效率

Then three candidate modulation schemes exploiting spatial dimensions are proposed. At last, the three modulation schemes are compared by power efficiency and bandwidth efficiency. It shows that spatial quadrature amplitude modulation scheme is appropriate for long distance wireless optical communications for its high bandwidth efficiency and spatial circular symmetry.

参照传统时域信号设计方案，提出了三种空间调制信号具体设计方案，并从带宽效率和功率效率两性能上进行了比较，结果表明正交幅度调制具有带宽效率高、功率效率低的特点，而且采用的信号点越多其带宽效率就越高，另外其空间信号图案还具有圆对称性，因此非常适合在空间带宽有限的远距离无线光通信中使用。

Then the author summarizes the framework for efficiency review in the western jurisdictions into the following four aspects: that is, how efficiency should be factored into the merger review; which types of efficiency should be counted; what is the cognizable efficiency and how to weight efficiency against anti-competitive effects.

在此基础上从效率在合并审查中的地位和作用、所认可的效率类型、效率的认可条件以及效率与反竞争性效果的权衡四个方面概括欧美主要国家对效率审查的基本框架。

Methods of measuring the input components, their prices and output elements are given. We put forward some new methods in measuring components, including composite depreciation rate, equality working hours, and proxy of input resources. Using the mature methods of efficiency measurement and decomposition available, we make a detailed investigation into 4 listing companies of oil industry with a span of 12 periods. Basic conclusions we draw include: labor inputs affects oil field output mostly in China; China oil fields operates in a low technical efficiency level average of 0.61; Increasing difficulties with expanding output has the greatest influence on cost; Cost efficiency of China oil fields averages at 1.47; Total factor productivity of China oil fields averages at 10%, accounting for 79% of the total output growth rate of 12.6%; Frontier technology progress contributes the most to TFP of China oil fields with 17 percentage points.

本文沿用了已有文献中关于效率计量与分解的成熟方法，对我国三家油田上市公司与一家上市石油公司12个时期的技术效率与成本效率进行了详细的计量、分解与分析，得到的基本结论有：劳动力投入是影响我国油田上市公司产出的最重要的影响因素；油田的平均技术效率仅为0.61；产出项是影响成本的显著因素，这说明随着产出增加而出现的开采难度增加是导致开采成本增加的重要因素；油田的平均成本效率为1.47；全要素生产率的增长平均在10％左右，占到了产出平均增长率12.6％的79％，表明我国油田的生产率的提高主要是依靠全要素生产率的提高而实现的，只有21％左右的产出增长是依靠要素投入而实现的；前沿技术进步是油田全要素生产率增长的主要源泉，在2001～2004年期间，前沿技术进步对油田生产率的贡献高达17个百分点。

The major findings include:(1) By using fuel as the base indicator of relative efficiency, we found the following input factors' distribution inefficiency for domestic airlines: The distribution inefficiency of labor and capital input factors differs from airline to airline, and is becoming more severe with time; the distribution inefficiency of other factors does not differ very much among airlines but varies with time. It is inefficient from 1989 to 1995 but becomes more efficient during 1996 to 1997;(2) Airline companies have higher economies of density before 1996, but tend to show a constant return to density in 1997 when considering allocative distortions. The technical efficiency of input factors as a whole has declined after the open-air policy;(3) The costs of airlines are increasing significantly due to their distribution inefficiencies;(4) The instrument variable generated through a quasi price function does not have significant influence on cost; this may imply that airline companies in this time period did not exhibit the phenomena of high-quality high-price.

其主要结论如下：(1)藉由相对燃油分配效率探讨各投入要素之分配扭曲情形发现：劳动和因定投入要素之分配无效率因公司别而有所不同，且随时间而严重，唯民国86年稍有改善；其他要素之分配无效率则较不因公司别而有所不同，但亦随时间发生变化，初期为无效率，在民国85、86年则较具效率；(2)若考虑分配扭曲情形下，国内航空业在民国85年之前具有较高之密度经济，民国86年则趋向固定密度报酬；此整体投入要素之技术效率而官，在天空开放政策后其技术效率随时间变化而下降，但就燃油投入要素平均技术进步率而言，则其技术效率逐年增加且幅度明显；(3)航空公司因分配无效率所造成成本增加的情形相当明显；(4)准价格工具变数对成本之影响并不明显，此可能反映在此期间国内航空公司似乎并未趋向於高品质高价格之现象。

The economic growth accounting of China's provinces between 1990 and 2004 finds some results like the following: no matter whether human capital was introduced or not, there were technological inefficiencies in most provinces'economic activity which were pure technological inefficiencies or scale technological inefficiencies; technological change, capital deepening and human capital accumulating all promoted labor productivity, but technological efficiency change played a negative role during these years as a whole; the descending order of provincial difference of labor productivities'changes brought out by each factor was technological change, capital deepening, technological efficiency change and human capital accumulating; each province's pure technological efficiency change or scale efficiency change not only had different size, but also different evolution route.

中国各省在1990～2004年间的经济增长核算结果表明：不论是否引入人力资本，大多数省份的经济活动都存在着技术无效率，这既包括纯技术无效率，也包括规模无效率；技术进步、资本深化和人力资本积累都促进了劳动生产率的提高，而技术效率的变化整体上来说在其中起阻碍作用；各因子引致的劳动生产率变化的省际差异从大到小依次为技术进步、资本深化、技术效率的变化和人力资本积累；各省的纯技术效率或规模效率的变化不仅大小不同，而且它们的演变路径也不一样。

It is important to make clear whether the steel industry has the characteristic of scale economy or diseconomy of scale and the relation between efficiency and market structure which is the foundation of making reasonable industrial policy.

为此本文首先采用数据包络方法测量和分析钢铁企业技术效率、纯技术效率和规模效率，随后从企业的角度系统的分析钢铁钢铁行业市场结构、企业规模与企业效率之间的关系，得出的结论是我国主要钢铁企业存在规模不经济特征，大企业相对小企业没有效率优势；市场力量假说和效率结构假说在我国钢铁业市场均不成立。

I find that, whatever the operation strategy a hedge fund adopts, the result of efficiency rank among BCC, cross efficiency, super efficiency and super SBM efficiency are identical.

实证结果发现，BCC 模型、交叉效率、超级效率与超级SBM 效率，不论避险基金其策略为何，其排名的结果具有一致性的。传统夏普比率、调整后之夏普比率与BCC 模型、交叉效率、超级效率与超级SBM 的效率排名经由Spearman

First ,it carry on the demonstration analysis to the efficiency of Chinese stock market , judge present efficiency state , then use relevant analysis technology and T examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of Chinese stock market , and then ,put qualitative analysis on the reason of low efficiency of Chinese stock market and the uncertainty change of Chinese stock market after reform , to investigate the influence degree on the efficiency of Chinese stock market by split share structure .

第三章为股权分置改革对股票市场效率的影响分析，先对中国股票市场效率进行实证分析，判断中国股票市场目前的效率状况，然后运用计量经济学中的相关分析技术和T检验法，对股权分置制度与中国股票市场的效率进行了相关性分析，再从对中国股票市场低效率的成因、股权分置改革后中国股票市场不确定性变化的定性分析中，考察股权分置改革对中国股票市场效率的影响程度。

Corporate market value that departures from intrinsic value influences managers behavior and thus holdbacks corporate value creation.

进而，本文采集中国上市公司数据，验证本文提出的有限理性对公司定价的影响机理，实证研究发现：1、中国证券市场上，投资者不能正确判断公司价值创造的效率，从而中国上市公司的市场价值严重脱离公司价值创造的实际情况，出现公司价值创造效率越低，市场对公司的价值预期反而越高的现象。2、背离了公司真实价值创造效率的市场对公司的价值预期强烈影响到公司经理人的投融资和经营行为，阻碍了公司下期的价值创造效率。3、在公司定价偏差对公司内在价值的反作用过程中，行为成本、代理成本和制度成本使经理人理性在现实中受到限制，从而经理人的有限理性行为妨碍并降低公司再投资效率，进而妨碍了公司价值创造效率，从而影响公司的内在价值和市场价值。

The second part is the second chapter of the paper, is introduces efficiency measurement methods and theory on banking, make matting for efficiency of the Rural Credit Unions. The third part is the third and fourth chapter of the paper ,and it is main body of the study .The third chapter is the efficiency analysis of the object ,the result show that the efficiency of RCU correspond, some lowlihead at all times, and scale inefficacy is mostly cause of RCU integrate technique inefficacy; The fourth chapter base the result analysis the factor affect RUCs technical efficiency ,discuss their relationship.

第三部分即是论文的第三、四章，这也是本研究的主体部分，第三章是对研究对象的DEA效率分析，首先对模型和指标的选择做出了详细的解释，并通过D卧模型实证分析了2000-2005年研究对象的效率及变化情况，结果显示苏北地区的农村信用社效率水平相当，部分县区的农信社效率在几年中一直低下，并且规模无效是导致农信社综合技术无效的主要原因；第四章主要用了经济计量学方法分析了影响农信社效率的主要因素与农信社效率的关系，得出资产规模、经营管理费用的增加会导致农信社效率的降低，而资源配置能力、多元化经营的水平、资产质量、资本充足率以及盈利能力与农信社效率呈正相关的关系。

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