投资公司

Based on the theory of the control benefit driving capital allocation and the control arrangement under the special equity structure in Chinese listed company, this paper empirically studies the capital allocation resulting in control benefit firstly from fixed asset investment and equity merge.

基于控制权收益驱动公司资本配置行为的理论阐释，结合我国上市公司特有的股权结构及其导致的控制权分配格局，从固定资产投资和股权投资两个方面，对形成我国上市公司控制权收益的资本配置行为进行了实证研究。

Yintai investors who have acquired real estate development and management, financial and securities industry, investment and management, large-scale commercial operation of the three core department store business, its stake in listed companies such as Yintai, securities companies have Tianyi Securities, There are built in various parts of the Yintai chain department stores, as well as Yintai Sanya Resort Intime hotel and Zhejiang, Ningbo Yintai, Shenyang Yintai, Yintai home, such雍和家园to real estate-oriented integrated enterprise.

银泰投资谁获得了房地产开发和管理，金融和证券业，投资和管理，大规模的商业运作的三个核心百货店业务，其股份的上市公司，如银泰，天一证券公司证券公司，有建于各个部分银泰连锁百货公司，以及三亚银泰度假酒店和浙江银泰，宁波银泰，沉阳银泰，银泰主页，如雍和家园以房地产为导向的综合性企业。

Dr Michael Zhuang introduction of listed companies and real estate investment trust in the management differs in some listed companies are a lot of decision-making power is subject to his Council and the Board of Trustees of the control; and real estate management of the Trust is subject to the national laws and corporate charter, as well as some of the rules of trust and investment restrictions.

迈克尔庄博士介绍，上市公司和房地产投资信托基金的管理不同的一些上市公司有很多的决策权是受他的理事会和董事会的控制和管理的房地产信托是受国家法律和公司章程，以及一些规则的信任和投资的限制。

With the market scale enlarging, innovation deepening, market practice standardization and investors' structure improving, value investment has gradually become the main investment concept in the market, furthermore, a company's fundamental has become the key determinant in share pricing, and various pricing models on company's intrinsic value have gradually being used in company's initial public offering. Efficient Market Theory is one of the basic principles in modern finance theory, therefore the judgment on the market efficiency greatly affects the choosing and applying of valuation models.

随着证券市场规模的壮大、市场运行的规范、市场创新的深化、投资者队伍结构的改善以及国际化进程的加快，价值投资逐渐成为市场的主导投资理念，公司基本面开始成为股票估值的重要因素，在公司股票首次公开发行（initial public offering， IPO）中，基于公司内在价值评估的各种估值模型则在实践中逐步得到应用。

After more than a year of deliberation, the World Bank Group International Finance Corporation IFC and Shanghai's largest real estate finance and information services business - Anjia Group recently announced by the Group of 200 Anjia million in equity investment, IFC completed a real estate mortgage industry in China's first strategic investment.

经过一年多的酝酿，世界银行集团国际金融公司国际金融公司和上海最大的房地产金融和信息服务企业-安家集团最近宣布的安家集团的200万美元的股本投资，国际金融公司完成房地产抵押贷款业的中国的第一个战略投资。

The company helps to build effective financing platform for both domestic and oversea companies and it also provides investment consulting, investment management and investment agent service to customers.

公司在投资领域为国内外企业搭建高效的投资平台，提供专业投资咨询、投资管理和其他投资代理服务。

Traditional researches are made on the assumption that the relationship between corporate value and investment is a linear function.

传统对公司价值与公司投资关系的研究，均假设公司价值是投资的一次函数。

The samples for linear regression, the broken line analysis and plot analysis, the thesis found that the listed company news that foreign direct investment is the lack of access to a very earnings in the stock market reaction to the impact of factors, single company the non-recurrent yield and investment opportunities between the companies is a positive correlation between the operators while the Cause exists a negative correlation between.

通过对样本进行线性回归、折线图分析和散点图分析，本文发现上市公司的对外直接投资消息宣布无法获得一个正的非常性收益，在对股票市场反应产生影响的因素中，单家公司的非经常性收益率与公司投资机会间存在正相关关系，与经营者动因间则存在负相关关系。

WB: We own a large electric utility business in the UK, via Mid-America Energy. One problem in the UK is that investors need to disclose their holdings once they get to 3%. So if we're looking at a company with a 5 billion market cap, we'd have to disclose once our stake got to be 150 million. We have owned Guinness, now part of Diageo. But we do think twice, because of that 3% requirement. It's a deterrent, but not an overwhelming deterrent. We would feel comfortable with a lot of UK businesses.

巴菲特：在英国我们透过美中能源拥有一家大型的电力事业，英国有一个问题是一旦投资人持有某家公司股份超过3%的股份就必须公告，如果我们锁定一家市值50亿英磅的公司的话，这等於投资超过1.5亿英磅就必须揭露，我们持有Guinness，现在是Diageo的一部份，但受限於这3%的规定，使得我们在投资前必须三思而后行，这有点妨碍，但不致於让我们完全做壁上观，我们很想要多投资一些英国企业。

Firms with fewer antitakeover provisions decrease the asymmetric information to the investors. The market quickly reflects the information and adjusts the stock price to equilibrium. Thus, better corporate governance has higher idiosyncratic risk. We can reduce the portfolio risk by included the well-governed portfolio.

公司治理好的投资组合因为资讯不对称的情况降低，所以其可分散风险较高也就是投资人会将得到的资讯迅速反映在市场上，因此如果在投资组合中纳入反并购条款少的公司，会使投资组合的风险降低。

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。