资本交易

The current value-at-risk based treatment for assessing capital for trading book risk does not capture extraordinary events that can affect many such exposures.

某些特殊的风险实践可能对商业银行的交易类资产价值产生广泛的影响，而目前用于计算交易账户风险资本标准的风险价值法（value-at-risk， VaR）对此无能为力。

The accounting information is the concentrated reflection of listed companies. Its quality directly influences the effective degree of capital market, the disposition efficiency of social resources as well as the accounting information in the supply-demand balance process. At the same time, the full disclosure of accounting information may save the transaction cost because of reducing the degree of information asymmetry in the release and the transaction process in the stock market.

会计信息，是上市公司经营状况的集中反映，其质量的高低直接决定着资本市场的有效程度、社会资源的配置效率以及会计信息在供求方面平衡过程；同时，会计信息的充分披露，可因降低证券市场发行与交易过程中的信息不对称而节约交易成本。

By learning the experiences of foreign muture capital market,we can go into actions as follows to upgrade china's delisting system:First of all,we need to estabilish a multi-levels market system which involves main board market,second-board market,OTC market etc.Second,we need to further upgrade the delisting rules,elevate the delist standard and reinforce the capabilities to delist.

通过对国外成熟资本市场的经验借鉴，完善我国退市制度可以从以下几方面着手：一、建立包括主板市场、二板市场、场外交易市场及分散的柜台交易市场的多层级市场体系；二、进一步完善退市立法及完善退市标准和提高退市程序的可操作性；三、健全社会保障体系，有效保障投资者利益等等。

Fictitious capital is in trade the price decision way on the market also is different from other goods or capital.

虚拟资本在交易市场上的价格决定方式也不同于其他商品或资本。

Under the frame of inframarginal analysis, this thesis applies the transaction cost theory and the social capital theory to analyze peasants' choice of the different organizations and the various levels of the organization, also it combines questionnaire investigation and case interview to make an empirical research.

论文在超边际分析的理论框架下，运用新制度经济学的交易费用理论和社会学的社会资本理论，对农民配置人力资本的组织形式选择及农民普遍选定的经济组织内部的层次差异进行理论分析，并采用问卷调查与个案访谈相结合的方法对其进行了实证研究。

By signing the Risk Disclosure Statement, the Customer agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading in margined OTC Foreign Exchange, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family's lifestyle.??

签署风险披露声明，表明客户已充分了解并愿意承担场外保证金外汇交易的法律、经济和其他风险，并愿意和能够承担损失全部资本的风险；资本的损失不会改变客户或其家庭生活方式。

By signing the Risk Disclosure Statement, the Customer agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading in margined OTCForeign Exchange, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family's lifestyle.

签署风险披露声明，表明客户已充分了解并愿意承担场外保证金外汇交易的法律、经济和其他风险，并愿意和能够承担损失全部资本的风险；资本的损失不会改变客户或其家庭生活方式。

With the view to guarrantee the successiveness of enterprises' technical progress and provide the national economy ...

这包括开发资本市场上的高科技品种，建立高科技证券的发行市场和交易市场，建立有利于募集高科技投资资金的资本组织制度等等

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。

The firm is not only the lens of contracts between human capital and physical capital, the arrangement of transaction cost thrifts instead of market price mechanism.

企业不仅仅是由人力资本与物质资本达成的契约束组成的、代替市场价格机制从而节约交易费用的安排。

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。