管制的

This paper use for reference the free trade zone development theory both at home and abroad. conjoint to the actual situation of Haikou Free Trade Zone and Macun Port. It use the SWOT theory to analyze the strengths of port's conditions, city's environment, economy potency, city industry basic, opening situation, Boao Asian Forum platform, and air-line right opening. It analyzed the weakness of the un-perfect policy and code, the promoting level of using foreign capital, the mini scale of outer economy, the small size of economy gross, the un-powerful competition, the outer amending invest surroundings, rigidity of foreign exchange control. It also analyzed the opportunities of the incorporate trend reinforce of global economy, ocean economy fast rising, transition of bonded zone to free trade zone. The article point out the threats of Bonded Port and Zone's challenge, the challenge of Guangxi Zhuang Nation Autonomy Zone, bonded zone policy weakening after China joined the WTO, the menace of China-ASEAN Free Trade Area. This paper drew a feasible development strategic for Haikou Free Trade Zone move to Macun Port. It define strategic target emphases and processes.

本文回顾过去14年海口保税区发展的历程，总结成功经验和不足之处，运用国内外保税区发展理论，并结合海口保税区和马村港的实际情况，利用SWOT分析法，分析了海口保税区西移马村港后存在的口岸条件、城市环境、经济潜力、城市工业基础较好、对外开放格局基本形成、博鳌亚洲论坛平台和航权开放等优势，也分析了有关政策法规不健全、外资利用水平有待提高、外向型经济规模较小、经济总量较小、综合竞争力不强、外部投资环境有待改善和外汇管制僵化等劣势，海口保税区也面临着全球经济一体化趋势加强、海洋经济迅速兴起和保税区向自由贸易区转型的良好机遇，认清来自保税港区的挑战和广西的挑战、入世后保税区政策优势削弱和来自中国——东盟自由贸易区的挑战。

The trend in the financial opening up, the field of international financial cooperation have been strengthened, and China's financial system is in a closed economy set up with the situation, the corresponding level of economic development constraints, the formation of a strict financial controls, financial supervision and inadequate Situation, in an open situation, such a closed financial system is bound to be adjusted.

搞要： 在金融开放的趋势下，金融领域的国际合作不断增强，而我国的金融体系是在封闭经济状况下建立起来的，受相应的经济发展水平的制约，形成了金融管制过严、金融监管不力的局面，在开放的形势下，这种封闭的金融体系势必要调整。

This text thinks, toing make the local government come out the predicament that system set up, shoulding emphasize from three commence namely:The local government should implement to produce the power working talent ownly, setting up with the system the diversification that promote produce the power, and pass to produce the power protect, resolving the motive of the tiny view corpus encourage the problem;To systemize the stipulation norm is central and creative relation in local system;Withdraw the market working talent realm, realize the type of 范 that system set up convert, such as reasonable boundary that contracts public economic market front, clear and definite government working talent with relax control etc..

本文认为，要使地方政府走出制度创新的困境，应着重从三个方面入手，即：地方政府应履行自己的产权职能，以制度创新促进产权的多元化，并通过产权保护，解决微观主体的动力激励问题；以制度化约束规范中央与地方的制度创新关系；退出市场职能领域，实现制度创新的范式转换，如收缩公有经济的市场战线、明确政府职能的合理边界和放松管制等。

Our study leads to the following findings: First, if we take short-term debt into consideration and eliminate the IPO effect, the equity financing preference no longer exists: second, financial deficits play a more important role than traditional firm characteristics in debt ratio adjustment process, which implies that the pecking order theory can account for corporate financing behaviors to some extent: third, equity market conditions and government regulatory policies have some effect on the composition of firm external finance.

基于对中国上市公司股本融资偏好问题的重新审视，我们发现：如果将短期债务考虑在内并剔除首次公开募股的影响，股本融资偏好就不复存在；(2)在企业债务比率的调整过程中，融资缺口所起的作用超过了传统的企业特征因素，这意味着顺序偏好理论能在一定程度上解释企业的融资行为；(3)股票市场状况和政府管制政策会对企业外部融资的构成产生一定的影响。

The first step, reduce the fictitious economy systematic risk of our country, analyze and prove from three respects concretely that the basic relation of fictitious economy and real economy, the system of fictitious economy, market mechanism: The main argument of basic relation of fictitious economy and real economy have:(1) Structural adjustment and optimization of real economy (2) Pay close attention to the balance of fictitious assets and physical assets of macro econo

虚拟经济体系方面的主要论点有：（1）完善虚拟经济体系的管理体制：建立健全虚拟经济法律法规体系，实现"依法治业"；建立健全虚拟经济监管职能体系；增强虚拟经济运行信息的透明度；（2）提高虚拟经济体系中虚拟资产的风险管理水平。市场因素方面来说，主要是：（1）实行灵活的汇率政策；（2）加强资本流动管理；（3）积极推进虚拟经济监管国际合作第二步，建立我国虚拟经济系统风险化解机制。在采取有效措施降低我国虚拟经济系统风险的基础上，还需要警惕来自市场方面虚拟经济风险冲击。我以为，对此有以下三种化解办法：（1）市场机制的基础调节；（2）法律和政策约束；（3）强行临时管制。论文创新点：建立了一个我国虚拟经济系统风险预警度量模型，并运用这个模型对我国虚拟经济风险的现状进行了评估。

The special accounting environment of the real estate industry is the accounting environment the real estate industry faced with, which is different from the other industries'. It is included in three aspects: The first is the characteristics of the real estate industry, such as the heterogeneity of the products, the independence of the development activity, the long operation cycle, the complex exchange procedure and mode, and etc. The second is the juristical environment of the real estate industry, including the title system of land and house and administrative and juristical controlling of the real estate development.

房地产特殊会计环境是房地产业所面临的有别于其他行业（主要是与一般工业企业比较）的会计环境，其内容包括三个方面：一是房地产开发经营业有别于其他行业的固有特点，如产品的异质性、开发经营活动的单件性、经营周期长、交易程序和交易方式复杂等等；二是房地产开发经营业的法律环境，包括土地和房屋的产权制度以及房地产开发经营的行政法律管制；三是房地产开发经营业的历史和现状发展水平。

These situations are the main character of Chinese credit rationing phenomena. It could be conclude that a great mummer of important problems, which including some macro-scale problems such as the dualistic financial structure, the inefficiency of fund allocation, the phenomena of regulation of interest rate, and some middling scale problems such as the banking industry structure, the rampart of entering and exiting banking, as well as some micro-scale problems such as non-performing loans of banks,'over investment' of state-owned enterprise, credit deficiency of enterprises, have concerned with the situations.

一方面，从微观层面来看，政府行政权利在资源配置中的主导作用是中国特色信贷配给现象的一个主要的组成部分；可以说，无论是宏观方面的二元金融结构、资金配置效率低下、利率管制等现象；中观方面的银行业市场结构、银行业进入以及退出壁垒；还是微观方面的某些痼疾，如银行不良资产、国有企业的"过度投资"、微观主体信用缺损等，都在一定程度上同政府主导的信贷配给有关。

It is on the basis of an analysis of the financing behavior that the author draw a conclusion: the optimal financing strategy is determinedby the tangency point of quantity indifference curve of financing and cost indifference curve of financing, furthermore which means to equal to for random two kinds of the marginal financing cost of financing product.

我国证券市场供求的统计范围应该主要界定为证券的一级市场，供给的统计口径应按照新的融资方式分类标难来确定。在对我国证券市场1987—1999年的实际总供求按新的口径范围计算和分析后表明：我国证券市场的平衡是一种管制性的动态平衡，在供给机制与需求机制不对称的同时，需求大于供给。

In Elizabethan England, music printing was regulated by two royal patents issued by the queen: one for metrical psalters and one for all other types of music and music paper.

在伊丽莎白时代的英国，乐谱印刷受女王授予的两项皇家专利的管制。一个是格律诗篇的专利，另一个是其他类型音乐及其乐谱纸的专利。

As the flag state relaxed to facilitate the naturalization conditions, coupled with their administrative, technical and social matters almost not control flag of convenience vessels, which reduces the ship's operating costs, so that owners be able to escape the obligations of the relevant international treaties so that they competition in international shipping, in a good position, which has been welcomed by national shipowners, have put their flag state vessels to facilitate naturalization.

由于方便船籍国宽松的入籍条件，加上它们在行政、技术及社会事务上几乎不对方便旗船进行管制，这降低了船舶的营运成本，使船东得以逃避有关国际条约的义务，使他们在国际航运的竞争中处于有利地位，因而受到了各国船东的欢迎，纷纷把他们的船舶入籍方便船籍国。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。