证券市场

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymme try between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Shanghai has established a relatively complete financial market system with a fair size and a quite strong influence, a system which includes a securities market, a foreign exchange market, a discount market, an insurance market, and a bullion trading market,etc..

上海已建成了具有一定规模与影响的比较完整的金融市场体系，其中包括证券市场、外汇市场、贴现市场、保险市场、金银买卖市场等。

Shanghai has developed a comparably comprehensive financial market system, which includes a securities market, a foreign exchange market, a discount market, an insurance market and a bullion trading market.

上海已建成包括证券市场、外汇市场、贴现市场、保险市场、金银买卖市场在内的比较完整的金融市场体系。

Shanghai has established a relatively complete financial market system, a system includes a securities market, a foreign exchange market, a discount market, an insurance market, and a bullion trading market.

上海已建成包括证券市场、外汇市场、贴现市场、保险市场、金银买卖市场在内的比较完整的金融市场体系。

Shanghai has established a relativively complete financial market system with a fair size and a quite strong influence, a system which includes a securities market , a foreign exchange market , a discount market , an insurance market, and a bullion trading market , etc.

上海已建成了具有一定规模与相当影响的比较完整的金融体系市场，其中包括证券市场、外汇市场、贴现市场、保险市场、金银买卖市场等。

But the stock certificate analysts are making more and more great functions on the stock market.

而证券分析师在证券市场上越来越发挥着重要作用，因而我国有必要建立证券分析师制度，同时用法律加以规制，以促使其良性运作。

The stock certificate civil case duty system is the foundation.

证券民事责任制度是证券民事救济制度的法律基础，是广大中小投资者的民事权利的保障，只有受侵害的利益获得合理的补偿，证券市场才可能获得良性发展。

Exploring and research about developing trend of stockjobber and securities market in China have been done. A strategy design based on enterprise reality of China is made for HONGTA SECURITIES LTD. CO. is performed.

本文对我国证券市场发展趋势以及证券公司发展方向进行了一定的探索和研究，然后结合中国企业的实际，为即将成立的红塔证券股份有限公司进行了企业发展战略设计。

In this paper , we combine both Efficient Market Hypothesis and Fractal Market Hypothesis to test our bond markets return distribution , the main results are that the index of Chinese bond market process by fractional Brownian Motion, the orbit is stable Pareto Distribution with α character So, the fractal market hypothesis is more suitable than the efficient market hypothesise

本文结合有效市场假说与分形市场假说理论，通过对我国证券市场中收益率的分布收入研究发现：中国股票市场是以分数布朗运动方式进行的，所形成的运动轨迹呈现出典型的α＜2的稳定帕雷托分布。因此，应该说，&分性市场假说&比&有效市场假说&更适用于中国股票市场。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。