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The primary conclusions of this paper are:(1) Since reform and opening, financial policy is continuously a macroeconomic tool for adjusting China's total demand; Before 1998, government suppressed the total demand by deceasing public capital investment; After 1998, government increased the total demand by expanding public capital investment.(2) Regression results of computation indicate that public capital investment has remarkable effect on increasing macroeconomic productivity and labor productivity of three industries.

本文的结论主要有：1从改革开放以来，财政政策一直作为我国调节总需求的宏观经济工具：1998年以前，政府是通过减少公共投资来抑制总需求的；1998年以后，政府是通过扩大公共投资来增加总需求的。2计量回归结果显示我国公共投资对宏观经济生产力及三个产业的劳动生产力的提高效应是显著的。

The integration between the expansion of tourism capital stock and aggregate capital stock of region and other industry capital stocks is a very important theoretical problem. This paper discusses the criterions and equilibrium conditions of sustainable scale of tourism from theory and analysis main emending factors of tourism in reality.

旅游产业资本扩张与同期区域资本总量和其它产业资本之间匹配发展是旅游产业可持续发展的重要理论问题，文章从理论上探讨了可持续旅游发展的合理规模的确定标准和均衡条件，同时对理论规模在实践中的修订因素进行了初步分析。

The core of corporate governance is to build mechanism of conversion between human capital and physical capital encircling the human capital of entrepreneur .

公司治理的核心是以企业家人力资本为中心，建立人力资本与物质资本相互转化的产权制度。

In a world of imperfect capital mobility, Chinese policy can affect international capital flows and thus the real exchange rate that equilibrates trade in goods and capital.

在一个资本流动不甚完美的世界中，中国的政策可以影响国际资本流动，因而影响了实际汇率（商品与资本交易的均衡水平）。

In a world of imperfect capital mobility, Chinesepolicy can affect international capital flows and thus the realexchange rate that equilibrates trade in goods and capital.

在一个资本流动不甚完美的世界中，中国的政策可以影响国际资本流动，因而影响了实际汇率（商品与资本交易的均衡水平）。

Definitions of capital should be harmonized in order to achieve consistent measures of capital and capital adequacy.

为了资本和资本充足率前后一致，我们有必要规范资本的定义。

Because the risk of bamk industry exited due the short and bed debts of the capital, the supplement system of the capital needs to be built by market, includinig the inpouring of government, treatment of bed debts, issuance of secondary bonds,〓fering of negotiable securities, in order to open up the ways of capital supplement to the state-owned comttmercial bank.

资本金严重匮乏和巨额不良资产是我国银行业风险高度聚积的集中表现，无论从国家的注资、不良资产处置、还是银行发行次级债券以及资产证券化等的尝试，特别是次级债和资产证券化以及未来银行上市的证券发行等，拓展了国有商业银行资本金补充渠道，通过市场化行为建立了资本金补充机制；不良资产的体内和体外的处置机制创新极大地化解了银行风险，对已形成的不良资产处置积累了经验，也完善了风险管理和风险防范机制。

The cure for excessive investment is the exit of capital from what my former colleague Steve Galbraith calls the 'capital pigs'- overcapitalized industries - and the redeployment of that capital into new products and new industries that can use it productively.

投资过剩的解决之道就在于，资本退出那些资本过剩的行业，流向那些可以有效运用资本的新产品和新产业。

The stock option rights is a scientific mechanism prizing the property rights of entrepreneurs' human capital by the capital market, is a effective style about realizing the property rights of entrepreneurs' human capital.

股票期权是通过资本市场对企业家人力资本产权进行定价的科学机制，是企业家人力资本产权的有效实现形式。

Taking Venture Capital dramatic growth in the past two decades into consideration, we can sum up that Venture Capital, which have recuperated the vices of capital market and implied the requirement of New Economics, is an omnibus product of technique and market.

通过考察风险投资的发展进程，可以得出：风险投资反映知识经济的要求，弥补了资本市场的缺陷，是技术与市场高度融合的产物，同时，风险投资的发展离不开健全的市场经济法律制度的保障。

Chinese traditional virtue is humility and wariness,the compliment and praise to the others should be declination

中国人的传统美德是谦虚谨慎，对别人的恭维和夸奖应是推辞。如

We bought this house on the never-never.

我们以分期付款的方式买下这座房子。