融资

Firstly, this paper analyzed the finance conditions around real estate industry, and then discussed problems exiting in real estate business financing and abuses about current financing policies based on financing theories, studied real estate business financing instruments involving bank loan, issuance of stocks, issuance of bonds, and real estate affiance.

本文首先分析房地产业所处的金融环境，依据融资理论的指导，探讨房地产企业融资存在的一些问题和融资政策方面的弊端，研究房地产企业融资工具，考察银行贷款、发行股票、发行企业债券以及房地产信托方式，旨在寻找适合企业自身条件的融资方式，拓宽企业融资渠道，改善企业融资结构。

This thesis begins with the definition and standardization of the enterprises in medium and small scale, and the economic analysis on them, drawing conclusion about the circulating funds problems; through the discussion about American and Japanese medium and small - sized enterprises on management, supporting policies, laws and regulations, and their mode and facilities of circulating funds, it probes into the efficient references and practical inspiration for our own; finally this thesis discusses the countermeasure to deal with the circulating funds problemsof medium and small - sized enterprises with the inspiration from the American!

论文首先对中小企业概念和界定标准，中国中小企业发展状况和融资状况进行了经济分析，得出了中小企业融资难等问题；通过西方社会美、日中小企业方面的管理方法，扶持政策及法律法规，以及融资模式和融资工具、担保方法的论述，为探讨我国中小企业制定法律法规和经济政策等方面奠定了基础，提供了有效的借鉴和有益的启示；最后，就中小企业融资困难和美日两国融资模式、担保经验启示，探讨了中小企业融资的对策。

First, it analyzes the background of the economy system and reform of the establishment of composite peasant households financing mechanism; defines the goal that build composite peasant households financing mechanism under the condition of uncertain market system; proposes a basic idea of innovation of peasants households financing mechanism at economy transition period, and outlines the frame content of composite peasant households financing mechanism. Composite peasant households financing mechanisms requests: peasant households which are enterprise management as financing main body, innovative financing means as a core, the market mechanism as a means. Our country must gradually establish a peasant household financing decision-making mechanisms and risk-control mechanisms, and create a favorable environment and conditions for peasant household.

首先分析了经济转型期复合型农户融资机制建立的经济体制背景和改革背景；明确了在市场体系还不够健全的条件下，构建复合型农户融资机制的目标定位；提出了经济转型期农户融资机制创新的基本思路，并勾勒出了复合型农户融资机制的框架内容；复合型农户融资机制应当以企业化经营的农户为融资主体，以创新融资方式为核心，以市场调节机制为手段，逐步建立农户融资决策机制和风险控制机制，并为农户融资创造一个良好的环境条件。

In the end, there is a brief conclusion . The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; Financing structure is characterized by comparatively lower asset-liability rate, higher floating debt and lower long-term debt; The governance structure is irrational, and the shareholders" meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with the manager layer. Board of supervisors" independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic

本文的结论：上市公司有明显的股权融资偏好，融资顺序为股权融资、短期负债、内源融资、长期负债，这与西方国家上市公司的融资顺序不同；融资结构具有资产负债率相对较低，流动负债偏高、长期负债偏低的特征；治理结构不合理，股东大会形同虚设、董事会结构不合理、董事会与经理层高度重合、监事会独立性不强、经理层缺乏约束与监督；治理结构与融资策略选择的互动关系不强；独立董事比例与资产负债率正相关，工业、公用事业与资产负债率负相关，商业与流动负债率正相关，第一大股东持股比例与流动负债率负相关，第一大股东持股比例与长期负债率正相关，执行董事比例、工业、商业与长期负债率负相关。

At present, the main problems of inland shipping are: the infrastructure is unprogressive, the structural contradiction is obvious, the management system needs to be rectified, and the external environment for development is poor. In recent years, the main reasons which caused the slow development of inland shipping mainly due to that the entire society paid insufficient attention to the inland shipping, invested insufficient capital, and didnt find a good balance between water resources development and the inland shipping demand development.

论文通过充分的调查研究及资料查阅后，采用比较分析的研究方法，分析了我国水运基础设施建设融资历史沿革、我国内河航道建设融资主体及资金来源，提出了航道融资存在的问题；其次论文在充分分析内河航道水运发展资金供给、需求形势的前提下，对未来我国内河航道建设投资需求进行预测；最后，论文借鉴和比较了国外水运包括内河航道建设资金融资的经验，提出了几种可供选择的融资模式，提出目前我国内河航道建设适用的融资模式为"以财政投入为主，融资渠道多元化"的融资模式。

To know more about this, our reporter interviewed Fan Chunyong, Vice Chairman and Secretary General of China Indu融资融券strial Overseas Development and Planning Association.

在首届&对外投洽会&即将召开之际，《国际融资》杂志记者专程采访了中国产业海外发展和规划协会常务副会长兼秘什么是融资书长范春永

In option market, in order to lower the risk of cost's opportunity loss, producers can adapt different commodity financing means, such as prefixing the date of delivery and the price, multi-period and multi-price, settling accounts in terms of the price on the delivery day, settling accounts in terms of the average price, the unfixed date of delivery, the obstructing means, the automatic reimbursement means, the automatic deduction means, the scope commodity financing means, the multi-factor determinning financing means, the post-paying interest rate means, the choosing of commodity and currency means.

在期权市场上，商品生产者可采用交货日和价格预先确定的融资方式，多期多价格的商品融资方式，以交货当日价格结算的商品融资方式，以平均价格结算的商品融资方式，交货时间不固定的商品融资方式，障碍融资方式，自动补偿融资方式，自动扣减融资方式，范围融资方式，多因素决定的融资方式，利息后付融资方式，商品、货币选择融资方式。

From the different point of view, the listed company refinances mechanism has different structure and form of expression. Look from forming the key element, the refinancing mechanism is melted out such key elements as the square , person who incorporates square , price , market , supervision of fund , intermediary ,etc. to form by the fund. According to financing source, the refinancing mechanism while being endogenous and other source financing form again; According to financing way, the refinancing mechanism makes up indirectly by the direct financing. According to financing tool, listed company refinance mechanism include creditor"s rights financing, stock financing, half stock right half creditor"s rights financing.

从不同的角度来看，上市公司再融资机制有不同的结构与表现形式：从构成要素看，上市公司再融资机制由资金融出方、资金融入方、价格、市场、监管者、中介机构等要素构成；从融资来源来看，上市公司再融资机制由内源融资和外源融资构成；从融资方式来看，上市公司再融资机制由直接融资和间接融资组成；从融资工具来看，上市公司再融资机制则包括债权融资、股权融资、半股权半债权融资。

It studies the way of making railway financing as the service platform for railway transportation equipment manufacturers by analyzing the general performance of financing leasing mode, the entry point of financing leasing innovation and its restrictions. Furthermore, it innovatively integrates and combines the trust leasing and sharing-revenue leasing together to resolve the relevant problems of Chinas railway transportation equipment financing: i. trust leasing is designed between financing leasing company and potential investors and manufactures, therefore, the financing leasing company has legal right of management while potential investors and equipment manufacturers involve with financing leasing; ii. sharing-revenue leasing is adopted between financing leasing company and the lessee to realize the leverage of financing leasing. The payment of rental of lessee matches with the benefit of the time to relieve the loan pressure in the early stage and detract the risks.

在分析融资租赁方式的总体表现、我国融资租赁创新的切入点及其制约因素的基础上，研究我国铁路运输装备融资租赁如何成为铁路运输装备生产企业的服务平台，并将委托租赁和分成租赁两种融资租赁方式创新集成、组合，解决我国铁路运输装备融资的相关问题：①在融资租赁公司和潜在投资人及生产商之间设计委托租赁，融资租赁公司具有法定意义的管理权，潜在投资人和设备生产商以融资租赁的方式进入模式；②在融资租赁公司和承租人之间设计分成租赁，发挥融资租赁的杠杆作用，使得承租人支付租金与同期收益相匹配，以减轻前期付款压力，分散风险。

Drafting innovations in practice research (1) In the section of "panorama of financing theory and financing behavior of listed companies", from the macroscopical aspect, directly aiming at theoretical goal system of refinancing behaviors of listed companies and refinancing supervision, the thesis on one hand sketched the contours of strategic frame for listed companies focusing on "computerization of financing ability","diversification of financing ways","rationalization of financing structure",and"financing use efficiency"; on the other hand through international comparison and aiming at the range pole, the thesis put forward policy recommendations and direction lead of brand-new visual angle for China's financial supervisors and China's refinancing moving towards standardization of management and efficient supervision.

在实践研究方面的拟创新之处（1）在&上市公司融资理论与融资行为概论&部分，论文从宏观层面，直接针对上市公司再融资行为和再融资监管的理论目标体系，一方面为上市公司勾勒着眼于&融资能力计量化&、&融资方式多样化&、&融资结构理性化&、&融资利用效率化&的战略框架；另一方面通过国际比较和标杆瞄准，为中国金融监管层和中国再融资走向管理规范化和监管效率化的给出全新视角的政策建议和方向引导。

Finally, according to market conditions and market products this article paper analyzes the trends in the development of camera technology, and designs a color night vision camera.

最后根据市场情况和市面上产品的情况分析了摄像机技术的发展趋势，并设计了一款彩色夜视摄像机。

Only person height weeds and the fierce looks stone idles were there.

只有半人深的荒草和龇牙咧嘴的神像。