股票

Based on the market microstructure theory, this paper firstly discusses how the different trading mechanisms decide the price and the relationship of the trading mechanism and the volatility of return. Then selecting the stocks synchronously listed in the market of Mainland China and Hong Kong as the sample, we empirically analyze the relationship of the trading mechanism and the volatility of return. After describing the originality variance ratio of the markets, this paper explains the outcome of the empirical and makes a GARCH (1, 1) model for further analyze.

本文以金融市场微观结构理论为基础，首先从理论上探讨了不同的交易机制对股票价格的确定过程，以及交易机制与股票价格波动性的关系问题；接着本文选用同在中国大陆和中国香港地区上市的公司股票每日的开盘和收盘价格为样本，分别以收益率的原始方差比和GARCH(1， 1)模型估计的方差比实证分析了交易机制与股价波动性的关系。

First, the decentration of the shareholders cause the absence of the active investors, none is willing to implement the rights of the shareholders by representing other shareholders, the managers become the insiders to control the company.

股票期权制度作为一种有效的公司激励机制广受发达的市场经济国家所推崇，然而，在美国，成批登场的大公司财务造假丑闻却对这种制度提出了挑战，首先，股权过度分散导致维护公司利益的&积极股东&缺位，没有哪一家股东能够或愿意积极主动地代表股东对经营者行使所有者权利，公司经营者成为控制公司的&内部人&；其次，美国对股票期权的会计处理规定，股票期权的价值不计入公司成本，也为经营者造假提供了合法的便利；再次，中介机构为了自身的利益，不能保持绝对的独立性，成为公司造假的帮凶；另外，美国倡导自由经济，依靠行业自律和市场制衡来约束市场参与者的行为，一方面给经济繁荣带来了活力，同时也带来了巨大风险，如果没有严密的制度保障和严厉的打击及监管，谁也不会放弃低成本的&道德风险&所带来的好处。

Mix distribution hypnoses assume that the asset price movement and the trading volume are both determined by an unobservable flow of information; different pieces of information flowing into the security market will cause movements of both the trading volume and the price.

结果发现，与成熟的股票市场相比，中国股票价格波动的非对称性较弱，这可能是由于中国股票市场的特殊结构与贷款利率缺乏刚性所造成的。3，混合分布假说认为金融资产的收益和交易量是由一个潜在的不可观测的信息流变量共同决定的，信息流的冲击将同时产生收益和交易量的变动，即信息流是混合变量，日交易次数或交易量可以作为信息流的替代指标，所以交易量能够很好的解释价格波动性。

The Group Companies shall each have delivered to the Investors copies of the directors' and shareholders' resolutions authorizing the performance of all obligations of the respective company under this Agreement and the Shareholders Agreement and, in the case of the Company, the issuance of all of the Purchased Shares being subscribed under this Agreement and reservation for issuance and delivery of the Conversion Shares issuable upon conversion of such Purchased Shares, each resolution being in form and substance satisfactory to the Investors.

决议。所有集团公司应分别向投资人交付授权履行本协议及股东协议项下各公司全部义务的董事和股东决议副本，如果是本公司，则交付批准根据本协议认购的全部所购股票的发行决议，以及批准交付根据该所购股票的转换可以发行的转换股票决议，各决议的形式和内容均令投资人满意。翻译成各公司是否对，整句话理解正确吗，如何翻译才能通顺？

Once any such stock certificate is issued and during the period that the Plan holds the Restricted Shares, Officer shall be entitled to all rights associated with the ownership of shares of Common Stock not so held, except as follows: if additional shares of Common Stock become issuable to Officer with respect to Restricted Shares due to an event described in Section 6 below, any stock certificate representing such shares shall be issued in the name of the Plan and delivered to the Committee or its representative and those shares of Common Stock shall be treated as additional Restricted Shares and shall be subject to forfeiture to the same extent as the shares of Restricted Shares to which they relate; if cash dividends are paid on any shares of Common Stock subject to the terms of this Agreement, those dividends shall be reinvested in shares of Common Stock and any stock certificate representing such shares shall be issued in the name of the Plan and delivered to the Committee or its representative and those shares of Common Stock shall be treated as additional Restricted Shares and shall be subject to forfeiture to the same extent as any other Restricted Shares; and Officer shall have no rights inconsistent with the terms of this Agreement, such as the restrictions on transfer described in Section 4 below.

一旦任何此类股票证书已颁发，在计划持有受限股的期间，管理人员有权享有与持有相应普通股股份有关的一切权利，但以下情况除外：如果由于以下第6条中所述的事件，导致可向管理人员发行额外的普通股股份，则任何代表该等额外股份的股票证书应以计划的名义发行并交付给委员会或其代表，且该等普通股股份应被视作额外的受限股，并和与其相关的受限股遵守同样的没收规定；如果对服从于本协议之条款的任何普通股股份支付现金股息，该等股息应重新投资到普通股股份中，任何代表该等股份的股票证书应以计划的名义发行并交付给委员会或其代表；以及管理人员不得拥有任何与本协议之条款（比如下述第4条中所述的转让限制）不一致的权利。

Xue Zhongxing, at consulting group Jingbang in Shanghai, says the stock options will help bring the interests of managers at state-owned companies into line with those of the shareholders.

尽管这使得公司可以提供一些股票相关的激励形式，但此类计划没有鼓励员工在一定期限内持有公司股票，这是股票期权背后的潜在动因之一。

Nondiscretionary accruals are on average priced by equity market while not discretionary accruals. We do not find evidence that Chinese investors are functionally fixated on earnings, and instead value-relevance of accounting numbers is mainly reflected on operating cash flows.

非操控性应计被股票市场定价了，而操控性应计并没有被股票市场定价；没有发现股票市场上存在净利润的&功能锁定&现象；会计数字的价值相关性主要体现在经营活动现金流量上。

The target king security analysis system is becomes by the wealth culture dissemination center research and development, in integrates 2380 outstanding targets, target operational, you do not need the profound stock theory, may the proper operation, be truly the fool type speculates in the stock market the software; In the software speculates in the stock market in the toolbar, has each kind of stock calculator, the real-time foreign exchange treasure, the video on demand, the online P2 television, the stock good world information, the daily publication magazine, the electronic painting pen, to grasp the chart tool, the organization memoir, the fund radar, the big list inquiry, ultra to win functions and so on rank, and in this help video frequency has the auspicious thin software operation video frequency help and ten extended functions, the user may act according to own demand the software which likes oneself to integrate in this software; But in software's time sharing chart, we integrated this important connection website for you, the user, so long as enters some stock in the time sharing chart, has underneath the left ultra wins the picture, ultra to win the rank, to win the data, ultra to win the data, the L2 data, the DDE target, the BBD target, the panoram information, the unification stock market, the stock news and so on this connection website, the user, so long as clicks may examine this stock the related information; But "the service" in the option card also integrated several hundred well-known finance and economics websites and the video frequency website in the software, may for the user inquiry finance and economics information, ultra win finance and economics related contents and so on data, fund quotation, finance and economics video frequency, news information.

指标王证券分析系统是由财富文化传播中心研发而成，内集成2380个优秀指标，指标操作性强，你不需要高深的股票理论，就可以正确操作，真正是傻瓜式炒股软件；在软件的炒股工具栏内，有各类股票计算器、实时外汇宝、网络电视、在线P2电视、股行天下资讯、每日报刊杂志、电子画图笔、抓图工具、机构研究报告、资金雷达、大单查询、超赢排行等功能，且此帮助视频内有祥细的软件操作视频帮助和十个扩展功能，用户可以根据自己的需求把自己喜欢的软件集成到本软件中；而在软件的分时图中，我们又为你集成了该股重要的关联网站，用户只要进入某股票的分时图中，在左下方就有超赢图片、超赢排行、全赢数据、超赢数据、L2数据、DDE指标、BBD指标、全景资讯、统一股市、个股新闻等该股关联网站，用户只要点击就可以查看该股的相关信息；而在软件的&服务&选项卡中还集成了几百个知名的财经网站和视频网站，可供用户查询财经资讯、超赢数据、基金行情、财经视频、新闻资讯等财经相关内容。

By classified statistics for the peccant behaviors, the author designs the measuring model in virtue of event study and market model, and measures stock's credit risk on abnormal fluctuation of yield.

论文研究了上市公司违规失信行为所形成的股票信用风险，探讨其影响因素和预测方法，构建了符合我国证券市场环境和上市公司特点的股票信用风险评估模型，取得如下创新性工作结果：（1）构建股票信用风险测度模型，用以分析各类违规失信行为的异常损益。

However, this dissertation is not specially on how to establish China's market mechanism of stock market, it study on how to establish the market mechanism on which the tock market works in corporate governance.

但本文又不是专门讨论如何建立我国股票市场的市场机制，而是只探讨如何建立与公司治理机制有关的股票市场的市场机制，这与股票市场发展的首要目标是一致的、无冲突的。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。