上市

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 impropriation of the fund of a listed company by the majority stockholder is very common in the capital market of our country, which makes serious effect on the normal management of the company and great damage to the benefit of the company and other related persons, and becomes a stubborn illness reason preventing the development of the capital market.

摘要控股股东违规占用上市公司的资金是我国资本市场上一个非常普遍的问题。这种行为严重影响了上市公司的正常经营，侵害了上市公司和相关利益者的切身利益，成为影响我国资本市场规范发展的一大顽疾。

Taking the listed companies of New-Hi tech in our country as the research object, this article tries to discover the basic features, problems and causes of accounting information disclosure of the New-Hi-tech listed companies in our country by means of analyzing its annual financial report thoroughly, and then puts forward some improvably corresponding suggestions in order to provide a beneficial way of thinking as how to improve the level of information disclosure of the listed New-Hi tech companies in our country.

本文以我国高新技术上市公司为研究对象，通过对其年度报告披露特征进行全面深入的实证分析，试图发现我国高新技术上市公司信息披露的基本特征、存在问题及其根源，并提出相应的改进建议，以期为提高我国高新技术上市公司的信息披露水平提供有益的思路。

The IPOs of Fortress and Blackstone three years ago were signs the equity bubble was nearing its peak. Those who invested in Fortress when it went public have so far lost three-quarters of their money. In the first two years after the offering, the stock plummeted 95%. As for Blackstone, the stock has halved since the IPO. Even when you include dividends, ordinary investors have lost more than $2 billion. The Chellonese government also got hosed: It bought a 10% stake around the same time through the inaptly named Beijing Wonderful Investments.

三年前Fortress 和百仕通的公开上市就是资产泡沫吹到最大的迹象那些在Fortress上市时投资这家公司的人迄今已经赔了75%的钱在首发后的头两年里，其股票狂跌了95％至于百仕通，它的股票自上市以来已跌去了一半即使把股息也算上，普通投资者也已损失了20多亿美圆神州当局也被套患上够呛：约在同一时期，通过北京万德福投资有限公司，神州当局买下了百仕通10%的股分说它是WONDERFUL真是有点名不副实了

On the basis of the theoretic analysis, this paper regards to the swatch of the listed corporate of our country in Shanghai Stock Exchange from 2002 to 2004, and sets up the model by linear regression and non-linear regression to analysis the listed company performance index sign and the financing structure, and carries through supposing examination, draws the conclusions:(1) The creditor's rights takes on the characteristic of a soft control and infirmness in the Chinese listed company governance, without bringing into play an obligatory function, the liability financing exists the best financing zone.

在理论分析的基础上，本文以2002―2004年度我国沪市上市公司为样本展开实证研究，采用线性回归和非线性回归、一元回归和多元回归等多种方法建立模型，进行上市公司绩效指标与融资结构的回归分析，并进行假设检验，得出如下结论：(1)债权在中国上市公司治理中表现出软约束和弱化的特征，没有发挥出应有的作用，债权融资存在最优融资区间。

So, in this paper double principle-agent model is employed to design the optimum governance structure and mechanism to reduce the agency costs of companies, control the proportion of small shareholders' interest which is seized on by big shareholders,mediate the conflicts between the principles.it aims at realizing the maximal interset of all stockholders.

我国上市公司的多重股权结构的存在使得上市公司中不同类型的股东之间的利益、目标有很大差异甚至冲突，传统的单一委托代理模型对上市公司并不是很适用，所以采用双重委托代理模型更有利于设计最优的治理结构和治理机制，降低代理成本，有效控制控股股东或大股东恶意侵害中小股东利益的程度，缓和委托人之间的目标冲突，尽力实现全体股东的利益最大化。

With the raPid growth of Chinese caPital maret, ther is about l088 listedWboes in the Shechn and Shanghai Seeurity MarkCt. After coInPetin, manof them oPerae well and survive, but some of them are boubing by bad operaon.

我国证券市场经历了十多年的快速发展，截止到2001年末，沪深两市共有1088家上市公司，许多上市公司在激烈的市场竞争中发展壮大，但也有部分上市公司举步维艰。

The ideal security legal system is the one that increases the civil responsibility for securities law violation, the civil responsibility for enterprise's "insiders" and the legal responsibility for the enterprise's "outsiders"(including the independent directors). On the other hand, the Confucianism culture that embodies philanthropism and rapprochement principle is, to a certain extent, conflicting with the independent director system. Therefore, given China's current status, there is no adequate condition on external/internal corporate governance and formal/ informal institutions for the implementation of the independent director system.

因此，在我国目前条件下，无论从外部公司治理还是从内部公司治理，无论是从正式制度还是从非正式制度，部未能为在我国上市公司建立和实施独立董事制度提供足够的前提条件和理论支持，从完善我国上市公司治理机制、规范证券市场的角度分析，独立董事制度也不是目前需要采取的最紧迫的举措，另外，我们的分析也得不出独立董事制度在现阶段对改善我国上市公司治理会有明显作用的结论。

II.If, when the securities exchange decides to suspend, resume or terminate the listing, an auditing report is made by a certified accountant with explanatory notes such as unpreserved opinions, preserved opinions, negative opinions or refusal to express opinions for the accounting report (hereinafter uniformly referred to as "auditing report of unstandard and unpreserved opinions") in the regular report on which the above said decision is based, the securities exchange may organize an experts' committee to make an independent professional judgment on the major accounting treatment issues which are involved in and will affect the authenticity of profitability of the auditing report of non-standard and unpreserved opinions, and the securities exchange may make corresponding decisions on the basis of the opinions of the experts' committee.

二、证券交易所在作出暂停上市、恢复上市或终止上市决定时，如果所依据的定期报告中的财务会计报告被注册会计师出具带解释性说明段的无保留意见、保留意见、否定意见或拒绝表示意见的审计报告（以下统称&非标准无保留意见审计报告&）的，证券交易所可以组织专家委员会，对非标准无保留意见审计报告中所涉及的、影响盈利真实性的重大会计处理问题，作出独立的专业判断，证券交易所可以依据专家委员会的意见作出相应决定。

However, it is the of our country for unstandard in disclosure of information in listed company phenomenon exist still (the untrue, not in time, the incomplete), have damaged the sound development of the capital market of our country and listed company, make investors suffer a lot of unnecessary losses and risks.

本文通过阐述上市公司信息披露不规范的现状，试图分析目前我国上市公司信息披露中所存在的问题，从理性的角度深入剖析问题产生的深层次原因，揭示信息披露规范化对整个资本市场的重要性，提出规范我国上市公司信息披露的建议与措施。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。