股票市场

We have found that a likewise capital market with stocks and loans being the major means to save for the future and gain capital accruement has the inner vulnerability—that is, if the former market equilibrium has been disturbed, the market has the inclination to fall down or go up continuously.

发现：一个没有套期保值机制的以股票和信贷为资产增值和储蓄手段的资本市场具有内在的"脆弱性"（一旦原有市场均衡被打破，市场有持续下跌和持续上涨的倾向）。

Second, the distributions of the two series are both non-normal, and one series from auction mechanism has peaker mountaintop and fatter tail than the other series from continuous order-driven mechanism. Third, the auction will bring more noise in terms of stock yield, and demonstrate more deviation in the random walk in the market efficiency model.

第二，通过两种交易制度得到的两个股票收益序列的分布都是偏正态的，并且从集合竞价得到的序列比从连续竞价得到的序列尖峰厚尾；第三，集合竞价产生的股票收益比连续竞价产生的股票收益有更大的噪音，对市场有效假说的随机游走形式更大的偏离。

That's why some investors who had correctly played the market rebound by loading portfolios with riskier, higher-paying stocks are now moving to safer stocks with lower payoffs, says Todd Sandoz, co-head of equities, Americas at Credit Suisse.

瑞士信贷美国股票部联席负责人桑多斯说，这就是一些将投资组合配置了高风险高收益的股票资产，准确参与了市场反弹的投资者现在转向回报较低、安全性更高的股票的原因。

The company said trading was suspended Monday "to avoid any disorderly market and volatility in the securities of the company that may result from further release of unverified allegations in the media."

该公司说周一的股票交易被临时停牌"是为了避免来自媒体关于指控的进一步报道会造成公司股票交易市场的混乱和股票的恐慌性抛售。"

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。

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。

The causes are unreasonable ownership structure effects on corporate in completely changing system, too much attention paid to planned management rather than market mechanism, the unreasonably divided securities, shortage of the corporate seceding system, imperfect rules and immature market subject.

产生这些问题的根源是：公司股权结构不合理使其改制不彻底；政府在股票和企业债券发行制度、证券市场分割、上市公司退出制度等方面重行政手段管理、轻市场优化机制作用；直接融资市场规则不完善、市场主体不成熟。

Chapter three:"The development and present situation of delisting system in our country's securities bussiness'Un this section, the necessity of establishing and consummating the delisting system is discussed and refer to some regulations of Company Law, Securities Law and the rivision process of "Measures for listing suspension and prohibition of loss-making listed company", the text analyses the changing characters of the stock market and the necessity of revision of the "Listing regulations of the stock"which is used in the Shenzheng and Shanghai securities exchange concourses and devides the development process of our delisting system into several sections with pointing out the influence to the stock market which is produced by relative regulations."

第三章为&我国证券市场退市制度的发展历程及现状&，本部分首先论述了我国建立和完善证券市场退市制度的必要性，并从我国《公司法》及《证券法》中有关退市的规定入手，通过对《亏损上市公司暂停上市和终止上市实施办法》前后几次的修订过程，分析了我国实施&退市令&前后证券市场的变化特征以及深沪两个交易所修订《股票上市规则》的必要性，将我国退市制度的发展过程分为几个阶段，列示了制度中的有关规定及对证券市场的影响。

Among them, the first quarter of the market value of fund holdings evaporation 453.213 billion yuan, with the end of 2007 the market value of 2.400673 trillion yuan of holding 18.88 percent compared to大亏; the second quarter, holding the market value of 225.916 billion yuan evaporation, shrinking the market value of 20.24 percent margin; third quarter of the market value of evaporation of 259.503 billion yuan shares, value shrank by 20.6 percent rate; by three at the end of the shareholding and the December 16 closing price, the fund market value of 609.437 billion yuan holdings, since the fourth quarter the market value of re-evaporation of the fund holdings 679.89 billion.

其中，该基金持有的蒸发四五三二一三○○○○○○元市值第一季度，与2007年底2400673000000持有18.88亿美元，比大亏元的市场价值，第二季度，持有的225.916亿美元的市场价值人民币蒸发，减少了百分之利润20.24市场价值；有关的2595.03亿元的股票市值蒸发第三季度，价值缩减率百分之20.6；由三个股份制年底和12月16日收盘价计算，该基金市值6094.37亿元持有，第四季度以来的转口市场价值基金持股6798.90亿蒸发。

Corporate holdings account for the proportion of larger stock pot for the East to withdraw from the market, Datang Power Generation, Bank of Communications, Industrial Bank, since the instrument shares, and the reduction of the proportion of larger stocks in the Pacific for long Group century, too-long Chinese medicine, Tai shares, too, and so on of the shares.

公司持有的大汤锅的东方比例退出市场，大唐发电，交通银行，兴业银行，银行因为该文书的股票，以及股票的比例较大减少太平洋集团世纪的长期，太长，中医，大的股票，也等的股份。

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。