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After analyzing the course of controlling market price and the covariation between the stock price and the circulated shareholders' number, some characteristics of know-information trade in Chinese stock market are concluded.

本文得出结论:严重的信息不对称是造成中国个别股票价格被操纵的最主要原因;信息不对称容易产生知情交易和噪声交易;中国股票市场还未达到弱有效率;中小投资者和政府成为信息不对称的受害者。

This paper carries out study on corporate governance based on system theory, advances concept of corporate governance, analyzes and abstracts system core of corporate governance from the point of mechanism by means of study on environment energy-rank principle, running mechanism and model of corporate governance. This paper analyzes mechanism of stimulation and restraint by using game theory, verifies effect of stock right structure on efficiency of corporate governance in view of connection between capital and corporate governance, gives method of resolving optimum stock right limit of collection and deconcentration and adventure share model of blending capital, and discusses problem of entrance of stakeholders to corporate governance etc.

本论文以系统理论为基础对公司治理结构进行了研究,提出了公司治理结构系统的概念,分析提炼出了公司治理结构系统核,并通过对公司治理结构系统环境、系统能级原理和系统运行机制与模式的研究,从机制的角度分析了公司治理结构系统运行模式;运用博弈论对公司治理过程中的激励约束机制进行了分析;针对资本结构与公司治理结构的关系,运用模型验证了股权结构对公司治理效率的影响,给出了求解最佳股权集散度的方法和融资风险分担模型;探讨了利益相关者介入公司治理结构的问题等等。

Motor oil may be composed of a lubricant base stock only in the case of non-detergent oil, or a lubricant base stock plus additives to improve the oil's detergency, extreme pressure performance, and ability to inhibit corrosion of engine parts.

机油是由润滑油基础油组成,只有非石油清净剂,或润滑油基础油加添加剂,以提高石油的去污性,极压性,并能抑制发动机零件的腐蚀。

The disequilibrium resulted from the speculation of the stock investors is one of the tough problem in China stock market.

提要:股票投资者的投机行为及其所导致的股票市场的非均衡,是股票市场存在的难点之一。

First of all, Shanghai Stock Market s risk constitution, and the ratio of the systematic risk and the non-systematic risk were introduced, some suggestion of risk management were also put forward .Secondly, the risk and the income relations were analyzed. Thirdly, using thirty (30) samples stocks of Shanghai Thirty (30) Indexes as the combination, the investment portfolio scale and the disperser risk degree, etc., were examined, the strategy of investment portfolio in Shanghai Stock Market was also put forward .

首先,分析了上海股市的风险构成,系统风险和非系统风险的比例,并根据上海股市的实际提出了风险管理的对策;其次,分析了风险与收益的关系;再次,以上海30指数的30只样本股为组合对投资组合的规模、分散风险的程度等作了研究,并提出上海股市投资组合的策略。

As a matter of fact to determine the significance is not particularly large, it is only to provide you with a basis for the allocation of funds, for example, you still have 50% of the cash, if you can point to 2000 in cash and stock for further distribution to the ratio of 6: 4 , 6 percent of the shares, 4 percent of the cash; to 1800 points if you can be 7 percent of the stock, 3 percent of the cash.

事实上,以确定具有十分重要的意义不是特别大,它只是提供一个供您拨款的基础上,例如,你还有50%的现金,如果你能点的现金和2000年进一步发行股票的比例为6:4,百分之六的股份,百分之四的现金;到1800点,如果你能在百分之七的股份,百分之三的现金。

In fact to determine the significance of not particularly great, it just gives you a basis for allocation of funds, for example, you still have 50% of the cash, if the 2000 points you can cash and stock for further distribution to the ratio of 6: 4 , 6 percent of shares, 4 percent of cash; if we go to 1,800 points, you can stock 7 percent, 3 percent of the cash.

事实上,确定没有特别重大的意义,它只是给你一个拨款的基础上,例如,你还有50%的现金,如果2000点你可以现金和股票,以进一步分配的比率6:4,百分之六的股份,百分之四的现金;如果到1800点,您就可以储存百分之七,百分之三的现金。

Secondly, we empirically analyze the overreaction phenomenon in Chinese stock market with the data of Shanghai stock exchange.

第二部分实证检验了中国股票市场的过度反应现象。

Article 104 The words "stock exchange" shall be indicated in the name of a stock exchange.

第一百零四条证券交易所必须在其名称中标明证券交易所字样。

So we must try to establish Stock Index Futures in proper time.It has becoming a exigency of our stock market.

无论是交易品种、成交数量还是市场范围,都呈急剧扩大之势。

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