证券市场

Security analyst is the professional market researcher.

伴随着各国的证券市场的不断完善，证券分析师这一行业也随之产生和发展起来，证券分析师是专业的市场研究人员，相对于其他的投资者而言，要求具有良好的专业素质，能够很好的了解和分析市场，并且要具备良好的职业道德规范，而证券分析师一般会要求通过考试，并且具有统一的组织进行监督和管理。

Because of insufficient development of bond market, no strict operation of issuing company, no strict inside controlling of domestic securities company and unsymmetry of information in bond issuing market, the A underwriting stocks business risks of domestic securities company inevitably exist.

在高风险的证券业中，作为证券投资、证券市场中介人和服务者的证券公司面临着诸多风险的重大挑战和潜在威胁，受证券市场发育不足，发行公司不规范运作、证券公司内控不严和信息不对称的影响，我国证券公司A股股票承销业务风险有其存在的必然性，因而防范和化解其风险已成为证券公司的一项重要议程。

By giving examples such as public-listed companies unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the presentproblems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems.

文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。

We can found that China stock market is not completely weak effective by auto-correlation test, runs test, unit root test and variance ratio test. The TT-kyle model is derived from kyle model by adding weak effectiveness and irrational factor. This chapter describes impact of weak effectiveness and irrational factor on the trading volume and price. The fifth part analyses the relationship between the transaction duration and insider trading.

第四部分研究了市场有效性与内幕交易的关系，运用自相关性检验、游程检验、单位根检验、方差比检验等方法对我国证券市场的弱有效性进行验证，得出我国证券市场不完全弱有效的结论，在Kyle模型中加入弱有效性和非理性因素，提出了TT-kyle模型，分析弱有效性和非理性因素对内幕交易者的交易量和价格的影响，并提出了提高我国证券市场效率的相关对策建议。

Part 2 is the theoretic analysis of the running, supervision and management of stock market in the aspect of mechanism, and at the same time this part analyzes some phenomena existing in the market of transgressing the "open, fair and just" principle by the theory of non-symmetry message to explain the influence which these phenomena have brought to the market and its final consequence.

第二部分则从制度的角度对证券市场和证券市场监管进行理论分析，同时应用信息不对称理论分析证券市场中存在的一些违背&公开、公平、公正&原则的现象，进一步阐明了它们对市场带来的影响，以及最终造成的后果。

The manipulation of share price is a typical action of fraud and unjust competition , with monopoly characteristic , seriously prejudicing the interests of investors , rendering unjust securities market, lowering the efficiency of resource disposal , and aggravating the risk of stock market .

操纵证券交易价格又名操纵证券市场，是一种典型的欺诈行为和具有垄断性质的不公平竞争行为，它严重损害了中小投资者的利益，破坏了证券市场公正性，降低了市场资源配置的效率，加剧了证券市场的风险。

Chapter three:"The development and present situation of delisting system in our country's securities bussiness'Un this section, the necessity of establishing and consummating the delisting system is discussed and refer to some regulations of Company Law, Securities Law and the rivision process of "Measures for listing suspension and prohibition of loss-making listed company", the text analyses the changing characters of the stock market and the necessity of revision of the "Listing regulations of the stock"which is used in the Shenzheng and Shanghai securities exchange concourses and devides the development process of our delisting system into several sections with pointing out the influence to the stock market which is produced by relative regulations."

第三章为&我国证券市场退市制度的发展历程及现状&，本部分首先论述了我国建立和完善证券市场退市制度的必要性，并从我国《公司法》及《证券法》中有关退市的规定入手，通过对《亏损上市公司暂停上市和终止上市实施办法》前后几次的修订过程，分析了我国实施&退市令&前后证券市场的变化特征以及深沪两个交易所修订《股票上市规则》的必要性，将我国退市制度的发展过程分为几个阶段，列示了制度中的有关规定及对证券市场的影响。

Our country need build up national power through the advanced financing fashion to stride rapidly towards sreat power of the world which is in dire need of develoupentThis article start from securities business , research constantly and liscuss from the international course, the ventures prevention and the egal supervise of the securities business , advance the assumption of de-eloping the intematonal securities business of our country.

而作为我国这样一个急需发展的国家更需要通过这种先进的融资方式增强国力，迅速走入世界强国之列。本文从证券市场发展入手，对证券市场国际化进程，证券市场法律监管进行对比研究、探讨，提出了发展和促进我国证券市场国际化设想。

Appreciation of the securities market is concerned, there are three main implications: the first is the impact on the performance of listed companies, the RMB appreciation will change the import and export of China's current situation, thereby affecting import and export of listed companies with high dependence on the basic face and performance, particularly in the U.S. dollar clearing of goods even more pronounced effect; second is the appreciation of the RMB exchange rate policy decisions affecting the securities market behavior, indirect effects of stock market prices; third is the impact on money supply and the stock market, appreciation could lead to speculative capital inflows or outflows.

升值对证券市场而言，主要有三个方面的影响：第一是对上市公司的业绩造成影响，人民币升值必将改变我国现有进出口状况，进而影响对进出口依存度高的上市企业的基本面及效绩，尤其是以美元结算的商品影响更为突出；第二是人民币汇率升值影响证券市场决策行为，间接影响证券市场价格；第三是对证券市场的资金供求造成影响，升值可能导致投机性资金的流入或流出。

However, most of all, the difference in character lies in two different courses: the passive supervision is the course of the judicial authorities or the quasi-judicial authorities performing the judicial authority; while the positive supervision is the course of the supervision agency performing the administrative authority.

本文通过对英、美、德等国的证券市场监管方式的考察，发现其历史发展的规律类似，即都是随着证券市场的发展，被动式监管的形式暴露出越来越多的局限性，对证券市场不足以有效地进行监管，从而导致主动监管方式的产生，也就是说，主动监管方式的产生是证券市场进一步发展的内在需求。

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。