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Statistics show that in Europe and the United States market, the financing transactions were accounted for turnover of the stock market turnover of around 18%-20%, Taiwan's ratio of the market and even at times accounted for 40%.

据统计,在欧洲和美国市场,融资交易的还有约18%-20%,台湾市场的比例,有时甚至占40%证券市场成交额占成交。

We believe that the market trend today is not in line with the development of stock market movements with the general rules of the market are mistakes.

我们认为,今天市场的走势不符合市场走势的股票与市场的一般规则的发展路线是错误的。

It can be seen that China's capital market has undergone a great change. Besides China's stock market and bond market, there are many kinds of venture in-vestment funds and direct investments from abroad.

可以看到,中国的资本市场发生的变化是很大的,除了中国的股票市场、债券市场外,来自外国的风险投资基金、外国直接投资等资本的种类还是很多的,中国资本市场的范围在不断拓宽。

Part 2 is the theoretic analysis of the running, supervision and management of stock market in the aspect of mechanism, and at the same time this part analyzes some phenomena existing in the market of transgressing the "open, fair and just" principle by the theory of non-symmetry message to explain the influence which these phenomena have brought to the market and its final consequence.

第二部分则从制度的角度对证券市场和证券市场监管进行理论分析,同时应用信息不对称理论分析证券市场中存在的一些违背&公开、公平、公正&原则的现象,进一步阐明了它们对市场带来的影响,以及最终造成的后果。

By the stamp duty reduction, margin financing and other good news is about to start the stimulation, brokerage shares recent performance was stronger than the market, but the third quarter, the largest market index fell more than 47 percent, of which very few decent rebound, in the absence of short mechanism A the stock market, participants满盘皆输, brokerage inevitable loss of self-employed business, and remains in the doldrums in terms of turnover, more so "by-day meal," the broker performance marked decline, quarterly pressure can be imagined.

通过降低印花税,保证金融资和其他的好消息是即将开始的刺激,券商股近期表现明显强于市场,但第三季度,最大的市场指数跌幅超过百分之四十七,其中像样的反弹,极少数在缺乏做空机制A的股市,参与者,经纪自我不可避免的损失满盘皆输雇业务,持续低迷的营业额,更何况&的日餐,&该券商业绩显着下降,每季度的压力可想而知。

Thursday from the Shenzhen A-share market, despite the stock market started in the spot market in China's oil, CITIC Securities, shares of Baoshan Iron and Steel in Shanghai and Shenzhen 300 Index, and other varieties, but unfortunately, the simulation period It refers to the rose or fell, and inversely proportional to the actual disk-shaped spot.

周四从深圳A股市场,尽管股市,开始了在中国石油,中信证券现货市场,对宝钢股份,上海和深圳300指数,以及其他品种,但不幸的是,它的仿真期指上升或下降,并成反比实际磁盘形位。

Xie and scenic cases apparently only a small, but the problem is that the new generation in this case is the Beijing real estate market -- is a very common sense temperature over-heated property market will be able to meet the stock market shock waves.

谢和风景线显然只能算是小小的个案,但问题是,这个案例却在新生代的北京房地产市场具有很普遍的意义――正在温度炽热的楼市将如何迎接股市阴霾的冲击波。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题,是导致我国股票市场发展不完全的关键,反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行,困扰我国证券市场发展的股权分置问题将得到解决,整个证券市场也将逐步踏上市场化的轨道。

Capital market as part of the virtual economy, there is a bubble is normal Change the stock market is normal, but is its own high-risk market.

资本市场作为虚拟经济的一部分,有泡沫是正常的变化,股市是正常的,但自己的高风险的市场。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares The current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; Secondly, the central rate repurchase focus on the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, which流通盘size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban is still in circulation is the pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, although the size of non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指数的跌幅远远高于上海综合指数,但香港股市年底更有理由较少,有几个:首先,A股目前的平均价格市盈率为15倍,而香港股市的平均市盈率仅8倍的比例,资金流量较低,在最近香港股市上涨造成的,而A股仍毫不犹豫地向前推进;第二,中央率,H股回购的焦点,一个最典型的价格比较现在是中国的石油A股超过10元的价格,同时拥有股票的H股中,只有5比港币,当然,而流通盘的大小的因素,但中国的石油大股东回购自己的股票将不考虑这一因素,如果大股东要考虑如果回购成本,H股更具吸引力是毋庸置疑的,第三,大小非解禁仍是流通是在A股市场的压力,一座大山的头部,但一个典型的例子是最近海通证券的大小非,禁售期间解除为2338600000的海通证券,在大小非流通股股份,甚至高达799.396亿股,虽然大小非释放是渐进的,所有流通有一个过程,但挂着&堰塞湖&影响市场的担忧。

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