股票市场

Emphasis on the stock market share price contains information on many of the future, when the market when information asymmetry, there will be some of the value of the stock is undervalued, but the market will be balanced by a mechanism to force the stock price and value of such.

强调市场份额的股票价格中包含的许多信息的未来，当市场信息不对称时，将有一些价值的股票被低估，但市场将是平衡的一种机制来迫使股票价格和价值等。

When analyzing the ESO project of many enterprises in china, you will discover that most of them are just analogues to ESO. The scheme is that most of the bonus is turned to stock and the beneficiary cannot choose whether to buy or not. The criterion for distribution is the achievements of managers made in the past time, not success in the future.

然而，我国目前的市场环境和企业状况还不适应发达国家的成熟模式，从我国企业实行经理股票期权的方案设计和实施特点来看，他们所采用的只是"股票奖励"计划，是一种股票化的奖金，把奖金的大部分转作了公司的股票，受益人不能选择是否购买，实质上是依据企业和经营者过去的业绩来确定他们的期股收入，而不是面向未来的激励，它并非真正意义上的经理股票期权，二者在效果上有很大差距。

This paper discusses the value of the stock, based on the determination of the value of the stock, the value of enterprises with the market value of the relationship , stock prices, the factors affecting stock prices and the various factors affecting the stock price in the stock investment strategy, the choice of stock, stock trading opportunity, loss of the floating stock's handling of the equity investment operations in the mentality of all made a specific analysis.

本文讨论了股票的价值，股票价值的确定依据，企业价值与企业市场价值的关系，股票的价格，影响股票价格的因素与各个因素对股票价格的影响，在股票投资策略中，对股票的选择，股票的买卖时机，股票的浮动亏损的处理方法，股票投资操作中的心态都做出了具体的分析。

With the market scale enlarging, innovation deepening, market practice standardization and investors' structure improving, value investment has gradually become the main investment concept in the market, furthermore, a company's fundamental has become the key determinant in share pricing, and various pricing models on company's intrinsic value have gradually being used in company's initial public offering. Efficient Market Theory is one of the basic principles in modern finance theory, therefore the judgment on the market efficiency greatly affects the choosing and applying of valuation models.

随着证券市场规模的壮大、市场运行的规范、市场创新的深化、投资者队伍结构的改善以及国际化进程的加快，价值投资逐渐成为市场的主导投资理念，公司基本面开始成为股票估值的重要因素，在公司股票首次公开发行（initial public offering， IPO）中，基于公司内在价值评估的各种估值模型则在实践中逐步得到应用。

Affected by the investor structure's particularity,the result of market trade information in Shanghai and Shenzhen A-share stock markets shown by Hasbrouck model is a dumbbell shape with both ends dissymmetrical.

受我国沪深A股市场投资者结构特殊性的影响，Hasbrouck模型显示的沪深A股市场的市场交易信息含量统计结果呈现两头不对称的哑铃形状，即交易信息含量比重很高的股票比例大大小于交易信息含量比重低的股票比例，实证结果不同于美国纽约股票交易市场采用Hasbrouck模型呈现的纺锤形状，即两头比例很低，结果基本集中在平均值附近。

The results are consistent with the interpretation that positive intangible information tends to trigger institutional herding on the buy side.3. The securities Investment Funds act as momentum traders in bear market while as contrariant traders in bull market. Further analysis reveals that momentum trading by investment funds intensifies stock return momentum but stock price experiences a long-term reversal. It indicates return momentum results from mispricing instead of risk. The securities Investment Funds hamper market efficiency when they act as momentum traders.4 Both momentum trading and herding behavior intensify market anomalies and hamper market efficiency. However, momentum trading or herding behavior is the only one of the many aspects of the institutional investor.

第三，机构投资者的动量交易行为会加重了股票收益惯性，这一结论在分别控制股票规模、账面市值比因素后仍成立，并且机构投资者对股票的动量交易行为越强烈，股票收益的惯性也越明显，说明机构投资者具有影响股票价格的能力；进一步的分析表明，惯性利润在长期均实现反转，但反转的周期和程度受动量交易指标值的影响，股票动量交易程度越高，动量收益反转越强烈，反转周期越短，这表明机构投资者的动量交易行为使股价严重偏离其基础价值，在长期，股票价格不断调整逐渐靠近其基础价值，因此可以说，机构投资者对股票的动量交易行为会加重股票收益惯性和阻碍市场效率。

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。

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。

A foreign company can trade on the New York stock exchange (1)by placing some of its shares in the bank. An American depositary receipt is given in place of the stock, and can be traded on their exchange.

一家外国公司要想在纽约证券交易市场上买卖股票，只需要将一部分股票交给银行保管，然后用美国信托证券用来代替这些外国公司的股票，因而能在美国市场上交易。

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。

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。