不发达国家

After a study on Chinese financial practice, we find that though Chinese banking system has high cost and low efficiency, one side, Chinese security market has very low efficiency to overcome asymmetric information and has many unsolved problems in short term that brings very high additional cost, so security market is not a good system to substitute the Chinese banking system and must develop after these problems are solved, on the other hand, the cost of Chinese banking system is mainly exogenously produced, the experiences of western commercial banking practice and the joint-stock reform in some Chinese banks have proved that the efficiency of Chinese banking system can be improved. So one of our conclusions is that China should emphases on the reform and development of the banking system.

一方面，本文通过对中国证券市场的进一步分析，发现中国证券市场制度设计上存在严重不合理，短期内仍然缺乏合适的生存环境，这也导致其过去十多年的超常规发展中不仅具有低的效率，而且形成了许多短期内难以克服的缺陷，这充分表明证券市场不应成为我国金融体系短期内的重点方向，证券市场未来的进一步发展必须以这些问题和缺陷的解决为前提；另一方面，进一步的分析表明，我国银行业目前的巨大成本主要为外生，同时，对西方发达国家银行业发展和我国银行股份制改革的经验总结表明，只要在一定的条件下，银行业的效率完全可以有效提高，因而，中短期内我国应重点对银行业进行改革和发展，尤其是要加快银行业的股份制改革进程。

During the process of the detailed argument, the author of this paper, by giving over the current situation of the financial investment system of higher education and its evolution, draws the conclusion that the seriously insufficient investment from the governmental finance and the unformed pluralism of the financial investment system of higher education are the main problems of the financial investment system of higher education in our country. Through the deep analysis of the current situation of the financial investment system of higher education in our country and the problems of it, this paper draws the conclusion that it is the imperfection of the laws for the financial investment system of higher education and the misposition of the educational management by governments that cause these problems. Based on the experiences of the western developed countries such as the USA and Japan in the financial investment system of higher education, this paper puts forward the strategy to improve it, with its focus on perfecting the laws for the financial investment system of higher education and the carrying out of the pluralism of the investment system of higher education.

在具体论述过程中，通过对高等教育财政投资体制的现状及演变过程的回顾，从而得出政府财政投入严重不足与高等教育财政多元化投资体制的内外环境尚不成熟，是我国高等教育财政投资体制的现实背景与存在的主要问题的研究结论；通过对我国高等教育财政投资体制现状与问题的深入分析，从而得出高等教育财政投入法律制度的不完善与政府教育管理职能的错位，是导致存在各种问题的主要原因的研究结论；在借鉴美国、日本等西方发达国家高等教育财政投资体制经验的基础上，提出了完善教育产业属性下高等教育财政投资体制的对策，并将论述的重点定位于完善高等教育财政投资的法律体系与实现高等教育投资体制的多元化。

We look at the strategy in China there are many ways because HSBC grows in Hong Kong and Shanghai banking cooperation, so we get a very long history yet, goes back 135 years we have been in the land of your country, several times, over that period of time, but it is terribly important for us it is a very important of the future, I am not say anything because our chairman doesnt say anything possible opportunity to try to impress people that how much you want to be here significant, what I find really fascinating because we have just been spending a lot of time just making research in the brands of China, degree our competitors brand in general, there is a tendency I think among the people of Chinese all think it is a developing country, from the marketing standpoint, brand standpoint, in actually fact, if you look at how Chinese brands behave, it is a very developed country, it behaves much more like France, or the UK, does like Brazil, or Malazia, you have heard how competitive this market places, there are lots of very very good products, very high quality products, lots of very well-excepted local brands have a long history, in fact, it not given one foreign brand comes in, we have history and understanding here, we are the new brand on the block if you like, we have to understand where our initial be in the very complicated very very competitive market place, there are a lot of banks, there are a lot of banks specialized particular sector of the market, they also move to grow become a lot of unbanked people in this country, so all of our present opportunities and my strategy were wave with those

说到我们中国的战略，我想应该有许多种不同的战略吧，因为汇丰在香港和上海都有分支。我们在中国有很悠久的历史，可以追溯到135年前，之后几番登陆中国，但我认为最重要的，还是汇丰未来在中国的发展，虽然我很想让大家知道我们在中国发展的迫切愿望，但我现在不能宣布任何的战略，是因为我们的主席还没有表态。在中国，我们对中国的品牌做过许多的调研工作，把我们的竞争对手分级，最让我感到震惊的，在中国有一种趋势就是，从市场的角度来看，品牌的角度来看，中国的民众都认为中国是一个发展中国家，而实际上，如果你观察一下中国的知名品牌是怎么样运行的，你就会发现更像一个发达国家。这样的品牌行为更像是在法国，在英国，在巴西，或是马来西亚，在中国，你会发现市场竞争也是那样的激烈，中国市场上有许多出色的商品，高质量的商品，有许多拥有悠久历史、具有独特影响力的知名品牌，实际上，任何一个外国的品牌、任何一个后进入者想挤进来，都不是容易的事情。虽然我们很早就和中国有渊源，但我们也可以说是一个新的市场进入者，我们必须在这个复杂而又竞争激烈的市场中找到我们的方向，中国市场上现在有许多的银行，还有许多专门服务于某一特定顾客群的银行，但我们的空间还很大，因为中国还有许多没有开发的处女地，所以，我认为我们现在的机会和战略是和那些竞争对手们在市场上共舞。

We look at the strategy in China there are many ways because HSBC grows in Hong Kong and Shanghai banking cooperation, so we get a very long history yet, goes back 135 years we have been in the land of your country, several times, over that period of time, but it is terribly important for us it is a very important of the future, I am not say anything because our chairman doesn't say anything possible opportunity to try to impress people that how much you want to be here significant, what I find really fascinating because we have just been spending a lot of time just making research in the brands of China, degree our competitors brand in general, there is a tendency I think among the people of Chinese all think it is a developing country, from the marketing standpoint, brand standpoint, in actually fact, if you look at how Chinese brands behave, it is a very developed country, it behaves much more like France, or the UK, does like Brazil, or Malazia, you have heard how competitive this market places, there are lots of very very good products, very high quality products, lots of very well-excepted local brands have a long history, in fact, it not given one foreign brand comes in, we have history and understanding here, we are the new brand on the block if you like, we have to understand where our initial be in the very complicated very very competitive market place, there are a lot of banks, there are a lot of banks specialized particular sector of the market, they also move to grow become a lot of unbanked people in this country, so all of our present opportunities and my strategy were wave with those

说到我们中国的战略，我想应该有许多种不同的战略吧，因为汇丰在香港和上海都有分支。我们在中国有很悠久的历史，可以追溯到135年前，之后几番登陆中国，但我认为最重要的，还是汇丰未来在中国的发展，虽然我很想让大家知道我们在中国发展的迫切愿望，但我现在不能宣布任何的战略，是因为我们的主席还没有表态。在中国，我们对中国的品牌做过许多的调研工作，把我们的竞争对手分级，最让我感到震惊的，在中国有一种趋势就是，从市场的角度来看，品牌的角度来看，中国的民众都认为中国是一个发展中国家，而实际上，如果你观察一下中国的知名品牌是怎么样运行的，你就会发现更像一个发达国家。这样的品牌行为更像是在法国，在英国，在巴西，或是马来西亚，在中国，你会发现市场竞争也是那样的激烈，中国市场上有许多出色的商品，高质量的商品，有许多拥有悠久历史、具有独特影响力的知名品牌，实际上，任何一个外国的品牌、任何一个后进入者想挤进来，都不是容易的事情。虽然我们很早就和中国有渊源，但我们也可以说是一个新的市场进入者，我们必须在这个复杂而又竞争激烈的市场中找到我们的方向，中国市场上现在有许多的银行，还有许多专门服务于某一特定顾客群的银行，但我们的空间还很大，因为中国还有许多没有开发的处女地，所以，我认为我们现在的机会和战略是和那些竞争对手们在市场上共舞。

And there would emerge a multitude of problems, risks, inequalities and irrationalities, which would ultimately jeopardize the interest of developed countries.

就会带来诸多困难、风险和不公正不合理的现象，最终发达国家也会受到损害。

In addition, the different level in technology development betweens the developing country and developed country can lead to the great unbalance among the different areas in the world.

技术不平衡导致贫穷这个论点，后面的论证不充分哦。后面只提到现象，深层次的理由怎么没有呀？？？那么发达国家内部的贫穷怎么解释？？

Asset valuation of our country began later than western countries, although develops quickly, but compare with the developed countries it still exist many differences in above-mentioned aspects:Purpose of evaluation are limited, the main purpose of patent valuation in our country are for the patent property's cost amortisation, trade and investment, besides, neglecting the purpose of patent evaluation a service management and litigation;The application of evaluation theories are subjected to a limit, the method we commonly use is income method, the world well-known evaluation organizations pay more attention to a lately theoretical application;Evaluation standards are established lagard, on the countrary, the International Valuation Standards, The Uniform Standards of Professional Appraisal Practice and the European Valuation Standards were all established very early,and have already become a careful and reasonable structure system after emendations, but the valuation standards of China does't shows the relation between accounting standards now, demand of valuators' responsibility are too brief, having no restriction to definitude the type of value, and the regulation of valuation methods of Intangible Assets is not comprehensive;The lawmaking isn't complete, our country has no complete lawmaking to carry on rules and regulations to the non-cash's property, patent infringement control are inadequate, and excessively restrict patent property contributed form.

我国资产评估行业起步较晚，虽然发展迅速，但经比较研究发现，在上述方面与发达国家仍存在很大差异：评估目的相对狭窄，我国主要以专利资产成本摊销、交易和投资为目的进行评估，忽视了专利服务管理和诉讼为目的的评估；评估理论应用受限，我国主要应用收益法，世界知名评估机构更注重新理论的应用；评估准则制定落后，无论是国际评估准则、美国评估准则还是欧洲评估准则，都制定较早，并多次修订已形成严密的结构体系，而我国在评估准则中未体现与会计准则的关系，对评估师执业责任的要求过于简练，没有对价值类型加以明确，对无形资产评估方法的规范也不详细；立法不完善，我国没有相对完善的立法对非现金出资进行规制，对专利侵权控制力不够、专利出资形式限制过多。

In other words, the developed countries is part of tenements plus money to buy a new house, China is not to sell the old house also bought a new house, so of course, on "Housing can not afford to buy" the.

换言之，发达国家是物业加钱购买了新房子，中国是不卖老房子也买了新房子，当然，关于&房屋买不起&的。

The dissertation begins with the investigation of the fruitful research on function of debt governance in developed countries such as UK, US, Japan and Germany, and attempts to fill some important gaps in our understanding of inefficient investment controlling function, bankruptcy threat function and function of creditor's participating in corporate governance; Second, Theoretical and empirical study is done on whether three functions of debt governance can work well in state-owned listed companies. The result shows that so far the function of debt governance can't work well as expected; Third, after examining the special institutional background of China, the dissertation argues, grounded on the research results, that the essential institutional reasons include creditors and debtors being "quasi" market participants, the "quasi-equal" debtor-creditor relationships and the "quasi" market rules; Finally, it comes to the conclusion that the fundamental methods to change the situation are to encourage the supervision of banks, to deepen the reform of state-owned companies and to fulfill the outside institutional requirements for guaranteeing the function of debt governance.

文章首先借鉴英美、日德等发达国家对债权治理功效的已有研究成果，总结归纳出负债抑制非效率投资功效、负债的破产威胁功效以及债权人直接介入公司治理功效；其次，分别对三大债权治理功效在我国国有控股上市公司中能否发挥作用进行理论解析和实证检验，研究发现，目前我国企业债权治理功效不能发挥应有的作用；再次，针对研究结论，从我国特有的制度背景出发，分析其症结，认为我国目前的债权债务双方的&准&市场主体、债权债务双方的&准&平等关系、&准&市场游戏规则是导致债权治理功效不能发挥作用的根本制度原因；最后，提出解决对策，认为增强银行的监督激励、深化国有企业的改革以及实现债权治理功效的外在制度要求是债权治理功效发挥作用的根本途径。

Today we do not seek to impose our vision on others, but we are convinced that certain rights are universal -- not American rights or European rights or rights for developed nations, but the birthrights of people everywhere, now enshrined in the United Nations Declaration on Human Rights -- the right to be treated with dignity; the right to express one's opinions, to choose one's own leaders, to associate freely with others, and to worship, or not, freely, however one chooses.

今天，我们没有谋求将自己的见解强加于人，但我们深信，某种权利具有普遍性，它们不是美国的权利或者欧洲的权利或者是发达国家的权利，而是所有的人们与生俱来的权利。这些权利现在载于《联合国人权宣言》。这些就是待人以尊严、各抒己见、选举领袖、自由结社、自由选择信教或不信教的权利。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。