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In a mature securities market, buy back the company's treasury stock as needed to be written off, can again be sold, can also be used for employee stock ownership plans and senior staff stock option plans.

在市场成熟的证券，回购该公司的库存股票的需要注销的，可以再次被出售，也可用于员工持股计划和高级工作人员股票期权计划使用。

This paper researched the reason and rationality of consideration payment. It was believed that the issue of circulated stock shares at high premium and the future risk after the reform is the main reason that uncirculated stock shareholders pay the premium to the circulated stock shareholders, and the reasonable level of consideration should be the equilibrium consideration induced from the arbitrage theory.

本文研究了对价补偿的原因和合理性，认为历史上流通股的高溢价发行及股改后全流通的未来风险是非流通股股东向流通股股东支付对价的主要原因；并认为合理对价水平应该是由套利理论推导出的均衡对价。

In the meantime, after comparing and studying the changes of stock unseasoned issuance system of main international stock markets, the dissertation tries to depict a picture of basic structure of future stock unseasoned issuance system of our nation, and brings forward the suggestion of relative system arrangement.

同时通过对主要股票市场国家新股发行制度变迁比较和经验借鉴，制订了我国未来新股发行制度的基本构架，并提出了相应的制度安排建议。

The Cloth stock which is the main focus of this stock take has been highlighted yellow on the stock sheet.

面料库存是这个清单的主要部分，已经用黄色标注了。

This thesis has introduced the meaning of zero stock and the function to producing enterprise, combined the state of development in furniture manufacturing company and its problems to implement zero stock, and proposed some measures to implement zero stock in purchase, production, and sale.

本论文介绍了零库存的含义及其对生产企业的作用，结合家具制造企业的发展状况以及其实施零库存存在的问题，在采购、生产、销售方面对其提出了实施零库存的具体措施。

This article argues that binominal model be more appropriate for measuring the fair value of employee stock option, through the analysis of option pricing model and the comparison between tradable stock option and employee stock option.

本文则通过对两种期权定价模型步骤及变量的分析，并对可交易股票期权与员工股票期权进行比较，认为二叉树模型应该更适用于计量员工股票期权的公允价值。第四章，&员工股票期权与每股收益&。

After 30 year reform courses, the stock-company type enterprise marched into the normal development track, although at present the modern enterprise system basically has established, but it also have the detune phenomenon, this article attempt to carries on the beneficial exploration from the reduced internal friction, carries on the harmonious management the angle to In view of stock-company type enterprise's detune phenomenon to promote stock-company type enterprise's harmonious development.

经过了三十年的改革历程，股份制企业已步入正常发展的轨道，目前现代企业制度虽已基本建立，但是改制后企业很多方面存在着失谐现象，本文从减少内耗、进行和谐管理的角度来尝试对股份制企业的和谐发展进行有益的探索。

None of the four models could work well in the scenario 2, under explored stock, however they got accurate results in scenario 1, regulated stock. The Schnute model work well in full explored stocks such as scenario 1, 3, 4 and 5, especially in low biomass stocks such as scenario 3, but not suitable to the under explored stocks such as scenario 2. The W-H model generally performed well in all kind of scenarios especially in scenario 1, 4, and 5. In the swordfish, xiphias gladius, fishery, estimation of W-H model and D-Fox model produced MSY about 14000 ton, very near the result of Prager in 1996.The author tentatively explored the suitable fishing condition for the models to stock assessment.

四种剩余产量模型在充分捕捞且管理良好的渔业1中评估效果较好而在捕捞不足的渔业2中效果较差；Schnute模型在充分捕捞的渔业如渔业1、3、4、5、尤其是在低生物量的渔业3中评估效果较好，但不适合评估未充分捕捞的渔业，如渔业2；Walters-Hilborn模型适用于各种渔业，尤其是渔业1、4、5；在过度捕捞渔业中如渔业3、4，模型对参数q的估计较其它参数接近真值；在北大西洋箭鱼渔业的评估中，W-H模型和D-Fox模型对MSY的估计约为14000吨，接近于Prager(1996)的结果。

After the comparative analysis between Shanghai and Shenzhen stock market, we discovery that Shanghai Stock market and Shenzhen Stock market all display the strong cluster effect, leverage effect and leptokurtic effect.

对深、沪股市进行的比较分析发现，上海股市和深圳股市都表现出明显波动聚集性、非对称性和尖峰厚尾性。

With a background of heated gold investment, most new passionate investors came into the market without simply understanding the gold investment. This made many investors lost their capital when first stepped into the market. In addition, many gold exchange types are specialized in enlarging guarantee sum. Compared with investment in stock market, investors who invested in types characterized in enlarging guarantee sum would likely to face more risks and challenges. Those risks could enlarge investors' one-year loss in stock market to one-day loss in gold market. Nowadays, Chinese gold market can be differentiated into material gold market, paper gold market, in-stock gold and future gold market. Because of the enlarging system in international gold market, investors may lose to the bottom in one day if he or she chose a guarantee sum dealer with an highly enlarging system. Of course, this is an ultimate example. In gold market, the type with the least risk is material gold, such as gold memorative silver coin, material piece of gold and gold brick. Material gold investment enjoyed its popularity among middle or large cities located in the middle and eastern part of China.

在黄金投资火热的背后，是大部分新入市投资者盲目的热情，由于对黄金投资缺乏了解，很多投资者入市即被套，而且很多黄金交易品种具备保证金放大效应，和在股市投资相比，投资者炒作保证金放大品种进行投资，往往需要面对高额风险，这种风险可以使投资者在股市中一年时间遭受的损失在一天内就提现出来，现在国内黄金市场主要分为实物黄金市场、纸黄金市场、黄金现货、黄金期货市场，其中国际黄金现货市场由于存在高度放大机制，如果投资者选择具备高度放大的保证金交易商，经常会出现一天内就会血本无归的情况，当然，这是极端的情况，黄金市场中，风险最小的是实物黄金，例如黄金纪念金银币、实物金条、金砖，实物黄金投资在中东部地区大中城市比较流行。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了