主要市场

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

After more than a decadersquo;s development, the company now covers an area of 28,000 m2 with a building area of 18,000 m2 and 80 employees, we have an annual production of 200,000 violins, violas, cellos and acoustic basses at various levels, and produce 110,000 various instrument cases and covers, the products are not only sold domestically, but we have also obtained the right of importing amp; exporting, and our products are sold in more than 30 countries and regions including europe, the u.s and southeast asia, over 80% of our output is exported and therefore making us a major exporting base for the country.

泰兴钱氏乐器有限公司主要生产各种型号各种级别的提琴、吉他、乐器配件。经过十多年的发展，公司的员工80名，占地面积2.8万平方米，建筑面积1.8万平方米，年生产各种规格、各种档次的小提琴、中提琴、大提琴、低音贝司20万把，各种琴盒、琴套11万个，产品除部分满足国内市场需求外，公司已取得自营进出口权，远销欧美、东南亚等三十几个国家和地区，出口量占总量的80%以上，是全国出口创汇的主要基地。

And its influence on society and economy has the effects of social wealth, economic cycle, inflation, collocating resources and social psychology.

房地产泡沫是房地产市场波动的主要表象之一，对经济的影响主要表现为：社会财富效应、经济周期效应、通货膨胀效应、资源配置效应、社会心理效应等。

Niching in energy sector, the Group focuses on development the Uninterruptible Power Supplies and voltage stabilisers and meanwhile is reputed as the leading manufacturer in European region of the traditional and satellite-based alarms and immobilisers for cars and motorcycles, supplying with the After Market sector and Official Accessories ranges as well as the Telematics Devision dedicating for the civil and indutrial security applications, such as remote vechicle management and monitoring.

主要生产不间断电源、稳压器等能量领域的产品，同时在丰富的产品线上，美达也是欧洲地区传统和卫星定位报警器，及汽车、摩托车制动器和安全系统配件等售后市场领域，及远程控制部开发民用及工业安全应用，如遥控车辆治理及监控设备的主要供给商，通过提供可靠、安全及模块化等先进的技术支持和服务来传递其卓越的价值。

Niching in energy sector, the Group focuses on development the Uninterruptible Power Supplies and voltage stabilisers and meanwhile is reputed as the leading manufacturer in European region of the traditional and satellite-based alarms and immobilisers for cars and motorcycles, supplying with the After Market sector and Official Accessories ranges as well as the Telematics Devision dedicating for the civil and indutrial security applications, such as remote vechicle management and monitoring.

主要生产不间断电源、稳压器等能量领域的产品，同时在丰富的产品线上，美达也是欧洲地区传统和卫星定位报警器，及汽车、摩托车制动器和安全系统配件等售后市场领域，及远程控制部开发民用及工业安全应用，如遥控车辆管理及监控设备的主要供应商，通过提供可靠、安全及模块化等先进的技术支持和服务来传递其卓越的价值。

Niching in energy sector, the Group focuses on development the Uninterruptible Power Supplies and voltage stabilisers and meanwhile is reputed as the leading manufacturer in European region of the traditional and satellite-based alarms and immobilisers for cars and motorcycles, supplying with the After Market sector and Official Accessories ranges as well as the Telematics Devision dedicating for the civil and indutrial security applications, such as remote vechicle management and monitoring.

主要生产不间断电源、稳压器等能量领域的产品，同时在丰富的产品线上，美达也是欧洲地区传统和卫星定报警器，及汽车、摩托车制动器和安全系统配件等售后市场领域，及远程控制部开发民用及工业安全应用，如遥控车辆管理及监控设备的主要供应商，通过提供可靠、安全及模块化等先进的技术支持和服务来传递卓越的价值。

Water used for boiling or steaming fiddleheads should be discarded as it may contain the toxin. Fiddleheads should also be boiled or steamed prior to sauteing, frying or baking. There have been no reported cases of illnesses in Canada connected with eating fully cooked fiddleheads.

消费者食用这种羊齿类植物主要是吃它的嫩叶，它属於季植性食物，一般只会在户外的农夫市场发售，比较少在一般的连锁超级市场出现，华人超级市场更加罕见，在餐厅主要用作热菜或放汤用。

Among them, the capital market is a venture capital out of the main channel and realized the main mode, only the previously successful investment project after the sale of cash, only to re-invest in new projects in power and capacity.

其中，资本市场是风险投资主要的退出渠道和变现的主要方式，只有将以前所投资的项目顺利出售套现后，才有重新投资新项目的动力和能力。

This paper mainly adopted literature data, questionnaire and interview and logic analysis methods, and used the theory of urban development, sports management theory, theory of mass sports, community sports theory, and other theories. By grasping the basic characteristics of China's social modernization process and analyzing the status of community sports conduction and management and the presence of a series of problems in the new-type city - Jiujiang, we found the main factors affecting urban Community Sports Management in Jiujiang City and opportunities for the urban community sports management binged by the implementation of the "3 +1" strategy, and Consequently, explored the model adapting to community sports management and development in Jiujiang the new-type city under a "3 +1" strategy. That is the light of these constraints and opportunities analysis concluded: As China's economic reform and social reform of the management system of deep,single Administrative Management Mode-omnipotent authority are depleting,at the same time,Jiujiang City "3 +1" to the implementation of the strategy has brought city and the residents change.Sports needs of the residents of the community which continuously enhance the connotation of sports management on the basis of qualitative change rapidly rich,variable-totalitarian government administration for the government-led management.

本论文主要采用文献资料法、问卷调查法、访谈法及逻辑分析等方法，运用城市发展理论、体育管理理论、群众体育理论、社区体育理论等多种理论，把握我国社会现代化过程的基本特征，通过分析新型城市--九江市城市社区体育开展现况及社区体育管理现状和存在的系列问题，找到了影响九江市城市社区体育管理的主要因素（管理体制的不合理；缺乏有针对性的政策法规；管理系统（服务管理系统、场地设施管理系统、体育人才管理系统、体育经费管理系统等）不够健全和完善；管理者思想和管理观念落后及被管理者素质不高等5个方面）及在实行&3+1&战略后给城市社区体育管理带来的机遇（&3+1&战略的实施为九江城市社区体育管理奠定了坚实的经济基础和发展的动力；&3+1&战略的实施为九江城市社区体育管理提供了广阔的市场和空间；实行&3+1&战略为社区体育管理带来了居民体育意识的转变等3个方面）等问题的研究，从而探索出&3+1&战略下适合九江市新型城市社区体育管理发展的模式，即针对以上制约因素和机遇的分析得出结论：随着我国经济体制改革和社会管理体制改革的深人，单一的行政全能主义管理模式的权威性日趋枯竭，与此同时，九江市&3+1&战略实施以来，给城市及居民带来了巨变，居民对体育需求度的不断增强，致使社区体育管理的内涵在质变的基础上迅速丰富化，变政府行政全能主义为政府主导型管理。

In order to analyze the objective, the author choses ASEANs economic cooperation as a case study.

本文的基本思路及主要内容是：首先，介绍地区主义的基本概念与相关理论，然后提出自己的分析框架，以政治经济互动为核心，建构以国家与市场为主要视角的地区主义分析框架。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新