流通

As the development of human society, agglutinate of current will whole world is together, 21 centuries will be current century.

随着人类社会的发展，流通将整个世界粘合在一起，21世纪将是流通的世纪。21世纪的经济将是流通经济。21世纪的全球经济一体化也将是流通经济的极大社会化。

The currency流通 curriculum(课程 made the excursionist旅行者 incur(招致 loss of time and money.

流通 课程旅行者招致流通课程旅行者招致货币课程使得旅行者招致了时间和金钱的损失。

In order to solve the non-tradable share problems of turning non-floating stock into floating stock, it would happen that non-floating stock holders must pay consideration to floating stock holders for gaining circulation rights. From this perspective, the consideration is the core of the non-tradable share reform.

解决股权分置问题，让非流通股股东获得流通权，会在不同程度上损害流通股股东的利益，因此非流通股股东必须为获取流通权向流通股股东支付对价，从这个角度来说，对价是股权分置改革的核心。

Competent commercial departments in all localities shall further change their mind, seek unity of thinking, fully recognize the great significance of accelerating the development of small and medium circulation enterprises in the new stage under new circumstances and a new system, really give an important priority to the promotion of development of the said enterprises, learn and use for reference the experiences drawn from the development of small and medium enterprises with much support given and respects shown by governments of developed countries, deal well with the support, guidance and service towards these enterprises, try to create a good environment for them, carry out further research, exploration on and establish a statistical system regarding small and medium circulation enterprises.

各地商务主管部门要进一步转变观念，统一思想，充分认识新阶段、新形势、新体制下加快发展中小流通企业的重要意义，真正把促进中小流通企业的发展放到重要位置。要学习借鉴发达国家政府十分重视扶持中小企业发展的经验，做好对中小流通企业的扶持、引导、服务工作，努力为中小流通企业的发展创造良好环境。同时，要进一步研究探索并逐步建立中小流通企业相关统计制度。

We shall adhere to develop big circulation companies and large circulation groups simultaneously, encourage the establishment of small and medium circulation enterprises, actively create new jobs, give more supports to these enterprises in terms of the market access, the designated operation of franchised commodities and services as well as land use, make special provisions of State laws and regulations as well as preferential policies granted to foreign-funded enterprises and big enterprises in various places available to small and medium circulation enterprises, simplify procedures of examination and approval for the establishment of the said enterprises from the standpoints of encouraging establishment and making the registration easier, and never specify pre-examination and approval unless particularly stipulated by laws, administrative rules and regulations.

四、支持创办中小流通企业，放宽市场准入限制坚持发展流通领域大公司、大集团与扶持中小流通企业并举。鼓励创办中小流通企业，积极开发新的工作岗位。在市场准入、专营商品和服务的指定经营、土地使用等方面，应给予中小流通企业更多的支持，除国家法规有特殊规定外，各地给予外资企业和大企业的优惠政策，应同样适用中小流通企业。应从鼓励开办、方便注册的角度出发，简化中小流通企业设立审批程序，除法律、行政法规有特殊规定外，不得设置前置审批。

Guiding ideology:"we shall take the important thought of Three Represents as guide to action, fully implement the spirits of the Sixteenth National Congress of CPC, the Third Plenary Session of the Sixteenth Central Committee of the CPC and the national work conference on circulation held by the State Council, establish scientific development views, give full scope to the important role of small and medium circulation enterprises in creating more jobs, solving issues concerning agriculture, countryside and farmers, promote the sustained and coordinated development of national economy, propel the reform of small and medium circulation enterprises, push ahead the application of information technology and modern marketing techniques by these enterprises, vigorously develop modern circulation modes, keep improving managerial and administrative expertise as well as the level of modernization, give more supports, take effective measures to solve major problems restraining the development of small and medium circulation enterprises, better the operating environment, and advance the sound development of small and medium circulation enterprises."

指导思想：以"三个代表"重要思想为指导，全面贯彻党的十六大、十六届三中全会和国务院召开的全国流通工作会议精神，树立科学发展观，促进大、中、小型流通企业的协调发展，充分发挥中小流通企业在增加就业、解决"三农"问题、促进国民经济持续协调发展等方面的重要作用，积极推进中小流通企业改革，推动中小流通企业运用信息技术和现代营销技术，大力发展现代流通方式，不断提高经营管理和现代化水平，加大扶持力度，采取有力措施切实解决制约中小流通企业发展的主要问题，改善经营环境，促进中小流通企业健康发展。

We shall create an external environment for fair competition, earnestly clear up administrative rules and regulations as well as policies which are not conducive to the development of small and medium circulation enterprises, study and formulate policies and measures which are both commensurate with rules of WTO and favorable to the development of the said enterprises, further rectify and regulate the market order, seriously investigate undue conducts of competition, adhere to cancel the regional protectionism, create a market environment favorable for the fair competition between small and medium circulation enterprises and large enterprises, effectively alleviate burdens of small and medium circulation enterprises, supervise and inspect charges collectable which have been canceled and insist on making investigation and giving punishments if more burdens are cast on small and medium circulation enterprises by means of various pretexts and in disguised forms.

创造公平竞争的外部环境。认真清理各种不利于中小流通企业发展的行政法规和政策规定，研究制定符合世贸组织规则又有利于中小流通企业发展的政策措施。进一步整顿和规范市场秩序，严肃查处不正当竞争行为，坚决取消地方保护主义措施，创造有利于中小流通企业与大企业公平竞争的市场环境。要切实减轻中小流通企业负担，对已取消的收费项目要进行监督检查，对巧立名目、变相增加中小流通企业负担的，要坚决予以查处。

Competent commercial departments at all localities shall actively coordinate pertinent local departments for support small and medium circulation enterprises to promulgate tax and financial support policies related to pioneering work encouragement and supports given to small and medium circulation enterprises for business innovation, technical innovation and market exploration, reduce costs for the restructuring and reform of small and medium circulation enterprises, encourage the financing by means of income from operation of state-owned enterprises' assets, liquidity of commercial land, reduction of state-owned capital in circulation enterprises, transfer and financial allocation, in places where conditions permit, set up special funds for the reform of state-owned small and medium circulation enterprises which shall be used to pay the restructuring fee which is payable by and fails to be paid by restructured enterprises lacking strength to do so, and to pay the social insurance and economic compensation, the payment of which the cash after liquidity of assets of enterprises in bankruptcy is not sufficient to cover, actively coordinate with the local department for real estate administration for its support, solve problems on the ownership of commercial real estate which has been used for long by state-owned small and medium circulation enterprises, and earnestly implement the preferential policies of the State concerning the reemployment of laid-off workers by enterprises and concerning the establishment of small and medium enterprises by laid-off workers from state-owned enterprises.

各地商务主管部门要积极协调当地有关部门出台鼓励创业、支持中小流通企业经营创新、技术创新和开拓市场的税收政策和金融支持政策，降低中小流通企业的改革、改制成本。鼓励有条件的地方通过国有企业资产经营收益、商业用地变现、流通企业国有资本减持、转让以及财政拨付等方式筹措资金，建立国有中小流通企业改革的专项资金，用于无力支付改制费用企业的改制费用以及破产企业资产变现后不足支付职工社会保险、经济补偿等方面费用。要积极协调，争取地方房产管理部门的支持，解决国有中小流通企业长期使用的商业用房产权归属问题。要认真落实国家关于企业吸纳下岗职工就业和国有企业下岗职工创办中小企业的优惠政策。

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。

Therefore,characters of agile enterprise organization in the circulation industry can be concluded asfollows: openness to challenge with high flexibility; vital work teams as basic units ofenterprise organization; variable, alterable, quick and effective exchange and coupling modeof information among work teams; revisable flat network.Generally speaking, concrete forms of agile enterprise organization in the circulation industryare dynamic alliances of enterprises in order to respond to existing or forthcoming marketopportunities.

由此可以将流通敏捷企业组织的特征归结为：流通企业组织是应变的，具有高度柔性；流通企业组织的基本单元是工作团队且充满活力；工作团队之间的信息交流和耦合方式是多样的、可变的，并且快速有效；流通企业组织结构形式是可重组的扁平状网络组织结构；具有上述特点的流通敏捷企业的具体形式一般是企业的动态联盟，是为了及时响应已经出现的或即将出现的市场机遇而组成公司或集团。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。