金融上

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

Secondly,based on the sense of money equilibrium and AO-test technique,this paper recalculates the degree of excess money,and finds that there exits greater degree excess money during 1979 to 2007,but the degree has been dropped greatly since 1990s.

从&超额货币&的内涵来看，其不仅包括执行流通手段职能的货币量，而且还应该包括执行贮藏等各种职能的货币量；第二是采用供求均衡意义上的&超额货币&程度的算法，在变量中引入制度及虚拟经济发展的因素，在方法中采用AO检验法对长期因素做了阶段性划分，并在此基础上运用协整检验法对我国的&超额货币&程度进行了测算，结果发现在1979年-2007年间，我国的确存在着较大规模的超额货币，但是，在20世纪90年代之后，我国的超额货币程度出现了较大幅度的下降；第三是采用阶段分析法对我国超额货币的引致原因进行了实证分析，检验结果显示，货币化、虚拟经济的发展和边际消费倾向的变化都在不同程度上造成了我国超额货币程度发生变化，其中：货币化在1979-1990年间和1991-2007年间对&超额货币&程度的影响方向是相反的，虚拟经济的发展与&超额货币&程度的变动具有反向的影响，货币结构的变化对&超额货币&程度的变动具有正向影响，而居民消费对&超额货币&程度在1979-1990年间无显著影响，但是在1990-2007年间有正向的影响；第四是对&超额货币&程度的变化对我国经济金融的影响进行了理论和实证分析，结果显示：&超额货币&程度的变化对我国的经济增长、物价和汇率的变动都有着较为明显的影响，其中，对物价和汇率的影响是正向的，对经济增长的影响在长短期是不一致的。

The increase in size and numbers suggests the significance of cooperative finance, its functions, and its unique characteristic that makes them different from both banks and thrifts, that is, keeping the customer-oriented business model.

合作金融在国际上已经有一百多年的发展历史，是金融体系中不可或缺的组成部分。

All the banking financial institutions shall practically fulfill the "six service commitments" and handle special affairs in a special way to ensure smooth channels for earthquake relief donations and remittances; shall provide good services for payment and settlement of disaster relief funds to ensure that disaster relief funds be remitted to the accounts of payees as soon as possible; shall do a good job in capital dispatch and remittance to safeguard the needs of the clients in disaster areas for drawing cash and ensure the timely entry of disaster relief funds into accounts and the timely allotment of disaster relief funds; shall try to resume normal business operation of outlets in disaster areas, and may set up temporary outlets under a special circumstance to ensure the needs of clients for transactions; shall rapidly process international earthquake relief funds and reduce charges as much as possible; shall open green credit-granting channels for earthquake relief, actively do a good job in granting of disaster relief loans, support the timely purchase and circulation of earthquake relief materials, provide special financial services for the heavily affected industries and enterprises of power, communications, highway and railway, etc., guarantee the efficiency in examination and approval of loans and ensure the disaster relief funds be in place timely.

银行业金融机构都要切实履行&六项服务承诺&，特事特办，确保抗震救灾捐款、汇款通道顺畅运行；做好救灾款项的支付清算服务，确保救灾款项第一时间到达指定收款人账户；做好资金调运和汇划，保障灾区客户提取现金的需求，保证救灾款项及时入账和拨付；在保证安全的基础上，设法恢复受灾地区网点的正常营业，特殊情况下可设临时营业点，以保证客户办理业务的需求；对有关抗震救灾的国际救助资金快速办理，并尽可能减免费用；开启抗震救灾绿色授信通道，积极做好抗震救灾贷款投放，支持抗震救灾物资的及时采购和流通，对电力、通讯、公路、铁路等受灾害影响大的行业和企业采取特殊的金融服务支持，保证信贷审批效率，确保救灾贷款及时到位。

To work together and tide over the difficulties has become our top priority.

我在达沃斯会议上已重申，应该对国际货币金融体系进行必要的改革，建立公平、公正、包容、有序的国际金融新秩序，努力营造有利于全球经济发展的制度环境。

Include to restore and change a tradition to run the Chinese agriculture bank of the target, supported rural goods economy energetically, raised capital to used cooperation of credence of benefit; country to restore nominal collaboration finance to organized positional; to unlock the control to civilian credence, allow civilian freedom leasehold, allow to establish civilian collaboration finance to organize; to allow a variety of financing means to coexist, included deposit, loan, bond, stock, fund, note discount, fiducial, rent wait for a variety of credit methods.

包括恢复并改变传统运作目标的中国农业银行，大力支持了农村商品经济，提高了资金使用效益；农村信用合作社恢复了名义上的合作金融组织地位；放开了对民间信用的管制，答应民间自由借贷，答应成立民间合作金融组织；答应多种融资方式并存，包括了存款、贷款、债券、股票、基金、票据贴现、信托、租赁等多种信用手段。

At last, the three level development strategies of commercial bank's enterprise pension business were proposed by using strategic management theory. These three level strategies are the corporate level strategies, the business level strategies and the operational level strategies. On the corporate level strategies, financial holding group model could be used to provide comprehensive enterprise pension service. On the business level strategies, the competitive strategies of differentiation and focus and the cooperative strategies used in the development of mixed management could be applied. On the operational level strategies, seven marketing development methods were proposed. They are fulfilling the construction of enterprise pension marketing channel, strengthening overall marketing and linkage marketing; differentiating customers and markets using multi-level marketing skill; strengthening advertisement of enterprise pension knowledge, developing potential customers of enterprise pension and etc.

最后，文章运用战略管理的理论方法全面提出了商业银行企业年金业务的三个层次发展战略：在公司层战略上，提出以金融控股集团模式提供企业年金综合服务；在业务层战略上，提出了以差异化和集中化为主的竞争战略和贯穿于混业经营发展过程中的合作战略；在经营层战略上提出了完善企业年金的营销渠道建设，加强整体营销、联动营销；细分客户、细分市场，采取多层次营销策略；加强企业年金知识的宣传普及，挖掘企业年金潜在客户等七大发展策略。

They aim to create the world's biggest financial marketplace, allowing investors to buy and sell financial futures in everything from interest rates to government bonds, stock indices, currencies, gold and, yes, pork bellies.

他们的目标是成立世界上最大的金融交易市场，使投资者可以在这里买卖从利率到政府债券、股指、货币、黄金及猪腩等一切金融期货。

P.T. Maxgain International Group is a financial multiplication group which has great reputation what the specialty is engaged in is the financial investment managing finances product information consultant service, its market share occupies the locality 65%, the company undergoess long-term development, internationally had certain brand influence.

n力天国际集团系亚洲地区享有盛名的金融多元化集团，专业从事的是金融投资理财产品的信息咨询业务，其市场份额占当地百分之65%，公司经过长期的发展，已在国际上具有一定的品牌影响力。

IFC is the world's largest multilateral source of equity and loan financing for private enterprises in developing economies.

国际金融公司是世界上为发展中国家的私营企业提供股本金和贷款最多的多边金融机构。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。