市场

The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素，对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究，发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&，而不是一级市场的&价格低估&，这与成熟市场的IPO价值低估现象具有本质区别。

Owing to the change of consumer body and the overstocking of idle houses, the real estate developers have to change their operation strategy and try to realize the effective disposition of natural resources to promote a steady market.

根据对郑州房地产市场的需求调查分析，对郑州房地产市场进行了细分，针对未来花园的目标市场特点，结合对房地产营销发展阶段和营销模式的分析，为未来房地产开发公司&未来花园&项目制定了市场营销策略，提出了其市场营销策略实施的保障措施。

The Analysis of the Size of the Bond Market: According to the experience of foreign bond market development, bond market is a critical source of capital for economic development, and globalization is the inevitable tendency for bond market development, and debt risk must be taken care of when the size of the bond market is expanding.

关于债券市场总量问题。从国外债券市场发展经验来看，债券市场是经济发展中的重要资金来源渠道，国际化是债券市场发展的必然趋势，在发展债券市场的同时应该谨防债务风险。

Lion cat small infants supplies chain will promote large-scale investment projects." 2,"-to" and "children-are" two books of the marketing programme "-are members of the club", Hao licensing the National Nano-functional lubricants marketing programme 4,"Yi Jin brand mobile phone electromagnetic elimination of the marketing programme 5 , The United States and South Korea really functional cosmetics licensing of the marketing programme 6, the United States when Na licensing female ovulation test marketing programme for the National 7, Maotai Zhenlong States Yan personalized celebration of the Beijing wine marketing programmes, etc.

小狮猫婴幼儿用品连锁店大型项目招商推介会&。2、&健商&&儿童健商&两书的营销方案&健商会员俱乐部&3、豪牌纳米功能性润滑油全国市场营销方案4、&金益牌手机电磁波消除器全国市场营销方案5、韩国美真牌功能性化妆品全国市场营销方案6、美国当娜牌女性排卵测试仪全国市场营销方案7、茅台镇龙国晏个性化庆典纪念酒北京市场营销方案等等

It enables separated by the capital market and currency market, the government bond market has been divided between the channels, will promote capital market and currency market common and coordinated development.

它使被割裂开来的资本市场和货币市场、分割的国债市场有了连接的渠道，将促进资本市场和货币市场的共同、协调发展。

In the end, based on above-mentioned study, we give policy recommendations such as perfecting relevant financial regulatory laws so as to timely propose mixed manage of financial industry, continually developing and perfecting bond market so as to broaden linking channels between money market and capital market, development of bond market, reducing the entrance constraints between money market and capital so as to strengthen the connectivity of investors between money market and capital market.

在上述研究的基础上，提出应健全和完善我国金融监管相关法律，适时推出金融业的混业经营模式；继续发展和完善债券市场，拓宽我国货币市场和资本市场的连通渠道；降低货币市场和资本市场准入门槛，增强两个市场投资主体的连通性等政策建议。

It enjoys a domestic market share of 42 per cent in primary aluminium, 63 per cent in rolled products, 20 per cent in extrusions, 44 per cent in foils and 31 per cent in wheels.

公司占国内原铝市场份额的42%，占轧制品市场份额的63%，占挤压制品市场份额的20%，占铝箔制品市场份额的44%，占车轮市场份额的31%。

To foster and boom the land market, as the main body of land supply in the first class land market and the common authority in regulating the whole land market, the government must establish the market rules and plot out the effective working border between market and government.

无疑具有过渡特征——是政府主导下的培育和发展土地市场，须政府完善市场规则，划分市场与政府的各自的有效作用边界，同时政府又是一级市场的供给主体和作为调控整体土地市场公共权威，或者说这一切正在运行或完善过程中。

The first two impulsions\' influences to the product market environment and capital structure is one-off, once facing the impulsions, the oligopolies will adjust their product and capital decisions, then the equilibrium of product market will recover. When facing the third impulsion, the oligopolies can reach to a temporary equilibrium by adjusting their strategies, but the leader will have a strong desire to change its strtage and the long-term equilibrium will not be reached until one of the oligopolies retreat from the market.

前两种随机冲击对市场环境和资本结构的影响是一次性的，寡头企业在冲击之后调整产品市场决策和资本结构决策，产品市场可以恢复均衡；第三种冲击之后企业可以通过调整策略获得暂时的均衡，但领导企业有进一步作出非对称策略变化的动力，市场的长期均衡是寡头厂商之一退出市场。

Chinas agricultural commodity futures markets have come through thirteen years. More and more enterprises , individuals and institutional invertors join the futures markets now, the aim of the creation of futures markets is to provide a mechanism for hedging risk in spot markets.

中国农产品期货市场从诞生开始发展至今走过了无数风雨历程，现在越来越多的企业、个人和机构投资者都加入到期货市场中来，期货市场建立的初衷就是为了规避现货市场的风险，而期货价格的有效性在很大程度上决定了期货市场自身是否能发挥其应有的功能。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了