证券市场

The accounting information is the concentrated reflection of listed companies. Its quality directly influences the effective degree of capital market, the disposition efficiency of social resources as well as the accounting information in the supply-demand balance process. At the same time, the full disclosure of accounting information may save the transaction cost because of reducing the degree of information asymmetry in the release and the transaction process in the stock market.

会计信息，是上市公司经营状况的集中反映，其质量的高低直接决定着资本市场的有效程度、社会资源的配置效率以及会计信息在供求方面平衡过程；同时，会计信息的充分披露，可因降低证券市场发行与交易过程中的信息不对称而节约交易成本。

On condition that the market characteristic ofmutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on.

开放式基金市场协调性的改善和增强有赖于证券市场整体效率的提高。

The securities business is the outcome that the credit system and market economy run to the certain stage,and a high-risk market,with the specialty of the extended risk source,the strong conductibility and the damage to society.

证券市场是信用制度与市场经济发展到一定阶段的产物，是一个风险高度集中的市场，具有风险来源广、传导性强和社会危害巨大等特点。

In methods and so on debt reorganization cannot solve in the serious loss company's question situation, these companies draw back the city finally, will be the development necessity, will consummate our country To be listed's withdrawal mechanism to be advantageous to the optimization stock market resources deployment; Is advantageous in the introduction superior win and the inferior wash out competitive system, the inferior company sets up the crisis to realize, guarantee To be listed's overall quality; Is helpful in suppresses the Stock market excessively congenially, cultivation mature, rational investor.

在债务重组等手段不能解决严重亏损公司的问题的情况下，这些公司的最终退市，将是发展的必然，完善我国上市公司的退出机制将有利于优化证券市场的资源配置；有利于引入优胜劣汰的竞争机制，劣质公司树立危机意识，保证上市公司的总体质量；有助于抑制股票市场的过度投机，培育成熟、理性的投资者。

As China's securities market and the continuous development of the real estate market.

随着我国证券市场和房地产市场的不断发展。

The fact is "cornet" happens everywhere in the stock market, and even there have a system to operate it.

具体说本次研究的目的之一是通过借助文献资料的分析，呈现一个真实而全面的证券市场的面目，了解市场中的规则、制度、法律以及诸多的行动者，从而窥视自由市场经济法则的真实行动。

Investors can also trade-offs, to relax these controls may still cause a certain degree of short-term price shocks, it is therefore expected to contribute to the long-term relationship between market supply and demand balance, inflation and the breakdown of foam broke off a vicious cycle of re-emergence of the basis for long-term development of China's stock market in terms of not necessarily a good thing.

投资者也可权衡，这些管制放松仍可能造成短期价格波动一定程度，因此，预期将有助于市场之间的供求平衡，通货膨胀和泡沫破裂打破长期合作关系过了一个重新的恶性循环的长期的中国证券市场长远发展的基础上出现的并不一定是好事条件。

Secondly, using econometric tools and combining with recent domestic stock market data, this thesis made a demonstrational test for the Efficient Market Hypothesis, which is the core part of this paper.

其次，利用金融计量学的模型工具，结合我国证券市场的近期数据，对有效市场假说进行了实证检验，这也是本文的核心部分。

Given the strong guiding significance of Efficient Market Hypothesis for academic research and actual investment, this thesis will make an objective evaluation for the efficiency of Chinas stock market from the view of demonstrational test.

鉴于有效市场假说对学术研究以及实际投资的强烈指导意义，本文站在实证的角度，以期对我国证券市场的效率作一个客观的评价。

Stimulated by the illusion of free capital, Chinese listed companies show strong preference to equity financing, and form the financing structure of low debt and high equity. Under the circumstance of law efficient capital market, distempered financing institution, and underdeveloped control transfer market, such kind of financing structure enlarges interest conflicts between stockholders and managements, and lowers the governance efficiency.

我国上市公司在免费资本幻觉的驱使下表现出强烈的股权融资偏好，形成了重股权、轻债权的融资结构，在目前我国证券市场低效、控制权市场欠发达、融资制度不健全的情况下，这种融资结构加大了股东与经理人之间的利益冲突，降低了公司的治理效率。

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。