查询词典 securities market

By approval of the State Council, Ministry of Finance, the State Administration of Taxation decided in October 2008 9 onwards, the securities market of individual investors access to securities transactions settlement funds interest income, interest income, mutatis mutandis, savings deposits, the waiver of personal income tax levy, or the securities market of individual investors in securities transactions settlement funds in October 2008 after 9 (including the October 9) accrued interest income, personal income tax levy waiver.

由国务院，财政部批准，国家税务总局决定在10月2008年9起，个人投资者提供证券交易结算资金的利息收入，利息收入，比照储蓄存款，个人所得税的征收，或在证券交易结算资金个人投资者的证券市场在10月放弃证券市场2008年后，9（包括10月9日）的应计利息的收入，征收个人所得税豁免。

First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results.

首先，应用进化博弈论中的单群体确定性模仿者动态方程建立证券投资者行为的进化博弈模型，并对进化系统的均衡结构特征及其影响因素进行分析；其次，根据我国证券市场实际，对我国证券投资者行为进化的均衡结构进行实证分析，并从投资者行为进化的角度，解释我国证券投资者行为进化为噪声交易主导市场的原因；然后，通过建立股市波动的噪声交易模型，研究投资者行为的进化对股市波动的影响，并进一步分析我国噪声交易主导市场时对市场价格发现和资源配置功能的影响；最后，根据理论及实证的研究成果，分析噪声交易主导市场时大力发展机构投资者等制度作用的有限性，并进一步提出我国证券市场相机治理的政策建议。

Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格，结果表明不同的价格形成机制对资产的真实价格有着不同的反映；从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析，结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响；通过对我国证券市场的流动性进行实证检验，发现当前我国证券市场价格形成机制能够为市场提供较好的流动性，但固定的最小变动价位人为地降低了市场流动性，并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

Securities broker system of our country is still a mode for corporate security broker. Securities broker system law and regulation, management organization and function construction are imperfect; the current operation mode is backward and difficult to meet the development of network economy and securities market; besides, there are many defects in securities brokers incentive mechanism, the management system of securities brokers and risk pre-control.

我国证券经纪人制度仍然是以证券经纪商为主体的法人模式，证券经纪人制度法律、法规和管理机构、职能建设不健全；现行运作模式落后，难以适应网络经济和证券市场的发展；同时，在证券经纪人激励机制、内部管理制度及风险管理方面存在着缺陷和不足。

Based on the analyses of the current situation of the protection of the rights and interests of our securities investors, this paper states some policies on the protection of the rights and interests of investors through perfecting the market legal construction related to our securities market, aggrandizing the incentive and constrain mechanism, completing the independent director system in listed companies and securities companies, improving the regulation and the self-regulation to the market.

本文通过对我国证券投资者权益保护的现状分析，从完善证券市场法制建设、强化激励约束机制、完善上市公司和证券公司的独立董事制度、加强市场监管与自律管理等方面提出了保护投资者合法权益的若干对策建议。

The author himself has been experiencing the turbulence of Chinese securities market, and has the same feeling of greed of human beings in securities market with the minority investors, and has apperceived the impact on law especially civil and commercial law imposed by the concept of right-orientation and the principle of good faith, so it is natural that the author chooses the Civil Liability of Securities Fraud to be the topic of his graduation thesis.

作者亲身体验了中国证券市场的动荡，并对通过证券市场表现出来的人性贪婪的一面与弱势投资者感同身受，加之数年受法律尤其是民商法权利本位、诚实信用观念的冲击，于是有了本文便是自然而然的事情了。全文除了前言和结语外，分为三个部分，计三万八千余字。第一部分，首先对全文的两个关键词——证券和证券市场依据国内立法作出了界定。证券是经济发展到一定阶段的产物，指的是记载并且代表一定权利的凭证。

Appreciation of the securities market is concerned, there are three main implications: the first is the impact on the performance of listed companies, the RMB appreciation will change the import and export of China's current situation, thereby affecting import and export of listed companies with high dependence on the basic face and performance, particularly in the U.S. dollar clearing of goods even more pronounced effect; second is the appreciation of the RMB exchange rate policy decisions affecting the securities market behavior, indirect effects of stock market prices; third is the impact on money supply and the stock market, appreciation could lead to speculative capital inflows or outflows.

升值对证券市场而言，主要有三个方面的影响：第一是对上市公司的业绩造成影响，人民币升值必将改变我国现有进出口状况，进而影响对进出口依存度高的上市企业的基本面及效绩，尤其是以美元结算的商品影响更为突出；第二是人民币汇率升值影响证券市场决策行为，间接影响证券市场价格；第三是对证券市场的资金供求造成影响，升值可能导致投机性资金的流入或流出。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系统分析论文的选题背景，全面掌握了相关的文献，为深入研究本问题奠定了坚实的基础；第二章从我国股票市场自身角度出发，深入研究我国股票市场的波动特性；第三章从马科维茨资产组合理论出发，对资本资产定价模型和套利定价理论进行系统比较分析，深入探讨了国际股票市场关联的理论，随后着重定量研究了我国新兴股票市场与周边市场的关联性；本章使用市场相关参数、平稳性检验、协整检验、Granger因果检验等计量方法测度了我国股票市场波动及与周边市场的关联程度；第四章基于我国股票市场波动及与周边市场的关联影响，从我国股票市场目前发展状况出发，阐述了我国股票市场国际化的必然性，并为我国股票市场的风险规避提出了相应的政策建议。

In the early period of China's securities market, margin trading and securities lending business already exists, but because of securities companies at the time of self-binding serious shortage of financial supervision and management abilities, margin trading and securities lending business has not carried out to achieve perfect price formation mechanism of the active market The purpose, it led to the stock market bubble, increased the financial system as a whole systemic risks.

在中国证券市场，保证金交易和证券借贷业务已经存在初期，但由于证券公司在时间自我约束力的金融监管和管理能力，保证金交易和证券借贷业务严重不足，没有进行到实现完美的价格形成机制，活跃市场的目的，这导致了股市泡沫，增加整体系统性风险的金融体系。

It analyses the theory of securities legal system, securities issuing and trading cross-border, the basic structure of the securities market and its operation, legal actions, prohibiting actions and imputations related to securities, and philosophical thoughts on securities law....

在研究目的上，笔者进行了对不同的证券监管制度的比较、评价，得出了结论性认识，此外，针对我国证券市场国际化的发展态势，还提出了一些前瞻性看法。

In the United States, chronic alcoholism and hepatitis C are the most common ones.

在美国，慢性酒精中毒，肝炎是最常见的。

If you have any questions, you can contact me anytime.

如果有任何问题，你可以随时联系我。