博弈

Under the guidance of ecology, stakeholder theory and finance environment theory, this paper made an analogy between natural ecosystem and financial ecosystem, firstly define the connotation of financial ecosystem, analyze its ecological characteristics, and then from the aspect of financial information flow, construct a financial ecosystem model which is made up of producer, consumer, decomposer and environment, and the function of each part is also analyzed.

该文以上市公司财务生态系统的构建为主题，界定了财务生态系统的内涵，分析了财务生态系统的生态特征，并建立了财务生态系统的结构模型，但文章存在以下主要问题：（1）财务的生态特性与其经济特性和管理特性是难以分割的，特别是企业的财务决策反映了不同利益主体的经济行为和管理行为之间的利益博弈，而该文在讨论中并没有涉及这些重要问题。

This paper carries out study on corporate governance based on system theory, advances concept of corporate governance, analyzes and abstracts system core of corporate governance from the point of mechanism by means of study on environment energy-rank principle, running mechanism and model of corporate governance. This paper analyzes mechanism of stimulation and restraint by using game theory, verifies effect of stock right structure on efficiency of corporate governance in view of connection between capital and corporate governance, gives method of resolving optimum stock right limit of collection and deconcentration and adventure share model of blending capital, and discusses problem of entrance of stakeholders to corporate governance etc.

本论文以系统理论为基础对公司治理结构进行了研究，提出了公司治理结构系统的概念，分析提炼出了公司治理结构系统核，并通过对公司治理结构系统环境、系统能级原理和系统运行机制与模式的研究，从机制的角度分析了公司治理结构系统运行模式；运用博弈论对公司治理过程中的激励约束机制进行了分析；针对资本结构与公司治理结构的关系，运用模型验证了股权结构对公司治理效率的影响，给出了求解最佳股权集散度的方法和融资风险分担模型；探讨了利益相关者介入公司治理结构的问题等等。

In the single-round snowdrift game, an individual is either cooperator or defector.

在单轮雪堆博弈中，个体要么是合作者要么是背叛者。

The reason lies in system's barrier, special interest group's gambling, the deficience of resources, in the policy's hindrance and so on.

原因在于制度上的障碍、利益集团的博弈、资源上的匮乏、政策上的阻碍等。

The multi-equilibrium may be in existence combined with model,consequently,the game result of both sides is not simply depending on the degree of information symmetry,which makes the army exhume and use the information in reason and in high effect,then enhance the benefit of the weapon equipment repair.

结合具体实例，分析了在性态复杂的信息结构下，可能存在多种均衡，使得双方的博弈结果并不简单地依赖信息对称的程度，有利于军方合理、高效地发掘和利用信息，以提高武器装备修理的效益。

Usually, such cases need to be mediated in terms of the customary law, with the degu, the folk intellectuals of the Yi, as the mediators.

本片记录了对这起"死给"案调解的过程，从中可以看到彝族传统习惯法在民间的运作，如德古如何运用习惯法处理民间纠纷，以及纠纷双方如何在诉求方面展开的激烈博弈。

Wonder if anyone still remembers the 'toughest nail house'. In that incident, though the demolisher and the demolished were in some kind of opposition, both sides still played by the rules. There were smiles and no real harm.

不知道是否还有人记得那位"最牛钉子户"，在那个事件当中，拆迁者与被拆迁者虽然在进行着某种程度上的博弈，但双方都还是在规则之内，有笑容而无真正的伤害。

We also made a primitive study on the degree of fiscal transfer between areas by demonstrational verify.

在此博弈分析基础上，进一步通过实证研究方法作了转移支付的财政均等化效应实证分析。

This system symptom attributes to the various levels of local government, who stick in departmentalism, play imbalance financial and taxation games in a environment lack of legislation security.

这些体制症结的存在，主要是由于在缺乏法治保障的环境中，各级地方政府固守本位主义，进行非对称的财税博弈所致。

First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results.

首先，应用进化博弈论中的单群体确定性模仿者动态方程建立证券投资者行为的进化博弈模型，并对进化系统的均衡结构特征及其影响因素进行分析；其次，根据我国证券市场实际，对我国证券投资者行为进化的均衡结构进行实证分析，并从投资者行为进化的角度，解释我国证券投资者行为进化为噪声交易主导市场的原因；然后，通过建立股市波动的噪声交易模型，研究投资者行为的进化对股市波动的影响，并进一步分析我国噪声交易主导市场时对市场价格发现和资源配置功能的影响；最后，根据理论及实证的研究成果，分析噪声交易主导市场时大力发展机构投资者等制度作用的有限性，并进一步提出我国证券市场相机治理的政策建议。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。