金融市场

Jiang Yang said that in recent years the face of energy, resources, the bulk of the extreme fluctuation in commodity prices, a growing number of companies and investment banks, hedge funds and other institutions to make use of futures market in the allocation of assets and management of risks, global commodity futures market structure and functions of profound changes in the futures market influence greatly enhanced, in the development of commodity futures market position than ever, the gradual deepening of market functions, and its economic stability in the promotion of healthy operation, to safeguard national energy security, food security , financial and economic security, such as the important role of all aspects of growing concern by the market and look forward to.

姜押嗯说，近年来，面对能源，资源，初级商品价格下滑，公司和投资银行，对冲基金及其他机构越来越多的剧烈波动，大部分要利用期货市场在资产风险管理和分配，全球商品期货市场结构和期货市场的深刻变化功能的影响大大增强，在商品期货市场中的地位比以往任何时候的发展，市场功能逐步深化，其经济稳定在推广的健康运行，维护，如对日益增长的市场关心的所有方面的重要作用，国家的能源安全，粮食安全，金融和经济安全，并期待着。

A great change has taken place in financial structure and economic environment since 1990s. Along with the deceasing function of traditional commercial bank, capital market has played more and more important role in financial activities.

20世纪90年代以来，金融结构和经济环境发生了重大的变化，随着传统商业银行地位的下降，资本市场在金融活动中的地位日益增强，在这样的客观背景下研究货币政策股票市场传导机制有一定的现实意义。

Only accurately orientating and effective marketing tactics could keep and promote of the whole competitiveness of banking of our country.

金融机构是现代经济的核心和枢纽，作为金融机构与外界市场互动桥梁的市场营销则势必要经历一场深刻的网络化变革。

Most recently, Mr. Waugh successfully brought four private Chinese companies public in USA. He has served as the director and CEO in the AMEX-listed company for five years. Mr. Waugh has both original perspectives and proven records in terms of recapitalizing Chinese enterprises in the global financial market. Now, at Greater Dynasty, Mr. Waugh gives his utmost advice and guidance to his clients and wholeheartedly joins in their endeavor in capital restructuring and business expansion.

他在创建高汉金融集团之前，已经在美国的资本市场创立并成功上市了四家公司，并曾作为创始人在其中一家公司任职董事和CEO五年；从而在理论和实践两个方面，真实了解和运作了中国企业在海外资本市场全部过程，为目前高汉金融集团的客户公司提供了其他投资银行公司无法比拟的业务指导和过程服务。

One is to analyze the termination and close-out netting with the economic theories, which nobody has done in China. Another is to analyze the right of the judge with the game theory and to give some suggestions. The other is to analyze the macro-financial market from a micro-clause of the financial contracts.

第一，运用经济学方法来分析提前终止和终止净额这一合同条款在破产情况下的有效性，从经济效率角度论证了提前终止和终止净额所具备的经济学意义，这在国内的经济学领域是从来没有过的；第二，运用博弈论的方法对法官在破产时的自由裁量权进行了分析，并配合提出了相应的政策建议；第三，从场外金融衍生品市场规范性合约中的某一个条款入手，分析其对金融衍生品市场发展的意义，尝试从微观的角度来解决宏观的问题，这也是本文比较独特的地方。

The objectives of development of local currency bond markets are to mitigate the currency mismatch, improve the Asian financial system vulnerabilities and promote financial integration within East Asia. Our conclusion is that the development of local currency bond markets in East Asia has achieved the desired objectives, to some extent.

东亚本币债券市场的发展初衷是：缓解货币错配的程度，改善东亚金融体系的脆弱性，促进金融一体化的发展，而评估的结果认为东亚本币债券市场的发展取得了一定的成效，一定程度上实现了其预期的目标。

Compared with country of market economy, China's existing legal system of forcing market withdrawal of the commercial bank also has much weakness.we should perfect the legal system of dissolution and bankruptcy of the commercial bank,perfect dispersion and compensation mechanism of the problematic bank,perfect supervision mechanism and risk warning mechanism of the commercial bank.

针对我国商业银行强制型市场退出法律制度存在的诸多不足，本文探讨了商业银行市场退出法律制度下金融安全与金融发展的平衡，亦提出了相应的完善对策：健全商业银行撤销和破产法律制度，建立商业银行的风险分散与补偿机制以及商业银行监管机制和风险预警机制。

Financial economists, meanwhile, formalised theories of the efficiency of markets, fuelling the notion that markets would regulate themselves and financial innovation was always beneficial.

同时，金融经济学家们，将市场有效理论实体化，点亮了这样的一种概念，市场将自动调节自身以及金融创新永远是有益的。

Whether trading gossip, gold or grain, people came together to give and take in a manner that was both social and, with luck, economically beneficial. Marketplaces, the forerunners of exchanges, were the heart of early financial centres.

不论是交换小道消息，黄金还是谷物，人们都需要走到一起，通过既符合社会存在，又有幸运在内，使双方都有经济效益的交换方式，交易市场，即金融交易市场的前身，是那些早期金融中心的核心。

In the early period of China's securities market, margin trading and securities lending business already exists, but because of securities companies at the time of self-binding serious shortage of financial supervision and management abilities, margin trading and securities lending business has not carried out to achieve perfect price formation mechanism of the active market The purpose, it led to the stock market bubble, increased the financial system as a whole systemic risks.

在中国证券市场，保证金交易和证券借贷业务已经存在初期，但由于证券公司在时间自我约束力的金融监管和管理能力，保证金交易和证券借贷业务严重不足，没有进行到实现完美的价格形成机制，活跃市场的目的，这导致了股市泡沫，增加整体系统性风险的金融体系。

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。