资本交易

The most potent weapon would be the introduction of a 15 to 20 per cent capital gains tax on share trading, rumours of which have been circulating since February

最有力的武器将是对股票交易征收15%至20%的资本利得税。自2月份市场就一直在谣传政府可能征收资本利得税

Levy capital gains tax on securities transactions by individuals and enterprises access to the proceeds of the sale of securities and real estate operating income achieved in the capital gains tax levy.

征收资本利得税对从事证券交易的个人与企业买卖有价证券所获得的收益以及经营不动产所取得的收益征收资本利得税。

Self Descriotion: Specialize on the legal services in corporate and securities, and financial investments; legal services in capital market, property rights regime and reform, definition and trading of property rights, industry convergence and reform of state management system, etc; legal services on capital operations projects, like joint-stock system reform, issuing and listing of securities (including A shares, B shares, H shares, rationed shares, newly issued shares, convertible loan shares, debenture and fund), and finance; specialized legal services in law-based administration of government departments, foreign investments, corporate acquisitions and reorganizations and insolvency liquidation, etc; legal services in overall planning of large projects and design of significant procedure, and negotiations on projects of overseas financing and investments, etc.

或评价：本人擅长公司与证券、金融投资领域的法律服务项目；资本市场、产权制度与产权改革、产权界定与交易、产业整合、国有资产管理体制改革等领域的法律服务项目；企业股份制改造、证券发行上市（A股、B股、H股、配股、增发新股、可转债、公司债、基金）、金融等资本运作项目；政府机关依法行政、外商投资、企业并购重组、破产清算等领域的专项法律业务；大型项目的整体方案策划与重大流程设计、对外投融资项目谈判等法律服务。

With the development of the capital market, grow quickly our nongovernment subrogation , debt conversion and hidden equity transaction.

随着资本市场的发展和确立，我国民间债权与债务的移转以及地下的产权交易发展很快，对资本市场的形成和发展起到了一定的推动作用，这是市场经济高度发展的客观要求和必然结果。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymme try between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Based on the existing research and the analysis of organizational form evolution, from household factory to corporation organization, and to modular organization, we figure out that capital increment, technology progress, market factors, transaction cost and new economic elements （information technology, worldwide net, knowledge capital） are the factors which impulse the evolution of organization, and technology progress is the key point.

本文基于现有研究，分析了组织形态从家庭作坊到工厂组织，再到公司制组织，并最终进化为模块化组织的演进历程，认为资本增值性、技术进步、市场因素、交易费用和新经济元素（信息技术、互联网络、知识资本）等因素影响并推进着组织形态变迁，并最终催生了模块化组织。

As a useful supplement to the periodic report, earnings preannouncement eliminates the asymmetry of information and information lag, improve the timeliness of information. It would help to suppress internal transactions and achieve a fair and efficient capital market. The rule is gradually revealed under the concern of more and more people.

作为对定期报告的有益补充，业绩预告提高了信息及时性，有利于消除资本市场信息的不对称和信息滞后，有利于抑制内部交易行为并实现资本市场的公平和效率，因而该制度也在人们的关注之下越来越完善。

Although,the current fund-raising system in our country can effe ctively mobi-lize savings,problems still exist in capital transformation.As a p ublic resource,government financing continues to play an important role,whereas the function of financial market to fuel economy tends to be weakened.Resources are allocated revers...

我国现行融资制度基本能够有效地进行储蓄动员，但在向资本转化方面存在着一定的障碍；作为公共资源的政府融资仍然发挥着相当重要的作用，但金融市场对经济的促进作用有进一步弱化的趋势；在地区间和企业间存在着资源的逆配置现象，总体上资本的运用效率较低，而非正规金融发挥了不可或缺的作用；严格的利率管制使中介的价格发现功能几乎没有，而市场的价格发现功能一直较弱；此外，存在较高的交易成本，流动性水平整体较低，风险转移功能也相对缺乏。

Light snow Li said that after 18 years of development, China's capital market has gradually grown into a legal system, trading rules, monitoring systems and so on With the basic principles of international practices and in line with China's economic development stage suited to the requirements of the capital market.

小雪李鹏说，经过18多年的发展，中国的资本市场，逐渐成为增长的法律制度，交易规则，监测与系统等国际惯例的基本原则，并与中国的经济发展相适应的资本市场线的要求。

Chrysanthemum of 10 thousand birthday is lax to edaphic requirement, with the arenaceous qualitative loam with fecund, good drainage had better.

万寿菊对土壤要求不严，以肥沃。排水良好的砂质壤土为好。

He unstepped the mast and furled the sail and tied it.

他拔下桅杆，把帆卷起，系住。