实际价格

Chapter four uses Autoregressive Distributed Lagapproach to examine the extent to which changes in exchange rates result in changes in CPI , which is the proxy of Chinese domestic inflation. It also analyzes the impact of food price on exchange rate pass-through effect. Then, chapter four uses Vector Autoregression model to examine the short term and dynamic effect of exchange rate pass-through. The above empirical results reveal that the exchange rate pass-through effect to domestic prices is incomplete and time-lagged.

然后，本文运用自回归分布滞后模型研究人民币汇率变动对以消费者价格指数衡量的国内通货膨胀的传递效应，并结合中国实际考察了食品价格冲击对汇率传递效应的影响；本文通过将名义有效汇率和价格等宏观经济因素纳入同一个VAR系统中，利用脉冲响应函数与方差分解技术来考察名义有效汇率变动冲击对国内价格水平的短期动态影响。

4"Gross value" means the wholesale price, or, if there be no such price, the estimated value, with, in either case, freight, landing charges, and duty paid beforehand; provided that, in the case of goods or merchandise customarily sold in bond, the bonded price is deemed to be the gross value "Gross Proceeds" means the actual price obtained at a sale where all charges on sale are paid by the sellers

"毛值"是指货物的批发价格，如果没有这种价格，则是货物的估计价值，不论哪一种情况，再加上已预先付讫的运费、卸货费和关税之后的价值；但是，如果货物或商品按惯例在关仓出售，那么关仓价格就视为毛值。"毛收入"是指所有出售费用均由出售人支付时获得的实际出售价格。

In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较，为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施，本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施，并且在价格区间的制定中引入发行底价，考察了价格区间与分配量之间的关系，得到最优的价格区间和分配策略，从中体现自主分配权的优点；在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端，与已有文献不同的是，在模型中引入了累计投标询价机制，研究了承销商在混同均衡操纵中采取的分配策略，并对操纵存在的条件进行分析讨论，得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中，充分考虑了我国实际应用的背景，加入了与固定价格发售混合的条件，并将询价与固定价格混合发行分为序贯与同步两种方式，指出机构投资者在两种情况下申购策略的侧重点各有不同，通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真，考察了机构投资者申购策略对无自主分配权下的询价发行的影响，填补了相关研究文献的空白；在包含超额配售选择权的询价发行中，将发行定价策略分为热销策略和弱销策略，在考虑了我国含超额配售选择权的发行流程下，通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取，进而会对新股发行价格、发售数量产生怎样的影响，对目前相关研究的缺乏做出了有益的补充。

Then the author analyzes empirically China's terms of trade from 1981,and the causes of the change in the net barter terms of trade by means of regression analysis ,which can be quantitied.we get the results that China's net barter terms of trade had a declining trend while its income terms and factorial terms of trade had been improved,and the net barter terms of trade positively correlates with actual tariff rate,exchange rate and negatively correlates with GDP,besides,the factors which can not be quantitied such as pure price fighting,inappropiate tariff sytem,foreign-invested enterprises's tranfer pricing and region trade agreement also lead to the above trend of China's net barter terms of trade,and the change in China's net barter terms of trade had a neglect impact on international trade benefit.

得出中国价格贸易条件总体上存在下降趋势，收入、要素条件呈现改善的趋势；实际关税率、汇率与价格贸易条件存在正相关关系，GDP指数与其负相关。出口企业恶性价格竞争、不合理的关税体制、外资企业的转移定价、区域贸易集团是造成中国价格贸易条件下降的非量化因素。此外，本文分析了1981-2004年价格贸易条件变动导致的中国国际贸易利益变化，发现价格贸易条件变动对中国国际贸易利益产生了一定的负面影响。最后，本文在分析中国价格贸易条件变动环境的基础上，认为中国工业化阶段不高、贸易限制性政策实施空间的减小、&合成谬误&现象及知识经济时代的到来会在一定时期内对价格贸易条件变动不利。

NPAs can be classified financial NPAs and economic NPAs according to their original causes. Financial NPAs are originated frorn the fictitious nature of NPAs and the relatively independent movement of NPAs. The financial bubble or loss is the gap between the price of financial assets and the value of their corresponding real assets. The economic NPAs are resulted from devaluation of corresponding real assets, and the economical bubble or loss is the gap between the face value of the financial assets and the value of their corresponding real assets.

不良资产按其形成于内因还是外因，分为金融性不良资产和经济性不良资产，金融性不良资产是由于金融资产本身的虚拟性以及金融资产自身相对独立运动形成的，相应的金融性泡沫或损失是金融资产的价格超过与其对应的实际资产的名义价格部分；经济性不良资产是经济原因导致的对应实际资产贬值而形成的不良资产，经济性不良资产的泡沫或损失是对应实际资产价值低于金融资产帐面原值部分。

Micro-mechanism of hoarding behavior and its influences on economy are also studied in this paper. Consumers' and firms' HBs are investigated and the quantitative relation among the identioal hoardings, short-term real hoardings and long-term real hoardings are obtained. The influence of HB on fluctuation of market price is discussed by classifying HB into five types, and the goal for government to adjust HB as well as some suitable policies are suggested.

本文系统研究了经济中囤积行为的微观机制和对宏观经济的影响，全面考察了消费者和企业的囤积行为，提出了理想囤积倾向，实际囤积倾向、短缺资源配给模式等概念；给出了理想囤积量与短期实际囤积量，长期实际囤积量之间的定量关系；讨论了囤积行为对市场价格波动的影响，首次提出了囤积行为的五种类型，分析了它们对价格的不同影响，并给出了政府调节的目标和实行措施。

Currently in China,"Enterprise Accounting Standards" provides that: the actual price to obtain stock in accordance with the valuation of ending inventory using the lower of cost and net realizable value valuation method.

目前在偶国，《企业会计准则》规定：取得存货按照实际价格进行计价，期末存货采用成本与可变现净值孰低法进行计价。

Current dollar budgeting Budgeting where expenses are not adjusted for changes in the purchasing power of the dollar but represent actual prices.

现值美元预算法这种预算法不根据美元购买力的变化对开支进行调整，而是反映实际价格。

The goods were bid up far beyond their real value.

这些货物被抬得比他们的实际价格高多了。

Although oil prices continue to set new records in nominal terms, in real terms they remain well below the peak established in the oil shock of 1979, having generally fluctuated within a broad band of about $20–40/bbl.

尽管名义油价达到了新记录，但实际价格仍低于1979年石油冲击时的最高水平，一直在20到40美元之间徘徊。

The basic concept of FOP can be summarized as to further optimize effective prescription according to the standard of curative effects and with the aid of modern science and technology and theories of traditional Chinese medicine.

其基本内涵可概括为：以确有疗效的中药复方为研究对象，以现代科学技术和传统中医药理论为技术支持，以该复方所治病证的药效响应为评价标准，以优化重组疗效更优的新复方为研究目的。

Ever since our world has been a world, native forests have been indiscriminately exploited by man.

自从我们的世界一直是世界原生森林被任意剥削人。