证券公司

The adverse selection is represented by the decrease of quality of the new listed companies and the weak correlation between the price and performance of the listed companies.

我国证券市场的逆向选择行为主要表现为新上市公司的整体质量趋于下降，上市公司的市盈率和股价不能反映公司的经营业绩。

Reporter at Stanford this information-sharing agency database, found the experience of collective action list of some Chinese companies, at least the following five: China's largest online game developer and operator of one of the ninth city, China The first United States-listed high-tech agriculture, the concept of the company Agria, in the United States National Stock Exchange Main Board-listed flame Kunming Pharmaceutical, JASO, and the Taiwan medical device company Accuray, Uni-President Enterprises subordinate unified international BVI holding about 12 % of the company's stock.

本报记者在斯坦福的这个信息交流机构的数据库里，找到了遭遇集体诉讼的部分中国企业的名单，至少有如下5家：中国最大的网络游戏开发商和运营商之一的第九城市、中国第一家赴美上市的高科技农业概念公司华奥物种、在美国全美证券交易所主板上市的昆明圣火药业、晶澳太阳能以及台湾医疗设备公司Accuray，统一企业下属统一国际BVI持有约为12％的该公司股票。

This dissertation describes the actuality of divesture of listed company in our country and analysis the different effect on the value of listed company. And then choosing 85 divestiture events from Shanghai and Shenzhen Stock Exchange in 2004, do empirical research using Event Studies based on stock prices.

文章分析了我国上市公司的资产剥离现状以及资产剥离对公司价值的不同影响，在此基础上，对2004年间在《中国证券报》上公告的资产剥离事件进行统计与分析，选择沪深两市A股中的85起资产剥离事件，采用事件研究法，对资产剥离对上市公司价值的影响进行了实证分析。

With the raPid growth of Chinese caPital maret, ther is about l088 listedWboes in the Shechn and Shanghai Seeurity MarkCt. After coInPetin, manof them oPerae well and survive, but some of them are boubing by bad operaon.

我国证券市场经历了十多年的快速发展，截止到2001年末，沪深两市共有1088家上市公司，许多上市公司在激烈的市场竞争中发展壮大，但也有部分上市公司举步维艰。

Donghai Securities Food and Beverage industry researcher Ling-Ling Xu told reporters that the company is indeed in the near future a turn for the better, the performance of possible inflection point, the company introduced a new species of Protoplasmic year, strong sales, combined with the company's management the prime of life, strategies properly, and the implementation of strong, if the successful restructuring of this group, it is worthy of our attention.

东海证券食品饮料行业研究员徐玲玲告诉记者，公司在近期的确出现了转机，业绩可能出现拐点，公司推出了一个新的品种年份原浆，销售情况良好，加之公司管理层年富力强，战略得当，且执行力强，如果本次集团改制成功，那的确值得关注。

According to the comprehension of fiancial information issue of list firms this paper, dis cusses the problems of financial information issue and causes in detail.And then puts forward some constructiue suggestions and assumptions, This will be helpful for the development and perfection of our coumry's stock market.

根据对我国上市公司信息披露存在的问题的了解与把握，详细地论述了目前我国上市公司信息披露中存在的问题，深刻地指出了该问题产生的原因，对如何解决上市公司信息披露中存在的问题提出了有建设性的建议与设想，对我国证券市场的发展与完善起着积极作用。

This thesis mainly used the theory in accounting and economics filed. Based on the theoretically research of the information disclosure of listed companies, it analysis the framework and content of the information disclosure system. Besides, combined with the actuality of information disclosure of Chinese listed companies, the thesis find out the scarcities and submit the countermeasure from the standardization perspective.

本文主要利用会计学、经济学等方面的理论，在对上市公司信息披露进行理论分析的基础上，分析信息披露制度的内容结构，结合我国上市公司信息披露的现状，分析其存在的问题，从规范的角度提出切实可行的解决对策，期望有助于提高上市公司披露的信息质量，推进我国证券市场的健康有序的进行。

To raise or borrow and to secure or discharge any debt or obligation of the Company,and to receive money on deposit or loan in such a manner and on such terms as may seem expedient and in such manner as may be thought fit and in particular by mortgages and charges and the issue of debentures or debenture stock or other securities of any description upon all or any part of the undertaking,property,assets and rights of the Company both present and future including any uncalled capital of the Company.

以视为适宜的方式和按适宜的条款，以及以适当方式和具体用本公司目前，将来的全部或部分承诺、财产、资产和权利以及未收资金以按揭、抵押、发放债券或公司债票或任何类型的证券的方式，举债或借债并担保或解除本公司的债务或义务

To raise or borrow and to secure or discharge any debt or obligation of the Company,and to receive money on deposit or loan in such a manner and on such terms as may seem expedient and in such manner as may be thought fit and in particular by mortgages and charges and the issue of debentures or debenture stock or other securities of any de**ion upon all or any part of the undertaking,property,assets and rights of the Company both present and future including any uncalled capital of the Company.

以视为适宜的方式和按适宜的条款，以及以适当方式和具体用本公司目前，将来的全部或部分承诺、财产、资产和权利以及未收资金以按揭、抵押、发放债券或公司债票或任何类型的证券的方式，举债或借债并担保或解除本公司的债务或义务

The Directors may exercised all the powers of the Company to borrow money and to mortgage or charge its undertaking,property and uncalled capital,or any part thereof,and subject to Section 80 of the Act,to issue and create mortgages,charges,memoranda of deposits,debentures,debenture stock and other securities whether outright or as security for any debts,liability or obligation of the Company or any third party.

第十七条董事会可行使本公司所有权力以借款和按揭或抵押其全部或任何部分担保物、财产和未收资金，根据《公司法》第80条规定，发行或制定按揭、抵押、存放契约、债券、公司债券和其他证券，直接销售发行或以本公司或任何替三方之债务、责任或义务为担保不论。

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。