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This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

0引言近些年由于长期资本公司的倒闭以及美国国债市场当中刚发行的国债比发行很久的国债(off-the-run)等资产定价异常现象的发现,越来越多的学者认识到流动性是金融资产一个非常重要的特性,流动性资产定价一直是近来金融研究的热点问题,把流动性引入到资产定价模型当中,可以更加全面、准确的对金融资产进行定价。

China Stock Index Futures Research Center through the mainland stock index futures market research found that the lack of individual protection measures, such as from the first phase of the management of the parties and the market launch of stock index futures preparations watch, despite the risk of education, institution building, as well as stock index futures Simulation of a series of transactions, but we have not found one has for small and medium-sized retail, especially with regard to protection of small and medium-sized retail system.

中国股指期货研究中心通过大陆市场调研发现股指期货缺乏散户保护措施,比如从第一阶段管理层与市场各方对股指期货推出的准备工作看,虽然进行了风险教育、制度建设,以及股指期货的仿真交易等一系列的工作,可我们却在其中没有发现有针对中小散户、特别是有关中小散户保护的相关制度。

Stock shareholders, according to whether the name is written can be divided into bearer shares and bearer shares; according to the interests of shareholders and protection of difference can be divided into common stock and preferred stock; according to whether the amount can be divided into a nominal face value of stock and no-par value shares.

股票按是否写有股东姓名可分为记名股票与无记名股票;按股东的权益和保障的差异可分为普通股票与优先股票;按有无票面金额可分为有面值股票与无面值股票。

These issues are the eligibility of stock-ownership investment, juristic relationship in stock-ownership investment,juristic sequents in stock-ownership investment and differentiate and analysediscriminate between stock-ownership investment and other relevant legal systems.

股权出资的适格性分为理论和实践两个层面;股权出资法律关系包含主体、客体、内容三个要素;股权出资的法律后果包括直接法律后果和间接法律后果;股权出资与股权转让、股权互换、其他标的物出资相比具有特殊性。

Juristic relationship in stock-ownership investment includes three factors which are subject,object and content.Juristic sequents in Stock-ownership investment includes direct ones and inderect ones. Particularities exist between stock-ownership investment, stock-ownership transfer

对于股权出资交付的研究从股份转让的程序入手,把四种主要股权变动生效的要件整理、深化,从而提出股权出资交付的要求;笔者在现物出资风险负担基本原理的基础上,结合股权出资的特殊性,提出了股权出资风险负担的一些原则。

This paper concludes the questions in stock information construction of gas stations, expounds the methods of modern stock management , analyses the structure of the stock information construction of gas station, points out the trend of the stock information construction of gas station, and then puts forward the suggestion and way to information construction of gas station.

本文总结了加油站信息建设存在的问题,阐述了现代化库存管理的方法,从信息化建设的核心理念出发,对加油站库存信息化结构进行了分析,指出了未来发展的趋势,并对加油站信息化建设提出了建议和对策。

This paper concludes the questions in stock information construction of gas station s, expounds the methods of modern stock management, analyses the structure of the stock information construction of gas station , points out the trend of the stock information construction of gas station , and then puts forward the suggestion and way to information construction of gas station .

本文总结了加油站信息建设存在的问题,阐述了现代化库存管理的方法,从信息化建设的核心理念出发,对加油站库存信息化结构进行了分析,指出了未来发展的趋势,并对加油站信息化建设提出了建议和对策。

Firstly we don't own a shop, we only selling on internet, so if you come here, we also don't have stock let you see, unless sis ready stock. And our ready stock is not much.( Now we already try to import ready stock, Pinky Station are starting from 2 girls, so modal is not much, normally we just Office Lady only, please give us sometime we will do it better).

首先,我们是没有实体店面的,我们都是在网络上做买卖,所以你来到我们这里我们也没有货品给你看,除了是现货,目前来看,我们的现货并不多(我们已经尽量进现货了,所以请给我们时间,因为这个Pinky Station 是由俩个小女生合作而开始的,所以资本并不多,平常我们只是上班族而已)。

The paper consists of five parts. Firstly I carry on a review to the domestic and foreign scholars" research on the stock price manipulation, in the second part, the paper takes an objective analysis of the way in which china"s stock market is manipulated and the cause of the manipulation. In the third chapter, firstly I find that auto-correlation of time series of stock return and persistency of the GARCH model could be an index for speculative price by comparing the characters between the speculative price and non-speculative price presented by GARCH modeling, and then stick out that low β coefficient is an important symbol of stock price manipulation through empirical study.

本文的研究分五个部分,首先对国内外学者对股价操纵方面的理论和研究成果进行了回顾,在第二部分中结合中国股市的实际情况对中国股票市场的操纵手法及形成的原因进行了客观的分析,第三章首先通过比较非操纵价格与被操纵价格的时间序列GARCH模型的特点,证明被操纵价格存在序列相关,时变条件方差不稳定的特点,然后通过实证研究表明低贝塔系数是市场操纵过程中股价异动的重要标志。

If the Final Stock Price on the Final Fixing Date is below the Reference Stock Price, where the Share Purchase Option is not exercised, a cash amount equal to the Final Stock Price multiplied by the Number of shares per ELI, less Cash Settlement Expenses. or, where the Share Purchase Option is exercised or is deemed to have been exercised, physical delivery of the Number of Shares per ELI (subject to payment of the Physical Settlement Expenses). If there is any Odd Lot Shares, instead of physical delivery of such Underlying Stock, ELI holders will be entitled to receive a cash amount calculated in accordance with the Condition 6.

倘最终股价於最终定价日低於参考股价,倘购股选择权并无被行使,指相等於最终股价乘以每份股票挂钩投资的股票数目的现金金额,再减现金结算费用。;或倘购股选择权被行使或被当作已被行使,指实物交付每份股票挂钩投资的股票数目如有任何不足一手股票,则股票挂钩投资持有人将有权就该等不足一手股票收取一个根据细则第6条计算的现金金额,而不会以实物交付该挂钩股票。

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