生；三是在中国上市公司担保行为偏好形成的情况下，银行担保筛选机制扭曲、&关系—担保机制&形成，并最终导致借款人&自强&功能弱化；四是在中国上市公司担保行为偏好形成的情况下，担保链、担保网得以催生以及保证担保、相互担保和担保网的工具性功能得以形成。

The empirical study discovers that:(1) The information technology companies in Taiwan that invest in China shows better financial performance, growth opportunities and company assets than those that don't. It indicates that the companies investing in China have better performance, higher growth in the future, and the tendency to expand;(2) In terms of the relationship between the scale of investment and the performance of the parent companies, the information technology companies listed in Taiwan show an S curve while the top 100 information technology companies in 2005 lead to a U curve, which indicate that information technology companies adopt different management methods at different stages. The enterprises with better sales don't exceed the optimal degree of investment;(3) The growth opportunities of the information technology companies listed in Taiwan investing in China have positive

实证结果发现：（1）台湾资讯电子业赴大陆投资在财务绩效、成长机会与母公司规模皆高於未赴大陆投资者，显示出赴大陆投资者绩效较好、未来具有较高的成长、有大型化的趋势；（2）台湾上市柜资讯电子公司与2005年前百大排名电子公司大陆投资程度与母公司绩效关系分别呈现S型与U型，显示资讯电子业在不同阶段有不同的经营模式，营收较佳的企业未超过最适的投资程度；（3）台湾上市柜资讯电子业赴大陆投资之成长机会对财务绩效具正向影响，显示出大陆投资之成长机会愈高，则有较佳的财务绩效；（4）台湾上市柜资讯电子业之大陆投资程度会影响母公司成长机会，显示随著大陆投资程度的变动，明显牵动母公司的成长机会。

In the second place, this paper uses the financial data reported by China's private listed companies and statistical analysis skills to test the theories and hypotheses. The research collects all required data from 2000 to 2002, examines the profit ability, the gain ability, the repay ability, and the cost control ability for all sampling listed companies by using Paired-Samples T test in the quantitative analysis section. The results show that these listed companies'profit decreases, income increases, repay ability enhances after the companies go public. Finally the paper takes the non-operating expenses as the illustrating index for the cost control capability of the companies to demonstrate that there is an obvious increase of non-operating expenses after getting great amount of money in IPO, in this sense it can be stated that there is the intendancy of low capital utility rate in private companies.

研究选用了描述性统计分析方法对样本企业IPO前后时段的财务指标进行了对比考查，并运用配对样本t检验方法进行了显著性检验，研究结果表明民营企业在IPO前后的盈利水平总体上是显著下降的；同时研究也显示虽然获利水平出现了小幅上升，但这是由于企业通过IPO融资增加了投资规模导致的；企业的偿债能力在IPO之后有明显的好转；研究最后以营业外支出作为企业成本控制能力的解释指标，发现企业在IPO上市融得大量资金后对主营业务以外的支出有明显的增多，可以判断民营企业存在资本利用效率低下的现象。

The major participants of financial activities are banks, trust and investment companies, insurance companies, secrities companies and credit cooperation banks, finance companies, investment trust companies, finacial leasing companies and those exchange centres of securities, bullions, foreign currency, etc.

从事金融活动的机构主要有银行、信托投资公司、保险公司、证券公司，还有信用合作社、财务公司、投资信托公司、金融租赁公司以及证券、金银、外汇交易所等。

Dozens of companies under the jurisdiction of the civil engineering construction subsidiary, decoration companies, steel companies, fire works, road and bridge companies, professional installation companies, Hong Xiang real estate development company, Shun Po security supplies, construction machinery Leasing companies such as the production and management units and currently employs more than 5,000 people, all types of engineers and technicians more than 1,700 people, senior engineers and technicians from more than 500 people, the construction division Yiji 4, the project manager qualification certificates held by 171 persons.

公司下辖十个土木建筑施工分公司、装饰装修公司、钢结构公司、消防工程公司、路桥公司、安装专业公司、鸿祥房地产开发公司、顺宝安全防护用品公司、施工机械租赁公司等生产经营单位，现有员工5000余人，各类工程技术人员1700余人，中高级工程技术人员500余人，壹级建造师4人，持有项目经理资格证书者171人。

John Ringwalt's homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of $23 million, up from $5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded combined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance companies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman's Cup in 1977 for achieving the lowest loss ratio among the homestate companies. All in all, the homestate operation continues to make excellent progress.

John Ringwalt 负责的 Homestate 业务旗下主要包含五家公司，其中堪萨斯火险在 Floyd Taylor 筹备下于1977年底正式营运， Homestate 1977年的保费净收入达到2，300万美元，三年前不过只有550万美元，其余四家的年度综合比率都低于100，其中 Cornhusker 甚至只有93.8， John 在努力管理其它四家公司的同时，更让 Cornhusker 过去七年有六年的综合比率低于100，从1970年正式营运以来，该公司已顺利成为内布拉斯加州传统独立经纪系统的领导业者，至于由 Jim Stodolka 带领的 Lakeland 火险则荣获1977年主席杯的头衔，因为去年该公司的综合比率最低，总的来说， Homestate 集团的营运在去年大有进展。

John Ringwalt's homestate operation now consists of five companies, with Kansas Fire and Casualty Company becoming operational late in 1977 under the direction of Floyd Taylor. The homestate companies had net premium volume of $23 million, up from $5.5 million just three years ago. All four companies that operated throughout the year achieved combined ratios below 100, with Cornhusker Casualty Company, at 93.8, the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded combined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance companies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman's Cup in 1977 for achieving the lowestloss ratio among the homestate companies. All in all, the homestate operation continues to make excellent progress.

John Ringwalt负责的Homestate业务旗下主要包含五家公司，其中堪萨斯火险在Floyd Taylor筹备下于1977年底正式营运，Homestate 1977年的保费净收入达到2，300万美元，三年前不过只有550万美元，其余四家的年度综合比率都低于100，其中Cornhusker甚至只有93.8，John在努力管理其它四家公司的同时，更让Cornhusker过去七年有六年的综合比率低于100，从1970年正式营运以来，该公司已顺利成为内布拉斯加州传统独立经纪系统的领导业者，至于由Jim Stodolka带领的Lakeland火险则荣获1977年主席杯的头衔，因为去年该公司的综合比率最低，总的来说，Homestate集团的营运在去年大有进展。

Listed companies in the manufacturing sector is the largest listed companies in Shanghai group of companies covering more than half of listed companies in Shanghai, from the overall perspective, the manufacturing sector in 2008 listed companies in the first three quarters year-on-year revenue 28% growth in net profit year-on-year increase of 16%, but the third quarter revenues increased 22 percent year-on-year, performance actually fell 16 percent,"Made in China" is facing a substantial decline in the performance situation.

制造业上市公司是全球最大的上市公司在上海的面积超过了上市公司在上海的一半集团公司从总体上看，2008年制造业中列出的今年前三季度公司同期收入的28％，净利润同期增长同比增长16％，但第三季度的收入增长了百分之二十二去年同期相比，性能反而下降了百分之十六，"在中国制造"正面临重大在性能下降的情况。

I think people in this lifetime in a rebirth.

我觉得人在这一生里其实也在轮回。

He had to tie her hands together.

他不得不把她的双手绑在一起。