证券

This article complies with the theory and the actual union principle, embarked from the agiotage to the negotiable securities operating unit's importance, elaborated carried on the recognition to the agiotage risk the necessity, pointed out in the agiotage development process several big quite remarkable risk points, the analysis present domestic risk management present situation and the existence question, proposed carries on the management to the agiotage risk the countermeasure measure.

本文遵从理论和实际结合的原则，从证券经纪业务对证券经营机构的重要性出发，阐述了对证券经纪业务风险进行识别的必要性，指出证券经纪业务开展过程中几大比较显著的风险点，分析目前国内风险管理的现状和存在的问题，提出了对证券经纪业务风险进行管理的对策措施。

First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results.

首先，应用进化博弈论中的单群体确定性模仿者动态方程建立证券投资者行为的进化博弈模型，并对进化系统的均衡结构特征及其影响因素进行分析；其次，根据我国证券市场实际，对我国证券投资者行为进化的均衡结构进行实证分析，并从投资者行为进化的角度，解释我国证券投资者行为进化为噪声交易主导市场的原因；然后，通过建立股市波动的噪声交易模型，研究投资者行为的进化对股市波动的影响，并进一步分析我国噪声交易主导市场时对市场价格发现和资源配置功能的影响；最后，根据理论及实证的研究成果，分析噪声交易主导市场时大力发展机构投资者等制度作用的有限性，并进一步提出我国证券市场相机治理的政策建议。

In addition, Soochow Securities Wenhui Road, Hangzhou, China Merchants Securities in Shenzhen Yitian Road, duty-free business buildings, Tianhe North Road, Canton China Merchants Securities, CITIC Securities Sanlihe Road Beijing, China Everbright Securities and the liberation of South Road, Ningbo Sales Department and other major stakeholders of small and medium-sized plate of floating capital stock speculation.

此外，东吴证券文晖路，杭州，中国招商局在深圳益田路免税商务大厦，天河北路，广州中国招商证券，中信证券北京三里河路证券，光大证券和中国的解放南路，宁波营业部及小型和中型游资炒股板其他主要利益。

The purpose of my research is to present a framework of stock broking business, it is based on the actual situation of China's stock market, and refers to the basic marketing theories, use a large maunder of marketing data. I hope this study has value at promoting the operation and managing level of securities organization, especial for those who want upgrade its marketing ability.

本人选取证券经纪业务的营销作为研究对象，目的就是根据中国证券经营机构的实际情况，采用实证的研究方法，引用大量数据，并结合市场营销中的基本理论体系和框架，提出了证券经营机构开展营销活动的整体构想，希望能对证券经营机构在经纪业务中经营和管理水平，尤其是对证券经营机构营销能力的提高有一定的指导作用。

Securities broker system of our country is still a mode for corporate security broker. Securities broker system law and regulation, management organization and function construction are imperfect; the current operation mode is backward and difficult to meet the development of network economy and securities market; besides, there are many defects in securities brokers incentive mechanism, the management system of securities brokers and risk pre-control.

我国证券经纪人制度仍然是以证券经纪商为主体的法人模式，证券经纪人制度法律、法规和管理机构、职能建设不健全；现行运作模式落后，难以适应网络经济和证券市场的发展；同时，在证券经纪人激励机制、内部管理制度及风险管理方面存在着缺陷和不足。

Among them, the five self-profitable brokerage, CITIC Securities and 2.6 billion yuan to the top ranks of self-profit, Haitong Securities, the National Securities, Changjiang Securities followed by self-profit 860 million yuan, 670 million yuan, 5.0 billion yuan States securities self-profit 22,818,000 yuan.

其中，5个自我盈利券商，中信证券和2.6亿元的自我名列前茅，利润，海通证券，国家证券，长江证券自律其次，利润86000.00万元，6.700亿元，5.0亿元美国证券自营利润2281.800万元。

The securities registration and account balancing institutions conduct stock clearing and delivery of securities and capital, and handle the procedures of security registration and transfer ownership based on transaction results and in accordance with the rules of clearing and delivery.

第一百零五条证券公司根据投资者的委托，按照时间优先的规则提出交易申报，参与证券交易所场内的集中竞价交易；证券登记结算机构根据成交结果，按照清算交割规则，进行证券和资金的清算交割，办理证券的登记过户手续。

After the demand-supply curve being set up, a partial analysis is drawn into investor behavior with the conclusion that the profit maximizing portfolio is at the point where the investment budget line touches the investment indifference line, or, to be more exact, the topgallant investment bundle for any investor is when any pair of investment assets have the same marginal return.

本文采用现代经济学的分析方法尝试对证券这种虚拟资本进行研究，力求实现证券市场的产品配置与经济学基本问题研究对接的同时，主要在以下几个方面提出了一些自己的见解：证券这种特殊的产品也具有价值和使用价值，证券产品的价值不是真正意义上的价值，而是交换价值；证券产品的使用价值在子能够满足人们投资或投机的需要。

Tan and other BW officials resorted to a classic stock price manipulation technique called wash sale.

公司的监管人在司法部根据推测证明来提供证据，以及经纪人事务所PNB证券，股份有限公司，马克证券，贝尔森证券股份有限公司和证券2000 允许Tan先生履行峰顶成交量和菲律宾证券交易所PSE

There is risk if you provide us with an authority that allows us to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of our settlement obligations and liabilities.

向本公司提供授权书，容许本公司按照某份证券借贷协议书使用阁下的证券或证券抵押品，将阁下的证券抵押品再质押以取得财务通融，或将你的证券抵押品存放为用以及清偿本公司交收责任及债务的抵押品，存在一定风险。

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。