资本

This text is exactly the route that attempts to explain the system changes of family firm in terms of theory of the modern agreement, utilize a series of mathematics models to strengthen the convincingness of the theory, thus achieve the goal of analyzing. After analyzing the agreement nature of the family firm. Drove through theory identification and mathematics and physics

在分析了家族企业的契约性质后，重点通过理论证明以及数理模型说明家族企业作为一个不完全契约需要建立一种有外部人力资本参与的新的企业契约，更进一步的分析引入外部人力资本后家族企业契约性质的变化及由此导致的家族企业发展的新困境，并提出建立一般性关系型激励契约以及报酬契约是克服家族企业发展障碍的现实有效选择。

Manpower capital investment and corporeal capital invest, it is the main impetus that economy grows.

人力资本投资和物质资本投资，都是经济增长的重要推动力。

Exchange differences on the translation of capital represent exchange differences arising from the adoption of different exchange rates in the corresponding assets account and the paid-in capital account referred to in Article 47 of these Regulations.

资本折算差额是指本制度第四十七条第三款所述由于有关资产帐户与实收资本帐户所采用的折合汇率不同而产生的记帐本位币差额。

Exchange differences arising from the adoption of different exchange rates in the corresponding assets account and the paid-in capital account shall be dealt with in the capital reserve account.

由于有关资产帐户与实收资本帐户所采用的折合汇率不同而产生的记帐本位币差额，应当作为资本公积核算。

It can be said that, as a financial innovation, Countervail Debt by Shares has the various practical significance regarding our country capital market development, but according to the operating on the reality, this kind of financial innovation tool still exists many discussion and the question urgently.

可以说，作为一项金融创新，"以股抵债"对于我国资本市场的发展具有多方面的现实意义，但是从我国目前资本市场上"以股抵债"这种金融创新工具的实际运作来看，上市公司的"以股抵债"仍存在着诸多亟需探讨和解决的问题。

Clearly, the capital miscalculated, we can see in the current market, the lost money is not just an ordinary investors, the capital Road is no exception.

显然，资本失算，我们可以看到，在当前的市场，失去的钱不只是一个普通的投资者，资本道也不例外。

With the development of the capital market, grow quickly our nongovernment subrogation , debt conversion and hidden equity transaction.

随着资本市场的发展和确立，我国民间债权与债务的移转以及地下的产权交易发展很快，对资本市场的形成和发展起到了一定的推动作用，这是市场经济高度发展的客观要求和必然结果。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymme try between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

The traditional response is that the current account is the main causal factor , with capital and financial accounts simply reflecting financing of a deficit or investment of funds arising as a result of a surplus .

传统的解释是经常账户是主要原因因素，而资本和金融账户只是单纯地反映出对逆差的融资或者对顺差产生的资本的投资。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。