不过分的

However, we don"t find neither the economies of scale nor the diseconomies of scale in the investment banking industry. What"s more, the scope of Chinese investment banks is too narrow and the income relies on the traditional deals too much, which makes the industry far from the economies of scope.The dissertation starts from restrict-pricing model of Spence and Bain-Sylos and analyzes the mechanism of the strategy of excessive production capacity. And based on the extended dynamic game theory of Dixit the dissertation establishes the dynamic game theory model of capital promise and entry deterrence. The dissertationillustrates the essence of scale strategy of Chinese investment banking industry: Firstly domestic investment banks should optimize the capital structure and the scale expansion by proper financing arrangement.

本文对我国投资银行业的产业绩效进行了实证检验：市场结构、行业规模以及市场总体收益率对行业的利润率具有很强的解释能力，从影响的相对水平来看，集中度的影响要大于市场收益的影响，同时，规模的影响与集中度、市场收益的影响相反；同时，基于规模经济的横截面分析表明，我国投资银行业的经济规模与其绩效之间还不存在明显的关系；而且，我国投资银行业总体上经营范围狭窄，业务内涵单一，在收入构成上过分依赖于传统的三大业务，也远远没有发挥出行业的范围经济优势。

They are waiting to take us into the severed garden Do you know how pale and wanton thrillful comes death on a strange hour unannounced, unplanned for like a scaring over-friendly guest you've brought to bed Death makes angels of us all and gives us wings where we had shoulders smooth as raven's claws No more money, no more fancy dress This other kingdom seems by far the best until it's other jaw reveals incest and loose obedience to a vegetable law.

高贵的婴儿，红宝石必须马上取代流产泥泞中的陌生人这些变种，为种下的植物所举办的鲜血之宴他们在等待，把我们带到恐怖的花园你是否知道，在一个奇异的时间到来的死亡有多麼苍白，荒唐和惊惧不曾宣布，未经计画就像你带到床上的可怕的，过分友好的宾客死亡使我们都成为天使使我们平滑的肩膀上生长出翅膀，如大乌鸦的脚爪没有了金钱，也没有了化妆舞会上的华服另一个王国是目前为止最好的直到下一个入口展现出乱伦以及对无聊法律的松散的服从我不会离去宁愿为庞大的家庭举办朋友的盛宴

But my analysis of USAir's business was both superficial and wrong. I was so beguiled by the company's long history of profitableoperations, and by the protection that ownership of a senior security seemingly offered me, that I overlooked the crucial point: USAir's revenues would increasingly feel the effects of an unregulated, fiercely-competitive market whereas its cost structurewas a holdover from the days when regulation protected profits. These costs, if left unchecked, portended disaster, however reassuring the airline's past record might be.

不过我对于美国航空业的分析研究实在是过于肤浅且错误百出，我被该公司过去历年来的获利能力所蒙骗，同时过分相信特别股可以提供给我们在债权上的保护，以致于忽略了最关键的一点︰那就是美国航空的营收受到毫无节制的激烈价格竞争而大幅下滑的同时，其成本结构却仍旧停留在从前管制时代的高档，这样的高成本结构若不能找到有效解决的办法，将成为灾难的前兆，不管以前航空业曾经享有多么辉煌的历史。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。