金融市场

The foreign exchange market is the world's largest financial product market, to September 2007 reached $3.2 billion daily trading of securities market, equivalent to the United States, China's stock market is 30 times the size of 600 times daily.

外汇交易市场是全球最大的金融产品市场，到2007年9月日均交易量达到3.2亿美元，相当于美国证券市场的30倍，中国股票市场日均交易量的600倍。

Specifically, the PBC undertakes to formulate and implement monetary policy; issue currency and regulate its circulation; manage the official international reserves; regulate inter-bank money market inter-bank bond market, foreign exchange market and gold market; act as fiscal agent; maintain payment and settlement system; combat money laundering activities, and participate in international financial cooperation on behalf of the state.

具体地说，中国人民银行负责制定和执行货币政策；发行货币；管理货币流通；管理国家外汇储备；监管银行间货币市场和债券市场、外汇交易市场和黄金交易市场；代理国库；维护支付结算体系；反洗钱；代表国家参与国际金融合作。

Therefore, the Yangtze River Delta cooperative way, cooperative field are being expanded constantly, the merged " 8 hour reaching economic circle " for Yangtze River Delta is indicating it has already made a great start.

在市场规则上与国际接轨，消除各种形式的地方壁垒，努力营造开放、规范的市场环境，建立以上海为主体与中心的区域要素市场体系，将是长江三角洲未来区域经济整合发展的关键，尤其是金融、人才、技术、产权等大市场的建设。

At the moment, the unaffordable housing prices and the overdevelopment/overexpansion of the housing sector have already been taken seriously by central authorities, which have already developed macro-policy measures to ensure stable and healthy development of the real-estate sector in January this year.

有的城市房价过高，上涨过快，已经引起政府高度重视。2010年1月，国家出台了促进房地产市场平稳健康发展的一系列宏观调控政策，要求大力增加保障性住房和普通商品住房供给，继续鼓励居民自住和改善性需求，抑制投机性需求，加强房地产市场监管，完善房地产市场制度，综合运用土地、金融、税收等市场调整手段，来稳定房地产的价格。

Then, interruptible load is introduced into transmission congestion management in the paper. The paper discusses the application of interruptible load to transmission congestion management in power pool market. Market risk of evade is very important in transmission congestion management. The FGR, FTR, TO are introduced into transmission congestion management, its concept and implement in bilateral market are discussed in the paper. It provides the valid means of evadable price risk for the market participant. The reasonable allocation of congestion cost is very important in transmission congestion management. The paper proposed a novel methodology for allocation of congestion cost based on the line flow analysis.

然后，将可中断负荷引入到输电阻塞管理中，对其在电力联营体交易市场模式下输电阻塞管理中的应用进行了全面阐述；市场风险的规避是输电阻塞管理中需要考虑的重要内容，本文将基于潮流的输电权、金融型输电权及输电期权引入到输电阻塞管理中，阐述了其基本概念以及在双边交易市场模式下的具体实施，为市场参与者提供了规避价格风险的有效手段；阻塞费用的合理分摊是输电阻塞管理中的重要内容，本文提出了一种基于阻塞线路潮流组成分析的阻塞费用分摊新方法。

After a study on Chinese financial practice, we find that though Chinese banking system has high cost and low efficiency, one side, Chinese security market has very low efficiency to overcome asymmetric information and has many unsolved problems in short term that brings very high additional cost, so security market is not a good system to substitute the Chinese banking system and must develop after these problems are solved, on the other hand, the cost of Chinese banking system is mainly exogenously produced, the experiences of western commercial banking practice and the joint-stock reform in some Chinese banks have proved that the efficiency of Chinese banking system can be improved. So one of our conclusions is that China should emphases on the reform and development of the banking system.

一方面，本文通过对中国证券市场的进一步分析，发现中国证券市场制度设计上存在严重不合理，短期内仍然缺乏合适的生存环境，这也导致其过去十多年的超常规发展中不仅具有低的效率，而且形成了许多短期内难以克服的缺陷，这充分表明证券市场不应成为我国金融体系短期内的重点方向，证券市场未来的进一步发展必须以这些问题和缺陷的解决为前提；另一方面，进一步的分析表明，我国银行业目前的巨大成本主要为外生，同时，对西方发达国家银行业发展和我国银行股份制改革的经验总结表明，只要在一定的条件下，银行业的效率完全可以有效提高，因而，中短期内我国应重点对银行业进行改革和发展，尤其是要加快银行业的股份制改革进程。

In the Chapter 4, finance bond is studied, With the comparison to the other bonds, the development course of finance bond market in our country has been briefly reviewed, the issuer and the issuing method have been concretely analyzed, and the perspective of the finance bond market in our country has been put forward.

本文从金融结构、金融体系发展变化的历史角度出发，在研究内容上比较全面、系统地分析了中国债券市场发展现状、发展中存在的问题、面临的挑战、创新的方向以及发展的目标模式，在研究的理论基础上注重运用新的理论，在研究方法上注意采用多种研究方法，在资料整理上特别是关于企业债券和金融债券方面的内容较完整、全面。

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。

More likely, it will be given the only slightly more limited job of maintaining the financial plumbing system, regulating big institutions and markets that could threaten financial stability, and setting the size of the capital cushion big institutions must maintain.

更大的可能是美联储被赋予一种较为轻松的职责，只负责维护金融监测体系，监管那些有可能威胁到金融稳定的大型机构和市场，规定大型金融机构必须达到的备险资金规模。

Many have gone on to work as traders, fund managers, risk managers, security analysts, brokers and corporate treasurers.

这门课程的毕业生进入职业发展的一系列金融部门的作用，包括分析师，基金经理，对冲基金的专家，贸易商和市场的金融工具。雇主包括所有主要的金融机构在伦敦举行。

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。