证券转换

A listed company convertible bond is one kind of late-model finance derive from a listed company broadens a financing channel , urban and rural residents expands important investment implement with investment of breed , prosperous bond market under the implement , circumstances existing side by side in various financing way in the nowadays.

上市公司可转换债券作为一种新型的金融衍生工具，在当今多种融资方式并存的形势下上市公司拓宽融资渠道、城乡居民扩大投资品种、繁荣证券市场的重要投资工具。

Firstly, the distance between stocks are calculated by using prices of stocks, and subdominant ultra-metric space by associating the minimum spanning tree of portfolio. Secondly, the subdominant ultra-metric space to the chart of index hierarchical structure is transformed, and finally the distribution of style is gained. Using sample of Shanghai Stock 50 Index from 2004 to 2007, the demonstration result shows that style of industry is more prominent horizontally, especially in the bank and steel industries. The style of region and cross holding also exists. And after the reform of non-tradable shares, style of industry becomes more obvious vertically and more other styles also occur.

首先利用股票价格计算出股间距离，并采用关联该证券组合的最小生成树优化方法，从而得到亚超度量空间；其次将此亚超度量空间转换成指数分层结构树图，最后得到风格的分布特征。2004~2007年的上证50实证结果表明：横向来看以行业分类的风格较为显著，其中以银行和钢铁也最为明显，此外还有与地区差异、交叉持股相关的风格效应显现；纵向则在股改后行业风格效应更显著，其它的风格也显现得更多。

Anagement buyout means the purchase for cash or non-convertible senior securities of substantially all the business and assets of a public corporation pursuant to a statutory merger or other transaction in which members of the former management of the public corporation will acquire a significant equity interest in the purchaser, and the purchaser theretofore has not been an operating company or a subsidiary of one.

BO 即 Management Buyout ，中文译为"管理层收购"，"管理者收购"或"经理层融资收购"。西方对 MBO 的定义是指：购买者根据并购的立法规定，用现金或不可转换的证券购买一个上市公司大部分业务和资产；或者指这样一些交易：在这些交易中，上市公司的前任管理人员获得目标公司相当多的资产利益，因而，目标公司不再是上市公司的执行公司或子公司。

Issuance of convertible securities (dilutive to current stockholders) or additional common stock

发行可转换证券或额外的普通股

More specifically, it must report EPS on two bases: 1the basic EPS and 2 the diluted EPS where EPS is calculated as if all potential dilutive securities were converted or exercised.

更加具体地，它在二个基地必须报告EPS ： 1基本EPS和2被稀释的EPS， EPS被计算，好象转换了所有潜在的股权收益减损的证券或行使了。

A sort of image acquisition system of paper's number with CIS based on ARM and CPLD is introduced.A re-al-time approach is brought out to collecting high-speed image information and image pretreatment.This system is mainly designed of hardware,the collected CIS image signal is saved in the SDRAM(synchronous dynamic random access memory) through pretreatment of occulting output com-pensation,secondary filter,analog digital converter and binaryzation,getting ready for further image...

介绍了一种自行设计的基于 ARM 及 CPLD 技术，利用接触式图像传感器采集纸币号码的图像采集系统，提出了一种实时采集高速图像信息及图像预处理的方法；系统以硬件设计为主，采集到的 CIS 图像信号经过明暗输出补偿、二阶滤波、模数转换、二值化等前置调理，保存在同步动态内存中，供 ARM 作进一步图像处理；系统中 CIS 传感器的时序信号由 CPLD 设计，实验表明，采集到的二值化图像清晰；这项研究成果可以推广到证券、票据号码的录入系统以及其他相关领域的字符识别系统。

At last, the article indicates that there are some problems in capital management and put forward that we should improve capital management on nine facets we should change the role of government in capital management perfect law system environment of capital management , emphasis on internal recombination of enterprise , strengthen daytimeaudit and supervise in capital management to avoid profit package, strengthen adjustment of the right of assets , strengthen the role of invest bank in capital management , pay attention to recombination of immateriality assets ,emphasis on imagine package in the recombination enterprise ,call the ability of entrepreneur and so on to perfect capital management and solve some problems which enterprise confronts (1) solve the problem of poor enterprise (2) solve the problem of prepotent enterprise expansion (3) solve the problem of irrational form of recoinbinatiori enterprise (4)solve the problem of single right structure of enterprise (5)solve the problem of irrational asset collocation to induce bad effect (6)solve the problem of lack increment in development of enterprise (7)solve the problem of irrational structure so we induce enterprise to coruscate flesh vigor continually,and stock market will develop and boom continually.

最后提出了资本经营中存在的一些问题，提出要从九个方面着手改进资本经营，通过对政府在资本经营中角色的转换、健全和完善资本经营的法制环境、加强企业内部的重组、加强资本经营的审计与监督、防止利润包装、加强产权结构的调整、加强投资银行在资本经营中的作用、重视无形资产的重组、加强重组企业的形象包装和呼唤企业家才能等方面改善资本经营，解决企业经营所面临的一些问题：（1）解决劣势企业问题；（2）解决优势企业扩张问题；（3）解决企业重组形式不合理的问题；（4）解决企业产权结构一元化问题；（5）解决资源配置效益低下问题；（6）解决发展中增量不足的问题；（7）解决结构不合理的问题，这样才能使企业不断焕发出新的活力，证券市场才能不断繁荣发展。

The conflict area when Entrepreneur and the Venture Capitalist choose the exit model by their own maximum benefit rule and the condition to realizing the effective exit model are discussed. The way of renegotiations and a suitable convertible security are described to avoiding the ineffective exit model, which supply the rule for designing the effective financing contract.* Supported by the significant project of the National Science Foundation of China, No.

获得了风险企业家和风险投资家关于退出方式选择的冲突区域和有效率退出产生的条件，并认为一定的重新谈判机制和可转换证券融资合约设计机制能消除退出方式选择冲突和实现有效率退出，为保证风险资本有效率退出的融资合约设计提供了依据。

The stock markets in our country is unadvanced. There are two structure of company management organization control and Owner Management . So the accounting target should be turned into Accounting control o...

我国证券市场不够发达，公司治理结构，既有机构控制型又有拥有者管理型，会计目标应在西方受托责任观基础上，转换成会计控制观；由于上市公司的特殊性，其会计目标应实行会计控制观和决策有用观并存。

It's reasonable to infer that convertible preferable stock and securities alike are the most common financing contracts adopted by the entrepreneur, because they take on characters mentioned above.

我们由此推断&股权型可转换证券&及其类似契约组合将是企业家最常用的融资契约形式。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。