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As with a large stock dividend, the purpose of a stock split is to reduce substantially the market price of the common stock, with the intent of making the stock more affordable to investors.

像大比例股票股利一样，股票分割的目的是大量降低普通股的市价，以使投资者购买更多的股票。

The enterprise stock rights owned by asset management companies include: stock rights obtained by asset management companies through debt-to-equity swap, stock rights possessed by asset management companies after the debt enterprise being restructured, and stock rights possessed by asset management companies by other means

资产管理公司拥有的企业股权，包括：资产管理公司对企业实施债转股后取得的股权，资产管理公司对欠债企业进行重组后拥有的股权，资产管理公司以其他方式拥有的股权

By qualitative and quantitative analysis between stock markets price and macroeconomic variables that is GDP, inflation, money supply, interest rate and exchange rate, we conclude that these variables provides a benign long-run equilibrium relation with stock price, however there is a deviation interaction between stock price and macroeconomic variables during 2000 and 2003.except that we also analysis the interrelation between deposit, investment, consumption and stock price emphatically, and farther conclude those promotable interaction.

通过经济周期和宏观经济变量：国内生产总值、通货膨胀、货币供应量、利率和汇率，与股票价格的定性理论分析和定量的线性相关、回归方程分析，得出了在1991年至2002年期间我国股市价格与宏观经济相互促进、2000年至2003年股市价格与宏观经济相背离的结论。除此之外，本文还分析了股市价格与储蓄、投资和消费的关系，进一步说明了股市与储蓄、投资和消费的相互促进关系。

Secondly, the thesis analyzes the conditions of high-tech enterprises to apply stock option, points out that the high growth of high-tech enterprise and specific characteristics of high-tech talent motivation are favorable conditions of high-tech enterprises to apply stock option. But the abnormal capital market undeveloped talent market imperfection relative laws and rules and unconsummated enterprise administration structure are unfavorable conditions of high-tech enterprises to apply stock option. Then the thesis promotes corresponding improvement measures after specifically expounding their unfavorable influences to stock option utilization.

其次，论文分析了高科技企业运用股票期权的条件，指出高科技企业的高成长性和高科技人才激励的特殊性是高科技企业运用股票期权的有利条件，但我国资本市场的不规范、人才市场的不发达、相关法律法规的不健全及企业治理结构的不完善是高科技企业运用股票期权的不利条件，在具体阐述了它们对股票期权运用的不利影响后提出相应的改善措施。

The risk what stock trade affronts is a special behave that common risk represents in the stock field. So,in order to structure the risk management system in securities corporations,its very important to review and analyze gradually the risk main body in stock trade,risk environment,managing feature and the actuality faced in daily actions,it also important to review and compare the risk management process in stock trade in China and beyond the sea.

证券业所面临的风险又是一般意义上的风险在证券领域的特殊表现，因此，对证券业的风险主体和风险环境、证券公司的经营特性以及在日常经营活动中所面对的风险现状进行逐层深入地了解和分析，并对我国及海外证券业的风险管理进程进行考察、比较，是构建证券公司风险管理系统的基本前提和必要准备。

This stock maintenance system is aims at enterprise aspects and so on commodity information, stock information as well as statistical information works the development software, is a practical stock maintenance system, in view of enterprise's actual need, has analyzed the business management system function, and take the commodity information management, the stock information management as the key point, described the line of goods management, the commodity management, the storage management, the warehousing operation management, the warehousing commodity management, the warehouse inventorying management, the statistical management and the user manages eight modules, realized the warehousing management, the commodity number has reported to the police, the commodity counts functions and so on warehousing.

本库存维护系统是针对企业商品信息、库存信息以及统计信息等方面工作开发的软件，是一个实用的库存维护系统，针对企业的实际需要，分析了企业管理系统的功能，并以商品信息管理、库存信息管理为重点，描述了商品种类管理、商品管理、仓库管理、出入库操作管理、出入库商品管理、仓库盘点管理、统计管理和用户管理八个模块，实现了出入库管理、商品数目报警、商品统计出入库等功能。

China"s stock markets had made a great progress after 14 years" development, their functions of financing, resource disposal, liquidity providing and company management bettering had got well exerted. This means the function efficiency had been improved.2.As for the market structure, operating method and regulations conditions, the participants" structure and quality had been increased fast, the transaction cost had been greatly reduced, and issuing and liquating method had become more fair and effective, the relative laws and regulations had been better and better, the operation efficiency had been improved.3.Compared with other stock markets, China"s stock markets" indexes had performed a good random walk property, which means that the pricing efficiency had been improved.4.Compared with other advanced markets in the world, by and large, on the basis of China"s rapid improvement on economy recently, China"s stock markets" efficiency was relatively low.

根据分析研究，本文的主要结论和观点如下： 1、中国股市14年来的发展取得了重大进步，其融资、资源配置、提供流动性以及改善公司治理等功能都得到了良好的发挥，功能效率程度得到提高； 2、从股市结构、运作机制和体制环境来看，股市主体的结构和质量有了快速提高，交易成本大大降低，发行和流通方式更加公平、有效，各项法律法规也不断得到完善，其运作效率程度得到提高； 3、与世界主要股票市场相比，中国股市指数的随机游走特性逐渐良好，说明14年来，中国股市定价效率得到了快速提高； 4、中国股市与世界先进市场相比，综合来看，考虑到中国股市的发展背景和近几年国民经济的快速发展，其效率还是较低的。

But there are limited roles for the information transmission effect of stock index future in stabilizing the spot market. This limitation comes from the followings: First, stock index future has a finite function of discovering price; Second, it is possible that stock index future transmits information with noise to the spot market; Third, the extent of the ways of explaining information affect to stabilizing the mark et; Forth, stock index future may bring about homogeneous information, make the market lose heterogeneous briefs, which may bring about frequent overacting.

但是，股指期货信息传递效应对现货市场的稳定作用具有一定的局限性，这种局限性源于：第一，股指期货有限的价格发现功能；第二，股指期货有可能向现货市场传递有噪音信息；第三，市场解释信息方式影响稳定作用发挥的程度；第四，股指期货引起信息同质性，使市场丧失信念多样性，更易反应过度。

You will hear someone sudden wealth in the stock market, what someone bankrupt is sad pleased, will also hear . someone earn million patrimonies in the stock market sudden risely, turn into naught in the slump again of regretful face. May 31th of 2007 goes to June a day, will be load in the historical work of the Chinese stock market, picking out pause to appear on market in three days, in 1432 stocks for be listed and traded fall to stop a number is 967s,400ses,804ses respectively, 270 among thoses stock falls to stop continuously for three days.

你在股市会听到有人暴富、有人破产的悲喜，也会听到有人在股市暴涨中赚得百万家财，又在暴跌中化为乌有的憾事。2007年的5月3 1日至6月3日，将被载入我国证券市场的史册，三天中，剔出暂停上市股，在1432只挂牌交易的股票中，跌停数分别是967只、400只、804只，其中270只股票连续三天跌停。

A stock price prediction model is founded on Artificial Neural Network with a hybrid training algorithm in the paper. The model is based on the predictability of stock market and quantitating part of the influence factors in stock market and using the traditional stock technical analysis method.

本文以股市的可预测性为基础，对股市部分影响因素进行量化，融合传统证券技术分析方法，使用本文提出一种混合训练算法，建立基于人工神经网络的股价预测模型，并对部分大盘股、个股的收盘价进行预测，评价预测模型的有效性。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。