风险资本

With high frequency of worldwide financial crisis, the focal point about the exchange rate arrangement turns to the precautious ability of each kind of exchange rate regime. The discussion of academia concentrates on which kind of exchange rate regime can better deal with international capital mobility and instability of world capital market.

随着世界范围内的金融危机的不断发生，有关汇率制度选择的关注重点也转向每种汇率制度安排在防范风险的能力方面，讨论集中于哪一种汇率制度更适合应付日益增长的国际资本流动性与世界资本市场的不稳定性。

Although,the current fund-raising system in our country can effe ctively mobi-lize savings,problems still exist in capital transformation.As a p ublic resource,government financing continues to play an important role,whereas the function of financial market to fuel economy tends to be weakened.Resources are allocated revers...

我国现行融资制度基本能够有效地进行储蓄动员，但在向资本转化方面存在着一定的障碍；作为公共资源的政府融资仍然发挥着相当重要的作用，但金融市场对经济的促进作用有进一步弱化的趋势；在地区间和企业间存在着资源的逆配置现象，总体上资本的运用效率较低，而非正规金融发挥了不可或缺的作用；严格的利率管制使中介的价格发现功能几乎没有，而市场的价格发现功能一直较弱；此外，存在较高的交易成本，流动性水平整体较低，风险转移功能也相对缺乏。

According to traditional theory,international capital flow is caused by such factors as capital yield spread,exchange rate changes,international balances and risks.

传统理论认为，国际资本流动是由资本收益差、汇率变动、国际收支、风险因素以及政策等造成的。

In present stage, performing management audit in our countrys security companies is suit for the demand of business transformation and internal audit transformation in open competitive environment. Along with the continuously extension in capital scale and business scope, the security companies in our country has more and more complicative organization structure and business system. Based on internal control and risk management, management audit can promote validly security companies implementing internal entrust management responsibility, can be advantageous to realize the capital extending and the value increasing.

现阶段我国证券公司开展管理审计是适应开放式竞争环境、业务转型和内部审计转型的需要，随着我国证券公司资本规模和业务范围的不断扩大，组织结构和业务体系日益复杂，基于内部控制和风险管理基础上的管理审计能有效促进证券公司内部受托管理责任的履行，有利于证券公司实现资本扩张和企业价值增值。

At the same time, venture capital capitalizes on technology and management, which may be a fundamental change to the organic constituents of capital.

同时，由于风险投资独特的利润创造过程将技术与管理进行了资本化，从根本上改变了资本的有机构成。

Compared with the original Basle Capital Accord, the new one requires the according capital of all risks including credit risk, market risk and operational risk, and puts forward a series of progressive methods of measuring the capital which can be flexibly choused by banks.

新协议将监管重点从原来单一的最低资本充足水平转向银行内部的风险评估体系的建设状况上来，强调了监管当局的监督检查和市场纪律对最低资本规定的补充作用。

Based on the theory of eclectic paradigm of internationalproduction and the analysis of indispensable conditions for investment, this paper indicatesCNOOC's advantages in foreign direct investment. Making use of the method of combiningtheories with physical, combining investment cases of SINOPEC, CNPC and ONGC, upon theanalysis of process and pace relationship in oversea expansion, investment mode, investmentlocation, investment domain, capital source and capital form, it suggests the issues those shouldbe taken into account for investment strategy, including recognizing the relationship betweenreward and development pace, the priority in investment mode selecting, pluralizing of oil sourcesupply, upstream business investment philosophy, all forms of financing channels, and theproportion of non-fund capital in investment capital forms.

最后运用理论与实际相结合的方法，结合中石油、中石化以及印度石油天然气总公司的投资案例，从海外发展的进程与速度、投资方式、投资区位、投资领域、资本来源以及投资出资物等 6 个方面进行分析，提出中海油今后在确定投资战略时应该注重以下几个问题：要重视发展速度与效益的关系；在三种投资方式中，首先考虑通过收购优良资产获得油气储量，其次要与国际大公司合作进行风险勘探，最后要谨慎对待公司并购；选择投资区域时，首先要巩固现有的亚洲资产，其次要重视对其他地区的研究与尝试，实现油源供应的多元化；对海外的投资要长期致力于上游领域；融资方式要多元化；要注重除资金外其他的资本形式在投资出资物中的比重。

The capital adequacy supervision to commercial banks is becoming the core instrument in banking supervision mechanisms in order to provide a cushion for capital loss and protect the security of financial system.

对银行的资本充足率监管正逐渐发展成为银行监管的核心。按照新巴塞尔协议调整后的我国资本充足率计算和监管将会影响银行信贷选择的风险偏好和行为，并对经济产生值得关注的效应。

It affects the structure of assets and liabilities of the bank system, also present challenges to the financial market participants and the deciders. Capital moving across borders makes it much easier that local financial crisis turns into a global problem. It is an acid test to the state's financial security of the emerging market.

国际资本流动影响银行体系的资产负债结构和金融市场的结构，给金融市场参与者和决策者带来了挑战，而且资本的跨国流动使得局部金融危机在国际间能够迅速传染，令各国面临的风险显著增加，对各国特别是新兴市场国家的金融安全形成严峻考验。

A year ago UBS had a solid capital base, was one of the strongest capital generating banks in Europe, was seen as one of the shrewdest risk managers in markets and had a track record for excellence and positive surprise,' Fox-Pitt Kelton said in a research note yesterday.

Fox-Pitt Kelton在周一的研究报告中称，一年前，瑞士银行具有稳固的资本基础，是欧洲创造资本能力最强的银行之一，被视为市场上最精明的风险管理者之一，过往记录非常出色，且每每给投资者带来惊喜。

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。