资本

The paper consider actual conditions of Hebei , and carefully analyzied the questions in highway investment and financing. Considering of country investment and financing heavy policy environment, it proposes that Hebei should not stay the highway investment and financings " wait for, by, take ", relying on governmental investment simply, but should fully give play to the role of capital market and financial market. In insist of the policy on " interconnected system loan interconnected system return ", attract social fund extensively, form the macroclimate that the society runs the traffic;Consider the highway assets of the whole province as a whole, make the financing scheme , vitalize the assets. Through capital market, take bid way, project jointlies operate, corporatization, shareholding system, try such ways as franchise operation ,etc. boldly in newly-built project. At the same time, devote more efforts to standing in the government"s policy to highway, set up the capital construction of highway development. Turn to capital market management focal point , investment and financing of management from project management, change direction " melt" from " throw ", open up with innovative idea dissolving enter road construction practice really, try some new financing methods boldly , only in this way , could arouse every side"s enthusiasm further , really open up the unexhausted source for the benign development of road construction of Hebei.

本研究报告充分考虑了河北省的实际情况，对河北省公路投融资工作中存在的问题进行了深入、细致的分析，针对目前国家在公路投融资大的政策环境，提出了河北省公路投融资不能停留在"等、靠、要"，单纯依靠政府投资上，而是应该充分发挥资本市场和金融市场的作用；在坚持省交通厅"统贷统还"的政策下，广泛吸引社会资金，形成社会办交通的大气候；将全省的公路资产统筹考虑，制定融资方案，将资产盘活：通过资本市场，采取招投标方式，将有条件的公路项目进行合资合作、公司化、股份制改造，新建项目大胆尝试特许经营等方式：同时加大政府对公路的政策支持力度，建立公路发展基建；将投融资管理的重点，从项目管理转向资本市场管理，从"投"转向"融"，把开拓与创新理念真正溶入公路建设实践，大胆尝试一些新的融资方法，只有这样，才能进一步调动各方积极性，真正为河北省公路建设的良性发展开辟不竭之源。

In view of capital cost, under the function of tax, not only enterprises' financing channels determine capital cost, but also do the distribution of marginal profit.

就资本成本看，在税收的作用下，不仅企业的融资手段决定资本成本的大小，边际利润的分配方式也与资本成本的大小有关。

The first systematic and fundamental research is did by Modigliani and Miler, they bring out with the famous MM theorem in 1958.Which says capital structure doesn't affect enterprise market value and average capital cost in a condition of perfect market. After that, several economists including Modigliani and Miler themselves put this theory forward with the MM theorem with the consideration of tax, the trade-off theory, the pecking order theory,market for corporate control, these analyses throw lights on the problem from different aspect.

对此做出系统性和开创性研究的是Modigliani和Miler，在1958年提出了资本成本与资本结构无关的MM定理，在此基础上，包括Modigliani和Miller在内的许多经济学家对此进行了探索，他们先后提出了考虑税收的MM定理、权衡理论、优序融资理论、控制权理论，从不同的角度分析了资本结构的优化问题。

From the paper named "The cost of capital, corporate finance and the theory of investment" coming out, Modigliani and Miller established the theory of capital structure, and the theory has developed for more than 40 years.

从Modigliani和Miller于1958年发表题为《资本结构、公司财务和投资理论》论文开始，他们便创建了现代资本结构理论，而资本结构理论至今已经经过了40多年的发展历史。

The study on the company's capital structure has been stopped ever today. Since Modigliani and Miller made his famous MM theorem, to create a modern capital structure theory, the capital structure theory has made significant progress after 50 years of development.

中文摘要：时至今日，关于公司资本结构理论的研究从未间断，自从Modigliani和Miller提出著名的MM定理、开创现代资本结构理论之后，资本结构理论经过了50多年的发展，取得了重大进步。

Since Modigliani and Miller (1958) in his groundbreaking thesis,"the capital structure and corporate value"said that in under ideal conditions the corporate value has nothing to do with corporate capital structure.

自从Modigliani and Miller(1958)在其开创性论文《资本结构与企业价值》中给出了理想条件下企业价值与资本结构无关的命题以来，公司资本结构一直是企业界、管理界和财务理论界研究的一个重要问题。

Now social capital factors on China's rural governance problems are mainly the expansion of the negative social capital and the lack of positive social capital.

目前我国农村治理问题的社会资本因素主要是消极社会资本的膨胀及积极社会资本的缺失。

According to our examination, as to November 22, 1999, NJGC had received from shareholders subscribed capital Say HK Dollar Fifty Eight Hundred and Ninety Thousand Four Hundred and Seven Only (HKD5,890,407), equivalent to Renminbi Say Sixty Three Hundred and Two Thousand Nine Hundred and Fifteen Point Four Nine Only (RMB6,302,915.49), wherein paid-in capital is RMB6,302,915.49 yuan, and total assets equal to above contributed capital is RMB6,302,915.49 yuan, all in the form of tangible assets.

根据我们的审验，截至1999年11月22日止，XXXX时装有限公司已收到其股东投入的资本伍佰捌拾玖万零肆佰零柒港元（HKD5，890，407），折合人民币陆佰叁拾万零贰仟玖佰壹拾伍元肆角玖分（RMB6，302，915.49）元。其中：实收资本RMB6，302，915.49 元，与上述投入资本相关的资产总额为人民币RMB6，302，915.49元，全部为实物资产。

Its main feature is the high union of thought and capital, the thought after union has the trend of capitalization and capital to have the tendency of socialization, the organization inside the enterprise concerns to translate into economy concerns and be commercialized gradually then, fortune configuration diversity appears the effect that partial the sum is more than whole.

它的基本特征是思想与资本的高度结合，结合后的思想有资本化的趋势和资本有社会化的趋向，企业内的组织关系遂渐转化为经济关系并市场化，财富形态多元化并出现部分之和大于整体的效应。

Its main feature is the high union of innovation thought and capital, the innovation thought after union has the trend of capitalization and capital to have the tendency of socialization, the organization inside the enterprise concerns to translate into economy concerns and be commercialized gradually, fortune configuration diversity appears the effect that partial the sum is more than whole.

它的基本特征是创新思想与资本的高度结合，结合后的创新思想有资本化的趋势及资本有社会化的趋向，企业内的组织关系逐渐转化为经济关系并市场化，财富形态多元化并出现部分之和大于整体的效应。

Do you know, i need you to come back

你知道吗，我需要你回来

Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

1〕 杨银书，王祥生，李德昌。安徽省首次发现嗜群血蜱。