perfect capital market 中文意思是什麼
perfect capital market
解釋
完善資本市場-
Takeover offer for listed companies is the universal way to take over listed companies in modern company ' s system. in the process of taking over the listing company, minor shareholders are always in the inferior status. protection of minor shareholders " rights is an important value objective of system of takeover. how to standardize takeover offer for listed companies for protecting of minor shareholders benefit is the problem that legislation will solve and that should also be paid attention to on judicial practice. relatively typical type of takeover by offer appeared in capital market, the protection of minor shareholders ’ interests in the target company has become the purpose of legislation and added some protected measure of minor shareholders ’ interests, but the expected goal has not been achieved completely. so it is necessary to establish a perfect system to protest minor shareholders ’ interests in the target company. so we should learn more from precedent experience of legislation and perfect the relative laws and regulations on tender offer, strengthen the protection to minor shareholders, equipoise the rights and obligation of all interested parties in tender offer
中小股東合法利益的保護是要約收購制度的重要價值目標。如何規范上市公司要約收購，保護目標公司全體股東特別是中小股東的利益，既是立法要解決的問題也是司法實務中應當關注的問題。我國的資本市場上出現了較典型的要約收購方式，立法也以目標公司中小股東利益的保護為主要價值取向，創設了一些中小股東利益的保護措施，但從其運作效果來看，在要約收購中目標公司中小股東的利益仍未得到有效的保護。 -
In a perfect walrasian market with no taxes or transations " costs, share prices on the ex - dividend day would fall by exactly the value of the dividend that is paid on each share. however, it is well documented that stock prices do not fall by full amount, on average. following elton and gruber ( 1970 ), we use chinese data to examine the effect of dividend taxes on investors " relative valuation of dividends and capital gains
作為稅收金融效應的研究方法之一，股票除息日股價行為研究與公司的股利政策息息相關，直接關系著公司的股利政策是否能夠達到使得股東稅后收益最大化的目標；我國股票市場目前投機過度，現金股利被統一的課以20的個人所得稅，而資本利得稅尚未開征，這方面的研究也可以為資本利得稅的開征提供一個實證依據。 -
In the condition of perfect capital market, firm s average net cost is a definite quanity. namely, power and profit net cost of no liability firm. it is no relation to capital structure. but power and profit net cost of liability firm shareholder is added with liability rate improved. so firm value is no relation to capital structure ; firm value depends only on firm ' s future surplus. the more future surplus is, the more firm ' value is ; the less future surplus is, the less firm ' s value is
在完善的資本市場條件下，企業的平均成本是一個定量，即為：無負債企業股東權益成本，從而與資本結構無關，負債企業股東的權益成本，則是隨負債率的提高而上升。因此，企業價值與資本結構無關。企業價值只取決于企業未來的盈餘，未來的盈餘多，則企業的價值大，未來的盈餘少，則企業的價值小。 -
Phenomena such as evading contractual and legal obligation appear immediately, especially in imperfect market economy countries or regions, such phenomena are most, because the desire of pursuing capital accumulation is strong, and the market business rules not perfect, the market credit is highly scarce, all of which promote the enterprise entities risk dangers when in a desperate station, and abuse the corporate personality, every moment there exists a variation motivation in the corporate personality
規避法律、契約義務等現象隨之出現，尤其在市場經濟不完善的國家或地區居多，由於追求資本積累的願望強烈，市場交易規則不完善，市場信用高度缺乏，導致市場交易主體鋌而走險，濫用公司人格，公司法人人格時刻存在著變異的動因。 -
Chinese financial system reform must change capital - distributed rule from planned means to market methods. so it is important to develop and perfect money market
中國的金融體系改革要從完全計劃的資金分配製度，走向以市場機制為主導的資金分配製度，發展和完善貨幣市場是極其重要的。 -
However, as our stock market still in initial stage, shortages still remain in stock issuing, capital structure and the practice system of the stock market etc. even the impact to a country ' s economic growth causes by a developed and perfect stock market remains to be discussed
但同時我國的股票市場仍然處于初級階段，在股票發行、股本結構、股市運行機制等方面都存在缺陷。而且，即使是一個發達、完善的股票市場對一國經濟增長的作用，在理論上也存在很大的爭論。 -
The state - owned enterprise of our country should have the relative shareholder that controls interest and have other big shareholders exist. on the choice of the subject of stock right, should be that corporation, national company, fund, and the public, etc. set up the organization system of a set of right in conformity with structure of stock right with clearly demarcated responsibility at the same time ; strengthen and improve the function in the corporate governace of the bank ; cultivate manager market actively ; perfect the capital market
提出了我國國有企業應選擇有相對控股的股東又有其它大股東存在的股權結構，在股權主體的選擇上，應是企業法人、國家持股公司、基金組織和社會公眾等參與持股，且以企業法人持股為核心；同時建立一套與股權結構相適應的、權責分明的組織體系；強化和改善銀行在公司治理中的作用；積極培育經理市場；完善資本市場。 -
Moreover, government should do further reform on the system of science and technology ; consolidate the establishment of technology innovation system ; perfect regulations, increase investment, enhance the protection of intellectual property rights ; increase investment for fundamental research, encourage to combine the study for innovation and the research on industrialization ; make attractive rules to international talents, encourage innovation and development of chinese science and technology ; actively guide and create venture capital market, and provide multidimensional access to finance for biotechnological industry
這一戰略目標的實現應以「合作開發、改進創新、市場細分和成本最小」為主要方向，分三步完成。同時指出政府為發展中國醫藥生物技術產業，應在制定產業發展政策、強化國家科技創新體系建設、加強知識產權保護、鼓勵基礎性創新研究和產業化研究相結合、制定吸引世界性創新人才的政策以及培育風險投資市場等方面發揮更積極的作用。 -
As a result, the balance ratio of non - public company is high finally, aiming at the above problems in chinese capital market, the paper analyses the reasons of the problems in chinese capital market and gives some suggestions to perfect chinese capital market system to perfect optimization function of capital market to corporate capital structure
最後，本文針對我國資本市場存在的股票市場價格形成機制不完善、信貸市場對企業融資行為的約束弱、企業債券市場發展滯后的原因進行了分析，並提出了完善我國資本市場體系的建議，以完善資本市場優化企業資本結構的功能。 -
The key to solve the problem is to establish and perfect corporate information announcing system, credit collateral system and credit rating system ; to set up efficient financial market, accelerate medium and small financial organizational construction, utilize nonofficial finance, and develop the venture capital market
解決這一問題的關鍵是完善企業信息披露制度，健全信用擔保體系和信用評級制度，建立高效率的金融市場，加快中小金融機構建設，充分利用非正式金融（民間資本） ，大力發展風險投資市場。 -
Therefore, the key to improve the quality of listed companies is to amplify taxation system and bankruptcy system, optimize capital structure and perfect capital market
因此，改善上市公司質量的關鍵在於健全稅收制度和破產制度，優化資本結構，完善資本市場。 -
China is in the development process of socialistic market economy and capital market, and the financial environment, the equity structures and the actual pecking - order are quite different from other developed countries. some particular phenomena exist in china corporate investing - financing decisions, and therefore, there may be some practical obstacles in the perfect applications of some standard financial theories in china corporate finance preference, investment decision and the capital structure optimization
中國正處于社會主義市場經濟體制逐步完善和資本市場快速發展過程中，中國上市公司的融資環境、股權結構和實際融資順序與國外成熟市場存在巨大的差別，公司的投融資聯動決策存在其特有的現象，因此用標準金融的相關理論來研究中國企業的融資偏好和投資問題，指導中國企業的投資、融資和資本結構優化存在著一定的現實障礙。 -
Asset securitization, as an innovation in terms of financial product, has been transforming the world financial resources allocation. in china, because of the practical problems as related economy, law accounting and taxation, the perfect product can not be promoted cosmically in the chinese capital market
資產證券化作為一種新型的金融工具，正在改變著全球的金融資源配置格局，但在我國，由於存在經濟、法律、會計等諸多方面的障礙，使得這一先進的金融工具無法得以大規模的實施及運用。 -
The author holds the view that the linkage between the two markets is significant but should be under a fundamental principle : commercial banks, as subjects of the money market, can only be liquidity provider, not investing subjects in the capital market. we should prevent the capital market from being another credit creating system for commercial banks. under the above principle, we should perfect our fundamental works to link the markets through funds exchanges, to link the tools through innovations, to link the institutes and governance through constructing new organizations
本文認為，貨幣市場與資本市場的對接具有重大意義，但兩市場的對接必須堅持一個原則，那就是作為貨幣市場主體的商業銀行在任何時候只是為資本市場提供流動性，而不是資本市場的投資主體，並且防止資本市場可能成為商業銀行新的信用創造機制；在此原則之下，完善系列基礎工作，通過市場間交流實現資金的對接、探索創新實現金融工具的對接、構建新的組織結構實現機構的對接和監管的對接，最終提高我國金融體系的整體競爭力，提升金融效率。 -
It has not established the real property transaction market, and it still belongs to m & a in the not perfect capital market. therefore, the deceitful reorganization in the short term is still popular in china m & a. in this way, it will affect the strategy in setting the price for m & a, and the financing of m & a
當前我國企業並購還不是真正在市場經濟條件下嚴格意義的企業並購，而且是一種不完全資本市場下的企業並購，真正適用於中國企業並購的產權交易市場尚未建立，以短期性為主的虛假並購、報表性重組依然是並購市場上的主流，因此對于合理確定並購交易價格和有效安排並購融資都帶來很大影響。 -
I introduce the background of the merger of stale - owned enterprise, the process of the development, the present situation and the problems that exist in the process of the merger, pass the concrete case example fiom act to theory, from single to totally character. by using the method of combining theories with actual cases, further analyze the problems of the merger between the state - owned enterprises. finally, bring up some resolutions : solve the roles of the government in the merger of the state - owned enterprises, make the law system perfect, establish levels and efficient capital market, speed up the progress of the circulation of the state - owned shares
在對具體案例進行詳細分析的基礎上，結合西方學者關于兼并收購的理論和我國學者的企業兼并重組理論觀點，以及我國國有企業兼并重組的背景、國有企業兼并重組的發展歷程和現狀，對目前國有企業重組中存在的問題進行分析；通過具體的案例從實際到理論，從個性到共性，用理論和實際相結合的方法，進一步分析產生國有企業兼并重組中產生這些問題的原因，並提出自己的一些關于如何從根本上解決國有企業兼并重組中問題的對策和建議：解決政府在國有企業兼并重組中的角色定位；完善國有企業兼并重組的法律環境；建立多層次和高效率的資本市場，完善市場監管制度體系；加快國有股的上市流通步伐；企業重組后注重核心競爭力的培養。 -
The fifth part studies the condition of life insurance funds management, point out existing problems in fund investment : the construction of the insurance funds application is not reasonable, the capital market development is not perfect, the environment of investment is not mature the sixth chapter is a textual conclusion and suggestion
第五章研究了我國壽險資金管理運用狀況，並闡述了我國保險資金投資存在幾個的問題：保險資金運用的結構不合理；資本市場發展不完善，法制不健全，投資環境不成熟；保險資金投資監管不符合市場規律。 ，第六章是本文的結論和建議部分。 -
In respect that the transactional costs can always tell the efficiency of allocation, the author lays stress on comparing the transaction costs of different contracts, and trying to find out the nature of existing allocation problems of specialized human capital. finally, this thesis pointed out the very way of rational allocation is the freedom of contracts, whose establishment and enforcement depends on the institutional reformation : uniform human capital market, clear property rights, regular social security, perfect legal system
第二章經過對轉型時期在多種配置方式（計劃、市場、社會關系網路）並存的制度環境下，專業化人力資本的配置的流程、契約選擇分析，以及對不同契約的交易成本比較，指出專業化人力資本的優化配置關鍵在於配置制度（包括正規制度與非正規制度）的轉變，即由計劃指令性契約向市場法律契約的轉變。 -
The discussion about the mobilization of state - owned shares, the joining in of privately owned capital, the increasing communication in the market regulatory level, the higher expect for the extent of market ' s opening, and the conversion of security institutes " investment concepts, are all fully indicate that our market is making great efforts to perfect itself and to fill the gap between the capital market ' s standard in developed country and that of china
進入了新的千年。我們的證券市場也步入了一個更為迅猛的發展軌道。國有股權流通方式的討論、民營資本的加入、市場監管層面的國際合作的加強、市場開放程度預期的加強、證券機構投資理念的轉變等等，已經充分說明我們這個市場在加速的完善自己，向發達國家的資本市場標準靠攏。 -
We should establish mordern enterprise system from the six aspects. that is to develop diversity of investors actively to make the property right diversify ; to perfect company admininster structure, make the administration of enterprises standardize, scientific ; to improve the administration, supervision and operation systems of the state - owned assets, authorize the state - owned assets to the enterprises ; to develop capital market, promote capital flow and make the capital of the enterprises add value in the management ; to face the market actively, shift operation mechanism and make the enterprises responsible for their own management decision, profits and losses, practise self - restraint a
國有企業建立現代企業制度需要從六個方面著力，即積極發展多元投資主體，使企業產權多元化；完善公司法人治理結構，使企業管理規范化、科學化；健全國有資產管理、監督和營運體系，將國有資產「授權經營」 ；發展資本市場，促進資本流動，使企業資本在資本經營中增值；積極面向市場，轉換經營機制，使企業成為自主經營、自負盈虧、自我發展、自我約束的獨立的法人實體和市場競爭主體；推進配套改革、營造改革外部環境，改革是一項綜合性的系統工程，在進行產權制度改革的同時，要抓好人事制度、用工制度、分配製度和社會保障制度等的改革。
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