小额的

Insurance, a form of risk management primarily used to hedge against the risk of a contingent loss, is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of a guaranteed small loss to prevent a large, possibly devastating loss.

保险是风险管理的一种形式，主要用于对冲意外损失的风险。就其定义而言，保险是通过支付保险费的方式使损失的风险从一个实体向另一个实体的公正的转移。保险可以说是通过承担一笔小额保证金来防止一次巨大的损失，甚至可能是惨重的损失。

They encounter a similar phenomenon in India, where a female deposit collector called Jyothi looks after small savings for people in the slums of Vijayawada, at an effective yearly interest rate of -30%.

他们在印度遇到同样的现象，一个托管存款的名叫Jyothi的女人帮助那些Vijayawada的贫民窟里的人保管他们的小额储蓄，每年的费用现行年利率的30%。

To temporize tendency of current electronic transaction environment and development of mobile telecommunication and WAP, supposing that the electronic transaction security has achieved the certain degree under the wired environment with SSL and PKI protection and the wireless environment with WTLS and WPKI protection, I will propose a mobile e-payment system protocol let the user perform electronic transaction with mobile telecommunication in any place at any time, and also meet the requirement of micro payments and mobile payments to achieve the possibility of mobile e-commerce.

所以我将迎合现在电子交易环境的趋势，配合目前行动通讯和无线应用协定WAP的发展，假设电子交易的安全在有线环境SSL、PKI和无线环境WTLS、WPKI架构的保护下已经可以达到一定的安全性，提出一套可以让使用者透过行动通讯网路在任何时间任何地点进行电子交易的协定，符合小额付款和行动付款的需求，达到行动商务的可能性。

In Afghanistan telephone ladies take an average of eight months to pay off the microloan required to buy their equipment and then earn $50-100 a month, says Karim Khoja, chief executive of Roshan, the country's largest operator.

阿富汗最大的运营商Roshan公司的首席执行官卡里姆格尔谈到，阿富汗的手机女士们平均花费八个月的时间归还为购买手机设备而申请的小额贷款而且随后每月有50-100美元的收入。

Based on the hypothesis of Brands, this thesis presents two off-line electronic cash system applied to small payment: one is an off-line nondivisible electronic cash system with complete anonymity, and the other is an off-line nondivisible electronic cashsystem with repealed anonymity. The two systems can solve the bottleneck problem of bank server. Furthermore, based on the concept of virtual debit as well as the payment demand of pay-per-use electronic commerce and mobile commerce, this paper designs a micro-system NPAY, which can solve the problem of extra-consuming, greatly reduce the system communication overhead, and the consumer can anonymously consume.

基于Brands假设，设计了两个适用于小额支付的离线电子现金系统：一个是具有完全匿名性的离线不可分电子现金系统，另一个是可撤消匿名性的离线不可分电子现金系统，这两个系统都较好地解决了银行服务器的瓶颈问题；针对即付即用(pay-per-use)类型电子商务和移动商务的支付需求，基于&虚借记&的概念，设计了一个微支付系统NPAY，较好地解决了消费者超额消费问题，系统的通讯开销也大大减少，并且消费者可以匿名消费。

Based on the hypothesis of Brands, this thesis presents two off-line electronic cash system applied to small payment: one is an off-line nondivisible electronic cash system with complete anonymity, and the other is an off-line nondivisible electronic cash'system with repealed anonymity. The two systems can solve the bottleneck problem of bank server. Furthermore, based on the concept of virtual debit as well as the payment demand of pay-per-use electronic commerce and mobile co mmerce, this paper designs a micro-system NPAY, which can solve the problem of extra-consuming, greatly reduce the system communication overhead, and the consumer can anonymously consume.

基于Brands假设，设计了两个适用于小额支付的离线电子现金系统：一个是具有完全匿名性的离线不可分电子现金系统，另一个是可撤消匿名性的离线不可分电子现金系统，这两个系统都较好地解决了银行服务器的瓶颈问题；针对即付即用(pay-per-use)类型电子商务和移动商务的支付需求，基于&虚借记&的概念，设计了一个微支付系统NPAY，较好地解决了消费者超额消费问题，系统的通讯开销也大大减少，并且消费者可以匿名消费。

To foreign trade market character, the influence of economic crisis is, global buy the home to decrease further greatly, and spread all over the whole world the careless root of each corners buys a many emerge in large numbers, buy the home to encounter careless root to sell the home when careless root, small much singler international trade already was big trend, of platform of electronic business affairs online trade function, become promote the inevitable premise that farther fractionize turns foreign trade.

对外贸市场而言，经济危机的影响则是，全球性的大买家进一步减少，而遍布全球各个角落的草根买家则大量涌现，当草根买家遇到草根卖家，小额多单的国际贸易已是大趋势，电子商务平台的在线交易功能，则成为推动外贸进一步细分化的必然前提。

A effective financial system is beneficial to risk trading, avoiding, disassembling, and is easy for market individual to get the information about investment and allocating which accelerate social capital mobilization, accumulating and converting to long-term industrial capital from scattered small capital. The valid price system of financial instrument inflecting real economy accurately promote finance capital's flowing and allocating among social sector and region.

有效的金融体系有利于风险交易、风险规辟、风险分解和各交易主体的风险分担，同时市场化的融资机制有助于获得更多有关投资和资源配置的信息，这都大大加快了在经济发展中对社会资本的动员、积累以及有效转化，使分散零星的小额资本转化为大规模的长期产业资本，同时，证券化金融产品具有的灵敏、有效的价格信息，反映了实体经济真实情况，进而引导金融资本在各产业、部门间实现有序流动、合理配置。

The results presented in this paper show that aggregating trades with positive and negative price changes obfuscates analysis of the role of different sized trades on cumulative price changes. By disaggregating up-tick and down-tick trades, we find that small trades make a greater contribution to cumulative price changes than any other trade category.

然而，先前的研究都是总合正和负的股价波动，这个方式对於隐藏性交易的影响难以理解，所以本研究分别将股价变动分为正和负两种，其实证结果发现，不论是up-tick或者是down-tick均是小额交易所造成的累计股价波动相对来的大。

Ritics of Compartamos include Muhammad Yunus, a Bangladeshi economist who won the Nobel peace prize in 2006 for his work in popularising microfinance through the Grameen Bank.

ompartamos 的批评者包括穆罕默德·尤努斯——孟加拉国的一个经济学家，曾经由于他在倍受关注的 Grameen 银行小额贷款的贡献而获得了2006年的诺贝尔和平奖。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。