国有股

The empirical study on the "state-share paradox" finds evidence in two dimensions. First, a regime-switching model with an absorbing state suggests that government policy switches the regime to liquidity black holes.

一个具有吸收态的状态转化模型表明国有股减持政策诱使股市状态转向所谓的"流动性黑洞"；同时，在股市行情大跌时追逐流动性的假说没有足够证据支持，因而股市大跌是整个市场的宏观现象。

We should disperse the state-owned enterprise equity, make the state-owned equity shared by some state-owned asset agents and construct reasonable equity structures.

具体操作上应让国有股权分散化，即把国有股配置给多个国有资产代理人，构造合理的股权结构。

Take into account the social security fund has the characteristics of long-term investors, even if realized will be to re-enter the capital market, according to the market share of 10% of the proportion of state-owned shares will be allocated to the social security fund, in a sense no Will be different from the social security fund as a buffer state-owned shares reduction of the reservoir, which will also be more beneficial to the stability of the market and steadily recovering.

考虑到社会保障基金的长期投资者的特点，即使实现将重新进入资本市场，根据10个国家的比例％的市场份额，拥有股票将分配给社会保障基金，在一定意义上从没有将作为缓冲国的社会保障基金不同，国有股水库的减少，也将更有利于市场的稳定和稳步回升。

According to these questions, we could find the material countermeasures: scientific property rights should base on the stock reforming, control the agent"s "seeking rent behaviour, eliminate the controlling of state stock; Bank should firmly circumfuse operational, informatics, normal objects, make out rigid interior institutions; Considerated our financial material situations, the institution of supervision should integrate the interior supervision and exterior supervision and leave on indirect supervision. We should fast establish a leading supervision system without changing the segregation situation, so as to support a better environment for innovation and also better keep away innovation risk.

针对这些原因，提出了如下对策：科学的产权制度应对商业银行实施彻底的股份制改造，减少内部人控制现象，克服国有股一股独大现象；商业银行应紧紧围绕"操作性目标、信息性目标、合规性目标"三大目标，建立互相制衡、有力约束的刚性的内控制度；考虑我国金融业的具体情况，新的监管制度以间接监管为主、内外监管相结合，建立由央行为首的"牵头监管模式"，统一金融监管，给银行业务创新提供一个较为宽松的环境并且实现对业务创新的风险的有效防范。

In conclusion, Countervail Debt by Shares cannot solve all problems existed in China capital market, it is only a temporary means to solve major stockholder's debt.

但是不可否认，"以股抵债"减少了国有股，减少了非流通股，减少了流通股市场的压力，为将来解决全流通创造了良好的条件。

At first, this paper analyzes equity ownership structure of corporation from China to the overseas with the comparison by crosswise.

最后，本文提出了上市公司股权结构的优化措施，并就国有股减持、QFII制度等问题作了进一步的分析与研究。

Our findings implies that the ownership concentrating on state or SOEs is not the reason of poor performance, and reform of "shareholding disport" will do little for the promotion of corporate performance.

综合本文的实证研究结果可以认为，从提升上市公司业绩(ROE、ROA及ROM)的角度出发，国有股"一股独大"并不是造成公司业绩低下的原因，旨在解决非流通股问题的"股权分置"改革对提高公司业绩的直接预期作用渺茫。

So we must distinguish them. We can learn much from the studying on the lessening state-owned share hi west countries.

通过对现有的十一种国有股减持方案的分析和比较，可以看出，它们各有优点，但同时又有许多局限和不足。

Constitution, the presidential election is to take the electoral vote system that, according to state population, state share of each state, ranging from electoral votes.

答：根据美国宪法，总统选举采取选举人票制度，按照国家人口，每个国家国有股，由选举人票不等。

At that time, the ratio of the floating stock value to all value became an important pricing factor.

如果是国有股减持对定价方式产生了影响，那么流通股比例将是新的定价方式中的重要因素。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。