证券

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory. Finally the bond value equation which takes equilibrium return as its yield Parameter is established through the theory of comparative return. In chapter 4, the intra-information and the transferable system of price is emphasized and the market-maker model and expected model under non-perfect information market conditions are established, and the disaccord of the influence of extra-information and intra-information on the security price is discussed.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产(包括风险证券和无风险证券)的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

The Internet is an opportunity tosecurities industries for the characteristics of Internet make it suitable to thedevelopment of securities industries,but these characteristics,with the advents ofinitial public offerings via Internet and alternative trading systems,are the challengesto the traditional securities law,the international regulatory cooperation on securitiesmarkets should be advanced to cope with them.

互联网的便捷、经济等特点适应了证券业发展的需要，为证券业带来了新的发展机遇，但是互联网上直接公开发行证券和另类交易系统的出现，以及互联网在证券业的其他应用，都向传统证券监管法律制度提出了挑战，对各个监管机关之间的国际合作提出了要求。

Fourth, to welcome foreign investors and allow foreign companies to list on the mainland bourses.

第四，欢迎国外投资者进行证券投资并允许国外企业到中国大陆证券交易所上市交易。

Since the nineties,making bourses corporate has become a leading governance mode for bourses all over the world.

90年代开始的证券交易所公司制改革趋势，已经使公司制成为当前全球证券交易所的主导治理模式。

Combined, China's two mainland bourses in Shanghai and Shenzhen are second only to America's, measured by the value of domestic listings.

以国内上市公司的市值计算，中国大陆两个交易所——上海证券交易所和深圳证券交易所——目前的总规模仅次于美国股市。

At the same time, because of the dummy and complexity of stock, the trading form without paper ,and the high- technological artifice, it is difficult to identify such an action, which leads to many law breakings at large.

同时又由于证券的虚拟性和复杂性，证券交易的无纸化，操纵者操纵手段的高智能化，使得人们难以识别和认定市场操纵行为，以致大量的市场操纵违法行为没有受到法律制裁。

The major participants of financial activities are banks, trust and investment companies, insurance companies, secrities companies and credit cooperation banks, finance companies, investment trust companies, finacial leasing companies and those exchange centres of securities, bullions, foreign currency, etc.

从事金融活动的机构主要有银行、信托投资公司、保险公司、证券公司，还有信用合作社、财务公司、投资信托公司、金融租赁公司以及证券、金银、外汇交易所等。

At last the article concludes that open securities investment bunds is the inevitable choice of bunds in china.

网上问卷调查显示，在7406名被调查者中近80％准备购买开放证券投资基金，这说明我国开放式证券投资基金的市场前景相当好。

Clawback provision: Clause in an underwriting agreement for a security that restricts the issue to a certain group .

回补条款：指证券包销协议中的一项条款，它限定向某一群体发售该证券。

Clawback provision: Clause in an underwrit in g agreement for a security that restricts the issue to a certa in group.

回补条款：指证券包销协议中的一项条款，它限定向某一群体发售该证券。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。