金融市场

Meanwhile, the Central Bank firstly introduced " inquiry "– a transaction way which is more marketably, and the forward foreign exchange transaction and swap transaction were allowed to enter into the market the first time.

8月9日，央行宣布改革银行间外汇市场，为非银行金融机构和非金融企业进入该市场开了"绿灯"，同时首次引入询价这种更为市场化的交易方式，首次允许在该市场内开展远期外汇交易和掉期交易。

During the transformation, there are two main forces: modern investment theory and IT. Modern investment theory led investors to accept the idea of risk management. Besides, it brought the instruments measuring risks and pricing risk assets, which promoted market participant to understand derivatives very well. IT provided powerful technical support for massy calculations which is necessary for risk measurement and pricing and for instant reaction capacity to market opportunities.

在这一转化过程中，现代投资理论和信息技术是两大主要推动因素，现代投资理论不仅使风险管理的理念深入人心，还具体提供了风险度量和风险资产定价的工具，增强了市场参与者对衍生金融工具的认知能力，信息技术则为风险度量和风险资产定价所需的深度计算，以及对市场机会的迅速反应能力提供了强大的技术支持。

After China being a member of WTO, Chinese financial market is becoming more opener.

这表明中国的金融服务市场将是一个更为开放的市场。

First of all, the valuation errors in TXO of the BS-IV model are the smallest among all volatility models. In the whole, the BS-IVmodel underprices the market value, BS-HV, BS-EV（EGARCH（1,1））and Ad hoc BS model overprice the market value respectively. Next, there exist the linear relationships between the valuation errors and moneyness in TXO mostly. At last, in view of hedging errors, the other thing being equal, the shorter is the maturity, the smaller is the hedging error.

本文的实证发现，在评价误差方面，整体而言，隐含波动性模型对买权及卖权的评价误差最小，隐含波动性模型之理论价格低估了市场价格；而历史波动性模型、EGARCH（1，1）模型及平滑后的历史波动性模型之理论价格则大多高估了市场价格；接著，在评价误差与金融特性关系方面，各波动性模型之评价误差与价内价外程度、股价指数报酬率、股价指数波动性、距到期日及无风险利率等因素，大多具有显著的线性关系。

This process could lead to an overvaluation of certain financial assets, particularly in small and illiquid markets such as many emerging markets.

这种过程尤其会在小规模和不流动的市场，诸如许多新兴的市场，造成过高地确定某些金融资产的价值。

In the Chinese International Financial Company Limited, Chief Economist Kazakhstan Following Ming told reporters at the time, the real estate market are two seemingly contradictory forces unit parallel : Further follow-up with the positive cash - beginning with the 2001 mid-tide, the macro-control, the impact of interest rate policy mix, the current real estate market again in the future is expected to become the collective.

在中国国际金融有限公司首席经济学家哈继铭对记者说这番话的时候，房地产市场上正有两股看似矛盾的力量并行：持币观望与积极跟进继始自2001年中期的观望潮之后，受宏观调控、加息等政策组合的影响，现今房地产市场上再次出现对未来预期的集体迷茫。

The conclusions are as follows:(1) The mispricing in the stock market is the extrinsic motivation of Chinese listed companies stock financing preference. There are two considerations of stock financing preference.

本文在综合借鉴并吸收了国内外相关研究文献精华的基础上，结合行为金融理论，在非有效市场假设下，建立不同模型，对我国上市公司偏好股权融资的内外部动因进行了实证研究，并得到了如下结论：(1)股票市场的错误定价是造成上市公司股权融资偏好的外部原因。

However, the researches from 1980s until now discover that some stocks or portfolios have certain predictable model, through which investors can earn premium returns, and that the stock market is not as efficient as what Efficient Market Hypothesis states.

但是，从80年代后期至今的大量金融研究发现，某些股票和资产组合的收益存在着某种可以预测的模式，投资者能够依据已有的信息来获得超额回报，证券市场并不像有效市场假说所描述的那样"有效"。

The consumption level that is people can support the market development of culture industry; 2 it is civilian battalion enterprise and social capital (the industry is published in news) active went to critical point, be necessary to advance news to publish an institution to deepen reform; 3 it is to be below financial crisis, the market that culture consumes is refluent however and worthwhile it is a chance.

一是人们的消费水平能够支撑文化产业的市场发展；二是民营企业和社会资本的活跃到了一个临界点，有必要推进新闻出版事业单位深化改革；三是在金融危机下，文化消费的市场却逆流而上算是一个契机。

The withdrawal of stock equity of debt-to-equity swap benefitto resume connatural financial resource allocationfunction of market mechanism, basedon the viewpoint of market operation.

建立债转股股权退出机制，有利于在国有经济领域内恢复市场机制本身固有的金融资源配置功能，且股权的退出应该基于商业化市场运作观点。

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。