证券市场

Trade cost theory, market validity theory and Commission theory are the economic foundation of Bill broker"s system. Two commission models under symmetry and asymmetry information between the investor and bill broker was structured in view of above, probing into two major interests subjects" distribution mode in interests, risk and encourage goal, and establishing the economies" foundation for the standardization development and perfection of bill broker"s system.

交易成本理论、市场有效性理论和委托—代理理论是证券经纪人制度的经济学基础，据此，笔者构建了信息对称和信息不对称两种情况下投资者和证券经纪人之间的委托—代理模型，探讨两大利益主体在利益、风险和激励上的目标分配模式，为证券经纪人制度的规范化发展和完善奠定了经济学基础。

Ex-dividend Date Typically two days prior to the record date, the stock price is reduced in the market by the amount of the dividend to be paid.

防守型证券被认为比一般证券更稳定的证券，即使在动荡的市场上仍能获得稳定的股息。

Participation in the Stock Exchange issued a notice measurement firms, the explicit reference to various types of financing margin trading and securities transfer, the customer credit account with the Securities and pin No.

在交易所发出通知参加测试的企业，明确提及融资保证金交易和证券转让各类客户的信用账户与证券及引脚号与有关保证金融资，清算资金交易的利益保证金交易结算，市场和关闭后数据接口测试，证券保证金融资机构，例如实时功能测试，6个测试的内容。

Over-the-counter market; curb marketMarket for securities not listed in any of the exchanges (about 80 percent of total securities in the U.S.).

指对没有在任何证券交易所上市的证券（在美国它们占证券总额的80%）进行交易的市场。

The first three quarters, shares linked to domestic securities underwriter, CITIC Securities and China International Capital Corporation, Goldman Sachs Gao Hua, Guotai Junan, Guoxin Securities top five, respectively, occupy 30.1%, 29.3%, 14.1%, 11.2%, 3.9% market share.

前三，股票与国内证券承销商，中信证券和中国国际金融有限公司，高盛高华，国泰君安，国信证券前五位，分别占30.1％，29.3％，14.1％宿舍，11.2％，3.9％的市场份额。

The same year on August 24, the China Securities Regulatory Commission, the State Council, SASAC , The Ministry of Finance, the People's Bank of China, Ministry of Commerce jointly promulgated the "listed companies on the share reform of guidance" that the relevant government departments to promote the comprehensive share reform of the determination "at all costs, to be determined to succeed"; 2005 September 4, the Securities and Futures Commission promulgated "listed companies split share structure reform management practices," the legally binding document issued for the future reform of the overall market clearly expected the process is of great significance; on September 6, Shanghai , The Shenzhen Stock Exchange Clearing Corporation and China issued a formal "of listed companies split share structure reform operational guidelines" and "listed companies split share structure reform format specification guidelines."

于8月24日在同一年，中国证券监督管理委员会，国务院，国资委，财政部，人民的中国，商务部，财政部联合颁布了关于共享"上市公司改革的指导意见"，有关政府部门促进不惜一切代价"的决心，全面股改，以确定成功"，2005年9月4日，证券及期货事务监察委员会颁布的"上市公司股权分置改革管理办法，"具有法律约束力的文件，对整体市场发出明确今后的改革进程，预计具有重要意义，发表了9月6日，上海，深圳证券交易所和中国结算公司正式上市公司股权分置改革业务"的指导方针"和"上市公司股权分置改革格式规范指引。"

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产（包括风险证券和无风险证券）的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory. Finally the bond value equation which takes equilibrium return as its yield Parameter is established through the theory of comparative return. In chapter 4, the intra-information and the transferable system of price is emphasized and the market-maker model and expected model under non-perfect information market conditions are established, and the disaccord of the influence of extra-information and intra-information on the security price is discussed.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产(包括风险证券和无风险证券)的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

At the same time, because of the dummy and complexity of stock, the trading form without paper ,and the high- technological artifice, it is difficult to identify such an action, which leads to many law breakings at large.

同时又由于证券的虚拟性和复杂性，证券交易的无纸化，操纵者操纵手段的高智能化，使得人们难以识别和认定市场操纵行为，以致大量的市场操纵违法行为没有受到法律制裁。

In recent years, the Great Wall Securities has a hold securities, secondary market for more than 1% market share.

近年来，长城证券始终占有证券一、二级市场1%以上的市场份额。

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。