流通市场

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 in all localities shall actively coordinate with any and all commercial banks, propel these banks to give more credit aid to small and medium circulation enterprises in accordance with the spirits of the Guiding Opinions of the People's Bank of China on Further Strengthening the Credit Aid Given to Well-Performing and Trustworthy Small and Medium Enterprises with Marketable Products (Yin Fa [2002] No.224), improve financial service offered to these enterprises, increase the line of credit and develop new credit service items; shall encourage various credit guaranty agencies to actively carry out guaranty services oriented to small and medium circulation enterprises; shall formulate corresponding policies, encourage and guide funds provided by all quarters of the society into the transformation and development of small and medium circulation enterprises.

各地商务主管部门应积极协调各商业银行，推动其按照《中国人民银行关于进一步加强对有市场、有效益、有信用中小企业信贷支持的指导意见》（银发〔2002〕224号）精神，加大对中小流通企业的信贷支持，完善对中小流通企业的金融服务，扩大授信额度，开发新的信贷服务项目；鼓励各类信用担保机构积极开展中小流通企业的担保业务；要制定相应政策，鼓励、引导社会各方面资金投入中小流通企业的改造和发展。

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。

In this way, the capacity of public debt market is enlarged due to the diversified financing channels.

第四部分是监管体制分析，通过借鉴西方国家的先进经验，构建我国的国债流通市场监管模式。

Shanghai and Shenzhen stock market value of 300 samples of A shares accounted for 78.72 percent of the total market value, circulation market share reached 67.64 percent, the sample unit of financial indicators are better than the average level of A shares.

上海证券交易所和深圳证券交易所的300样本A股市场价值为78.72的总市值占，流通市场的占有率达百分之67.64，财务指标的样本单位的更好比A股的平均水平。

With the continuous and rapid economic development ,China has become a large processing and manufacturing country in the world ,as well as the significant production base and circulative market of worldwide hardware and mould .

伴随着中国经济的持续高速发展，中国已成为全球加工制造业的生产大国，成为世界机械五金模具的主要生产国及重要的流通市场。

S huffle and integration for China auto parts after sale market, we have to focus on the essential of the auto parts industry(auto parts purchase, logistics, inventory outsourcing service), make use of modern management methods such as information system, make the core competitiveness (channel brand, standardization, replicable profit model), improve the enterprises power to satisfy the market demands.

中国汽配售后市场面临着洗牌和整合，现有的汽配流通企业的规模和能力都远远不够，配件流通渠道不能有效地满足市场需求，市场不可能再给我们40多年的时间一步步走到美国今天的水平，我们必须抓住行业的本质（汽配采购、物流、库存的外包服务），利用信息系统等现代化的管理手段，打造企业的核心竞争力（渠道品牌以及标准化、可复制的盈利模式），尽快提升企业能力，满足市场的需求。

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。

At that time, on the one hand, the market share increase in circulation, on the other hand, fund redemption pressure,"that time is a real loss of funds when the right to speak."

当时，一方面，在流通市场份额的增加，另一方面，基金的赎回压力，&当时是实际损失的资金时，话语权。&

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。