证券市场

It's not been noticed by investors and firms for long term, as the Third Board Market is not main power of stock market's capital-trade function.

三板市场在长期内不为人们所重点关注，是因为市场功能决定了它并非实现证券市场资本配置功能的主要力量。

Statistics show that in Europe and the United States market, the financing transactions were accounted for turnover of the stock market turnover of around 18%-20%, Taiwan's ratio of the market and even at times accounted for 40%.

据统计，在欧洲和美国市场，融资交易的还有约18％-20％，台湾市场的比例，有时甚至占40％证券市场成交额占成交。

When all the market information frequencies are proportional to the information observed, the equilibrium price is a sufficient statistic for market information.

主要发现有：第一，市场讯息分配均等将导致均衡价格取代私人讯息而成为市场中各种讯息之充分统计，此时证券市场具有资讯效，投资人失去搜集私人讯息之动机。

Securities market is known as "weatherglass" of national economy, it plays an important hub role for effective operation of the whole market mechanism, so it is indispensable for its position in the market system.

证券市场被誉为国民经济的"晴雨表"，对于整个市场机制的有效运行发挥着重要的枢纽作用，在市场体系中的地位不只是不可或缺。

According to the emprical results,we draw this conclusion that there is a bi-directional casuality between A and B shares volatility in Shanghai stock market,while there is no evident and reliable Granger-casuality between A and B shares volatility in Shenzhen stock market.

本文利用时间序列分析中的格兰杰因果关系检验法对中国证券市场A、B股的波动性进行分析，发现上海市场A、B股的波动间存在双向因果关系，而深圳市场A、B股的波动间则不存在显著可信的因果关系。

The empirical result demonstrates that:(1) the average abnormal reture and accumulated average abnormal reture around and after quarter surplus announcement change obviously, which illustrates the quarter surplus reports are of information content in our A share market;(2) the market can treat different types of accounting surplus data distinguishly by analysing inexpectant surplus as good news or bad news, but it reacts intensely to good news and flatly to bad news:(3) the market investors are paying more and more attention on accounting surplus of listed companies, which can be viewed in the annual text that the surplus reaction coefficient significance enhances;(4) A share market is, basically, under a state of semi-strong efficiency, or at least of an effective process from weak to semi-strong.

实证结果表明：(1)季度盈余报告公布前后平均非正常收益率和累积平均非正常收益率都发生了明显的变化，说明在我国A股市场季度盈余报告是具有信息含量的；(2)通过对未预期盈余分为利好组和利空组的分析，得出市场能够区别对待不同性质的会计盈余数据，但是市场对利空消息反应强烈，对利好消息反应平淡；(3)在分年度的检验中，可以看到盈余反应系数的显著性不断增强，证明我国A股市场的投资者对于上市公司会计盈余的重视程度在不断增加；(4)研究结果倾向于我国A股市场基本处于半强式效率，至少我国证券市场正处在从弱式有效向半强式有效转变的过程中。

At the same time the violent fluctuation of the stock price and extremely strong speculativeness of the market prove the security market of our country is a non-effective market.

同时股价的剧烈波动和市场的极强投机性也说明我国证券市场是一个非有效的市场。

Objectively speaking, it also requires us to change the regulation of the securities markets, a sound legal system, improve market rules to curb market speculation in the non-rational, guard against financial risks.

客观上也要求我们转变对证券市场的监管方式，建立健全的法律体系，完善市场的规则，抑制市场的无理性投机，防范金融风险。

Objective speaking, it also requires us to change the method of supervision of securities market ,set up and perfect a sound legal system, improve the market rules, curb market speculation in the ono-rational, and taking precautions against financial risks.

客观上也要求我们转变对证券市场的监管方式，建立健全的法律体系，完善市场的规则，抑制市场的无理性投机，防范金融风险。

The development of the Eurobond market has had a great impact not only on European securities markets, but also on other financial markets.

欧洲债券市场不仅对欧洲证券市场，而且对其他金融市场都有着重大的影响。

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。