金融公司

Lord, the American Ambassador in China, to participate an exchange plan. In September 1987, Mr. Li went to America again for his master degree. In June 1989, Mr. Li attained his master degree on International Finance from Brandes University. As an analysis of Acadian Investment Management Company, Mr. Li started his investment management practice in 1990. In March 1991, Mr. Li was employed by the famous Wall Street Investment Bank and the Brother Braun Corporation as senior analysis in investment strategy department, analyzing and researching investment strategy. In September 1995, Mr. Li was appointed by the Oppenheimer Funds and responsible for the global stock investment.

1986年6月，李山泉受美国驻中国大使洛德邀请，参加美国汉弗莱交流计划。1987年9月，他重返美攻读学位。1989年6月，获布兰德斯大学国际金融硕士学位。1990年作为为Acadian投资管理公司的分析师开始投资管理的实践。1991年3月到纽约华尔街，被著名的老牌华尔街投资银行、布朗兄弟公司聘任，在投资战略部任高级分析师，从事投资战略的分析研究。1995年11月应聘到奥本海默基金公司，负责该公司环球股票投资的管理工作。

Eastern Airlines and Shanghai Airlines as a result of poor performance, the merger of the two sides assume that, in order to reduce the debt ratio may be too high to The combined company's operations and a huge financial risk, the Government must give the combined company into a lot of money.

由于表现欠佳而东方航空公司和上海航空公司，在双方的合并假设，以减少债务的比例可能过高的合并后的公司的运作和巨大的金融风险，政府必须把大量资金合并后的公司。

Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达65亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

ZAT Automobilitechnik Shanghai Co., Ltd, founded in 2004, with headquarter in Germany, is a globally acting leading sales organization.With approx 32 employees worldwide and the company's responsible for approx 450 million...

东南融通是中国领先的金融IT综合服务提供商，为银行、保险、基金、证券等金融行业以及大型企业财务公司提供整体解决方案和软件产品，业务范围涵盖了规划咨询、软件开发实施、IT外包与运营及系统集成服务等，是中国金融机构重。。。

The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的结论：[1]中国企业的迅速发展对融资有迫切的要求，中国国内资本市场发展不完善与这种强烈的融资需求的冲突导致了企业寻求通过买&壳&的方式控制上市公司，以此来提高自身的融资能力；[2]中国上市公司股票的两种定价机制为&系&低成本控制上市公司提供了可能，监管机制的不完善为&系&提供了操纵上市公司的空间，国有资产在调整过程中从部分竞争行业退出，为资本市场提供了一定数量的&壳&资源；[3]民营企业纷纷买&壳&上市，在这个过程中，部分实力突出的企业形成了&系&；[4]&系&现象对进行行业整合、提高资本市场融资能力等方面起到了积极的作用；[5]&系&通过对上市公司进行的操纵放大了金融风险，将上市公司的股东利益最大化变为大股东利益最大化，存在着侵害小股东利益的潜在倾向。

From the different point of view, the listed company refinances mechanism has different structure and form of expression. Look from forming the key element, the refinancing mechanism is melted out such key elements as the square , person who incorporates square , price , market , supervision of fund , intermediary ,etc. to form by the fund. According to financing source, the refinancing mechanism while being endogenous and other source financing form again; According to financing way, the refinancing mechanism makes up indirectly by the direct financing. According to financing tool, listed company refinance mechanism include creditor"s rights financing, stock financing, half stock right half creditor"s rights financing.

从不同的角度来看，上市公司再融资机制有不同的结构与表现形式：从构成要素看，上市公司再融资机制由资金融出方、资金融入方、价格、市场、监管者、中介机构等要素构成；从融资来源来看，上市公司再融资机制由内源融资和外源融资构成；从融资方式来看，上市公司再融资机制由直接融资和间接融资组成；从融资工具来看，上市公司再融资机制则包括债权融资、股权融资、半股权半债权融资。

This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

0引言近些年由于长期资本公司的倒闭以及美国国债市场当中刚发行的国债比发行很久的国债(off-the-run)等资产定价异常现象的发现，越来越多的学者认识到流动性是金融资产一个非常重要的特性，流动性资产定价一直是近来金融研究的热点问题，把流动性引入到资产定价模型当中，可以更加全面、准确的对金融资产进行定价。

Other insurers that have agreed to follow the model's requirements include Aetna Inc.; Empire Blue Cross Blue Shield; UnitedHealthcare; Oxford Health Plans; Group Health Inc.

其他的保险公司已同意遵循该模式的要求，包括安泰金融保险集团、帝国蓝十字蓝盾公司、联合健康保险公司、牛津健康计划公司、团体健康险公司、Emblem Health Inc。

Shanghai Pudong Development Bank, Shanghai Bank, the Shanghai Stock Exchange, China Pacific Insurance Company more than 20 financial institutions will join the UK-US-site recruitment, the Shanghai Futures Exchange, the Shanghai Gold Exchange, Shanghai financial Futures Exchange and other financial institutions 8 will also be entrusted to conduct a recruitment.

上海浦东发展银行、上海银行、上海证券交易所、中国太平洋保险公司等20余家金融机构届时将随团赴英美进行现场招聘，上海期货交易所、上海黄金交易所、上海金融期货交易所等8家金融机构也将委托进行招聘。

In order to survive,"change" is the best policy. A number of banks have transformed themselves into financial holding companies, through which the financial sectors can develop in the dimensions of diversity and enlargement. Hence, the distinctions among bank, stock company, and insurance company are going to decline. A financial holding company is able to run cross-industrial business and facilitate rapid development of financial products to reach both conomies of scale and economies of scope in enterprise.

为了能在这种环境中求生存，〝改变〞是最佳的方法，许多银行纷纷转型成为金融控股公司，藉由此模式可使金融体系朝多元化及大型化发展，让银行、证券、保险等三者之间的区隔与差异渐趋缩小，且可相互跨业经营，同时促使金融商品快速研发，达成企业上的规模经济与范畴经济。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。