You probably realize by now that our trading preference is stock options.

你可能醒悟到91绿帽人妻国内，我們的貿(mào)易是偏好股票期權(quán)。

In fact, inferior share price makes stock more the preference that invite a person, the city of Neptune celestial bodies is filled with nowadays rate only 12 times, and profit growth expects this company this year for 22%, the city this year is filled with giant network rate anticipate only 8 times the left and right sides, new the city of intermediary of China money classics is filled with do not lead 3 times.

事實上在线色网站，較低的股價使得股票更討人偏愛欧美好色aaa，如今海王星辰的市盈率僅12倍，而該公司今年利潤增長預(yù)期為22%又黄又爽又色无遮挡18禁网站，巨人網(wǎng)絡(luò)今年的市盈率預(yù)期僅8倍左右日本岛国视频精品极品视频观看，新華財經(jīng)傳媒的市盈率不到3倍色色九九九。

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自開放式基金成立以來韩国三级代理，中國歷史上的5次贖回也更深刻的揭示了構(gòu)成開放式基金流動性風(fēng)險的市場現(xiàn)象。2002年為開放式基金成立初期国内自拍53页，很多基金為了吸納資本黄色网站18岁，擴大規(guī)模，只面向機構(gòu)投資者融資操人人操网，并且不區(qū)分投資者的流動性偏好人人肏人人干人人肏，在這種單一的結(jié)構(gòu)下，機構(gòu)投資者的大額贖回就導(dǎo)致基金規(guī)模的銳減榴莲视频下载ios下载，從而遭受巨大損失搜索超碰在线操人妻。。2003年，隨著基金的發(fā)展日黄a天堂，越來越多的散戶介入其中并占據(jù)主導(dǎo)地位网站在线观看视频免黄，由于缺乏對基金市場的認識，按照原有投資股票的理念投資基金18岁以下禁止观看的黄视频，所以在低迷的股市稍有起色人操人操人操人操人操人操人操，基金稍有贏利時，就開始贖回国产性交视屏，造成了多只基金凈值的損失国产嫖娼妓院视频网站。2005年sansansy.com，保險行業(yè)可以直接入市，再加之逐漸回升的行情和基金公司高額的手續(xù)費中日欧美野外日一级黄色A片在线日，很多保險公司開始贖回持有的基金轉(zhuǎn)而直接入市欧美精品理论片大全。

It is finance motive that transforms the flow demand for credit/fund to the stock demand for money, thus bridging the gap between the classical theory of interest and liquidity preference theory.

而且，融資動機把對資金的流量需求轉(zhuǎn)化為對貨幣的存量需求好看的三级片网站，從而從邏輯上溝通了古典利率理論和流動性偏好理論国产精品久久久久免费99。

And then the paper analyses the influence of the preference of share financing about the Chinese listed companies. The paper sets up the mode of the debt financing-internal cash flow sensitivity by analyzing Has financing constraints theories. And it selects the listed non-financial companies of Shanghai and Shenzhen stock markets to do the demonstration. Two conclusions can be reached from the empirical study:(1) There is a remarkable negative relativity existing between china's listed companies' debt financing and internal cash flow. As the increase of the internal cash flow, the company's debt will decrease. The sensitivity between the two inclines to strengthen with the lapse of time.

通過對融資約束的理論分析，本文建立了債務(wù)融資與內(nèi)部現(xiàn)金流量敏感性分析模型日日精品人人在看人人在看，并以滬市和深市的非金融類上市公司作為樣本進行線性回歸分析国产一区久久无码，得出以下結(jié)論：(1)中國上市公司債務(wù)融資與內(nèi)部現(xiàn)金流量之間存在著顯著的負相關(guān)性，即隨著內(nèi)部現(xiàn)金流量的增加久久99热这里只有精品7，企業(yè)的債務(wù)融資額將會減少91自拍视频中文字幕，且隨著時間的推移，二者的敏感性有增強的趨勢免费一级a一片手机看。

Preferential share =preference share, preferred stock

優(yōu)先股免费观看黄色国产网站；紅利先取股

He also stressed that even if such non-listed preference shares are trading market, and its liquidity may also be less than listed in the Stock Exchange trading common stock.

他還強調(diào)，即使這些非上市優(yōu)先股的交易市場A片毛免费欢看，其流動性也可能會低于在證券交易所上市交易的普通股黄色网站在线,好大。

But corporations' preference to stock makes stock market experiences a rapid developing period comparing to bond market.

但是公司制企業(yè)最初對股權(quán)融資的偏好使股票市場相對于債券市場而言經(jīng)歷了一個快速發(fā)展期。

On the basis of this, the system of exchangeable and unexchangeable stock and other environmental issues of finance governance are the comprehensive reason of preference of stock financing of companies in our security market.

在以上分析研究的基礎(chǔ)上97国产精品视频，本文提出了以下改進建議：建立以大股東治理為主的綜合財務(wù)治理模式女人被操的免费网站；加強外部股東對內(nèi)部股東的監(jiān)管機制；建立經(jīng)理人持股激勵機制72av视频；加強經(jīng)理人的外部約束機制999人人操人人摸人人看；加強銀行對企業(yè)的監(jiān)控力度；建立有效的償債保障機制中文字幕第10页；發(fā)展企業(yè)債券市場国内自拍高清AV专区；培育機構(gòu)投資者并創(chuàng)造使他們能有效發(fā)揮作用的條件；加強中小投資者法律保護等人人草黄色视频在线。

Studies on the prudence of their stock preference will provide help to forming the prudent investment concept for Chinese institutional investors, and to giving some useful suggestions to our decision-makers and regulation system. So this paper is practically and theoretically important. Guided by above objectives, we make an empirical study on stock preferences of Chinese institutional investors. Our study is based on models and methods designed by S.G.

上述情況表明91无码在线视屏观看视频，我國監(jiān)管層和學(xué)術(shù)界對該問題的重視不足，因此黄色性爱啪啪免费观看，對我國機構(gòu)投資者的審慎性持股偏好進行實證研究日本三级香港三级人妇视频，進而為機構(gòu)投資者審慎投資理念的樹立、為決策層a视频在线、監(jiān)管層的政策制定與監(jiān)管實施提供參考意見无码Aa在线看性色，也就具有非常重要的理論價值和現(xiàn)實意義。