投资者

Contrast asks for opinion draft," temporary measure " revise 4 times main include to make clear the authority that send careful to belong to card inspect to meet, do poineering work board the market ought to be built bear with investor risk the investor admittance system that ability photograph gets used to, to investor sufficient clew invests a risk, accuse to control superintendency demand of the person a partner, actually to publisher from strict requirement, be like publisher accuse to control a person a partner, actually to ought to be issued to manual of raise capital by floating shares affirm an opinion, and autograph, affix one's seal.

对比征求意见稿，《暂行办法》主要的四项修改包括明确发审权属于证监会，创业板市场应当建立与投资者风险承受能力相适应的投资者准入制度，向投资者充分提示投资风险，并从严要求对发行人控股股东、实际控制人的监管要求，如发行人的控股股东、实际控制人应当对招股说明书出具确认意见，并签名、盖章。

Therefore, Microsoft and Yahoo investors negotiations, is almost equivalent to its own investors with the negotiations, and these investors because they are in the interests of Microsoft, and Microsoft as natural allies.

因此，微软与雅虎投资者的谈判，几乎就相当于是与它自己的投资者谈判，而且，这些投资者因为他们在微软中的利益，而成为微软天然的盟友。

In the near future to address the lack of new investors into the market of securities investment experience, investment philosophy immature, and weak risk awareness and risk-resisting ability of the new situation and new features, in-depth development of education as the main risk to the content of investor education, improve investors "Caveat emptor" risk awareness, strengthen its ability to identify and risk tolerance.

在不久的将来，以解决进入证券市场的新投资者缺乏投资经验，投资理念不成熟，风险意识薄弱和抗风险的新情况和新功能的能力，深入的教育发展面临的主要风险对投资者的教育内容，以加深投资者"买者自负"的风险意识，加强其能力，识别和风险承受能力。

The origin of the fund-management stimulating problem is that the standard of rational agent's activities is utility maximum.But, in the reality, the fund investor and the fund administrator are a kind of consignation and there is information asymmetry. The fund investor wants to make the fund administrator act according to the benefits of the former, but the investor can't observe the investment activity of the administrator directly and in time. He can only observe other variables which are decided by the administrator's activity and other outside uncertain factors.

基金激励问题产生的根源在于理性人的行动都以自身效用或利益最大化为标准，但在现实中，基金投资者与基金管理者是一种委托代理关系且两者之间存在着信息不对称，基金投资者想使基金管理人按照前者的利益选择行动，但投资者不能直接及时地观察管理人的投资行动，他能观察到的只是另一些指标变量，这些变量由管理人的行动和其他外生随机因素共同决定。

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

Han Xu 10,000 jade-like stone of the first residential property clear to reporters "investors" and "speculators" difference between the concept : strong, solid financial investors who called, any one area of need "investors" This segment of the real estate industry in Shanghai has earned a lot of money, he may also have spent a lot of money, these people have a great role to the active market, even if the property market in some volatile, partly because of the strength of people and not easily withdrawal; But another person-no funds or only minimal, but the use of the property market favorable rampant speculation,"air gunnysack back metres" Such people are called "speculators" is the first government to suppress the target.

汉宇地产的徐万珂首先向记者明确了"投资者"与"投机者"之间的概念差别：有实力的、资金雄厚的人叫投资者，任何一个领域都需要"投资者"，这部分人确实在上海的房地产业赚了不少钱，可他也投入了不少资金，这部分人对活跃市场有很大作用，就算楼市发生些许动荡，这部分人因为有实力而不会轻易撤离；但另一种人，手头没有或者只有极少资金，却利用楼市利好大肆炒作，"空麻袋背米"，这种人则叫"投机者"，是目前政府首先打压的对象。

When the interconversion factors are studied, investor sentiment is considered to analyze the different effects on stock market and bond market, and individual and institutional investors have different impacts on the spillover effect.

特别是在研究互变因素时，考虑了投资者情绪这一主观因素对两市的波动影响，并且对不同类型投资者在不同市场的行为进行了深入对比研究：个人投资者缺乏理性，往往是市场剧烈波动的始作俑者；而机构投资者能在市场间采取合理的反向操作策略，间接表明他们在稳定市场发展、化解风险扩散中的作用。

He says, close right increase to protect investor, it is to want aggrandizement capital to restrain, promote appear on the market company large stockholder runs a honest be as good as one's word, fulfil obligation lawfully; 2 should enhance investor redound, encourage appear on the market company cash shares out bonus; 3 it is to rise to investor is taught and serve a level, unremitting ground begins the investor education of a variety of forms, develop the concept that value invests.

他说，为保护投资者合法权益，一是要强化资本约束，促进上市公司大股东管理层诚实守信，依法履行义务；二要增强投资者回报，鼓励上市公司现金分红；三是提高投资者教育和服务水平，坚持不懈地开展多种形式的投资者教育，培养价值投资的理念。

Based on anatomizing these four types, this dissertation probes into establishing a set of investors compensation systems which consist of civil compensation system and non-litigant compensation scheme in order to protect securities investors' interests under our present circumstances and recover their loss incurred by fraud action. Perfecting measures matched with these two systems, they bring out the best in each other and supplement each other so as to effectively realize both aims. One is that providing adequate compensation for the victim investors, protecting their interests and resuming their confidence in market. The other is that availably striking and overawing the securities fraud action.

本文在对证券欺诈的四种主要表现形式深入剖析的基础上，探讨在我国现实条件下为保护证券投资者权益，构建一套以民事赔偿制度为主、非诉赔偿制度为辅的投资者赔偿体系，对欺诈行为给投资者造成的损失给予实际补偿，二者相得益彰，相辅相成，加上与其相配套措施的完善，以更有效地实现对受欺诈投资者提供足够补偿、保护其利益、树立其市场信心以及有力打击、威慑证券欺诈行为的双重目标。

From a view of Rational Expectation, this paper, on the basis of both theory and demonstration, analyses the status of Chinese Institutional Investor"s expectation through studying the development status of Chinese Institutional Investors and draw a conclusion that Chinese institutional investor"s expectation is at the phase of quasi rational expectation .

本文从理性预期的角度出发，通过对影响中国机构投资者预期形成的中国机构投资者发展状况的分析，从理论到实证对中国机构投资者的预期状况进行研究，得出了我国机构投资者预期处于准理性预期阶段的结论。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。