股票市场

Arjun Divecha, an emerging-markets specialist who manages about $20 billion for GMO LLC, says that until recently, investors bought pricey stocks in both markets because these economies were seen as the fastest-growing.'But with U.S. and global growth expectations slowing, it's the markets that were bid up the most that are getting hurt the most now,' he said.

为GMO LLC管理着约200亿美元资产的新兴市场专家阿让迪瓦查表示，就在不久前，投资者还在中国和印度市场中积极买进那些价格昂贵的股票，因为他们认为这两个经济体发展之迅猛数一数二；但随着美国和全球经济增长前景放缓，曾经最受追捧的市场现在则在承受最为沉重的打击。

Take into account the social security fund has the characteristics of long-term investors, even if realized will be to re-enter the capital market, according to the market share of 10% of the proportion of state-owned shares will be allocated to the social security fund, in a sense no Will be different from the social security fund as a buffer state-owned shares reduction of the reservoir, which will also be more beneficial to the stability of the market and steadily recovering.

考虑到社会保障基金的长期投资者的特点，即使实现将重新进入资本市场，根据10个国家的比例％的市场份额，拥有股票将分配给社会保障基金，在一定意义上从没有将作为缓冲国的社会保障基金不同，国有股水库的减少，也将更有利于市场的稳定和稳步回升。

Ouyang Zehua expresses, card inspect meets will from 4 fields standard " size is not " decrease oppose action: Above all, a large amount of rich trading means, improve a large amount of trading efficiency; The 2nd, increase financing chance for the enterprise, abound financing means, if issue convertible debenture to wait, lest " size is not " partner changes in the absense of capital what hold a share now; The 3rd, the standard decreases those who manage partner to make over behavior, strengthen information exposure; The 4th, from the point of view that balances market supply demand relations, coordinate concerned branch, drive the long-term investor such as fund of insurance company, social security, annuities actively to share the stock market, increase market fund supply, alleviation market supply demand relations.

欧阳泽华表示，证监会将从四个方面规范"大小非"减持行为：首先，丰富大宗交易方式，改进大宗交易效率；第二，为企业增加融资机会，丰富融资方式，如发行可交换债券等，以免"大小非"股东由于缺少资金而变现所持股票；第三，规范减持股东的转让行为，加强信息披露；第四，从平衡市场供求关系的角度，协调有关部门，积极推动保险公司、社保基金、养老金等长期投资者参与股市，增加市场资金供给，缓和市场供求关系。

As a mature tools in risk management in the international financial market, stock index futures hasnt been put into trading in our country for a long time. One of the most important reasons is that it maybe disarrange the present market, and then results in the coinstantaneous reflection between the markets on stock index futures and the present stock.

作为一种国际市场上成熟的风险管理工具，我国迟迟没有推出，其中一个重要的原因就是怕出现市场操纵，进而引起股指期货和股票现货市场的联动反应。

Based on modern option pricing theories,Black-Scholes and Merton option pricing model are used to study the pricing of the structured products,and its design,characteristics and risk are studied respectively.Based on Black-Scholes and Merton option pricing models,I also use the checking method to estimate the parameters of the model following real prices data,And calculate the theoretical price.Then,I compare the real and theoretical prices of the two pricing models.The results show that the effects of the Merton option pricing model are superior to the Black-Scholes option pricing model.Moreover,It shows that Hong Kong stock prices are also affected by the instant messages,and the jump phenomenon may exist in Hong Kong stock market.

本文以香港衍生品市场上三种主要结构性产品结构性票据、牛熊证和衍生权证为例，探讨了结构性产品的设计、特点、风险和定价，以现代期权定价理论为基础，以B-S和Merton两种期权定价为基础，根据市场价格经过校验得出模型隐含的参数，编程计算出两种定价模型下的理论价格，并将其实际价格和理论价格进行了比较，结果显示：Merton定价模型的效果要优于Black-scholes定价模型，说明香港市场的股票价格也可能受即时信息的影响，存在跳跃现象。

Although the stabilization fund is not directly address the question of the size of the non-symptomatic, but if used for the benefit not only the direct intervention because of the size of speculative capital and non-malicious guest at the stock market caused by the abnormal fluctuations, but also through increasing Index heavyweight buy or hold the key to the size of some of the non-speculative selling and to stabilize the stock price, or let the market back to life after all the good opportunities and will be returned to properly resolve the issue of the size of the market in order to restore the function of orbit and re - Plastic confidence in the market start.

但如果用于受益，不仅是由于投机资本的规模和非直接干预，恶意住客股市造成的异常波动，而且也通过加强权重股购买或持有的部分非大小，投机性抛盘以及稳定股票价格，或者让市场恢复在所有的生活和良好的机遇的关键将返回到妥善解决了该市场的规模问题，以恢复轨道和重新功能-塑料在市场开始的信心。

These reasons include: the game between investors and investment bank is non-repeated, the trigger strategy is lack of feasibility and creditability, and the third-party enforcement mechanism is noneffective.

本文同时利用我国股票发行市场1996-2004年的IPO数据对投资银行声誉形成机制的有效性进行了实证检验，检验结果表明投资银行有损投资者利益的行为并未对投资银行的市场份额产生显著负面影响，而其他一些具有中国特色的因素却对投资银行市场份额有着显著影响。

Five ways on comparing covariance matrix are applied to the Shanghai 50 Indexes Stock Exchange, which are sample covariance matrix, scalar matrix, two-parameter covariance matrix, single index matrix, constant correlation matrix. We adopt principal components method and Markowitz portfolio method to measure stock market risk using VaR, getting the effect of measuring market risk. The result shows that sample covariance matrix and two-parameter covariance matrix could measure market risk more effectively.

本文以上证50指数数据为样本，采用样本协方差矩阵、数量矩阵、两参数模型矩阵、单指数模型矩阵、常量相关矩阵作为与股票相关的协方差矩阵，结合投资策略选择的主成分方法和Markowitz最优投资组合方法，计算VaR以度量市场风险，并比较了五种协方差矩阵度量市场风险的效果，结果表明，在主成分方法中，样本协方差矩阵和两参数矩阵方法能有效的度量市场风险。

We believe that the market trend today is not in line with the development of stock market movements with the general rules of the market are mistakes.

我们认为，今天市场的走势不符合市场走势的股票与市场的一般规则的发展路线是错误的。

Therefore, the postganglionic market still worth looking forward to, but more current market uncertainties, it should not be expected on the market too high, but stocks or plate postganglionic opportunities will emerge in an endless stream.

因此，仍然值得期待节后的市场，但目前市场更多的不确定性，不应该对市场预期过高，但节后的股票或板块的机会将出现在络绎不绝。

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。