查询词典 security market

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美国开放式基金之所以发达，主要原因在于开放式基金具有协调发展的制度环境，如成熟的金融市场、充足的投资资金供给、完善的法律体系等；采用沪、深证券市场特定指数与基金指数收益率，及特定时期内所有开放式基金的周收益率等指标，对我国开放式基金与证券市场的协调性的实证分析发现，二者协调性程度总体上不理想；在明确开放式基金发展的市场过程性质的前提下，通过促进证券市场的成熟、提高市场效率、完善法律、拓宽基金资金供应渠道、完善基金治理结构、规范私募基金发展等配套措施，优化开放式基金发展的市场环境，才能不断促进开放式基金的协调、健康发展。

In Chapter ONE, the paper raises the five main function of modem security market, introduces the four developing stages of our country s security market; from five aspects he describer the present situation of China s security market development, and the problem which is still existing in our country...

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

In Chapter ONE, the paper raises the five mainfunction of modem security market, introduces the four developing stages of our country"s security market; from five aspects he describer the present situation of China"s security market development, and the problem which is still existing in our countrys security market.

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

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。

The security market is the highly marketing place, so there is inevitably a close relationship between macroscopic economic operation and the security market. How to develop the security market and promote it coordinate with macro-economy under the lowly marketing level of macr

最后对证券市场和宏观经济波动周期异动机制进行分析，认为中国宏观经济周期是政府宏观经济政策调控下的总供给与总需求平衡的结果，并主要从政府行为、法规体系、市场结构、市场体系等方面探讨了证券市场存在的问题。

At the basis of this, the article discusses the theory basis and valuefunction of information disclosure system, and advances following points: the springhead ofinformation disclosure system rests with the inter of the security market and the characteristicof the security information; the basic value function of information disclosure system is tomake the security market open, justice and equity.

在此基础上，文章论述了信息披露制度的理论基础和价值功能，提出了以下观点：一是信息披露制度的根源在于证券市场风险的内生性和证券信息的特性本身；二是信息披露制度的基本价值功能是使证券市场的运作公开、公平和公正。第二章探讨和分析了我国上市公司信息披露的现状和原因。

By giving examples such as public-listed companies unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the presentproblems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems.

文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。

For the security market with restricted borrowing and short sale unallowed, Options pricing formula are advanced, and the relation between them and Black-Scholes Options pricing formula is discussed. The essence of Black-Scholes Options pricing formula is set forth. To the security market with restricted borrowing and short sale unallowed, stock returns risk pricing formula is advanced and the demonstration analysis of China security market is provided. From the demonstration analysis, arbitrage exists in China security market, which can be applied to explain the riddle of a great deal of China bank money and hot money swarming into China security market.

本文在B-S期权定价的基础上，直接利用股票本身的参数推导出股票收益率风险的定价公式；对不允许融资和卖空的证券市场，给出了看涨期权和看跌期权的定价公式，并讨论了他们和相应B-S期权定价公式之间的关系；对B-S期权定价公式的本质做出了阐述；对不允许融资和卖空的证券市场，给出了股票收益率风险的定义；利用股票收益率风险的新定义，对中国证券市场进行实证分析，得出中国证券市场存在套利，解释了2006年和2007年中国大量银行资金和国外热钱流向中国股市之谜。

Making the security market still very unstandard at present, a large amount of focuses paid attention to in research about the security market are the validity of the security market and fluctuation of the market.

大量关于证券市场研究的关注焦点是证券市场的有效性和市场的波动问题。

Pacific Security Net (http://www.tpy888.cn) are set up at China's largest professional security market - Security Pacific markets on the basis of professional industry portal website was founded in 2006 in 2007 after to reposition and re-revision, after a short period of time quickly attract a large number of security companies register for web site publishers to more than 100,000 products in the security industry have a strong media influence.

太平洋安防网（http：//www.tpy888.cn）是建立在中国最大的安防专业市场——太平洋安防专业市场基础上的行业门户网站，网站始建于2006年，在2007年经过重新定位及改版后，短时间内迅速吸引了大量的安防企业注册，网站发布产品超过十万件，在安防行业内有着很强的媒体影响力。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。