市场

Nondiscretionary accruals are on average priced by equity market while not discretionary accruals. We do not find evidence that Chinese investors are functionally fixated on earnings, and instead value-relevance of accounting numbers is mainly reflected on operating cash flows.

非操控性应计被股票市场定价了，而操控性应计并没有被股票市场定价；没有发现股票市场上存在净利润的&功能锁定&现象；会计数字的价值相关性主要体现在经营活动现金流量上。

Moreover, we examine how the agency cost between managers and liquid shareholders is affected by nonliquid shares and stateowned shares, which we believed to exist only in Chinese Market. Through the same method of event study, we find a symmetric effect regardless of the proportion of nonliquid shares, and this shows that the proportion of nonliquid shares is not a factor of conflicts between managers and liquid shareholders. As for the sub-sample with stateowned shares, there is a larger positive price impact for firms with high proportion of stateowned shares, which tells us that the stateowned shares do raise the problem of "absence of the owner", and it is a part of agency cost in China.

我们进一步检验了国内特殊存在的非流通股以及国有股对于管理层与流通股东之间代理成本的影响，通过同样的事件研究方法对上述样本进行市场宣告反应检验，结果发现非流通股比例不同的公司其市场反应并无显著差异，说明非流通股的存在对管理层与流通股东之间的代理问题没有影响；而国有股比例不同的公司其市场宣告反应存在显著差异，这说明国有股产生的&所有者缺位&问题成为国内代理成本的一部分，并确实影响了现金股利的发放。

In the current domestic market pattern, oligarchic business advantage relative Obviously, the market share of the top 10 online gaming operators occupy more than 80 percent market share, ranking after the disadvantage larger enterprises, lack of competitiveness.

在国内目前的市场格局中，寡头企业优势相对明显，市场份额排名前十位网络游戏运营商占据了80%以上市场份额，排名之后企业的劣势较大，缺乏竞争力。

However, because of the particularity of electric power system, the real electricity market is not a perfect competitive one but rather locational oligarchic market and the power suppliers often maximize their own profits by strategy bidding.

由于电力工业的特殊性，在实际的电力市场中，发电厂商从自身利益最大化的角度出发，往往会利用其具有的市场势力，通过策略性报价获取超额利润，这将损害市场效率和用户利益。

The margin transaction system of U.S., Japan and Taiwan represents respectively market model, specialization model and osculant model.

虽然证券信用交易具有刺激投资者积极投资、活跃证券市场、并最终促进货币市场和资本市场的协调发展等重要作用。

The basic function of county government is to perfect the configuration of market economy system to create basic conditions for the performance of market system by institutional innovation; the guiding function refers to the one that county government creates the development plans, strategies, policies and economic levers to promote the agricultural modernization, county industrialization,and urbanization for driving the county developmant; organizational function means that county government carries out the correct measures of industrial organization to avoid infavorable impact of overcompetition on economy and to improve the development and competitivity; regulatory function performs when county government regulates the conducts of market bodies by economic, legislative and administrative means to solve the externality and to sustain the development; and the complementory function acts on market by government supplying the public goods and harmonizing the social development.

基础性作用即县级政府通过一系列市场化的制度创新，建立完善了市场经济体制的基本框架，为市场机制发挥作用创造了基础条件；主导性作用即县级政府通过发展规划、发展战略、经济政策和经济杠杆，促进农业现代化、县域工业化和城镇化，使县域经济发展更具主动性；组织性作用即县级政府实施正确的产业组织措施，克服过度竞争对县域经济发展的不利影响，提高县域经济运行质量和竞争力；矫正性作用即县级政府通过一系列经济、法律、行政手段，对市场主体的行为进行调节，解决县域经济的外部性问题，使县域经济提高效率，实现可持续发展；补充性作用即县级政府发挥对市场的补充作用，主导公共产品供给，从根本上解决县域公共产品短缺问题，实现经济社会协调发展。

The fifth, if we want to ensure the long-term effect of real estate market, we should be perseverant.

第三，坚持房地产市场化发展方向，坚持房地产市场体系建设，坚持房地产市场调控，需要进一步完善中国房地产市场调控的整体设计。

Therefore, the postganglionic market still worth looking forward to, but more current market uncertainties, it should not be expected on the market too high, but stocks or plate postganglionic opportunities will emerge in an endless stream.

因此，仍然值得期待节后的市场，但目前市场更多的不确定性，不应该对市场预期过高，但节后的股票或板块的机会将出现在络绎不绝。

From the analyzing research of the credit card, we can get the following new innovations : At first, the author use PEST, POTER, SWOT and STP to research Chinese credit card market strategy. At second, the author divided Chinese credit card market history into four stage of introduction; grow up, development and prosperity.

通过对信用卡市场的研究，本文的创新观点表现在综合应用宏观环境分析、五力分析模型、SWOT分析模型、目标市场定位等多种分析工具多角度全面的分析信用卡市场和将中国信用卡的发展分为导入、起步、发展、腾飞4个阶段两个方面。

"The planning for these companies has always been for the long term, to get market share and be in a position to exploit the market once the market is up and running," said Pratap.

对这些公司来讲，它们的计划都是长期的。目的是为了在市场恢复运转时能把握住市场份额并开发市场。

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