证券市场

So, the main tasks of bill broker" s system construction in our country are: sound and perfect relevant law, regulation, management organization and function about bill broker system, make the concept of the bill broker clear, confirm its status legally is especially important at present, and pay attention to integrating with the world; Strengthen entering system management and independent management of the security broker, perfect the structure and function of self-organized system by oneself; To the future transform trend of our broker mode of securities market mode from traditional type to "network manager","bill broker manager" and "fund manager", We should pay attention to setting up perfect management mechanism of risk and inside management system of bill broker"s system even more, enforce the financial rule, expand the scope of business, setting up systematic, perfect risk preventive and controlling system; To be strict in registration system of bill broker representative and qualification, guarantee professional quality and good quality of our bill broker representative team, pay attention to studying and using the rational incentive mechanism, strengthen the cultivation and development of bill broker representative team.

因此，我国证券经纪人制度建设的主要任务是：健全并完善有关证券经纪人制度的法律、法规、管理机构及其职能，明确我国证券经纪人的概念，确定其在西安理工大学硕士学位论文法律上的地位，并注重和国际接轨；加强证券经纪商的准入制度管理和行业自律制度建设，完善自律组织的结构和功能：针对未来我国证券市场经纪模式由传统型向"网络经纪"、"证券经纪人经纪"和"基金经纪"转化的趋势，我们更应该注重建立完善、科学的证券经纪人制度的风险管理机制和内部管理制度，严格财务制度，扩大业务范围，建立系统、完善的风险预防和控制体系；严格证券经纪代表的注册制度和资格审查，保证我国证券经纪代表队伍的专业素质和良好品质，重视研究和应用合理的激励机制，加强证券经纪代表队伍的培育和发展。

In Chapter ONE, the paper raises the five main function of modem security market, introduces the four developing stages of our country s security market; from five aspects he describer the present situation of China s security market development, and the problem which is still existing in our country...

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

In Chapter ONE, the paper raises the five mainfunction of modem security market, introduces the four developing stages of our country"s security market; from five aspects he describer the present situation of China"s security market development, and the problem which is still existing in our countrys security market.

第一：提出了现代证券市场的5种主要功能，划分了我国证券市场发展的4个阶段，并且从5个方面叙述了中国证券市场发展的现状和存在的问题。

China's securities market, especially its securities company as its main body, has developed immaturely.

我国的证券市场是一个发育不够成熟的市场，尤其表现在作为证券市场主体的证券公司的不成熟性方面。

Then based on the practical test technique of EMT, it checks up whether Chinese securities market is at weak-form-market phase by analyzing that whether the price is random whether the yield can be forecasted by the characters of company, whether the information lingeringly or overly reacts and whether the technical analysis is efficient.

接着根据证券市场效率理论的实证检验方法，通过价格是否随机性、是否可用公司特征来预测收益率、信息是否存在延迟与过度反应、技术分析是否有效等检验方法对我国证券市场是否处于弱式有效阶段进行实证检验，结果表明我国的证券市场尚未达到弱式有效，依然处于低效率之中。

But we think the industry of the security analyst still is the indispensable sector on our capital market.

但是我们也不能否认中国的证券分析师在中国证券市场发展中的重要作用，我们需要为大多数具有专业能力和执业道德的分析师提供充分的市场空间，进而推动我国证券分析师行业健康、稳健的发展，充分发挥他们的作用促进我国的资本市场快速稳健的发展。

The results show three outstanding characters: these two stock markets are closely correlated; the overall day return doesn\'t follow the normal distribution, but it is characterized with leptokurtic and fat tail; the security market return has stable characteristics and multi-fractal characteristics which shown as the long memory, fat tail, scale properties, and variability.

发现上海和深圳两个证券市场的关联程度非常大；中国证券市场中的总体日收益率分布不服从正态分布，而是呈&尖峰态&，并且具有&厚尾&的特征；证券市场收益序列呈现稳态特征与多标度分形特性，表现为长期记忆特性、厚尾特性、标度特性和易变性。

Securities investors are securities market's important joiners and securities product's consumers. Recent years, studing on their behaviors has become one of the most popular research projects in the field of international finance and securities, and also is one of research contents close to society and investors. Behavior finance researching investor behaviors has become an important subject.

证券投资者是证券市场的重要参与者和证券产品的消费者，对其行为的研究目前已成为国际金融证券研究领域最活跃的研究课题之一，也是证券市场研究中最贴近社会和投资者的研究内容之一，研究这一领域而发展起来的行为金融学已成为一门显学。

ABSTRACT Securities investors are securities market's important joiners and securities product's consumers. Recent years, studing on their behaviors has become one of the most popular research projects in the field of international finance and securities, and also is one of research contents close to society and investors. Behavior finance researching investor behaviors has become an important subject.

证券投资者是证券市场的重要参与者和证券产品的消费者，对其行为的研究目前已成为国际金融证券研究领域最活跃的研究课题之一，也是证券市场研究中最贴近社会和投资者的研究内容之一，研究这一领域而发展起来的行为金融学已成为一门显学。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题，是导致我国股票市场发展不完全的关键，反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行，困扰我国证券市场发展的股权分置问题将得到解决，整个证券市场也将逐步踏上市场化的轨道。

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。