市场

The presentation "Capital Market Perspectives in the 5th year of the Bull Market – Asset Allocation Strategies for an international Investor" by Kai Franke, Chief Investment Officer of BHF-BANK in Frankfurt, will give you a detailed outlook for the economic and financial market perspectives and offer advice on how to structure the portfolio of a private investor in the current market environment.

本次研讨会邀请来自德国法兰克福 BHF 银行的首席投资顾问 Kai Franke 先生，为您讲述"第5个牛市年资本市场透析–国际投资者资产配置策略"。会上他将带您透析未来经济和金融市场的前景，教授作为私人投资者，如何在当今的市场环境中选择和构建资产投资组合。

Under the market with the national common function, the business enterprise annex, development business enterprise group and correspond between compete policy and industry will push forward process of the advanced technique business enterprise market construction rationalization, and make the market behavior of the business enterprise tend in rationalization and even frivolousness.

在市场和国家的共同作用下，通过企业兼并、发展企业集团和竞争政策与产业政策协调，将会积极地推进高新技术企业市场结构合理化过程，从而使企业的市场行为趋于合理化，更具竞争性。

The advice to strengthen supervision and to enforce punishment is proposed to decrease information hiding phenomena of listed companies (or postponed disclosure, false disclosure) by game theoretic analysis of information disclosure between the companies with supervision or without it.

通过对无监管和有监管状态下上市公司之间披露信息的博弈分析，提出了加强监管、增大惩罚力度，从而减少上市公司信息不披露现象的建议：通过对股票市场的运作状况和均衡状态的简要分析，提出了促进我国股票市场健康发展的政策建议；通过以投资者与政府政策之间的博弈分析，提出了减少国家推行政策对股市波动影响的建议；通过分析我国股票市场上最主要的三大行为主体：上市公司、机构大户和中小散户三方的博弈关系，建立了相应的博弈模型。

"Building a comprehensive ecosystem of chipset manufacturers, application developers, and device manufacturers is key to nurturing the market for low power, wirelessly networked monitor and control systems in both home and industrial applications," said Jonathan Gaw, research manager for the Consumer Markets: Home Networking program of IDC, a leading provider of global IT market research and advice.

领先的全球 IT 市场研究和咨询机构 IDC 家居网络计划消费者市场研究经理 Jonathan Gaw，表示：建立一个芯片生产商、应用开发者和设备制造商的综合联盟是为家居和工业应用培育低功耗无线网络监测和控制系统市场的关键。

Nevertheless, paul - ginger still thinks, group of China net investment has been mixed in market of software of medium and small businesses market of Chinese network game held favorable position, the benefit in the prospective hopeful high speed growth from this two big markets.

尽管如此，保罗-姜仍然认为，中华网投资集团已经在中小企业软件市场和中国网络游戏市场占据了有利的位置，未来有望从这两大市场的高速增长中获益。

Paul - ginger still thinks, group of China net investment has been mixed in market of software of medium and small businesses market of Chinese network game held favorable position, the benefit in the prospective hopeful high speed growth from this two big markets.

保罗-姜仍然认为，中华网投资集团已经在中小企业软件市场和中国网络游戏市场占据了有利的位置，未来有望从这两大市场的高速增长中获益。

Martial Godet think, A-share market's performance exceeded all expectations, the recent global market volatility larger, since the general market after a sharp decline in general there will be a reaction to a certain extent, with the exception of A-share market down a unilateral posture, and the size of non-A shares unilateralism should be down the most fundamental incentives.

武术戈代认为，A股市场的表现超出了一般后，在所有有大幅下降的预期，近期全球市场波动较大，因为一般的市场，将在一定程度上反应，在阿单方面的姿态下跌股市场的异常，以及大小非A股单边下跌应该是最根本的诱因。

Mr. Gottschalk :first of all I ' d like to say, that i am very new to Shanghai and the Shanghai market, until now only 4 weeks here, but through 7 weeks research and heard great things from Accor and accor endorses , now I am quite familar with the market and currently we are in a very tough market,as it is in Shanghai, China and the rest of the world.

高乔克先生：首先我想说的是，上海和上海市场对于我来说还是很新鲜的，到现在我在这里仅四个星期，但是通过7个星期的调查以及雅高集团提供的资料和雅高集团的支持，现在我对市场已经相当熟悉，目前我们正面临一个严峻的市场，这在上海，中国，以及世界其他地方都是一样的。

Mr. Gottschalk : there is no quick or perfect solution, we have to make sure we are not isolated from the world market, we have to be realistic this is an unusual situation which we hopefully happen once in our lifetime, the Chinese market compared to rest of world has forecast wealth, but we have to realise the market has shrunk and we as an industy this is not positive, but traditional our industry has been prosperous, and we are confident.

高乔克先生：目前没有快速和完美的解决方法，我们必须保证我们没有被世界市场孤立并且必须意识到这并不是常态，我们希望这样的事一生只发生一次。比起世界其他地方，中国市场被预测要好一些，但是我们必须意识到市场在萎缩，目前是酒店业的淡季，。但是按照惯例我们的市场是会繁荣起来的，所以我们充满信心。

Fishwick ,F.,1981,Multinational Companies and EconomicConcentration in Europe ,Gower Publisching Company.

但是相反的研究成果也同样存在：跨国公司进入增加了东道国市场上的企业数目，使生产和市场的集中度降低，因此加强而不是削弱了东道国市场上的竞争（Fishwick，1981；UNCTAD ，1997）。

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。