市场

It's not been noticed by investors and firms for long term, as the Third Board Market is not main power of stock market's capital-trade function.

三板市场在长期内不为人们所重点关注，是因为市场功能决定了它并非实现证券市场资本配置功能的主要力量。

The research literature on stock market in modern China can be summarized in five aspects: the research on enterprises and industries, the research on exchange intermediaries, the research on the market system, the research on stock market quotation, the research on the causes, development and evolution of modern stock market.

对近代中国股票市场研究的文献可以归纳为五个方面：对企业和行业的研究；对交易中介的研究；对市场制度的研究；对交易行情的研究；对近代股票市场产生原因、发展演变规律的研究。

Statistics show that in Europe and the United States market, the financing transactions were accounted for turnover of the stock market turnover of around 18%-20%, Taiwan's ratio of the market and even at times accounted for 40%.

据统计，在欧洲和美国市场，融资交易的还有约18％-20％，台湾市场的比例，有时甚至占40％证券市场成交额占成交。

Meanwhile, China economy has been becoming the focus in Asian-Pacific region, even in the whole world, and the environment of macro-economy, law, political has improved favorably with the reform of stockholding segmentation,, which strengthen the healthy development of the market for corporate control in china .

随着股权分置改革，中国的资本市场、股权结构都在发生变化，政治、经济、法律环境都在向着有利于控制权市场发展的方向推进。大量文献对公司控制权市场及其发展的影响因素从不同角度进行了研究，得出结论也不尽相同。

Rising prices in higher-value properties, coupled with higher volumes in lower-priced ones, may be disguising stodginess in the middle of the market.

高端市场的提价，已经低端市场的不俗销量，可能导致人们对中间市场粘滞状态的忽视。

This paper also applies game theory to set up game models for ante-accommodation and post-accommodation. In the information model for ante-accommodation, commercial banks expect the occurrence of separate game equivalence not the pooled game equivalence, for in pooled game equivalence, commercial banks may easily choose adverse selection to provide loans because of asymmetric information, while in the supervision model for post-accommodation, banks and enterprises hardly make pure strategic equivalence, that is, they can not achieve Pareto optimum in the same time, meanwhile, when the supervision model for post-accommodation achieve pooled strategic equivalence, we will make use of probabilities of enterprises not keeping their promises and probabilities of bank supervision as indexes for describing qualitatively the credit risk for enterprises and the credit risk for bank supervision.

首先，论文对信贷活动中信息不对称所产生的逆向选择与道德风险及由此产生的信贷风险进行了一般理论分析，并提出了防范逆向选择和道德风险的一般模型；其次，论文结合我国信贷市场预算约束软化这一根本特征，研究了我国信贷活动中由信息不对称而产生的信贷风险形成机理的特殊性进行了分析；接着，运用博弈论方法对我国信贷市场中商业银行与企业在申请贷款、偿还贷款时的博弈行为进行了深入分析；最后，文章提出了消除信贷市场信息不对称的对策和建议。

Market systems depend upon confidence: in the sturdiness of markets, the quality of their rules and ability to deliver results.

市场体系依赖于人们对市场稳健、市场规则的品质以及创造业绩的能力的信心。

Chapter 4 uses empirical analysis to test the convexity and subadditivity of VaR, ES and TCE, and test the validity of VaR and ES by back test in China stock market.

第四章——市场风险度量的实证比较分析采用实证分析方法，以我国股票市场的历史数据为样本数据，对VaR、ES和TCE进行凸性和次可加性检验；通过返回检验对VaR和ES两种风险度量在我国股票市场的有效性进行实证检验。

As natural monopoly industry, on the one hand, tap water industry has the distinguishing features: network motion, precipitating cost, public good, subadditivity, and externality.

作为自然垄断行业，一方面，自来水行业具有明显的网络运行、沉淀成本、公益性、成本弱可加性以及外部性等特点，客观上要求实施政府管制，以克服"市场失灵"；另一方面，自来水行业又具有市场范围的地域界限性和不同区域服务水平、服务质量的差异性以及产品使用的私人特性，使得在该行业中引入市场竞争机制成为可能。

This paper discusses mainly how to use the method of systematic clustering to subdivide the markets of the real estates and choose target markets .

主要探讨把系统模糊聚类分析方法引入房地产市场的市场细分和选择目标市场中，并据此提出具体的解决方法。

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。