资本

The forms of virtual capital are diversified and dynamic.Bank deposit currency is the important form of virtual capital.

虚拟资本的表现形式是多样的、动态的，银行存款货币是虚拟资本的重要表现形式。

In the end, based on above-mentioned study, we give policy recommendations such as perfecting relevant financial regulatory laws so as to timely propose mixed manage of financial industry, continually developing and perfecting bond market so as to broaden linking channels between money market and capital market, development of bond market, reducing the entrance constraints between money market and capital so as to strengthen the connectivity of investors between money market and capital market.

在上述研究的基础上，提出应健全和完善我国金融监管相关法律，适时推出金融业的混业经营模式；继续发展和完善债券市场，拓宽我国货币市场和资本市场的连通渠道；降低货币市场和资本市场准入门槛，增强两个市场投资主体的连通性等政策建议。

At the same time, AIA Huatai Fund's total investment in China's capital market, fund performance all depends on the performance of China's capital market, not overseas markets.

同时，友邦华泰基金在中国资本市场的总投资，基金的表现都取决于中国的资本市场表现，而不是海外市场。

The artic proposes the re-pricing model of the enterprise and reaches the way of integrity of capital property.

从企业内交易的路径出发，分析了人才资本企业内交易的必要性，企业内交易的过程，并提出了企业内重新定价的模型，以达到人才资本产权实现路径的完整性。

Some people even fully denied the property of the development of MBO in China, and they thought that MBO was not fit for China. The paper makes a systematic comparing analysis between the causes of MBO in western countries and China, applying the principal agent theory, human resource capital theory, and property rights theory, and so on. And we get the conclusion that there is the same incentive causes in China MBO and overseas MBO, and it is enterprise authority arrangement trend in knowledge and economy era. The difference is that domestic MBO is the result of institutional transition, but the overseas MBO is the competitive choice, and in China the price difference in share transactions makes managers have the goal to acquire the profits. This article analyzes the game relationship of MBO in China, and proves that the root caucus of China MBO non-prohibiting for the different behalves between local government and national assets management department, and between the representatives of state stockholders and managers.

本文应用委托代理理论、人力资本理论和产权理论等对中西MBO动因进行系统的比较分析，得出结论认为中外MBO具有相同的激励动因，都是知识经济时代智能资本获取企业所有权的企业权力安排形式，不同的是国内MBO是制度转型的结果，而国外MBO是竞争选择的结果，同时由于我国MBO存在股权交易价差，管理层具有获取价差的直接动机；本文运用博弈论的方法对我国MBO&禁而不止&问题进行分析，分析结论认为国资监管部门与地方政府和国有股东代表与管理层之间的利益差异是导致当前我国MBO&禁而不止&的根本原因；文章通过对我国26家上市公司MBO并购绩效的实证分析，得出结论认为MBO有利于公司绩效的改善，进而文章对当前我国MBO存在问题展开分析，并提出几点建议，我们认为当前对我国MBO的理性做法是适当引导，而非简单禁止。

Topsy-turvy world, in which Mister Capital and Mistress Land carry on their goblin tricks as social characins and at the same time as mere things … it is … nature that the actual agents of production felt completely at home in these estranged and irrational forms of Capital-Interest, Land-Rent, Labor-Wagesof Labor, for these are the forms of the illusion, in which they move about and in which they find their daily occupation.

在这个世界里，资本先生和土地太太，作为社会的人物，同时又直接作为单纯的物，在兴妖作怪…实际的生产当事人对资本－利息，土地－地租，劳动－工资这些异化的不合理的形式，感到很自在，这也同样是自然的事情，因为他们就是在这些假象的形式中活动的，他们每天都要和这些形式打交道。

It is an enchanted, perverted, topsy-turvy world, in which Mister Capital and Mistress Land carry on their goblin tricks as social characins and at the same time as mere things … it is … nature that the actual agents of production felt completely at home in these estranged and irrational forms of Capital-Interest, Land-Rent, Labor-Wages of Labor, for these are the forms of the illusion, in which they move about and in which they find their daily occupation.

在这个世界里，资本先生和土地太太，作为社会的人物，同时又直接作为单纯的物，在兴妖作怪…实际的生产当事人对资本-利息，土地-地租，劳动-工资这些异化的不合理的形式，感到很自在，这也同样是自然的事情，因为他们就是在这些假象的形式中活动的，他们每天都要和这些形式打交道。

They demonstrates the following characteristics obviously:The inside financing is far below than the outside financing;(2) The proportion of stock financing is higher than bond financing in the outside financing;(3) The equity structure is unreasonable;(4) For the level of the current liability is so high, the debt structure is unreasonable also;(5)Take the ration chares as the main resource of long-term capital.

而后，分析我国上市公司融资现状的成因：资本结构理论认为，公司融资方式的选择受到资本成本、融资工具等因素影响外，上市公司的融资问题反映的实际上是我国上市公司在转制建制上的不足，特别未建立高效率的治理结构和有效的治理机制。

Colliers International recently released report predicts that 2005 is still overseas capital in Shanghai real estate operation of capital markets and institutional investment.

高力国际最近发布的报告预测， 2005年仍是海外资本在上海房地产业务的资本市场和机构的投资。

To act as brokers between foreign and native capital there came into being a class of entrepreneurs - the Chinese compradors, who were often landlords or bureaucrats or both.

中国买办阶级作为外国资本与本国资本之间的掮客出现了，他们先前往往不是地主就是官僚，或是身兼这两种身份。

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。