在讨论

This paper will assume that there are effective stock market and effective executive market, and the basic hypothesises in Black-Scholes Stock Options Pricing Model are correct. We will discuss the optimal repricing scheme under three situations, one is that the board of the company considers repricing when the price declines straightly ; the second is at the beginning of stock life,the board promises to reprice under some conditions at a certain coming time; the third is when some condition happens at an uncertain coming time, the board promises to reprice the ESO.

本文在有有效的股票市场，也有有效的经理人市场，Black-Scholes期权定价模型中的基本假设是正确的条件下，分别讨论了公司的董事会在股价持续下跌时考虑重新定价、在授予经理人期权的时候就承诺在未来某一确定时刻一定条件下可以进行重新定价和未来不确定时刻一定条件下可以进行重新定价三种情况下的最优重新定价问题。

To enhance security in Ad-Hoc networks,it is important to evaluate the trustworthiness of other nodes without centralized authorities.In this work,authors focus on the evaluation of trust evidence in Ad Hoc networks.First,the authors introduce the metrics of the trust,the evaluation process is modeled as a path problem on a directed graph,where nodes represent entities,and edges represent trust relations.Using the theory of semirings,a trust evaluation model based on semiring（TD-SEMIRING） is developed,then two nodes can establish an indirect trust relation without previous direct interaction and introduce the application of this model in route election.At last,the feasibility of this model is analyzed.

讨论了对可信事件的评估：首先介绍了可信的相关概念和相关的特性；接着评估过程被建模成一个在有向图寻找最短路径的问题，在该有向图中结点表示实体或者用户，边表示可信关系，通过使用半环理论，建立了一个基于半环的可信性评估模型TD-SEMIRING，在两个以前没有进行相互操作的实体之间建立间接的可信关系，介绍了这个模型在路由选择当中的应用；最后，通过仿真实验，验证、分析了该模型的有效性。

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。

We discuss the following conveyors in this category:(1) chain,(2) slat,(3) in –floor towline,(4) overhead trolley, and (5)power-and-free over-head trolley.

我们在这一个种类中讨论下列的运送装置：（1 链(2)，劈拍劈拍地碰撞，(3)在－地板拖绳(4)，在头上的吊运车和（5 力量－和－自由的在－之上头吊运车。

Take a single instance: In Ephesus St. Paul taught in the school of Tyrannus, in the city of Socrates he discussed moral questions in the market-place.

采取一个单一的，例如：在以弗所圣保禄教授在学校的tyrannus ，在这个城市的苏格拉底，他讨论的道德问题，在市场的地方。

The propagation of elegant cosh-squared-Gaussian beams has been investigated and the analytic solutions have been obtained by means of an angular spectrum technique in uniaxially anisotropic crystals.

基于光束在单轴晶体中传输的角谱理论，对复宗量双曲余弦平方-高斯光束在单轴各向异性晶体中的传输作了研究，得到了一般的解析传输公式，并用数值的方法讨论了晶体内源于复宗量双曲余弦平方-高斯光束的两偏振分量的传输特性，结果表明，在适当参数的条件下，两偏振分量在晶体中的传输波形结构基本保持不变。

Although the accuracy in meterological forecast of tropical cyclones has been distinctly improved, it is still a difficult problem confronting masters and anti-typhoon team leaders of the companies how to steer clear of typhoon reasonably and safely in case that the actual resistance to typhoon is strong enough, the sea area wide enough, and the time permitting ; to avoid unreasonable deviation,anchoring for shelter, blindly rushing onto her path,being involved in storm area,even into the the center of typhoon; under the limitation of the condition of the sea area and time.how to take correct meassures to escape , such as navigating with wind or windward in bias angle, slowing down, anchoring, berthing alongside the warf, mooring to buoy,etc.

传统的解决办法是，将台风中心的预报位置和本船的船位点绘在《台风位置标示图》上，研究本船与台风的相对位置以及相互间动态的发展态势，考虑各种因素的影响并留有充分余地，在小比例尺海图上用几何相对运动标绘的方法作图绘算出本船应采取的避台航向。本文所讨论的就是为迅速和较为精确地解决以上点绘和相对运动标绘的问题，在考虑了各种因素的影响并留有充分余地的情况下，在全方位范围内搜索安全航向，对本船与台风的相对位置以及两者之间的动态发展态势作出预报，并给出船长最关心的、对其作出避台决策至关重要的一组数据和直观图形，帮助使用者及早制订科学合理的避抗预案，及时果断地采取正确有效的避抗措施，解决避台决策的实际问题而设计的一个计算机标绘系统。

Depending on this thought, and according to the relating principles of the science about system, we carried through the initial creating thought about innovation , which have already been discussed frequently by the experts. The innovative elements are the most radical factors in the innovative system, which are also the basal ingredients that creating the system. Complexity and uncertainty are the intrinsic characters of the factors, which endow the innovative activities with insignificance of unfolding; the mechanism of non-linearity makes these elements to produce all kinds of affiliations, subsequent the mechanism of conformity coordinates as well as colligates and blends and advances on the basis of non-linearity, thereby the innovative behaviors achieve the leap in the affects and functions, so the systematic affects and functions forms, the innovative behaviors construct the practical framework in the landscape and portrait orientation; in fact, the process of the systematism of innovation is human beings social behaving, so, the evolvement of the systematism of innovation possesses the essential natures of opening and arrangement as well as self-organizing and rushing, which are the principles of evolvement.

我们就是立足于这一思维方式，运用系统科学的有关原理，对近几十年来被学者专家频频讨论的词——创新系统进行了生成性的初步思考：创新要素是创新系统的最基本的因素，也是生成创新系统的基本因子，复杂性和不确定性是创新要素与生具有的内在秉性，而正是这些秉性的存在才赋予了创新活动以开展的现实意义；非线性机制使得各创新要素之间产生着千丝万缕的联系，整合机制又在非线性机制的基础上进行整理、综合、融会和提升，从而实现了创新行为在效应和功能上的飞跃，形成了创新的系统效应和功能，创新行为在时间和空间上建构着系统的实践结构；创新系统化毕竟是人类的社会实践行为，在创新系统化的过程中创新主体要积极地使其具有开放性、层次性、自组织性和涌现性，这也是创新系统化的运行理念。

In the symmetrical encryption system aspect, discussed the des algorithm with emphasis, has given it in the key management, the safe application aspect exists question; the problem which in the asymmetrical encryption system aspect, studies in with emphasis which rsa and the application has the question, the ecc merit and should pay attention and so on.through the quite symmetrical key encryption system and the public key encryption system good and bad points,summarize should use the mix key encryption system in the electronic commerce, both guarantee data security, and may enhance encrypts and deciphers the speed.

在对称加密体制方面，重点讨论了des 算法，给出了其在密钥管理、安全应用方面存在的问题；在非对称加密体制方面，重点研究rsa及其应用中存在的问题、ecc的优点及应注意的问题等。通过比较对称密钥加密体制和公开密钥加密体制的优缺点，总结出在电子商务中应采用混合密钥加密体制，既保证数据安全，又可提高加密和解密速度。

He who talks about truth injures it thereby; he who tries to prove it thereby maims and distorts it; he who gives it a label and a school of thought kills it; and he who declares himself a believer buries it.

讨论真理的人是在伤害真理；试图去证实真理的人是在损毁真理；给真理贴上标签或归类于思想流派的人是在谋杀真理；宣称自己是真理信徒的人其实是在埋葬真理。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。