信用证券

The experience with mortgage securitization in the United States suggests a number of ways to achieve this end:（1）Securities based on government insured mortgages.（2）Securities issued by government-guaranteed conduits.（3）Securities issued with high quality private credit enhancement (such as over-collaterlization).

美国在抵押安全系统方面的经验提议一些达到这个目的的方式： 1证券根据政府被保险人抵押 2证券经过由政府保证的输送管道 3证券增加高质量私有信用**拼错了，是over-collateralization。。。

Consequently, this essay choose the "Z-Score Model", which was developed by Altaian, the famous American expert in risks management, to analyze and evaluate the listed companies' credit risks in China and to verify its efficiency to Chinese stocks market. The " Z-Score Model" is an innovation in the evaluation of companies' credit risk in the United States' banks, which is now being used widely. If the model is also applicable in Chinese stocks market, it will be significant in both theories and practices.

因此，本文选用作为美国商业银行信用评估方法的一次重要创新的，目前仍被美国商业银行广泛使用的，由美国著名信用风险管理专家Altman建立的"Z评分模型"(Z-Score Model)来对我国上市公司的信用风险状况进行实证研究，验证其在我国股票市场的有效性程度，如果能证明"Z评分模型"同样适用于我国证券市场，并将其改造为更适合我国上市公司的信用风险分析模型，将不仅具有很大的理论价值，而且也具有十分重要的现实意义。

The reason for credit rating becoming the core of credit system and culture of trust of securities market is that information asymmetric goes along with information fault, which keeps credit rating operating in the construction of credit system and culture of trust as a risk measurement, examiner, anticipator, and integration.

资信评估之所以成为证券市场信用制度和诚信文化的核心，是因为在信息不对称的同时，存在信息的缺陷，使得资信评估可以在证券市场的信用制度和诚信文化建设中发挥风险度量、检测、预警和整合的作用。

As a Credit expansion mode in securities market,There werea huge risks in Securities Credit Transactions,the core of establish Securities credit trading system is to Control the risk of credit transactions,and exert it's ascendency and active role.by compare and research Mature international credit trading system, this article put forward some relevant recommendations to develop Securities credit transactions on the basis of Learn from international experience and combine with the reality of our country.

证券信用交易作为信用在证券市场上扩张的一种方式也同时存在着巨大的风险，建立证券信用交易制度的核心和目的就是控制信用交易的风险，使其发挥优势和积极的作用。通过对国际上成熟信用交易制度的比较研究，在借鉴国际经验并结合我国实际的基础上，本文初步提出了几点我国开展证券信用交易的相关建议。关键词：证券信用交易证券信用交易制度融资融券

Our country is a developing country with transition economy. We should choose "government driving" pattern in our construction of credit system and culture of trust in securities market. In this construction, government should play the role of driver, programmer, designer, starter, jurist, explainer, executor, and the protector of social vulnerable groups.

我国是转制型的发展中国家，在证券市场信用制度和诚信文化的建设中，应选择政府驱动模式，政府在证券市场信用制度和诚信文化建设中应扮演驱动者、规划和设计者、启动者、法律法规的制订者、解释者和执行者，弱势群体维护者的角色。

These hedge instruments are fixed income security with an embedded credit default swap and can provide the hedge to issuers by the forgiving reference obligation and the issuer has no risk of nondelivery on the hedge.

此信用衍生性商品可视为固定收益证券与信用违约交换以组合而成。此避险工具可使发行者规避标的债权之风险，而且发行者能够将信用风险完全转移至票券持有人。

Thus, we should establish a credit risk revealment system with the base of information revealment, also securities issue system with the core of credit rating. Based on the Regulation on Credits Management, we should remedy the law related to credit system, complete the property right system of listed companies and juridical person management structure, complete securities issue and auditing system, establish a dynamic information revealment system, reinforce supervision of listed companies, establish and complete investors protection system, construct operation criterion of credit system and culture of trust with the core of credit rating in securities market.

鉴此，应该建立以信息披露为基础的资信评估信用风险揭示机制、构建以资信评估为核心的证券品种发行制度，在出台《征信管理条例》的基础上，修改与信用制度相关的法律，完善上市公司的产权制度、法人治理结构，完善证券发行、上市审核制度，建立动态的信息披露制度，加强对上市公司的监管，建立和完善投资者保护制度，建立以资信评估为核心的证券市场信用制度和诚信文化的执业标准。

Huatai Securities is the China Securities Regulatory Commission regulatory agencies of the first disclosure of customer transactions has not appropriated funds settlement, net capital of securities companies meet the requirements of the assessment by the China Securities Co., Ltd. integrity in accordance with international standards evaluation, credit ratings for Huatai Securities AA grade.

华泰证券是中国证监会机构监管部首次披露的没有挪用客户交易结算资金、净资本符合要求的证券公司之一，经中国诚信证券评估有限公司按国际评级标准测评，华泰证券信用等级为AA+级。

By classified statistics for the peccant behaviors, the author designs the measuring model in virtue of event study and market model, and measures stock's credit risk on abnormal fluctuation of yield.

论文研究了上市公司违规失信行为所形成的股票信用风险，探讨其影响因素和预测方法，构建了符合我国证券市场环境和上市公司特点的股票信用风险评估模型，取得如下创新性工作结果：（1）构建股票信用风险测度模型，用以分析各类违规失信行为的异常损益。

The author himself has been experiencing the turbulence of Chinese securities market, and has the same feeling of greed of human beings in securities market with the minority investors, and has apperceived the impact on law especially civil and commercial law imposed by the concept of right-orientation and the principle of good faith, so it is natural that the author chooses the Civil Liability of Securities Fraud to be the topic of his graduation thesis.

作者亲身体验了中国证券市场的动荡，并对通过证券市场表现出来的人性贪婪的一面与弱势投资者感同身受，加之数年受法律尤其是民商法权利本位、诚实信用观念的冲击，于是有了本文便是自然而然的事情了。全文除了前言和结语外，分为三个部分，计三万八千余字。第一部分，首先对全文的两个关键词——证券和证券市场依据国内立法作出了界定。证券是经济发展到一定阶段的产物，指的是记载并且代表一定权利的凭证。

The labia have now been sutured together almost completely.The drains and the Foley catheter come out at the top.

此刻阴唇已经几乎完全的缝在一起了，排除多余淤血体液的管子和Foley导管从顶端冒出来。

To get the business done, I suggest we split the difference in price.

为了做成这笔生意，我建议我们在价格上大家各让一半。