衍生

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。

Enaminones are also valuable precursors for α-iodol enaminones, 3-amino sugar derivatives, azo-compounds,β-aminoketone, as well as tetrahydropentalenes, tetrahydroindenes, and hexahydroazulenes.

烯胺酮类化合物同时也是α-碘代烯胺酮类化合物、3-氨基糖衍生物类化合物、氮杂化合物、β-氨基衍生物类化合物和四氢并环戊二烯类化合物和四氢茚类化合物的重要前体。

Mayhew concluded that it is rather difficult to tell whether derivative markets worsen financial-market volatility, because their creation tends to come when existing financial markets already are more volatile, or can be predicted to become so.

梅休的结论是：确定衍生品市场是否加剧了金融市场的动荡非常困难，因为金融衍生品市场本身就是在现有金融市场波动加剧、或预计有可能波动加剧的情况下才得以创立。

Aflatoxins were enhanced by mercury chloride solvent online and detected by fluorescence detector.

采用免疫亲和方法进行样品前处理，用甲醇－乙腈－水三元流动相体系分离黄曲霉毒素，氯化汞溶液在线衍生，荧光检测器检测，建立了新型的高效液相色谱柱后衍生测定黄曲霉毒素(B1、B2、G1、G2、M1)的方法。

GISH analysis showed Triticale have 2 items chromosomes presented yellow and others chromosomes presented chrysoidine, because yellow chromosomes combined the Thinopyrum intermedium DNA, others chromosomes dye by PI. 4. Analysis of resistance gene: CH-9916 is the hybrid progenies of Octoploid tritielytrigia TAI-7045 X common wheat "Jinmai33".

GISH分析结果表明，小偃麦衍生系CH-9916的42条染色体中有2条外源染色体因结合有探针DNA而呈现出较强的黄色杂交信号，而没有结合上探针DNA的普通小麦染色体经过PI染色呈现出桔红色，初步推断小偃麦衍生系CH-9916为一个"小麦一中间偃麦草"的代换系。

Octoploid tritielytrigia type TAI-7045 showed immunity to yellow rust and middle resistance powdery mildew. CH-9916 is immune to yellow rust in seedling and adult stages, powdery mildew in seedling and adult stages, and their powdery mildew middle resistance. These suggested that the high powdery mildew-resistance in Octoploid tritielytrigia TAI-7045 had probably been transferred into common wheat.

通过对条锈病及白粉病抗性评价，结果表明：亲本八倍体小偃麦TAI-7045、小偃麦衍生系CH-9916对条锈病表现免疫，对白粉病表现中抗，而另一亲本"晋麦33"对条锈病、白粉病表现高感，推测小偃麦衍生系CH-9916抗条锈病及白粉病的基因均来源于代换的一对染色体——亲本八倍体小偃麦TAI-7045即来源于中间偃麦草。

The financial derivative is not in accord with the definition of the traditional accounting element in form. But in essence, the financial derivative is the right or obligation to undertake that enterprises have now and will cause the inflow or outflow of enterprises' fund in the future.

衍生金融工具虽然从形式上不符合传统会计要素的定义，但从实质上看，衍生金融工具是企业现在拥有的权利或承担的义务，在将来会造成企业资金的流入或流出。

Based on development stage model of spin-off company, we analyze resources requirement in different stages of the spin-off company from the perspective of resources.

本文在衍生企业的发展阶段模型的基础上，从资源的视角分析了在不同衍生阶段企业发展所需的资源。

This article analyzes the derivativescharacter of unbind and divert risk, points out derivatives can manage mixed risk of credit risk and market risk effectively as a new risk management instrument prior to the conditional ones, and explores the techniques of hedge which are used to manage credit risk, interest ratio risk, exchange rate risk to decrease risk and upgrade efficiency.

然后从金融衍生产品能够将混合在一起的风险进行分散并转移的特性着手，先对金融衍生品的避险功能进行分析，明确其对混合在一起的信用风险和市场风险进行有效的防范，是一种优于传统的风险管理方式的风险管理手段。

The risk management system of derivative financial instrument is discussed in following aspects:(1) since a key factor in market risk management is identification and measurement, enterprise should confirm market risk limitation and control upper limit of market risk.

加强衍生金融工具的风险管理制度建设方面主要是针对衍生金融工具的市场缺陷，通过建立健全风险管理制度，落实全方位、综合性的管理，即政府、交易所、企业都能够建立健全风险管理制度建设，并严格按照制度做到分级多层管理，尽可能克服其市场缺陷，有效控制将发生在各个环节的潜在风险。

Do you know, i need you to come back

你知道吗，我需要你回来

Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

1〕 杨银书，王祥生，李德昌。安徽省首次发现嗜群血蜱。