投资公司

For fund companies and their employees in investment funds, Fund for the Department of the SFC in June last year issued a "Circular on fund investment in securities investment funds of employees of matters relating to notice", which provides that "the fund management companies should be in the fund contract commencement notice traded funds notice book and related semi-annual report and annual report disclosure of fund employees of the Company held by the Fund's total share and accounted for the only the proportion of the overall share of the Fund."

对基金公司和投资基金，为证监会基金部于去年6月发表了他们的雇员在证券投资基金的通知"的有关通知"的问题员工，投资基金的规定"基金管理公司应当在基金合同生效公告书买卖基金的通知和相关的半年度报告和基金的总份额的基金持有本公司员工年度报告披露和唯一的总份额中所占比重该基金的。"

Second, there is direct ratio correlation between the share of large shareholders and investment, and the more share large shareholder hold, the more the largest shareholder can influence the investment decision of listed companies.

2上市公司控股股东的性质和控制权结构对投资行为产生重要的影响，国有法人股控制上市公司的投资规模相对较小，而国家股和民营控制上市公司的投资规模相对较大。

Creditors: suppliers of goods or services to the business who are not paid at the time of purchase;债权人:商品或服务的供货商债权人: Current liabilities Short-term debt Accounts payable Accrued expense Total current liabilities Non-current liabilities Deferred income taxes Long-term debt Other non-current liabilities Total Non-current liabilities Total liabilities 1555 5049 8593 15197 950 3402 1201 5553 20750 5.1.3 Owners' Equity Owners' equity is the initial amount of money invested into a business plus the retained earnings.

所有者权益是最初投资到公司的资金，加所有者权益是最初投资到公司的资金，投资到公司的资金留存盈余。它代表了一个公司的总价值。上留存盈余。

Agent professional staff, familiar with the government investment policies and regulations, the company application procedures and documents ready to provide investors with a wide range of investment consulting, investment programs and company registration agent and tax¨, tax service.

公司专业代理人员，熟悉政府投资政策及法规，公司申请的程序及文件的准备，可为投资者提供范围广泛的投资咨询、投资方案及公司注册登记代理及税务建帐、报税一条龙服务。

Interestingly, corporate managers have no trouble understanding that point when they are focusing on a business they operate: A parent company that owns a subsidiary with superb long-term economics is not likely to sell that entity regardless of price."Why," the CEO would ask,"should I part with my crown jewel?" Yet that same CEO, when it comes to running his personal investment portfolio, will offhandedly - and even impetuously - move from business to business when presented with no more than superficial arguments by his broker for doing so. The worst of these is perhaps,"You can't go broke taking a profit." Can you imagine a CEO using this line to urge his board to sell a star subsidiary? In our view, what makes sense in business also makes sense in stocks: An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

有趣的是企业经理人在认定何者才是自己本业时，从来就不会搞不清楚情况，母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉，不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属，你不会因为获利而破产，你能想象要是一家公司的总裁用类似的方式建议董事会将最有潜力的子公司给卖掉时，就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性应当与一家公司的老板持有公司全部的股权一样。

Interestingly, corporate managers have no trouble understanding that point when they are focusing on a business they operate: A parent company that owns a subsidiary with superb long-term economics is not likely to sell that entity regardless of price."Why," the CEO would ask,"should I part with my crown jewel?" Yet that same CEO, when it comes to running his personal investment portfolio, will offhandedly - and even impetuously - move from business to business when presented with no more than superficial arguments by his broker for doing so. The worst of these is perhaps,"You can't go broke taking a profit." Can you imagine a CEO using this line to urge his board to sell a star subsidiary?

Nor was the party over in 1938 for an investor： Though the $40 invested in 1919 in one share had turned into $3，277 by the end of 1938， a fresh $40 then invested in Coca-Cola 16 有趣的是企业经理人在认定何者才是自己本业时，从来就不会搞不清楚情况，母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉，不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属，你不会因为获利而破产，你能想象要是一家公司的总裁用类似的方式建议董事会将最有潜力的子公司给卖掉时，就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性应当与一家公司的老板持有公司全部的股权一样。

Modification of Simple Formula on Bonds Yield to Maturity;2. Application of Real Option in the Credit Management of Bonds;3. This paper analyses the investing value and speculating value of covertible bonds according to the features of their liability contracts and stock call option.

从可转换公司债券的债务合约特征和股票看涨期权特征出发，分析了其投资价值和投机价值，从而构造出可转换公司债券的投资收益曲线；阐述了可转换公司债券投资的最小值原理，对其投资收益的评估进行了讨论；分析了影响可转换公司债券的基本因素及其随这些因素而变化的基本规律。

Except for the first chapter and the second chapter,the study evolves four levels. The first level describes the investment structure and distribution of listed firms.This chapter studies the investment characteristic from several anagles,such as investment component,distribution condiction,time characteristic,and analysises the investment distribution of different size,year and industry.

除了第一章的&绪论&、第二章的&文献回顾&和第九章的&结论与研究展望&外，本文的研究工作主要在四个层次上展开：第一层次：描述了上市公司投资支出的结构和分布特征，从不同的视角研究我国上市公司的投资行为特征，包括投资的构成、分布状况、时间特征，并分析不同规模、年度、行业上市公司的投资分布状况。

When assessing the strategy combinations in the future, the aquaculture biotechnology companies will be allowed to put emphasis on the investment of "Cash Cows", including the high quality fries and the production technology, its will bring the companies lots of profit. But the "Stars", including production equipments, the prevention and control of fish disease, the feed supplements and the environmental improvements, under industry the investment, it then will possibly take the companies toward the direction of the "Cash Cow" enterprise and gain munificent income. When the companies still have funds available, they may consider to investing in "Problem Children" enterprise, including the transgenic, the functional gene, the new variety research and the biology repair medicament. These enterprises still have the development potential, but in contrast they are operated more riskily.

三、未来水产养殖生技公司在进行策略组合评估时，可以考虑将投资重点础b金牛事业，包括优质水产种苗以及生产技术，其未来较能带给厂商业者丰富之利润；而明日之星事业包括生产设备、鱼病防治、饲料添加物以及环境改良等四项，在业者投资下，其可能往金牛事业的方向前进而带给公司丰厚之收益；当公司厂商仍有余裕资金时，可以考虑投资潜力事业包括了基因转殖、弁邬夆穧、新品种研发以及生物修补剂，这些事业仍具发展潜力，但相对也比较具有风险性。

The empirical study discovers that:(1) The information technology companies in Taiwan that invest in China shows better financial performance, growth opportunities and company assets than those that don't. It indicates that the companies investing in China have better performance, higher growth in the future, and the tendency to expand;(2) In terms of the relationship between the scale of investment and the performance of the parent companies, the information technology companies listed in Taiwan show an S curve while the top 100 information technology companies in 2005 lead to a U curve, which indicate that information technology companies adopt different management methods at different stages. The enterprises with better sales don't exceed the optimal degree of investment;(3) The growth opportunities of the information technology companies listed in Taiwan investing in China have positive

实证结果发现：（1）台湾资讯电子业赴大陆投资在财务绩效、成长机会与母公司规模皆高於未赴大陆投资者，显示出赴大陆投资者绩效较好、未来具有较高的成长、有大型化的趋势；（2）台湾上市柜资讯电子公司与2005年前百大排名电子公司大陆投资程度与母公司绩效关系分别呈现S型与U型，显示资讯电子业在不同阶段有不同的经营模式，营收较佳的企业未超过最适的投资程度；（3）台湾上市柜资讯电子业赴大陆投资之成长机会对财务绩效具正向影响，显示出大陆投资之成长机会愈高，则有较佳的财务绩效；（4）台湾上市柜资讯电子业之大陆投资程度会影响母公司成长机会，显示随著大陆投资程度的变动，明显牵动母公司的成长机会。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。