资本

At the same time the author diagnoses the Hongdu Aviations strong partiality for equity capital financing and lack of debt capital financing, low capital profitability and efficiency of capital utilization, inadequateness in its corporate governing structure and unimproved revenues.

立足于我国航空工业上市公司资本融资结构改革的实践，借鉴现代企业资本融资结构理论以及财务管理理论等相关理论成果，采用规范与实证相结合的分析方法，对江西洪都航空上市公司股权资本融资结构与负债资本融资结构改革实践进行考察与分析，并认为该公司自上市以来企业资本融资结构改革取得了很大成效；但是目前仍存在股权资本融资偏好强烈、负债资本融资不足、资产盈利能力不强、资金使用效率不高、经营业绩尚未改善、法人治理结构不尽合理等问题。

Three types of HRM pracitces are positively related to the three types of intellectual capital, with relative high regression coefficient.

针对影响人力资本的HRP、影响组织资本的HRP和影响关系资本的HRP三类不同的HRM实践分别对智力资本中的人力资本、组织资本、关系资本三者的关系研究时，证实了它们是显著正相关，且有着较高的回归系数。

It is the summation which the society and economy relation reflect essentially. The manpower capital property right have three common characters: exclusiveness、 resolvability、business and four special characters: the first one, the owner have not impartibility ownership and control right to the manpower capital himself. The second one, manpower capital can reflect in the different way of material capital when the property right deformity; the third one, manpower capital's employment and investment course are in-phase, the fourth one, the effective yardstick and mechanism of measuring manpower capital are absence.

在此基础上，概括出人力资本产权排他性、可分解性、可交易性的一般特征以及它的四个特殊特征：一是所有者对其自身的人力资本并不具有不可分离的所有权和控制权；二是当发生产权残缺时人力资本可以以迥然于物质资本的方式回应，通过关闭人力资本达到效用享有的均衡；三是人力资本的使用和投资过程是同步合一的；四是缺乏有效计量人力资本的尺度和机制。

However, capital is managed still be in in our country start level, still exist on theory and practice a variety of errors:(1 ) go up in capital management guiding ideology, in thinking state-owned company assets recombines to trade with property right, appear " the pony pulls cart " the phenomenon can cause state-owned property prediction of a person's luck in a given year;(2) in process of executive capital dilate, corrupt big picture is fast, ignore the immanent quality that capital manages;(3) cut apart capital manages the immanent connection that manages with production, inspect capital to manage what manage at production for free more advanced management form;(4) manage capital regard as escape of debt useless debt " shortcut ", ignore capital structure optimize.

然而，资本经营在我国尚处于起步阶段，在理论与实践上还存在种种误区：（1）在资本经营指导思想上，认为国有企业资产重组与产权交易中出现的"小马拉大车"现象会导致国有资产流失；（2）在实施资本扩张过程中，贪大图快，忽视资本经营的内在质量；（3）割裂资本经营与生产经营的内在联系，视资本经营为游离于生产经营的更为高级的经营形式；（4）把资本经营当成逃债废债的"捷径"，忽视资本结构的优化。

These relationship include: the human capital and material capital; the coastward area and the hinterland area; the private capital, the state-owned capital and foreign capital; the short term capital and long term capital, these four types of relationship may effect the economic sustainable growth in the near future for China.

第五章本章作者对中国吸收外资的政策进行了反思，针对当前我国引进外资工作中存在的问题，作者指出了我国当前应处理好四个关系：即人力资本和实物资本，民营资本、国有资本和外资资本，东部地区和中西部地区，短期资本和长期资本，这四个关系是当前与我国引进外资相关的急待解决的问题。

And thus I provide the evidence to undermine the commonly held opinion that China's public companies improved their performance by increasing financial leverage ratio. Seventhly, the international comparison reveals that the development of capital market has direct influence on the industry performance and the capital markets of developed countries are more effective than those of developing ones. Whether the finance system is bank-dominated or capital-market-dominated means little to the effectiveness of capital market and also the industry productivity. Eighthly, capital market, bank and FDI differ markedly in the mechanism of financing selection, supervisory effectiveness and industry characteristics. Averagely, capital market is the most appropriate mechanism among the three out-sourcing financing, considering the supervisory cost and effectiveness comprehensively. Certainly, some flaws remain in this study.

因此，我们认为，中国各产业上市公司产业绩效的提高不是通过提高财务杠杆比例来实现的；第七，基于资本市场自身的国际比较研究表明，资本市场发展程度直接影响其对产业绩效的改善和促进程度，成熟市场的资本配置效率显著高于新兴市场，而金融体系以银行为主导还是以资本市场为主导，并不影响资本市场功能的有效发挥，也不对产业绩效的影响产生效率上的差异，仅仅表现为在多大规模或范围内对产业绩效产生影响；第八，基于资本市场、银行贷款及外商投资3种外源融资方式对产业绩效影响的比较研究，三种方式在融资选择机制、监督力以及所影响的产业特征方面均存在显著差异，三者对不同产业绩效的影响呈现互补作用，而资本市场是监督成本与效力结合较好的融资方式。

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 systemof the formation of the capital includes the statutory capital system, the authorizedcapital system and the eclectic capital system , therein the statutory capital systemincludes the strict statutory capital system and the relaxative statutory capital system,the three kinds of the systems of the formation of the capital have their own specificco.

公司资本形成制度包括法定资本制、授权资本制和折中资本制，其中法定资本制又包括严格的法定资本制和缓和的法定资本制，三种资本形成制度的各有其特定的内容和适用条件。

From the conception of capitalization operation of intangible assets, including the definition, main characteristic and ways of working, the importance of capitalization operation of intangible assets is clarified. I explain questions on capitalization operation of intangible assets, which are financing and external investment. Attention is paid on absorption of venture investment, absorption of foreign investment, the expansion through a low cost and hypothecated loan for financing by intangible assets. As for external investment with intangible assets, explanations are given to purchasing and merging between enterprises with a low cost using intangible assets and intangible assets taking part in distribution. At last, the development of capitalization operation of intangible assets in the world, in our country is explained. After I give my points on the difficulties of capitalization operation of intangible assets in our country, the solutions are concluded.

本文从无形资产资本化运营的界定谈起，对无形资产资本化运营的涵义、主要特征及主要方式进行阐述，论述了无形资产资本化运营的重要意义；然后从无形资产融资、无形资产对外投资方面探讨了无形资产资本化运营问题，其中：对无形资产融资问题，根据融资方式的不同探讨了四方面的内容：利用无形资产吸纳风险投资、利用无形资产嫁接改造吸纳外商资金、利用特许经营实现低成本扩张和利用无形资产质押贷款；在无形资产对外投资问题中探讨了企业以无形资产实施低成本购并及无形资产参与分配问题；最后在综观国际上无形资产资本化运营发展的状况，及展望世界无形资产资本化运营发展趋势的基础上，立足于我国的发展现状，针对目前存在的主要问题，提出我国的无形资产资本化运营对策。

This paper endogens carbon tax and subsidy two variables, discussing how to decide the optimal level of carbon tax and subsidy. The results of the research are obtained as the following:(1) price and capital subsidy which one is priority depend on the productivity of renewable energy capital, if productivity is high enough, then should adopt capital subsidy policy;(2) price and capital subsidy indeed exist trade-off and non-independent relationship;(3) renewable energy regulation ratio has negative effect on carbon tax, however has positive effect on price subsidy;(4) green certificate price increase will result in decrease carbon tax and price subsidy, but increase capital subsidy;(5) if the authority loose the environmental target, then should impose high carbon tax which maintains the environmental quality, but have ambiguous effect on subsidy policy;(6) increasing stability of renewable energy, then increase price subsidy, however, under budget constraint should decrease capital subsidy;(7) analyzing Taiwan's three wind power energy with different price subsidy, which can improve the technology of wind power energy. In another word, it can raise the capacity of wind power energy and reach the goal of renewable energy.

本文考量政府预算限制下，探讨最适碳税税率与补贴率订定之问题，获得如下发现：(1)发电量补贴与资本补贴对促进再生能源发展效果不一样，决定於再生能源资本的生产力，如果资本生产力足够高，则发电量补贴效果较佳；反之，则应优先采行资本补贴措施；(2)发电量补贴与资本补贴的确存在抵换而非独立关系，亦即在政府预算限制下，为促进再生能源发展，应将种种补贴措施整合考量，以最低行政成本达到再生能源发展目标；(3)再生能源管制配比与碳税税率及资本补贴率呈反向变化关系；而与发电量补贴呈正向关系；(4)绿色权证交易制度具促进再生能源管制目标达到之奖励效果，因此，绿色权证价格提高可降低发电量补贴及碳税税率，降低碳税对经济不利冲击效果；(5)政府如果采行较宽松环境目标，宜提高碳税税率，避免环境品质进一步恶化，然而，对发电量或资本补贴之影响效果不确定；(6)再生能源发电效率愈高，则应提高再生能源发电补贴，在预算限制下，应降低再生能源资本补贴；(7)透过台湾三座风力机组的实证分析，采取差异性发电量补贴，将可诱导较高效率风力机组的投资行为，提高整体风力发电效率，达到再生能源发展之目标。

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。