衍生

They are a part of an archetype called the shadow. It derives from our prehuman, animal past, when our concerns were limited to survival and reproduction, and when we weren't self-conscious.

他们属於一种称为影的原型，它是从现代人类出现之前的过去动物——当我们的祖先为生存和繁殖所困扰，而且没有自我意识时，所衍生出来的。

Another way to assess the presumptive benefits for the real economy of these products is to analyze who made use of derivative instruments.

评估这些金融产品能否给实体经济带来设想的种种益处的另一种方法是分析金融衍生品的交易主体。

With the preternatural team- spirit, we can provide functional, credible and new technical systems.

今天的润沃公司，拥有经过近10年累积的跨行业多领域的经验和纯朴而不失超前意识的综合团队，可提供多功能，高可靠、新技术的整厂装备，常规的产品衍生出几十个品种系列，在电子、光纤、液晶、丝印、包装等众多领域得到广泛应用。

The immense and unstoppable proliferation of derivatives is the principal factor that has brought this about.

这主要是得益于金融衍生品的迅猛发展。

We introduce convex,and in particular semidefinite,optimization methods,duality and complexity theory to shed new light to this relation for the single stock problem, given moments of the prices of the underlying assets,we show that we can find best possible bounds on option prices with general payoff funcations efficiently,either algorithmically(solving a semidefinite optimization problem)or in closed form, conversely,given observable option prices,we provide best possible bounds on moments of the prices of the underlying assets,as well as on the prices of the other options on the same asset by sovling linear optimization problems for options that are affected by multiple stocks either directly(the payoff of the option depends on multiple stocks)or indirectly(we have information on correlations between stock prices),we find on-optimal bounds using convex optimization methods,however,we show that it is NP-hard to find best possible bounds in multiple dimensions,we extend our results to incorporate transactions costs,this paper,in theory and practice can provide a reference to researchers and designers about Chinese financial derivative products,the full text is divided into six chapters as follows: ChapterⅠ:Papers on the background and significance of the subjects on a number of option pricing models as well as their advantages and shortcomings of the model and describes the status of research and writing papers and the main contents of the basic idea.

相应地，给定期权价格，也能够出标的资产瞬时价格的最有可能的最好的界。还有通过解决一个线性最优化问题，根据同一标的资产的其他期权的价格来找到这个期权的界值，对于期权受到多种股票价格直接影响(期权的收益依赖于多种股票)或者间接影响(我们有股票之间联系的有用信息)，如果使用凸规划方法我们就会发现没有最优的界，也能够证明对于多维情形确实是很难找到最优的最有可能的界值，最后将这一结论推广到考虑交易成本的情况。本文在理论和实践上给我国金融衍生产品研究者和设计者提供一定的参考。全文共分为六章，具体安排如下：第一章：阐述论文的选题背景和意义，介绍期权定价的一些模型以及这些模型的优点与缺点，并介绍国内外研究的现状以及论文的写作基本思路与主要内容。

However, as for deriving product, to set its price is a key and complicated problem.

然而，就衍生产品而言，对其定价是一个关键又复杂的问题。

In this article, it is assumed that the market is incomplete, and the short-selling prohibition is added.

本文的研究结果表明，在我国存在卖空约束的市场中，运用传统的无套利定价方法，即Black-Scholes方法来为衍生产品定价，会明显高估其市场价值。

In the information era, there are many multimedia equipments in market, people can not use most of them freely. As a cost-effective system, SVS comes to undertake this role by providing professional large-screen display system and intelligent control system in overall. SVS insist to designing and producing large screen system, covering the products that based on projection technology, such as projector, projection TV, plasma, LCD TV, projection screen, video booth, Whiteboard, writing screen, big-screen mosaic system, matrix interface, video conferencing, central control system and other related accessories.Relying on a high level ideal of "creation and practical", with high-quality technology, market development and service team, SVS is in a fast lane of development. Since was built in 2003, has SVS achieved widespread attention and recognition in field, and established a good relationship with IT media, supporting manufacturers and industry research institutions, always thinking customers' demand and provide specific programs by Symposium, three-dimensional-type promotion, performance monitoring and analysis.

信息化时代，多媒体设备层出不穷，让人措手不及，无法真正去灵活运用，搭配出最佳适合用户需求的高性价比系统，SVS勇于承担这个角色，专业成就大屏幕显示系统与智能化控制系统整体方案设计及制造，SVS自始至终以大屏幕为主线，涵盖了以投影技术为基础或依托所开发、搭配或衍生的产品，包括投影机、背投电视、等离子、液晶电视、投影屏幕、视频展台、电子白板、书写屏、大屏幕拼接系统、矩阵接口、视频会议、中央控制系统及其他相关配件或零组件，公司依托一支具备"作风严禁、勇于创新、讲求实效"的高层次、高素质的技术开发、市场开拓及服务人才队伍，SVS正在惊人地快速发展，自创建以来，已经在业内取得了广泛的关注与认同，与IT媒体、配套生产商以及行业研究机构建立了良好的合作关系，始终以客户的需求为中心，帮助客户提供专项设计方案，专题讨论，立体式推广，效果监测和用户分析等各种服务，最大限度地方便客户，为客户提供解决方案，不断满足客户多样化、个性化、复合化的需要，帮助客户以最少的成本获取最大的收益。

The main conclusions are as follows: financial innovation has changed the impact pattern of volatility of real estate prices on commercial banks' assets; the impact in China mainly concentrates on real estate-related loans based on banks' liabilities and is limited; Chinese commercial banks should accelerate the pace of asset securitization business but prudentially develop credit derivatives.

研究表明：金融创新改变了房地产价格波动对商业银行资产的影响模式；中国房价波动对商业银行资产的影响主要集中在源于银行负债发放的贷款领域，但总体影响有限；中国应加快发展银行资产证券化业务，谨慎发展信用衍生产品。

Hedge funds have a bottomless appetite for derivatives as a way to manage risk and punt with borrowed money.

对冲基金对衍生产品有着无限大的胃口，以此来管理风险和用借来的钱进行投机。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。