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Refering to the pricing of MBO, this thesis takes for that it's inconsequential to make net assets value per share as sole standard of pricing, and the standard of valuing must be traced back to free cash flow, and Free Cash Flow Valuation must be set up for pricing. And this thesis has brought EVA theory into MBO pricing to quantitating former contribution of management. Moreover, this thesis analyses controlling premium and marketability discount, and considers that we must develop the mechanism of market to improve the level of investors protection.

在对定价问题的探讨中，本文认为以每股净资产作为唯一定价标准不合理，衡量价值的标准应追溯到自由现金流量，应建立自由现金流量模型对管理层收购进行科学定价；本文还引入了EVA的理论量化管理层的历史贡献，以修正自由现金流量模型；同时本文认为定价时还要考虑控制权溢价和流动性折价，并且适当引入竞争，发挥市场机制，提高投资者保护水平。

The children's school must be a place of utmost discipline and order, that instruction must be thorough, and provision must be made for the rectification and refinement of character; so that, in his earliest years, within the very essence of the child, the divine foundation will be laid and the structure of holiness rased up."

&儿童学堂必须保持最好的纪律和秩序，要有详细周到的指令，要制订出改正和完善学童品格的规定；以便在他们年幼之际就在内心里打下神圣的基础和树立圣洁的意识。&

It proposes the enterprise must as soon as possibly establish the modern enterprise system and perfect the controlling pattern. It must formulate the developmental strategy, firms the development direction and redeploys the resources. It must strengthen the culture construction in the enterprise and insures the strategy implementation. At present, the LSD industrial corporation gains success.

本文的目的之处在于，通过对立事达实业公司的外部环境和内部资源等的分析，系统地总结了立事达实业公司近年来的发展战略，提出企业必须尽快建立现代企业制度和完善集团化管控模式，制定发展战略，坚定发展方向，重新配置资源，加强企业文化建设，保障战略实施。

Eight successful convictions: If I Can not, I must; if I must, I must be

成功信念八：假如我不能，我一定要；假如我一定要，我就一定能

Mr. Ying Yuandao ever summarized the discussions on the Christianity Localization Movement in China in the 1920s, and held that the so-called localized Christian churches should have the following characteristics:"First, churches of the Chinese; Second, set up according to the experiences of the Chinese Christians; Third, with rich quality of Chinese culture; Fourth, combine Christianity and Chinese culture into a whole; Fifth, suits the spirits and psychology of the Chinese People; Sixth, enables the religious life and experience of the Chinese Christians to be adapted to Chinese customs"1. In the 1960s, Japanese scholar Sumiko Yamamoto made more detailed summarization for the definition of the Localization Movement of the Churches in China in her article "The Independent Movement of Christianity in China in the 1920s":"First, churches are formed of Chinese; Second, churches are independent in administration and operation; Third, churches have independence in the economic aspect; Fourth, churches are adapted to the Chinese in the aspects of church building, divine music, divine painting and liturgy etc. Fifth, accommodate the sacrificial fete and customs of the Chinese and Christianize them; Sixth, churches must be involved in the practical issues in the State and the society of China; Seventh, churches must get rid the tradition and colors of the European and American churches; Eighth, churches must be able to control themselves, sustain themselves and spread by themselves."

应元道先生曾对20世纪20年代开展的中国基督教本色运动的讨论加以概括，认为所谓本色的基督教会应有以下几个特点：&一是中华国民的教会；二是根据中国基督教徒自己的经验而设立的；三是富有中国文化的质素的；四是要把基督教与中国文化合而为一的；五是能适合中华民族的精神和心理的；六是能使中国基督徒的宗教生活和经验合乎中国风土的& [1]。60年代，日本学者山本澄子在其所著的《二十年代中国基督教的自立运动》一文中，对中国教会本色化运动的定义作了更详细的概括：&一，以中国人为教会的构成；二，教会的行政与运作等方面的自立；三，教会在经济方面的自立；四，教会在教堂建筑、圣乐、圣画、礼拜仪式等方面的中国化；五，容纳中国人的祭祀与习俗，并与基督教化；六，教会要置身于中国国家与社会的现实问题之内；七，教会要除去欧美教会的传统与色彩；八，教会要能自治、自养、自传。&

MARINE INSURANCE POLICY OR CERTIFICATE IN DUPLICATE,ENDORSED IN BLANK FOR 110% OF THE INVOICE VALUE,INSURANCE POLICIES OR CERTIFICATES MUST EXPRESSLY STIPULATE THAT CLAIMS ARE PAYABLE IN THE CURRENCY OF THE DRAFT AND MUST ALSO INDICATE A CLAIM SETTLING AGENT IN KOREA,INSURANCE MUST INCLUDE:INSTITUTE CARGO CALUSES:ALL RISKS AND WAR RISKS.

海洋保险单或保险凭证一式两份，空白背书，按发票值的110%出具，保险单或保险凭证必须清楚地规定可以汇票货币索赔，另外必须指明在韩国的赔付代理，保险必须包括：协会货物条款：一切险和战争险。

MARINE INSURANCE POLICY OR CERTIFICATE IN DUPLICATE,ENDORSED IN BLANK FOR 110% OF THE INVOICE VALUE,INSURANCE POLICIES OR CERTIFICATES MUST EXPRESSLY STIPULATE THAT CLAIMS ARE PAYABLE IN THE CURRENCY OF THE DRAFT AND MUST ALSO INDICATE A CLAIM SETTLING AGENT IN KOREA,INSURANCE MUST INCLUDE:INST IT UTE CARGO CALUSES:ALL RISKS AND WAR RISKS.

海洋保险单或保险凭证一式两份，空白背书，按发票值的110%出具，保险单或保险凭证必须清楚地规定可以汇票货币索赔，另外必须指明在韩国的赔付代理，保险必须包括：学会货物条款：一切险和战争险。

MARINE INSURANCE POLICY OR CERTIFICATE IN DUPLICATE, ENDORSED IN BLANK FOR 110% OF THE INVOICE VALUE,INSURANCE POLICIES OR CERTIFICATES MUST EXPRESSLY STIPULATE THAT CLAIMS ARE PAYABLE IN THE CURRENCY OF THE DRAFT AND MUST ALSO INDICATE A CLAIM SETTLING AGENT IN KOREA,INSURANCE MUST INCLUDE:INSTITUTE CARGO CALUSES:ALL RISKS AND WAR RISKS.

保险单或保险凭证以可转让的形式一式两份，背书给香港恒生银行抬头，按CIF的发票全值加上至少10%出具，投保中国人民保险公司的海洋货物条款、海洋货物战争险条款和罢工险条款。可在目的地以汇票货币索赔。不计免赔率。一旦以集装箱装运，保险单或保险凭证必须声明已包括抛弃险和雨淋险。

Financing at different stages of financial institutions must ensure the safety of their investments to recover, it is necessary to keep the lower reaches of the refinancing; developers to ensure that the project development, construction and pre-sales of capital adequacy, it must maintain its credibility, then is necessary to guarantee the high quality of the project itself; the public real estate funds and bonds to buy, they must ensure that their investment is not devalued, it will strengthen the developer community supervision, and select the item truly trustworthy, finally, to left behind are the essence of the benefit the consumer; At the same time, real estate financing, construction, sales of the various sectors of society as a whole will also be placed under the line of sight, an increase of transparency and credibility.

在不同阶段融资的金融机构必须确保安全的投资收回，有必要保持下游的再融资；开发，以确保该项目的开发，建设和预售的资本充足率，它必须保持其信誉，则是必要的，以保证高质量的项目本身；公共房地产基金和债券的购买，但他们必须确保他们的投资不贬值，这将加强发展社区监督，并选择了这个项目真正值得信赖的，最后，留下的是精华，造福消费者；与此同时，房地产融资，建设，销售的各个部门的社会作为一个整体也将置于视线，增加了透明度和信誉。

In the design of expension tool, the cone angle is the key, because it must satisfy the plastic extreme condition of the expension tube and reduce the upgoing frictional resistance of the expension cone to minimize the possibility of tool sticking. It is preferred that the material quality of expension tube must differs from that of casing and the yield limit of expension tube must be less than that of casing, which is favorable to protect casing.

在膨胀工具结构设计中，锥角设计是关键，除了要满足膨胀管达到塑性极限条件外，还应综合考虑膨胀锥上行的摩阻尽可能小，以减小工具卡死的可能；膨胀管的材质应与套管材质有差异为好，并且膨胀管的屈服极限应小于套管的屈服极限，这样有利于保护套管。

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。