流通市场

The postal service department in provides the postal service in the process, established with the information transmission, the goods shipped, the fund circulation and so on many domain close connected postal service circulation system, this system caused the postal service to place oneself in the electronic commerce market category, opened the broader market space for the postal service development.

邮政部门在提供邮政服务的过程中，建立了与信息传递、物品运送、资金流通等多个领域紧密相连的邮政业务流通体系，这一体系使邮政置身于电子商务的市场范畴中，为邮政发展开辟了更为广阔的市场空间。

Retail industries from the certificate liquidity, the Shanghai Bureau certificate technical Kam circulation in Shanghai all the Just Gold (or perhaps the request of the government's functional departments); East China University of Science and Technology to identify the majority of certificates in circulation in Shanghai Just Gold; light Public identification of most of the certificates in circulation Just Gold subordinate enterprises in the Ministry of Light Industry; Shanghai baby jade identification of the certificate of Just Gold in Pudong appear more (or perhaps because of its relatively late to set up, in Puxi, the identification of market share has been the top three Brother occupied).

从证书的行业零售流通性讲，上海市技鉴局证书流通于上海所有的金店（也许是政府职能部门的要求）；华东理工大学鉴定证书流通于上海大多数金店；轻工鉴定所的证书大多流通于轻工业部下属企业金店；上海中宝宝玉石鉴定所的证书在浦东的金店出现比较多（也许是因为其成立比较晚，浦西的鉴定市场份额已被前三位大哥占据了）。

However, the distributional firm, specialized transaction producer (or sup- plier), differs from the manufacturing firm in terms of the economic nature. Information technology promotes market transaction efficiency, stimulates distributional industry development, and at the same time promotes management and control efficiency within fir...

但流通企业具有不同于生产企业的经济性质，其本质是交易的专业化生产者；信息技术提高市场交易效率，推动流通产业发展，同时也提高企业管理和控制效率，使流通企业比生产企业更容易利用品牌和统一经营模式进行"复制"和"选择性干预"，实现分店扩张。

Third, China's stock market is still in the "emerging + transition" stage, in a move towards full circulation times during the critical period in the market share to the full circulation era era of convergence point, the market has stood a series of internal and external factors, the impact of change in order to share the ultimate victory, at this very period of the urgent need for unconventional policy measures to protect.

第三，中国股市仍处在"新兴+转型"阶段走向的关键时期，在充分流通时并进，市场份额的全流通时代的交汇点时代，市场经受住了内部和外部因素系列变化的影响，以分享最终的胜利，在这一非常规的政策措施，迫切需要非常时期保护。

Settlementof excessive entry may as follows: firstly, trade administrative should be strengthened;secondly, aids on exit should be offered and coercing exit should be applied; thirdly,encouragement of merging; fourthly, eradiate micro basis that segregate local market byreformation.

总体上看，中国流通组织形式的变化表现为两个方面：一方面是新的组织形式大量出现，如超级市场、仓储商店的崛起，方便店、连锁店的涌现，各种类型的流通企业集团的兴起从根本上动摇了原有的流通组织体系；另一方面是原有的流通组织为适应竞争的需要纷纷进行了组织创新和经营制度创新，如传统的小型百货商店和专营副食品店转化为综合商店和专业化商店，一些仓储企业发挥自身优势改建成仓储式销售或工业品批发贸易市场等。

The objective is to develop a system engineering based framework for designing and evaluating efficient automobile distribution networks that accommodate various market conditions.

美国的汽车业历史悠久、呈发展缓慢趋势，而中国的汽车业正蓬勃兴起，通过比较分析找出了两个汽车市场在成品流通网络上的相似与不同，目的是想提出一个基于系统工程原理的、能够有效考虑不同市场情况的汽车流通网络的设计和评估框架。

Farmer、cattle dealer and corporation are subject of benefit while in the process of market circulation. They aim at maximizing benefit.

本文研究对象农户、牛贩子、企业是肉牛市场流通过程中利益主体，在市场流通过程中追求自身利益的最大化。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares The current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; Secondly, the central rate repurchase focus on the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, which流通盘size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban is still in circulation is the pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, although the size of non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指数的跌幅远远高于上海综合指数，但香港股市年底更有理由较少，有几个：首先，A股目前的平均价格市盈率为15倍，而香港股市的平均市盈率仅8倍的比例，资金流量较低，在最近香港股市上涨造成的，而A股仍毫不犹豫地向前推进；第二，中央率，H股回购的焦点，一个最典型的价格比较现在是中国的石油A股超过10元的价格，同时拥有股票的H股中，只有5比港币，当然，而流通盘的大小的因素，但中国的石油大股东回购自己的股票将不考虑这一因素，如果大股东要考虑如果回购成本，H股更具吸引力是毋庸置疑的，第三，大小非解禁仍是流通是在A股市场的压力，一座大山的头部，但一个典型的例子是最近海通证券的大小非，禁售期间解除为2338600000的海通证券，在大小非流通股股份，甚至高达799.396亿股，虽然大小非释放是渐进的，所有流通有一个过程，但挂着&堰塞湖&影响市场的担忧。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares the current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; secondly, The focus of the central enterprises to buy back into the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, there are流通盘size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban circulation is still pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, Despite the size of the non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指数的跌幅远远高于上海综合指数，但香港股市年底更有理由较少，有几个：首先，A股目前的平均价格市盈率为15倍，而香港股市的平均市盈率仅8倍的比例，资金流量较低，在最近香港股市上涨造成的，而A股仍毫不犹豫地向前推进；第二，重点中央企业将购回的H股，一个最典型的价格比较现在是中国的石油A股超过10元的价格，同时拥有股票的H股中，只有5较港元当然，有流通盘的大小的因素，但中国的石油大股东回购自己的股票将不考虑这一因素，如果大股东要考虑如果回购成本，H股更具吸引力是毋庸置疑的以及第三，大小非流通的禁令解除仍然在A股市场的压力，一座大山的头部，但一个典型的例子是最近海通证券的非规模的解除班期间，二十三点三八六亿海通证券，在大小非流通股股份，甚至高达7993960.0万股份，尽管大小非释放是渐进的，所有的流通有一个过程，但它挂1 &堰塞湖&市场担忧的影响。

This institutional setting greatly damages the matching mechanism be- tween risk and return of Chinese capital market, creating unfairness between liquid shareholders and non - liq- uid ones.

从现实看，股权流动性分裂为中国资本市场带来了八大危害，从而严重损害了中国资本市场风险与收益之间的匹配机制，客观上使流通股股东与非流通股股东处在不平等的状态。

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。