股票市场

Siegel, famous for his bullishness on investing in blue-chip stocks for the long run, also worries about what will happen when future retirees try to predict that heavy investments from newly affluent emerging markets such as India and china will have to flow into u.s.

杰里米，因为他的长期在值钱股票上的看涨而出名，但是他也担心当退休的人尝试那些较大来自于新兴经济市场如印度和中国的投资，将会带给美国的股票，财富，债券市场带来些什么？

The value of market esoterica to the consumer of investment advice is a different story.

这当然是股市秘籍存在的价值，但就我个人的看法，投资成功不是靠晦涩难解的公式、计算机运算或是股票行情板上股票上下的跳动，相反地投资人要能成功，惟有凭借着优异的商业判断同时避免自己的想法、行为，受到容易煽动人心的市场情绪所影响，以我个人的经验来说，要能够免除市场诱惑，最好的方法就是将格拉厄姆的市场先生理论铭记在心。

The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about themarketplace.

这当然是股市秘籍存在的价值，但就我个人的看法，投资成功不是靠晦涩难解的公式、计算机运算或是股票行情板上股票上下的跳动，相反地投资人要能成功，惟有凭借着优异的商业判断同时避免自己的想法、行为，受到容易煽动人心的市场情绪所影响，以我个人的经验来说，要能够免除市场诱惑，最好的方法就是将格拉厄姆的市场先生理论铭记在心。

Under the hypothesis of stock price submitting to exponential Ornstein-Uhlenbeck process ,we solve the formula of pricing of stock and analyse the kind of the option formula, and then aiming at the blemish to suppose to interest rate before and considering the relation of the fluctuation of interest rate and the fluctuation of stock price , we bring up the model of the market interest rate and focus on analyzing the effect of the fluctuation of market interest rate on the option price based on the model.

本文首先在股票价格服从指数Ornstein-Uhlenbeck过程模型假设下，求解了股票的定价公式，分析了期权公式的性质，然后针对以往对利率假定的缺陷，考虑到市场利率波动与股价波动的相关性，提出了市场利率模型，并在此基础上，着重分析了市场利率的波动对期权价值的影响，求得了适合于期权有效期较长情形下的期权定价公式，并将该公式通过实例与著名的Black-Scholes期权定价公式进行了深入比较。

One is pricing characteristic in our country"s stock market,and another is our country"s stock market characteristic factor model.

第二章分为我国证券市场股票定价的特征和我国证券市场股票的特征因素模型。

Over the next two years, according to the same market value, to limit the sale of shares lifted the market value of shares 1,728,700,000,000 yuan will reach a peak in the second year that fell to 408,000,000,000 yuan, and the first to sell limited stocks while the market value of lifting the ban will remain in the respective 2,098,800,000,000 3,636,900,000,000 yuan and yuan.

在未来两年内，根据同样的市场价值，限制出售股份解除了对股票的市场价值将达到1，728，700，000，000元，在第二年的高峰下降到4080.00亿元，首次出售股票，而有限市场价值取消禁令将继续在各自的2，098，800，000，000 3，636，900，000，000元人民币。

But in our insiders control transitional economy, because the shares of the companies with higher information asymmetry are overpriced, the possibility to use long term bank debt is low while if companies of this kind import long tern bank debt, the information asymmetry can be reduced. The benefit of monitoring exceeds the cost so that the corporate governance can be improved which will bring better corporate performance; shares of companies with lower information asymmetry do not get much overprice, the possibility of using long term bank debt of this kind of companies is higher while the benefit is smaller than the cost.

但在我国的内部人控制的转型经济中，信息不对称程度高的公司由于股票在公开市场的溢价程度高，引入长期银行借款的可能性反而小，其实这种类型的公司如果引入银行债务的监督，则会减轻信息不对称程度，债务的监督收益将大于债务的成本，从而带来公司治理结构的改善，最终将带来公司绩效的提升；信息不对称程度低的公司由于其股票在公开市场的溢价程度比信息不对称程度高的公司低，反而更有可能引入长期银行借款，但这种类型的公司引入长期银行借款的成本大于收益，将会导致业绩的降低。

Li Rongrong, then the original provisions of the SFC,"the controlling shareholder 'freedom holdings' 2 percent of shares of listed companies" have a greater possibility of proliferation, but to the market brought about by the greatest impact, or Central Huijin Gold companies enter the market the secondary market and be able to "self-acquired" three banks stocks.

李荣融当时的证监会原规定，"控股股东'自由控股的百分之二上市公司的股票"已经扩散的可能性较大，但对市场所带来的最大的影响，或中央汇金公司进入市场的二级市场，并能"自我收购"三银行股票。

Value is lower, CEO's stock-based compensation significantly rise. Moreover, combining the results of the cash- and stock-based compensation contracts shows that when CEO is a risk averter and the product market is more competitive i.e.

在产品市场竞争程度与薪酬绩效敏感性方面，於高阶主管股票薪酬契约中，结果偏向支持「风险差异化假说」，显示当产品市场竞争程度愈大时，高阶主管较顾虑风险之考量，因而降低其股票薪酬与会计、市场绩效间之正关联性，此亦较符合Hart (1983)之理论研究。

November 21 to 25 of the three trading days, Haitong Securities on a daily basis by hundreds of millions of selling shares closed at the limit, fell from 13.31 yuan to 9.7 yuan, although the price limit in a row, the market is still rare Cares about buying because the market is expected to pass the sea there is a larger space down, but the accident was a big deal of excitement, 31 pen during a big deal to the price of 14.35 yuan (20% of the market value in excess of) hundreds of millions of shares traded,"This is a typical" fool to buy ", it was a big deal for use of the benefits."

11月21日至25日三个交易日，海通证券每天的证券买卖股票收于数以亿计的极限，从一十三点三一元下降到9.7元，虽然连续价格上限，市场仍然是罕见的关怀在购买，因为市场预期通过海上有一个更大的空间下降，但事故是在什么大不了的14.35元的价格兴奋大问题，31笔（20过剩的市场价值％）股票的交易数以亿计，&这是一个典型的&傻子买&，现在是使用的好处一个大问题。&

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。