证券公司

Since March 16,1998 security markets begin pursuing ST system, by the end of 2003, there are 178 special treated companies. Before these companies were special treated, 106 listed companies have offered debt guarantee for other companies. 43 companies of these 106 listed companies make the contingent liability become real debt because guaranteed companies default contracts.

从1998年3月16日起我国证券市场开始推行ST制度以来到2003年底，共有178家公司被ST，其中在被ST的前3年中，存在对外担保的上市公司有106家，在这106家上市公司中有43家公司由于被担保公司逾期未还担保贷款而使上市公司的或有负债成为实际负债。

Education2002/09-2003/12 Maastricht University, NetherlandsMaster of Social Security1989/09-1993/07 Renmin University of ChinaBachelorProfessional certificationFRMThe China Securities Association, a practicing certificateCurrent treatment minimum wage: RMB 530,004 / year = 44,167 / month × year fixed-DecemberExperience2007/07- present Union Life Beijing Company Compliance Risk Management Department / General Manager of Corporate Risk Management Committee Member and the Investment Management Committee members of BeijingReporting Objects: Company CROWork: Economic Capital Management asset-liability management comprehensive risk management Compliance Management Investment Risk Management Investment Performance Evaluation Management Legal Services Corporate Risk Management Committee Member, and the investment management committee members, participation in pension and asset management companies to build.2003/11-2007/06 Taikang Life Beijing Company Risk Management / Manager BeijingReporting object: department headWork: measuring market risk economic capital and credit risk economic capital integration of the entire company's economic capital, including the insurance risk and operational risk economic capital, economic capital internal controls and operational risk management a variety of risk analysis and asset liability management study capital management and capital allocation Risk Management and Performance Evaluation liability company-wide asset-liability management in the enterprise annuity on training and preparation for data preparation, as well as the preparation of Tyco pension.

教育背景2002/09-2003/12 荷兰马斯特里赫特大学社会保障硕士1989/09-1993/07 中国人民大学经济学学士专业证照FRM 中国证券协会执业证书目前待遇基本工资：人民币 530，004/年＝ 44，167 /月×全年固定12月工作经历2007/07-至今合众人寿北京总公司风险合规管理部/总经理公司风险管理委员会会员以及投资管理委员会会员北京汇报对象：公司CRO工作内容：经济资本管理资产负债管理全面风险管理合规管理投资风险管理投资绩效评估管理公司法律事务公司风险管理委员会会员以及投资管理委员会会员，参与养老金公司和资产管理公司筹建。2003/11-2007/06 泰康人寿北京总公司风险管理部/经理北京汇报对象：部门负责人工作内容：计量市场风险经济资本和信用风险经济资本整合整个公司旳经济资本，包括保险风险经济资本和业务风险经济资本内部控制和操作风险的管理各种风险的分析以及资产负债管理研究资本管理和资本配置风险管理和绩效评估负债整个公司资产负债管理参与企业年金的关于培训和筹备资料准备以及泰康养老金筹建。

G To guarantee support and/or secure either with or without consideration the payment of any debentures, debenture stock, bonds, mortgages, charges, obligations, interest, dividends, securities, monies or shares or the performance of contracts or engagements of any company or person and in particular (but without prejudice to the generality of the foregoing) of any company which is, for the time being the Company's holding company as defined by Sections 736 and 736 of the Companies Act 1985 as amended by the Companies Act 1989 or another subsidiary, as defined by the said section of the Company's holding company or otherwise associated with the Company in business

试译：旨在提供担保支持和/或在有或无对价的情况下，保证无担保债券、公司债券、有担保债券、抵押、押记、债务、利息、股息、证券、款项或股票的支付，或者保证任何公司或个人履行合同，尤其是保证（但不妨害上述规定的普遍性）以下公司履行合同：按1985年颁布、后经1989年《公司法》所修正的《公司法》第736节和第736节定义的暂时为公司的控股公司，或者是这些节所定义的公司控股公司的另一个子公司或与公司业务相关的其他公司。

To guarantee support and/or secure either with or without consideration the payment of any debentures, debenture stock, bonds, mortgages, charges, obligations, interest, dividends, securities, monies or shares or the performance of contracts or engagements of any company or person and in particular (but without prejudice to the generality of the foregoing) of any company which is, for the time being the company's holding company as defined by sections 736 and 736 of the companies Act 1985 as amended by the Company Act 1989 or another subsidiary, as defined by the said section of the company's holding company or otherwise associated with the company in business and to give indemnities and guarantees of all kinds and by way of security as aforesaid either with or without consideration to mortgage and charge the undertaking and all or any of the real and personal securities of the company by a trust deed or other assurance and to enter into partnership or any joint purse arrangement with any person, persons, firm or company.

根据1989年修订版的1985年公司法的第736款和第736款定义的控股公司或其他附属条款有关控股公司商业往来有关上述安全的赔偿和担保的叙述保证支持/保证，无论是否考虑支付任何债券、公司债务、公债、按揭、抵押、债、息、利、证券、款项或股份，保证履行对任何公司、商行或个人的合同或承诺，且提供各种赔偿和担保，无论是否考虑公司、商行或个人的资产财产，与宗旨类同本公司的全部或部分宗旨的任何个人、商行或公司建立合伙关系或签订合资协议

GF Securities, CITIC Securities gold, Bank of China International Securities, China International Capital Corporation, have dropped more than 0.1 percentage points.

广发证券，中信证券黄金，中国国际证券，中国国际投资银行公司，已下跌超过0.1个百分点。

We are here completely objective, intentionally or unintentionally, to record their mistakes: CITIC Securities in 2008 that "the first half of the United States but might be better to weaken China"; China Merchants Securities said that the index to 10,000 points, because of higher labor productivity, so China No problem, but also to open along the bubble era of big companies; Guosen Securities, said a simpler, technology advances, so growth in exports was supported; Shenyin Wanguo said that no matter what the stock market in 2008 did not worry about money, there is support, well-known analyst of "spiritual leader," said Gao Shanwen the second half of 2008 or the bull market

我们在这里完全客观的，有意或无意地记录自己的错误：在2008年中信证券指出&美国上半年，但可能会更好削弱中国&，中国招商证券表示，该指数上万点，是因为更高的劳动生产率，这样，中国没问题，而且还打开沿大公司的泡沫经济时期，国信证券表示，简单的，技术的进步，因此在出口增长的支持；申银万国表示，不管2008年股市不担心钱，有支持，著名的&精神领袖&分析师说，郜山雯在2008年或牛市下半年

Corporate market value that departures from intrinsic value influences managers behavior and thus holdbacks corporate value creation.

进而，本文采集中国上市公司数据，验证本文提出的有限理性对公司定价的影响机理，实证研究发现：1、中国证券市场上，投资者不能正确判断公司价值创造的效率，从而中国上市公司的市场价值严重脱离公司价值创造的实际情况，出现公司价值创造效率越低，市场对公司的价值预期反而越高的现象。2、背离了公司真实价值创造效率的市场对公司的价值预期强烈影响到公司经理人的投融资和经营行为，阻碍了公司下期的价值创造效率。3、在公司定价偏差对公司内在价值的反作用过程中，行为成本、代理成本和制度成本使经理人理性在现实中受到限制，从而经理人的有限理性行为妨碍并降低公司再投资效率，进而妨碍了公司价值创造效率，从而影响公司的内在价值和市场价值。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题，是导致我国股票市场发展不完全的关键，反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行，困扰我国证券市场发展的股权分置问题将得到解决，整个证券市场也将逐步踏上市场化的轨道。

The majority of companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.

纳斯达克名下的上市公司在数量上超过了包括纽约证券交易所和美国证券交易所在内的任何一家美国证券交易所。

An employee of a securities brokerage who markets the products and investment advice of a brokerage firm is called a registered representative or account executive.

这些证券可能包括股票、债券、共同基金或衍生工具如期权和期货。在证券经纪公司里营销产品和投资建议的员工称为证券经纪人或业务经纪人。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。