股票市场

On this base, we seeing about relation between them, to analyze demonstrational stock exchanges contribution to economy growth, to discuss a more effective way to economy growth, all these have theory and reality meaning to stock exchange development and economy growth.

在此基础上考察我国股票市场和经济增长的互动关系，实证分析我国股票市场对经济增长的贡献，探讨股票市场更为有效的促进经济增长的途径，对促进股票市场发展与经济增长有重要的理论与现实意义。

The advice to strengthen supervision and to enforce punishment is proposed to decrease information hiding phenomena of listed companies (or postponed disclosure, false disclosure) by game theoretic analysis of information disclosure between the companies with supervision or without it.

通过对无监管和有监管状态下上市公司之间披露信息的博弈分析，提出了加强监管、增大惩罚力度，从而减少上市公司信息不披露现象的建议：通过对股票市场的运作状况和均衡状态的简要分析，提出了促进我国股票市场健康发展的政策建议；通过以投资者与政府政策之间的博弈分析，提出了减少国家推行政策对股市波动影响的建议；通过分析我国股票市场上最主要的三大行为主体：上市公司、机构大户和中小散户三方的博弈关系，建立了相应的博弈模型。

The development of the stock market should be support by the investment confidence and their funds of small shareholders. If small shareholders were subjected to loss but could not get in expiation, they would not participate in stock market, and the development of our country stock market can be a malarkey.

股票市场的发展应该是由中小股东的投资信心以及他们的资金来维系的，如果中小股东受到损失却得不到补偿，那么他们就不会参与股票市场，那么我国股票市场的发展只能是一句空话。

Since 2001, there has been a nation-wide discussion in regards to what is the mainstream of China's stock market and how to properly evaluate its status and effect in the national economy.

2001年以来，围绕着什么是中国股票市场发展的主流，如何正确评价股票市场的地位和作用等问题，我国股票市场的管理者和研究者们展开了广泛的讨论。

In this paper , we combine both Efficient Market Hypothesis and Fractal Market Hypothesis to test our bond markets return distribution , the main results are that the index of Chinese bond market process by fractional Brownian Motion, the orbit is stable Pareto Distribution with α character So, the fractal market hypothesis is more suitable than the efficient market hypothesise

本文结合有效市场假说与分形市场假说理论，通过对我国证券市场中收益率的分布收入研究发现：中国股票市场是以分数布朗运动方式进行的，所形成的运动轨迹呈现出典型的α＜2的稳定帕雷托分布。因此，应该说，"分性市场假说"比"有效市场假说"更适用于中国股票市场。

First ,it carry on the demonstration analysis to the efficiency of Chinese stock market , judge present efficiency state , then use relevant analysis technology and T examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of Chinese stock market , and then ,put qualitative analysis on the reason of low efficiency of Chinese stock market and the uncertainty change of Chinese stock market after reform , to investigate the influence degree on the efficiency of Chinese stock market by split share structure .

第三章为股权分置改革对股票市场效率的影响分析，先对中国股票市场效率进行实证分析，判断中国股票市场目前的效率状况，然后运用计量经济学中的相关分析技术和T检验法，对股权分置制度与中国股票市场的效率进行了相关性分析，再从对中国股票市场低效率的成因、股权分置改革后中国股票市场不确定性变化的定性分析中，考察股权分置改革对中国股票市场效率的影响程度。

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。

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。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系统分析论文的选题背景，全面掌握了相关的文献，为深入研究本问题奠定了坚实的基础；第二章从我国股票市场自身角度出发，深入研究我国股票市场的波动特性；第三章从马科维茨资产组合理论出发，对资本资产定价模型和套利定价理论进行系统比较分析，深入探讨了国际股票市场关联的理论，随后着重定量研究了我国新兴股票市场与周边市场的关联性；本章使用市场相关参数、平稳性检验、协整检验、Granger因果检验等计量方法测度了我国股票市场波动及与周边市场的关联程度；第四章基于我国股票市场波动及与周边市场的关联影响，从我国股票市场目前发展状况出发，阐述了我国股票市场国际化的必然性，并为我国股票市场的风险规避提出了相应的政策建议。

The first part consists of the introduction and basic theories, which remarks correlative literatures and disquisitions and puts forward the transmission mechanism of the stock market. It also analyzes the impacts of the monetary policy for stock market in our country to show the necessity of research on this mechanism. The second part is the microcosmic and macroscopic analysis; it mainly comprises the behaviors of the enterprise, the bank and the inhabitant as well as the stock market, money market and their joint condition. The third part studies the transmitting impacts with demonstration analysis from two aspects, and explains this course using the theories of the first part and the micro-and macro-foundation of the second part. The fourth part is the conclusion and policy recommendations; it includes the factors of effecting the transmission of monetary policy in the stock market, proposes some related suggestions, and points out the research direction in the future.

本文分为四部分：第一部分为导论及基本理论分析，对国内外股市传导机制研究理论文献进行述评，提出系统的股市传导机制，并分析我国股市发展对货币政策的影响来说明研究股票市场传导机制的必要性；第二部分为宏微观基础分析，主要包括企业、银行及居民行为以及股票市场、货币市场及其联结状况分析；第三部分分两个环节实证研究股市传导效果，并利用第一部分的理论与第二部分的宏微观基础进行解释；第四部分是结论及政策建议，归纳影响货币政策股票市场传导的因素，提出相关建议，指出未来研究方向。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。