政規股 的英文怎麼說
中文拼音 [zhèngguīgǔ]
政規股
英文
ppu-
It is a cardinal rule of french politics that a presidential candidate must know how to caress a bovine bottom with aplomb
法國政壇的一項基本規則就是總統候選人必須知道如何揮灑自如地愛撫牛屁股。The total capital stock of a share company were proved to be the best criterion and the size effects were found to be much more obvious, the second best crierion is the circulating capital stock. even though, the size effects were not proved to be existing through all the periods that were tested. it is proved that the size effects were periodical and highly correlated with the changes of policy of the stock market
從時間來看，小公司效應是從1999年6月30 ? ? 1999年12月31 ，即統計的第三個時期開始的，這在時間上與我國證券市場資金準入政策變得寬松是一致的；而在最後一個時期，即2001年6月30 ? ? 2001年10月26日的統計時期內卻沒有小公司效應，與我國國有股減持政策出臺、打擊市場操縱、規范上市公司治理結構和信息披露制度在時間上是一致的。Based on the analysis, it is concluded that the congruous contract between the managers and the manipulative stockholders, shielding of the cpas, the banks and the local government, the passive supervision of the government and the defective corporate governing framework set off accounting fraud of listed companies. at last, it introduces six countermeasures which concern law, regulation, institution building and political institution reform
本文得出結論:大股東與經營者的和謀、注冊會計師（會計師事務所） 、銀行和地方政府對上市公司舞弊者舞弊行為的包庇、政府監管部門的消極監管和上市公司治理結構的缺陷是引發上市公司會計舞弊問題的根本原因，並據此從法律、法規、制度建設、政治體制改革等六個方面提出了治理上市公司會計舞弊的相關建議。Where the procedures for convoking and the voting form of a shareholders ' convention or shareholders ' meeting or meeting of the board of directors, violate any law, administrative regulation or the articles of association, or the resolution is in violation of the articles of association of the company, the shareholders may, within 60 days as of the day when the resolution is made, request the people ' s court to revoke it
股東會或者股東大會、董事會的會議召集程序、表決方式違反法律、行政法規或者公司章程，或者決議內容違反公司章程的，股東可以自決議作出之日起六十日內，請求人民法院撤銷。Facing with the adjustment blemish of the market and the government, knowledge problem and market growth degree etc, the article analyzes and arguments tmsm, the investment theory of the gapsm and two - mechanism forming reason and specialty of our country, and tries to explain and answer the question of breadth fluctuation, high risk, price decision, proceeds and investment strategy etc in the gapsm. since 80 ages, a series of the important development has all taken place in the world and the economy of our country, and it produced the deep influence on the growth of the security market, and particularly the information revolution, all markets forming one body and the quick development of the derivable security product brought the unprecedented macroscopic opportunity and power to the security market ; but at the same time our security market with the structure absurdity of participators, higher risk, irregular law, closed market, the validity of supervise and no science of market regulation does not accommodate to the macroscopic environment and so our country security market needs a new set of security theory with environment. according to the macroscopic and microcosmic environment, this article defines that our country security market is both a gapsm and the initial stage of the gapsm
上世紀80年代以來，世界和我國經濟都發生了一系列重大的變化，對證券市場的發展產生了深刻的影響，尤其是信息革命、市場一體化和證券衍生產品的迅速發展，給證券市場的發展帶來了前所未有的宏觀機遇和動力，而同時我國證券市場參與者結構的不合理、較高的風險、不規范的法律、市場的不開放、監管的不完全以及不科學的市場調控等微觀市場環境條件與此宏觀環境並不適應，從而我國證券市場需要一套適應環境變化的股票理論；本文就是以這一宏觀環境和微觀條件為依據，把我國證券市場定義為既是政府主導型證券市場又是市場初期；並對我國證券市場二元制產生的原因、特點及特殊性進行了分析，並通過我國政府調節的實例進行了論證，並對投資理論和投資策略進行了研究，這對控制我國證券市場的高風險以及獲取收益都具有重大意義。Firstly, some basic concepts are not clear, such as what is the status of the company under liquidation, how to define the action of the industrial - commercial authority ' s invalidation of the license of the company, whether or not the share holders can sue to disincorporate the company, is it legal to dissolve a company without liquidation, what is special liquidation, under what situation will a company be obliged to disincorporate, who will be responsible for liquidation after the dis incorporation, etc. secondly, some primary legislative principles about disincorporation and liquidation that are adopted in foreign countries are not established in china, such as a company must be liquidated before disincorporation except for acquisition, the company remains valid during the liquidation until it finishes the invalidation registration, an ordinary liquidation must be replaced by a special liquidation under the instruction of the court when there is an impediment or a fraud, the company should apply to the court for bankruptcy when it is found that its debt is over its asset during the liquidation, the number of people execute liquidation can be several or just one, companies applied for annulment shall be judged by the court and must be liquidated, etc. thirdly, china does n ' t have some of the fundamental rules that are specified in the laws of foreign countries, such as the rule of disincorporation registration, the rule that the company should sue to let the court judge for disincorporation if there is a deadlock between share holders, the rule of credit trade - off in special liquidation, the rule that people who execute the liquidation are jointly responsible for compensating the loss of the third party caused by their activities that are illegal or vicious, the rule of special liquidation, the rule of the representation of the people who execute the liquidation, the rule of the court supervising the liquidation in an inactive way, the rule of how long the accounts and documents should be kept after disincorporation, etc. because of the lack in research and legislation, the system for companies leaving the market is highly disorganized, which harmed the interest of the creditors and relevant people, increased the risk of market exchange, damaged the order of the market economy and the ethic of doing business, wasted the resources of the society, and impaired the authority and seriousness of the law
再次，國外立法上的一些基本制度我國沒有，如解散登記制度，股東出現僵局訴請法院判決解散制度，特別清算中的債權協定製度，清算人因違法或惡意對第三人承擔連帶賠償責任制度，司法特別清算制度，清算人的代表性制度，法院消極監督清算制度，帳薄及文件在公司解散后保存法定期限制度等。由於理論研究和立法的不足，造成了我國公司法人退出市場機制的嚴重混亂，損害了債權人和利害關系人的利益，增加了市場主體交易不安全感，破壞了市場經濟秩序和商業道德，浪費了社會資源，削弱了法律的權威性和嚴肅性。文章認為，完善我國公司解散和清算制度，應借鑒和引進發達國家的法學理論和法律制度，統一我國有關解散和清算立法，在基本概念、基本原則、基本制度、基本程序諸方面進行統一規范，填補立法空白，創設法院解散公司制度，廢除行政特別清算制度代之以司法特別清算制度，健全和嚴格違反清算規定的法律責任制度（包括民事責任，刑事責任，行政責任，改變現行行政處罰范圍偏廣，民事賠償范圍偏窄，刑事追究空白太多的不協調狀況） ，從而構築起科學的公司解散和清算制度，使之符合我國經濟生活的客觀需求，符合市場經濟發展的基本方向，並與國外立法通例趨同。The third part of the article, proposes such as investments mechanism, stock right setting up, organization management system, and indistinction between the functions of the government and those of enterprises phenomenon hinder standard from distribution system some countermeasures
文章的第三部分，提出了諸如投資機制、股權設置、組織機構管理制度、分配製度不規范及政企不分現象依然阻礙企業經營決策自主權等現存股份合作制企業存在的主要問題，並提供了一些對策。Government ' s monopoly of capital market also leaded to the " shell " value of listed company which is irrelative to the company ' s invest value, which made the higher general price in the market. in addition to, the structure of investors which is consisting of many individual investors and few institution investors lets it easy to manipulate the stock market for the institution investors. according to the origins of the systematic risk, it is necessary to improve the market mechanism and market efficiency to eliminate the system root of the risk to decrease the risks
突出地表現在：資本市場服務于國企轉制，造成上市公司股權結構存在缺陷，致使公司治理失效，上市公司缺乏持續發展的能力，公司經營風險轉化為市場的系統性風險；政府對資本市場準入的行政性壟斷，形成上市公司「殼」價值，虛高股票市場價格，引發系統性風險；金融市場分割，特別是貨幣市場資金缺乏進入資本市場的正常渠道，利率市場化水平低，影響金融資產定價，導致違規融資盛行，加大了市場風險；而由於市場監管不到位，以散戶為主的投資主體結構，則易導致機構大戶利用內幕信息操縱股價，機構投資者的發展不僅沒有成為穩定市場的力量，反而成為操縱市場的主力，加劇了市場波動。With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。1. reconstruction of practical strategy, establish and improve the current cooperation system, normalize the cooperation management structure, construct the balance share, normalize the decisions system, absorb the independent board system, revolute the economic and management system of government. the key task of government is to improve the law environment
在深入研究與探討的基礎上，提出了相應的對策建議: 1 、實行戰略重組，建立和完善現代企業制度，規范公司治理結構，構建相對制衡的多元化股權結構;規范決策機制、引入獨立董事制度;變革政府的經濟管理模式，政府的重點任務是完善法律環境。This paper has studied countermeasures to the above main problems, including perfecting property form of national capital, promoting stock detraction of company, developing capital market, perfecting the law of merger and takeover, correcting government action etc. at the same time, the government should enforce guiding in policy and relevant construction so as to push the work of merger and capital recombination forward smoothly
本文針對這些主要問題，提出並研究了相應措施，包括完善國有資產所有權實現形式，促進公司股權結構分散化，大力發展資本市場，完善國企並購重組的法律框架，規范政府行為等，同時加強政策引導和配套建設，以推進我國企業並購重組的順利進行。The stock institution reform did not solve the separation of responsibility of the state and enterprise, property right and shortage of owner to the national - enterprise. from this, the government confused the responsibility in social management and owner of the capital. because of this, the government has dual figure of " athlete " and " judge " to establish the rules
但產生這一偏差的深層次原因卻是國企改革的落後? ?股份制改革並沒有從根本上解決國企政企不分、產權不清、所有者缺位的三大頑疾，使政府在社會管理職能和資產所有者職能上產生混淆，以「運動員」兼「裁判員」的身份去制定減持規則，在減持的戰略和戰術上難免出現失誤。At first, from the motive of listed comoany " s handle profit. the listed company will produce keen motive of manipulate profit in order to get the right of gathering the funds from the public market, in order to avoid loss the right of gathering funds from the public market because of consecutive three year ' s loss in business, in order to attain the qualifications to gather the funds from public continually, in order to match the banker to manipulate the stock price to acquire the exorbitant profits, in order to get the interest of the management layer
首先，從上市公司利潤操縱行為的動機看，上市公司為了取得上市向公眾募集資金的權利、為了提高發行價格盡可能多地募集資金、為了避免連續三年虧損而被摘牌喪失向公眾募集資金的權利、為了達到配股資格線繼續向公眾募集資金、為了配合莊家操縱股價牟取暴利、為了管理層自身利益等目的，在相關政策法規不完善的情況下，產生了強烈的操縱利潤的動機。B ) to give full play to the government ' s role of macro - management and coordinating, reforming the examine and approve system, improving the insurance systems for investments abroad, fully utilizing the financial means to support the private - owned enterprises " investment abroad. on the other hand, the socialization service system for the small and middle - sized private - owned enterprises should be made perfectly and innovation ability of private - owned enterprises should be cultivated as soon as possible, c ) to build up the foreign exchange control system, which is adapted to the need of international market, d ) to perfect the financial service system and support the private - owned enterprises " investments abroad, that is to raise the financial institutions " supports for the small and middle - sized private enterprises ; to develop the small and middle - sized financial institutions actively which can coordinate well with th e private - owned enterprises ; to set up multi - polar stock rights investment structure ; to perfect the risk inves
本文第四部分也是文章的中心部分，主要對民營企業開展對外投資提出了若干建議： 1 、加快出臺與對外投資相關的法律法規； 2 、充分發揮政府的宏觀管理和協調作用，改革審批制度、健全對外投資保險制度、充分利用財政及金融手段支持民營企業對外投資、完善中小民營企業的社會化服務體系以及加快培育民營企業的創新能力； 3 、建立適應國際市場需要的外匯管理制度； 4 、完善金融服務體系，支持民營企業對外投資，建立多極化股權投資體制，健全風內容提要險投資體系以及大力發展中小民營企業信用擔保體系。So a kind of management system should be built accordingly, including multi - resource investment system, share - hold system in education, modern school system, reasonable management system of teachers, the reform of enrollment of senior middle school, standard principle of collecting fees, macro - controlled government management system
建立國有民辦高中的管理體制，主要包括：建立多元化的投資體制；實行教育股份制；建立現代學校管理制度；建立以人為本的教師管理體制；改革高中招生和高考報名制度；制定規范的收費原則；建立政府宏觀調控的管理體系。Securities and futures financial resources amendment rules 2006 the amendment rules amend frr to raise certain frr haircut percentages, relax certain existing frr requirements, provide for the proposed paid - up share capital requirements for sponsors and make consequential changes ; and
2006年證券及期貨財政資源修訂規則修訂規則修訂財政資源規則，從而提高若干財政資源規則扣減百分率放寬若干現行的財政資源規則規定就建議的保薦人繳足股本要求作出規定，以及訂立相應修訂及This paper includes five parts. the first is to review the study on the subject ; the second is to discuss the characteristic of chian ' s stock market. the change of money - admitted policy and the questions on the study. the third is to verify the size effect in china ' s stock market by using correlation test and regression test on the bases of four different criterions, each criterion will be applied with two time - series methods. the fourth is to summary the main character of four different criterions, and apply joint test to the criterions that were proved the best concerning the size effect. the illiquidity risk was introduced to the study, the indexes of turn - over rate and the fluctuation of turn - over were used here. however, other factors that may influence the invest return rate as circulating rate and size were also included. according to the result, the size effect will be interpreted. the fifth is to summary the size effect and its explaination, and then to provide some useful invest strategies based on the conc lusion above
論文分五部分，第一部分對小公司效應的有關研究文獻進行回顧;第二部分我國股票市場的狀況、資金供給政策的變化和我國股票市場實證的相關問題進行論述;第三部分對我國股票市場的小公司效應按照四種不同的規模標準分類，每一種標準均分兩種不同的統計周期分段標準進行實證分析;第四部分小結不同的規模分類、不同統計周期分段的統計結果特徵，然後對小公司效應最明顯的規模分類標準進行多因子聯合回歸分析，這里引入了流動性風險因素，其用換手率和換手率波動指標來衡量，還分別引入了其它影響投資收益率的因子，分別是規模、流通比例。When the iliquidity risk was not included in the test, the size effects was proved to exist in china ' s stock market. from the reality of china ' s stock, it is believed that the abnormal return can be accounted for by the illiquidity risk caused by manipulation. to verify the hypothesis, the turn - over rate, fluctuation of turn - over rate, the rate were introduced into the study. this study provided a joint test of the factors above
這表明在我國的股票市場，小公司效應與投資環境有關，在時間上與管理層對股票市場的政策變化有較高的相關性。在不包含流動性風險的時候，對股票的超額收益與其規模因子進行分析，發現股票表現出小公司效應。筆者從中國股票市場的實際情況出發，認為小公司效應的存在是由於超額收益沒有考慮到市場操縱而產生的流動性風險。Companies which engage in development and / or management of highways may, according to law and administrative decrees, raise funds by means of issuance of stocks or debentures
開發、經營公路的公司可以依照法律、行政法規的規定發行股票、公司債券籌集資金。Article 168 the premium of a joint stock limited company from the issuance of stocks at a price above the par value of the stocks, and other incomes listed in the capital accumulation fund according to provisions of the treasury department of the state council shall be listed as the capital accumulation funds of the company
第一百六十八條股份有限公司以超過股票票面金額的發行價格發行股份所得的溢價款以及國務院財政部門規定列入資本公積金的其他收入，應當列為公司資本公積金。分享友人