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The author makes an empirical study on the stock price and price/book value ratio, trying to make exploring research methods in the non-tradable share pricing. These researches are important for the non-tradable share pricing in listed companies of China.

本文通过对中国上市公司的股价与市盈率和市净率的线性关系的实证研究，试图对中国上市公司的非流通股估价方法进行探索，这对于中国上市公司进行非流通股估价有重要的现实意义。

The positive test draws the following conclusions: control rights is significantly negatively related with firm value which indicates that the bigger control rights the actual controller hold, the lower firm value is; cash flow rights is significantly negatively related with firm value which may due to the ravening share bonus deeds by controlling shareholder; the separation ratio of cash flow rights to control rights is negatively related with firm value and not significant which may due to the ravening share bonus deeds,or the deficient market, or inadequate information exposure etc; stock proportion restriction is significantly positive related with firm value which indicates the good effect of stock proportion restriction; actual controller who participate in the management and the ratio of director who have position in controlling shareholder's company don't pass the significant test; the size of the company is significantly negatively related with firm value; the ROE cannot explain the firm value.

通过实证检验发现，我国金字塔结构下民营上市公司的治理效应有以下特征：控制权与公司价值显著负相关，说明实际控制人掌握的控制权越大，公司价值越低；现金流权与公司价值显著负相关，这可能与我国民营上市公司控股股东的"掠夺性分红"行为有关；现金流权与控制权的分离率和公司价值负相关且未通过显著性检验，这可能与控股股东的"掠夺性分红"行为有关，也可能与市场的不完善、信息披露的不充分等有关；股权制衡度与公司价值显著正相关，说明我国民营上市公司的股权制衡机制能够产生一定程度的效果；实际控制人参与管理情况与在控股股东单位任职的董事比例和公司价值的关系均未通过显著性检验；公司规模与公司价值显著负相关；ROE对公司价值没有解释力。

The work up that carries a system integratedly as our country and perfect, relatively fragile in the past highway, waterborne especially marine wait for contemporary carriage means, below the new condition of reforming and opening, grasp opportunity, produce respective advantage, realized rapid development, broke railroad the monopoly position in freight, reasonable billabong partial railroad freight flow, enlarged freight market share, improved composition of market of our country freight, the inevitable result that should say this is modernization of progress of economic progress, society, traffic, but will look from another angle, also mirror taphole road to develop become rigid of logy, mechanism, lack to innovate, the demand that incommensurate socialist market economy expands, from this and contractible, market owns the market share that cause rate drop considerably, what should say these are not traffic development is inevitable, what system of incommensurate socialist market economy leaves the field such as ability of means of system of as politic as railroad oneself development, management, sale, service is normal move have affinity.

随着我国综合运输体系的逐步发展和完善，过去相对薄弱的公路、水运尤其是海运等现代运输方式，在改革开放的新形势下，把握机遇，发挥各自优势，实现了快速的发展，打破了铁路在货运中的垄断地位，合理分流了部分铁路货流，扩大了货运市场份额，改善了我国货运市场结构，应该说这是经济发展、社会进步、交通现代化的必然结果，但是从另一个角度来看，也反映出铁路发展迟缓、机制僵化、缺乏创新，不适应社会主义市场经济发展的需求，由此而造成的市场份额缩小、市场占有率大幅下降，应该说这些并不是交通发展的必然，与铁路自身发展策略、治理体制、营销方式、服务能力等方面不适应社会主义市场经济体制下的正常运行有密切关系。

Unliquidated amount received as a result of timely access to earnings per share should not make some real estate company's financial indicators is relatively undervalued, such as the early announcement of its stake in the WTO World Trade Organization submitted to Riverside Park to enter the period of 2500 percent increase in earnings per share.

未清偿的数额，由于及时获得每股收益不应该使一些房地产公司的财务指标相对低估，如早期宣布其股份在世贸组织世界贸易组织提交的河滨公园，进入2500年期间增加百分之每股收益。

Enhances the market share chain-like management to have to want to realize the scale benefit, must use one's head in the branch store establishment in the appropriate geographical environment, the start quantity appropriate branch store, may expand the enterprise like this well-knownness, hits the 'big product the sales volume, thus enhances the product the market share chain-like management scale benefit to be not allow to neglect, this is the key question scale benefit which the development chain-like management must take is precisely the chain-like management most appealing superiority.

提高市场占有率连锁经营要想实现规模效益，必须在分店的设置上多动脑筋在合适的地理环境中，开设数量合适的分店，这样可以扩大企业的知名度，打'大产品的销售量，从而提高产品的市场占有率连锁经营的规模效益不容忽视，这是发展连锁经营必须重视的关键问题规模效益正是连锁经营最吸引人的优势

In 2004, Chint Group Corporation's market share of electrical products rose rapidly in the European.Then Schneider Cooperation advised to coopperated third time.This time it suggested that the share proportion of each is 50%.

2004年，正泰集团的电器产品在欧洲市场的销售份额攀升，施耐德第三次提出合作，这一次的条件是持股比例各占50%。

On average, these dually listed companies are still traded at a 30% premium in Hong Kong, or the H share market, over the price of the same stock in the A share market.

平均来看，这些在两地同时上市的公司，在香港市场上的交易价格要比国内同一公司股价低30%。

On average, these dually listed companies are still traded at a 30% premium in HongKong, or the H share market, over the price of the same stock in the A share market.

如果我们比较同时在国内外上市的公司的股价就能发现，这些双重上市公司在H股市场的股价比在A股市场平均要高出百分之三十，而在五年前这个数字却是百分之三百八十，显然这些上市公司的股票价格区间被压缩了，但其在A股市场的价值并不低，（这句话应该翻译为：A股市场的总体价格水平并不偏低），这些股票的价值被高估了（和海外市场比，A股市场依然被高估了）。

The empirical result demonstrates that:(1) the average abnormal reture and accumulated average abnormal reture around and after quarter surplus announcement change obviously, which illustrates the quarter surplus reports are of information content in our A share market;(2) the market can treat different types of accounting surplus data distinguishly by analysing inexpectant surplus as good news or bad news, but it reacts intensely to good news and flatly to bad news:(3) the market investors are paying more and more attention on accounting surplus of listed companies, which can be viewed in the annual text that the surplus reaction coefficient significance enhances;(4) A share market is, basically, under a state of semi-strong efficiency, or at least of an effective process from weak to semi-strong.

实证结果表明：(1)季度盈余报告公布前后平均非正常收益率和累积平均非正常收益率都发生了明显的变化，说明在我国A股市场季度盈余报告是具有信息含量的；(2)通过对未预期盈余分为利好组和利空组的分析，得出市场能够区别对待不同性质的会计盈余数据，但是市场对利空消息反应强烈，对利好消息反应平淡；(3)在分年度的检验中，可以看到盈余反应系数的显著性不断增强，证明我国A股市场的投资者对于上市公司会计盈余的重视程度在不断增加；(4)研究结果倾向于我国A股市场基本处于半强式效率，至少我国证券市场正处在从弱式有效向半强式有效转变的过程中。

Recommendations are as follows: First, endow joint licensors with the rights to implement, commonly implement the joint patents and share the resulting profits ; Second, endow joint licensor with the rights to pledge the joint patent in his own share; third, in the course of maintenance and judicative and administrative protection of joint patents, licensors resume separately the consequences of his actions.

建议对共有专利权利用制度作如下修改：其一，赋予共有专利权人对共有专利权享有实施权、普通实施许可权并分享由此产生的利益；其二，赋予按份共有专利权人对其应有部分的出质权；其三，在专利权的维持和司法行政保护方面，实行各共有专利权人各自承担其行为的后果。

We have no common name for a mime of Sophron or Xenarchus and a Socratic Conversation; and we should still be without one even if the imitation in the two instances were in trimeters or elegiacs or some other kind of verse--though it is the way with people to tack on 'poet' to the name of a metre, and talk of elegiac-poets and epic-poets, thinking that they call them poets not by reason of the imitative nature of their work, but indiscriminately by reason of the metre they write in.

索夫农 、森那库斯和苏格拉底式的对话采用的模仿没有一个公共的名称；三音步诗、挽歌体或其他类型的诗的模仿也没有——人们把&诗人&这一名词和格律名称结合到一起，称之为挽歌体诗人或者史诗诗人，他们被称为诗人，似乎只是因为遵守格律写作，而非他们作品的模仿本质。

The relationship between communicative competence and grammar teaching should be that of the ends and the means.

交际能力和语法的关系应该是目标与途径的关系。