股票

The range and strength of accounting regulationresult from the dynamic games played by parts of special interest. Accounting regulation reform leads to adjustment of interest of related parts and will eventually affect the development of stock option, which provides another interpretation on the history of stock option.

会计监管的范围与力度是各相关利益方的动态博弈的结果，而会计监管的发展变化对股票期权利益相关方利益的相应调整将最终影响股票期权的发展，这从另一个角度对股票期权的发展过程进行了解释。

Although the optional stock increases in stock market day by day, the return that was obtained by investors may uncertain the samely, if we can understand the effects of ownership structure on idiosyncratic risk of the firm and the choice of the financial pattern, perhaps it offers some useful references to corporate governance and the decision making of investors.

中文摘要虽然股票市场中可选择的股票日渐增加，但投资人投资股票所欲获得的报酬不见得相同，若能研究出股权结构对公司个别风险以及选择融资型态的影响，或许能对公司治理以及投资者在投资股票时，提供一些有用的参考。

For the security market with restricted borrowing and short sale unallowed, Options pricing formula are advanced, and the relation between them and Black-Scholes Options pricing formula is discussed. The essence of Black-Scholes Options pricing formula is set forth. To the security market with restricted borrowing and short sale unallowed, stock returns risk pricing formula is advanced and the demonstration analysis of China security market is provided. From the demonstration analysis, arbitrage exists in China security market, which can be applied to explain the riddle of a great deal of China bank money and hot money swarming into China security market.

本文在B-S期权定价的基础上，直接利用股票本身的参数推导出股票收益率风险的定价公式；对不允许融资和卖空的证券市场，给出了看涨期权和看跌期权的定价公式，并讨论了他们和相应B-S期权定价公式之间的关系；对B-S期权定价公式的本质做出了阐述；对不允许融资和卖空的证券市场，给出了股票收益率风险的定义；利用股票收益率风险的新定义，对中国证券市场进行实证分析，得出中国证券市场存在套利，解释了2006年和2007年中国大量银行资金和国外热钱流向中国股市之谜。

Secondly, the thesis analyzes the conditions of high-tech enterprises to apply stock option, points out that the high growth of high-tech enterprise and specific characteristics of high-tech talent motivation are favorable conditions of high-tech enterprises to apply stock option. But the abnormal capital market undeveloped talent market imperfection relative laws and rules and unconsummated enterprise administration structure are unfavorable conditions of high-tech enterprises to apply stock option. Then the thesis promotes corresponding improvement measures after specifically expounding their unfavorable influences to stock option utilization.

其次，论文分析了高科技企业运用股票期权的条件，指出高科技企业的高成长性和高科技人才激励的特殊性是高科技企业运用股票期权的有利条件，但我国资本市场的不规范、人才市场的不发达、相关法律法规的不健全及企业治理结构的不完善是高科技企业运用股票期权的不利条件，在具体阐述了它们对股票期权运用的不利影响后提出相应的改善措施。

There are six chapters altogether. Chapter One mainly introduces the basic theory of Executive Stock Options. Chapter Two sets emphasis on the related system construction, and points out the main barriers of practice in China, and also provides some feasible suggestions. Chapter Three, Chapter Four and Chapter Five are the main body of this paper, and they discuss the recognition, measurement and disclosure of accounting for stock option respectively, which are based on the new development in the world. Based on the situation of our country, Chapter Six construes the actuality of accounting in China, and points out some useful suggestions.

全文共分为六章，第一章主要介绍经理股票期权制度的基本理论，分析其优势和弊端；第二章从制度方面入手，结合我国国情对我国实施经理股票期权制度进行探讨，研究实施障碍并提出政策建议；第三、四、五章是本文的主体部分，在结合国际最新研究成果的基础上，从确认、计量和披露三个方面探讨经理股票期权的各会计处理环节；最后第六章则立足国情，调查我国经理股票期权会计处理的现状，并提出我国目前适宜的会计处理方法建议。

Furthermore, it has been disserted the mechanism comprehensively that equity ownership structure plays a role in confirming elements of corporate governance, developing function of corporate governance, choosing mode of corporate governance.

第二章，从股票市场流动性、股票市场风险和股票市场功能发挥三方面入手，分析了股权结构对股票市场运行机制的影响，同时揭示出股权结构与证券市场的互动关系。

In order to make the incentive mechanism of the stock option function well in our country's enterprises,we should re-recognize the mechanism,carry out the reasonable design of the stock option,and at the same time perfect the stock market and manager's professional market.

为了使股票期权激励机制发挥其应有的作用，应从确定股票期权收益人及行权价格等方面入手对股票期权计划进行合理的设计，同时应健全股票市场和经理人职业市场。

You may think this odd, but I have kept copies of every tax return I filed, starting with the return for 1944. Checking back, I find that I purchased GEICO shares on four occasions during 1951, the last purchase being made on September 26. This pattern of persistence suggests to me that my tendency toward self-intoxication was developed early. I probably came back on that September day from unsuccessfully trying to sell some prospect and decided - despite my already having more than 50% of my net worth in GEICO - to load up further. In any event, I accumulated 350 shares of GEICO during the year, at a cost of $10,282. At yearend, this holding was worth $13,125, more than 65% of my net worth.

你可能会觉得很奇怪，不过打从1944年开始报税到现在，我都保留每年个人报税的资料，在将这些资料拿出来比对之后，我发现在1951年我总共分四次买进GEICO股份，最后一次是在9月26日，这样的做法让我觉得自己很早就有自我沉醉的倾向，印象中我那时是在向别人推销这批股票不成之后，决定自己吃下这批股票，尽管在当时我已将个人50%以上的身家全都押在这支股票之上，而在加码之后，我总共持有350股的GEICO股份，成本为10，282美元，到了年底，这些股票的市值成为13，125美元，超过个人净值的65%。

Stock supply will slightly reduce the pressure, first in the slowdown in the pace of IPO; Second, the size of non-market conditions as a result of the mutation may temporarily slow down the reduction of the original plan, but the long term, to limit the sale of shares of further standardize and improve the stock supply is still bound by the pressure of the most important impact on the market is still very critical; Third, some state-owned listed companies to buy back shares to reduce the absolute number of shares.

股票供应量将略有减少压力，在首次公开招股的速度下滑影响，第一，第二，大小非作为市场条件突变的结果可能会暂时放慢了原计划减少，但是从长远来看，限制了进一步规范和改善供应出售股份的股票仍是由市场上最重要的冲击压力的约束仍然是非常关键的；第三，一些国有控股上市公司回购股票减少股票的绝对数量。

Accordingly, you should only invest in that series of ELIs over the Underlying Stock if you wish to own or own more of the Underlying Stock.

因此，阁下只应在欲持有挂钩股票或更多该股票时方投资於与挂钩股票挂钩的一系列股票挂钩投资。

The absorption and distribution of chromium were studied in ryeusing nutrient culture technique and pot experiment.

采用不同浓度K2CrO4(0，0.4，0.8和1.2 mmol/L)的Hoagland营养液处理黑麦幼苗，测定铬在黑麦体内的亚细胞分布、铬化学形态及不同部位的积累。

By analyzing theory foundation of mathematical morphology in the digital image processing, researching morphology arithmetic of the binary Image, discussing two basic forms for the least structure element: dilation and erosion.

通过分析数学形态学在图像中的理论基础，研究二值图像的形态分析算法，探讨最小结构元素的两种基本形态：膨胀和腐蚀；分析了数学形态学复杂算法的基本原理，把数学形态学的部分并行处理理念引入到家实际应用中。