风险资本

The CBRC allows commercial banks to implement the internal rating method by stages, however, when a commercial bank obtains the approval for using the internal rating method, its asset coverage ratio calculated according to the internal rating method (risk-weighted assets calculated according to the internal rating method)/(risk-weighted assets calculated according to the internal rating method + risk-weighted assets of other credit risk exposures calculated according to the revised capital supervisory provisions) shall not be lower than 50%, and it shall formulate the plan for the implementation of internal rating method by stages, so as to ensure that the asset coverage ratio reach 80% in three years.

银监会允许商业银行分阶段实施内部评级法，但在获得许可使用内部评级法时，采用内部评级法的资产覆盖率（按内部评级法计算的风险加权资产/［按内部评级法计算的风险加权资产＋按修订后资本监管规定计算的其他信用风险暴露的风险加权资产］）应不低于50％，并制定分阶段实施内部评级法规划，以保证3年内资产覆盖率达到80％。

Human capital investment starts to become enterprises' recurrent expenditure. However, risks will be always with investment.

然而，有投资就会有风险，企业人力资本投资不同于一般投资的特性，又使得企业人力资本投资具有更大的风险。

BOHO maintained closely relationship with various types of capital suppliers in the world with different scales and investment propensities, and concentrates its energy on hi-tech fields of any stage of industrial chain, such as electronics, IC, information, software, electronic business, telecommunication, biotechnology, new materials, advanced manufacturing, automatic and robotics, new energy, environment protection, modern agriculture.

宝号国际资本与技术运作中心集合资源丰富，资本类型多样，投资喜好多元，技术成果与项目涉及电子信息、生物技术、新能源、节能技术、新材料、先进制造与自动化、资源环境和现代农业等产业领域的各阶产业链段，可具体根据资本与技术的不同诉求，优化组合可行的合作方案，努力降低商业风险，实现资本增值目标和高新技术事业飞跃。

Based on its sound investment philosophy, strict decision-making procedure and steady running style, BOHO provides series of project solution and operating services for global capital and hi-tech possessors, dedicated to seeking cooperative opportunities for global capital, technology, market, facilitating their successful combination, innovating growth mode of enterprises, accumulating fortune for stakeholders.

高新技术产业化方案设计运作、商业模式与制度设计、产权交易与并购、资源外包与合作服务、整合推广与营销服务、跨国公司项目合作、融资模式设计与运作、 IPO 方案设计与运作、全球整合与资本运作，风险、战略、私募等资本导入，各类资本投资方案设计与运作，资本结构与组合层次方案设计，政府与民间项目招商引资服务，投资关系冲突与危机管理服务。

This study contributes significantly in financial literatures in describing and modeling volatility in stock markets with incompleted reaction to expected news. It is also of great significance to asset pricing and risk management.

风险和收益是资本市场永恒不变的主题，本研究在波动率研究命题上所作的理论创新和技术应用对于资本市场的证券定价，资产配置以及风险管理同样具有重要的现实指导意义。

Based on the typical case study and positive analysis on Broccoli Cooperative Organization in Lin- hai,Zhejiang province,this paper find that cooperative organizations under capital control in the devel- oped area present the phenomena of function feebleness,and with the characteristic of"property right locking",farmers in the cooperative organization are still dispersedly resisting the nature and market risks,and meanwhile benefit apperceiving of farmers is not obvious,thus they are likely to choose to exi...

本文通过对浙江临海西兰花合作社的典型案例和实证分析发现，经济发达地区资本控制下的合作社呈现出明显的功能弱化现象，并同时伴随着合作社&产权锁定&特征，合作社农户仍然分散地抗御着自然风险和市场风险，同时农户对加入合作社后的利益感知程度不高而可能选择退出，信息、资本及技术的可获得性和销售的稳定性都将强烈冲击合作社的存在边界、规模和稳定性。

Chapter one of this text has recommended the foreign insurance to apply financial economy to the products pricing method of insurance company, but these methods have not explained how to determine the fair premium of the multiple-line insurance company .In order to solve many business line insurance company pricing problem, chapter two introduce an very important model in insurance company capital allocation field - MR capital allocation model, through deriving capital allocation formula and simulation analysis indicate MR model allocate multiple- line insurance company capital scientifically. In order to apply MR model to non-life insurance pricing, chapter three will extend MR model to introduce loss 3 and layer P . Since the premise of MR model is a certain market price of loss, the chapter four will use the risk-neutral probability transformation technique to get the market value of loss. Under lognormal distribution, we will use location parameter shift and proportional PH transformation to illuminate the technique. The final chapter combines the prior sections result to deduce out the fair premium formula, and apply it to price the catastrophe insurance.

本文的第一章介绍了国外保险业将财务经济学应用到保险公司产品定价的方法，但是这些方法都没有说明如何确定多业务线保险公司的公平保费；为了解决多业务线保险公司定价问题，第二章引入保险公司资本配置领域非常重要的一个模型—MR资本配置模型，通过推导资本配置公式及模拟分析表明MR模型科学地配置了多业务线公司的资本；为了将MR模型应用到非寿险公司的定价中去第三章扩展了MR模型，引入了损失β和层β的概念：由于MR模型的前提条件是有一个确定的损失市场价值，第四章利用风险中性转化方法获得损失的市场价值，在损失为对数正态分布的条件下，通过位置参数转化和比例危险转化方法给出了实例说明；第五章结合前几章的结果给出非寿险公司公平保费的定价公式，并运用它给出了巨灾保险价格的模拟分析。

II is based on net capital at the core, the risk of early warning and monitoring system, the core is to the operation of securities companies risk control in its own net capital of the coverage area.

二是根据净资本为核心的风险预警和监测系统的核心是证券公司的风险控制在自己经营的覆盖面积净资本。

II is based on net capital at the core, the risk of early warning and monitoring system, the core is to the operation of securities companies risk control in its own net capital of the coverage area.

二是根据净资本为核心，建立早期预警和监测系统风险，核心是对证券公司的风险控制在自己经营的覆盖面积净资本。

I think that main reasons to cause the political-structure risks are the unclear property-rights and too-much interference by government, and that main reasons to cause market-inefficiency risks are the slow development of capital market and the short-coming of capital market system.

认为产权不清、政府干预过多是产生体制性风险的主要原因；而资本市场发展缓慢以及资本市场的制度缺陷等导致了市场缺陷风险的形成。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。