资本交易

On the one hand, the feature of non-human capital transaction is fictitious. The market transaction of non-human capital has evolved fictitiously from the market transaction of material object to the market transaction of the bond, stock, and options.

非人力资本市场交易的特点是虚拟化，非人力资本市场交易从实物市场交易到债券市场交易、股票市场交易、期货市场交易等，是一个虚拟化演进过程。

It is the summation which the society and economy relation reflect essentially. The manpower capital property right have three common characters: exclusiveness、 resolvability、business and four special characters: the first one, the owner have not impartibility ownership and control right to the manpower capital himself. The second one, manpower capital can reflect in the different way of material capital when the property right deformity; the third one, manpower capital's employment and investment course are in-phase, the fourth one, the effective yardstick and mechanism of measuring manpower capital are absence.

在此基础上，概括出人力资本产权排他性、可分解性、可交易性的一般特征以及它的四个特殊特征：一是所有者对其自身的人力资本并不具有不可分离的所有权和控制权；二是当发生产权残缺时人力资本可以以迥然于物质资本的方式回应，通过关闭人力资本达到效用享有的均衡；三是人力资本的使用和投资过程是同步合一的；四是缺乏有效计量人力资本的尺度和机制。

However, capital is managed still be in in our country start level, still exist on theory and practice a variety of errors:(1 ) go up in capital management guiding ideology, in thinking state-owned company assets recombines to trade with property right, appear " the pony pulls cart " the phenomenon can cause state-owned property prediction of a person's luck in a given year;(2) in process of executive capital dilate, corrupt big picture is fast, ignore the immanent quality that capital manages;(3) cut apart capital manages the immanent connection that manages with production, inspect capital to manage what manage at production for free more advanced management form;(4) manage capital regard as escape of debt useless debt " shortcut ", ignore capital structure optimize.

然而，资本经营在我国尚处于起步阶段，在理论与实践上还存在种种误区：（1）在资本经营指导思想上，认为国有企业资产重组与产权交易中出现的"小马拉大车"现象会导致国有资产流失；（2）在实施资本扩张过程中，贪大图快，忽视资本经营的内在质量；（3）割裂资本经营与生产经营的内在联系，视资本经营为游离于生产经营的更为高级的经营形式；（4）把资本经营当成逃债废债的"捷径"，忽视资本结构的优化。

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）。

The artic proposes the re-pricing model of the enterprise and reaches the way of integrity of capital property.

从企业内交易的路径出发，分析了人才资本企业内交易的必要性，企业内交易的过程，并提出了企业内重新定价的模型，以达到人才资本产权实现路径的完整性。

This paper endogens carbon tax and subsidy two variables, discussing how to decide the optimal level of carbon tax and subsidy. The results of the research are obtained as the following:(1) price and capital subsidy which one is priority depend on the productivity of renewable energy capital, if productivity is high enough, then should adopt capital subsidy policy;(2) price and capital subsidy indeed exist trade-off and non-independent relationship;(3) renewable energy regulation ratio has negative effect on carbon tax, however has positive effect on price subsidy;(4) green certificate price increase will result in decrease carbon tax and price subsidy, but increase capital subsidy;(5) if the authority loose the environmental target, then should impose high carbon tax which maintains the environmental quality, but have ambiguous effect on subsidy policy;(6) increasing stability of renewable energy, then increase price subsidy, however, under budget constraint should decrease capital subsidy;(7) analyzing Taiwan's three wind power energy with different price subsidy, which can improve the technology of wind power energy. In another word, it can raise the capacity of wind power energy and reach the goal of renewable energy.

本文考量政府预算限制下，探讨最适碳税税率与补贴率订定之问题，获得如下发现：(1)发电量补贴与资本补贴对促进再生能源发展效果不一样，决定於再生能源资本的生产力，如果资本生产力足够高，则发电量补贴效果较佳；反之，则应优先采行资本补贴措施；(2)发电量补贴与资本补贴的确存在抵换而非独立关系，亦即在政府预算限制下，为促进再生能源发展，应将种种补贴措施整合考量，以最低行政成本达到再生能源发展目标；(3)再生能源管制配比与碳税税率及资本补贴率呈反向变化关系；而与发电量补贴呈正向关系；(4)绿色权证交易制度具促进再生能源管制目标达到之奖励效果，因此，绿色权证价格提高可降低发电量补贴及碳税税率，降低碳税对经济不利冲击效果；(5)政府如果采行较宽松环境目标，宜提高碳税税率，避免环境品质进一步恶化，然而，对发电量或资本补贴之影响效果不确定；(6)再生能源发电效率愈高，则应提高再生能源发电补贴，在预算限制下，应降低再生能源资本补贴；(7)透过台湾三座风力机组的实证分析，采取差异性发电量补贴，将可诱导较高效率风力机组的投资行为，提高整体风力发电效率，达到再生能源发展之目标。

The separability between the nonhuman capital and its owner indicates that the non-human capital contract can be finished by market contract institution. However, the non-separability between human capital and its owner results in that it is impossible for human capital transaction to be completed by the market institution. Human capital needs to be repriced by the transaction institution.

非人力资本与其所有者的可分离性表明非人力资本交易可由市场交易机制完成，而人力资本与其所有者的不可分性导致了人力资本交易不可能由市场机制完成，而需要由企业交易机制予以再定价。

Or outflows are usually called capital transactions of both long term and short term.

资本的流入或流出通常称为资本交易，包括长期的和短期的资本流动。

The capital inflows or outflows are usually called capital transactions of both long term and short term.

资本的流入或流出通常称为资本交易，包括长期的和短期的资本流动。

On closer examination, though, this is not a vote for multilateralism but just the opposite.

仔细审视后我们发现，这并非是对多边主义投出的赞成票，而是恰好相反。

Uncovering their weak spots, so I can defeat them.

揭露出他们的弱点，这样我就可以打败他们了。