证券

After the stock transactions, securities clearing corporation registered with the securities companies, securities companies and funds between investors and stock liquidation.

清算。股票成交后，证券登记结算公司与证券公司、证券公司与投资者之间进行资金和股票的清算。

Investors should first opened in securities trading commissioned by the securities account, the opening of capital accounts at the same time, stock trading and clearing of funds through accounts, investors in the company through securities accounts formalities completed, the account registration cards and shareholders code , is involved in the transaction after the important documents.

投资者应当先在证券公司开立委托买卖的证券账户，同时开立资金账户，股票买卖和资金的结算都通过账户进行，投资者在通过证券公司完成开户手续后，取得账户登记卡和股东代码，是以后参与交易的重要凭证。

The same year on August 24, the China Securities Regulatory Commission, the State Council, SASAC , The Ministry of Finance, the People's Bank of China, Ministry of Commerce jointly promulgated the "listed companies on the share reform of guidance" that the relevant government departments to promote the comprehensive share reform of the determination "at all costs, to be determined to succeed"; 2005 September 4, the Securities and Futures Commission promulgated "listed companies split share structure reform management practices," the legally binding document issued for the future reform of the overall market clearly expected the process is of great significance; on September 6, Shanghai , The Shenzhen Stock Exchange Clearing Corporation and China issued a formal "of listed companies split share structure reform operational guidelines" and "listed companies split share structure reform format specification guidelines."

于8月24日在同一年，中国证券监督管理委员会，国务院，国资委，财政部，人民的中国，商务部，财政部联合颁布了关于共享"上市公司改革的指导意见"，有关政府部门促进不惜一切代价"的决心，全面股改，以确定成功"，2005年9月4日，证券及期货事务监察委员会颁布的"上市公司股权分置改革管理办法，"具有法律约束力的文件，对整体市场发出明确今后的改革进程，预计具有重要意义，发表了9月6日，上海，深圳证券交易所和中国结算公司正式上市公司股权分置改革业务"的指导方针"和"上市公司股权分置改革格式规范指引。"

The investment fund of the securities is acting on the more and more important part, and has become the important power in the stock market of China.

证券投资基金在中国的证券市场上正扮演着越来越重要的角色，已经成为中国证券市场上的重要力量。

Exploring and research about developing trend of stockjobber and securities market in China have been done. A strategy design based on enterprise reality of China is made for HONGTA SECURITIES LTD. CO. is performed.

本文对我国证券市场发展趋势以及证券公司发展方向进行了一定的探索和研究，然后结合中国企业的实际，为即将成立的红塔证券股份有限公司进行了企业发展战略设计。

Data show that the trading volume on the main hot money did not show a marked decline, and on December 3, 4 significantly enlarge the volume, Shanghai and Jiangsu Guotai Junan the most obvious way to enlarge transactions, 3 amounted to 419,000,000 yuan transactions, 4 more Is 7.5 billion, two-day net buying 204 million, on the 5th of the main transactions are as follows: Chinese iron 110,000,000 yuan to buy, sell 112 million Tebian Electric 031,000,000 yuan to buy, sell 018,000,000 yuan, CITIC Securities 031,000,000 yuan to buy, sell 039,000,000 yuan, the Industrial and Commercial Bank bought 110,000,000 yuan; and as the "suicide squad leader," the Soochow Hangzhou Wenhui Road in the near future on the relatively slow growth in the volume of transactions, mainly trade: CITIC Securities 049,000,000 yuan to buy, sell 125 million, in the Second Railway Board 110,000,000 yuan to buy, sell 027,000,000 yuan, Haitong Securities 036,000,000 yuan to buy, sell 051,000,000 yuan, China Ping An bought 158,000,000 yuan .

数据显示，在主热钱交易量没有出现明显下降，12月3日，4体积显着扩大，上海，江苏国泰君安的最明显的方法扩大交易，三达4.19亿元的交易，4更多的75亿美元，为期两天的净买入2.04亿，在主要交易第五如下：中铁一一〇〇〇〇〇〇〇元购买，出售1.12亿特变电工0.31亿元购买，销售0.18亿元，中信证券0.31亿元的购买，出售0.39亿元，工商银行收购了1.1亿元，并作为"自杀班长"，东吴杭州文晖路在不久的将来，主要是贸易上的交易量增长相对缓慢：中信证券0.49亿人民币购买，出售1.25亿美元，在第二次铁路局1.10亿元购买，销售0.27亿元，海通证券0.36亿元购买，销售0.51亿元，中国平安购买一点五八零亿元。

Ministry of Finance, the State Administration of Taxation decided to September 19, the adjustment of the securities transaction means the stamp duty will be present on the sale, inheritance, gift of the writing of A shares, B shares, according to assignment by 1000 one of the tax levied on the parties Securities trading stamp duty, adjusted for unilateral taxation, namely the sale, inheritance, gift of the writing of A shares, B shares, according to an assignment of transferring thousands of hours tax, one of securities trading stamp duty, no tax on the transferee.

财政部，国家税务总局决定在9月19日，证券交易是指调整印花税将在出售，继承，在A股，B股书面礼品目前，根据转让由1000年的税的征收有关各方证券交易印花税，调整为单边征税，即出售，继承，在A股，B股书写的礼物，据转让数千小时的税收任务一证券交易印花税，受让方没有税。

In China Taiwan market as represented by two-track system, the securities and financial companies are not living in a monopoly, which is characterized mainly: securities companies and securities and financial transactions in the credit business competition and cooperation.

按双轨制度，证券和金融企业为代表的不是生活在一个垄断的，它的主要特点是：证券公司，证券和信贷业务竞争与合作的金融交易。

By giving examples such as public-listed companies unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the presentproblems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems.

文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。

We can found that China stock market is not completely weak effective by auto-correlation test, runs test, unit root test and variance ratio test. The TT-kyle model is derived from kyle model by adding weak effectiveness and irrational factor. This chapter describes impact of weak effectiveness and irrational factor on the trading volume and price. The fifth part analyses the relationship between the transaction duration and insider trading.

第四部分研究了市场有效性与内幕交易的关系，运用自相关性检验、游程检验、单位根检验、方差比检验等方法对我国证券市场的弱有效性进行验证，得出我国证券市场不完全弱有效的结论，在Kyle模型中加入弱有效性和非理性因素，提出了TT-kyle模型，分析弱有效性和非理性因素对内幕交易者的交易量和价格的影响，并提出了提高我国证券市场效率的相关对策建议。

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。