证券公司

Smaller than most of those on the NYSE and AMEX. NASDAQ has become known as the

所。与纽约证券交易所和美国证券交易所的多数上市公司相比，在纳

Prior to that, in view of the suspension of the Fund's net asset value of the shares, fund companies have provided in accordance with the Securities and Futures Commission has adopted a new method of valuation, it is understood that most of the fund industry's adoption of Securities and Futures Commission-owned industries index as a reference Index valuation.

在此之前，在基金的股票资产净值的中止，基金公司与证券及期货事务监察委员会按照规定采取了新的估价方法，据了解，大部分基金行业通过证券及期货事务监察委员会，国有工业指数作为参考指数估值。

The Investment Adviser will seek to achieve the investment objective by investing primarily in equity and equity related securities (including warrants and convertible securities however, no more than 10% of the net asset value of the Fund may be invested in warrants) of small to medium sized Japanese companies.

投资顾问将主要投资於日本的中小型公司的股票及与股票有关的证券(包括认股权证及可转换证券，稚认股权证所占本基金资产净值的比例不得超过10%)。

Mr. Yingbiao Cheung, the chairman of board is a professional in China's securities investment management arena for 15 years. He is currently one of the very rare fund managers who experienced the two complete circles of bull-bear market in China. Currently he is in charge of managing all products of King Tower AM.

现任法人代表张英飚先生拥有15年专业证券投资管理从业经验，是目前中国证券市场上为数极少的经历过两个完整牛熊循环的基金经理之一，目前负责管理公司的所有产品。

At the end of the course students will be familiar with the features and functions of major financial markets and institutions such as money, bond, stock, foreign exchange and derivative markets, central bank, commercial and investment banks, stock exchanges, brokers and fund managers.

学生将从此课程的学习中，清楚了解国际货币，债券，股票，外汇和衍生产品市场的特征和功能，并了解中央银行，商业银行，投资银行，证券交易所，证券交易商，基金公司等金融机构的业务运作特征。

The company may by ordinary resolution passed at a general meeting convert any paid 一 up shares into stock and reconvert any stock into paid 一 up shares of any denomination .

三十五、公司可经股东大会普通决议通过，将缴足股本的股票转变成证券以及将任何证券转变成任何种类的缴足股本的股票。

Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达65亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

The need to meet this demand can then throw the company into a liquidity crisis that may, in some cases, trigger still more downgrades. It all becomes a spiral that can lead to a corporate meltdown. Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达 65 亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

This paper holds that it is because of the absence of the standard system andpowerful measures of surveillance in today's market of security business that the markethas the phenomenon of the dissymmetry of information.

本文认为，证券市场之所以存在股东和公司之间的信息不对称现象，主要是因为目前证券市场的信息披露制度不规范以及缺乏强有力的监管手段。

This article provides theory basis and specific example for the securities information suppliers that are in their infancy and go-go in marketing strategy, and hold forth advise to which can be refered for those corporations who want to enter the securities information service field.

本篇论文为那些正处于创业发展期的证券信息服务提供商在市场营销策略方面提供了一个理论依据和可以参考的实际例子，也为那些欲进入证券信息服务领域的公司提供了一些可以参考的意见。

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。