交易动机

关于企业关联交易动机的研究

Motivation Research about the Affiliated Transactions between Corporations

在人们为了交易动机而持有实际货币余额中，至少有一部分是为了寻找较低价格而产生的对信息搜寻行为的一种投入。

In the real balance for the transaction demand , at least one part is the cost of searching information for seeking low price .

由于交易动机各有不同，在上市公司第一大股东变更当年，投资方也表现出不同的行为特征。

Due to difference of the investors ' trading motive , they also perform different characteristic of behavior in the year of the changing of the largest shareholder .

另外价格的最终确定还要受收购双方谈判能力、交易动机、交易数量、交易时供求状况等因素的影响。

In addition , the last price will be decided by the two parties ' negotiation ability , trade motivation , the quantity of the trade , and the situation of supply and demand .

高盛（GoldmanSachs）昨日公布了一批内部文件。该行表示，这些文件证明，其次贷交易的动机是审慎风险管理，而非投机。

Goldman Sachs yesterday released internal documents that it said demonstrated that its subprime mortgage trading reflected prudent risk management rather than speculation .

这就是Keynes（1936）提出的‘交易性动机’和‘预防性动机’。

That is Keynes ( 1936 ) described as the transaction cost motive , the precautionary motive for holding cash .

本文提出了内部人基于分散财富风险进行交易的动机，并在HHW的理论模型框架内分析了预售公告制度下的市场均衡和社会福利变化。

We propose insiders'incentive of diversifying wealth variation risks in the open market , and analyze the equilibrium and social welfare under pre-announcement regime based on HHW model .

然而，这造成了为逃避监管而设计交易的动机。

Nonetheless , this creates incentives for designing deals to evade regulation .

进行高速交易的动机很多。

There is a variety of motives for high-speed trading .

阿德波利交易的动机目前仍然不清楚，因为即使赌赢了，从事这类交易的交易员都会被解职。

The motives of a banker who would have lost his job even if bets like these had paid off are also unclear .

一般来说，大股东通常具有潜在的监督公司的激励，同时也具有强烈的从事内幕交易的动机。

In general , large shareholder is often of potential motivation to monitoring management , also has strong incentive of dealing with insider trading .

我们通过考察机构投资者和个人投资者的行为特征，发现这两类投资者摘要都存在着进行噪声交易的动机和表现，其中最显著的表现方式就是羊群行为。

We analyze the behavioral characteristics of institutional and individual investors and find that both types of investors have the motivation to be involved in noise trading , especially in herding behavior .

企业基于资源动机、交易成本动机以及网络外部性原因组成技术标准联盟，技术标准联盟主体以契约为纽带联合在一起，节约了市场交易的成本，有利于联盟企业之间的技术合作创新。

For the resource motivation , transaction cost motivation and network externalities reason , companies settle a technology standard alliance using the contract as a link , saving market transaction costs and helpful to jointly technology innovation .

第二部分阐述关联方交易的内在动机、外在原因、表现形式和关联方交易的突出问题，即控股股东占用上市公司资金和上市公司为关联方担保。

Section 2 develops the internal motivations , the exterior reasons and the forms of the related party transaction and point out the prominent problems , viz .

不过，削减成本并不是这宗交易背后的主要动机。

Slashing costs is not the main rationale for this deal , however .

投资海外的交易是各种不同动机混合的产物。

Deals being undertaken were the product of a dog 's breakfast of different motives .

接着对外资并购的动因进行分析，主要依据为效益理论、交易费用、战略动机论等。

Then the text analyses the motive of M & A of foreign investor , including efficiency theory 、 transaction charge 、 strategy motive .

通过分析揭示，不同的产权安排将会影响到交易双方背离的动机，从而导致能够自实施的最优关系契约的不同。

By the analysis we conclude that property structure will influence the incentive to deviate , and thus influence the optimal enforceable relational contract .

德国学者区分了契约目的与动机，提出典型交易目的理论，动机未像在法国一样受到高度重视。

Germany scholars made distinction between contract objective and contract motivation , and put forward the theory of typical transaction objective , while motivation was not taken seriously as in French .

在论述上市公司关联交易类型的基础上，剖析了上市公司关联交易的动机以及我国不公平关联交易产生的原因，并就如何规范上市公司关联交易提出了相应的对策。

On the basis of related trade types of listed company , the author has analyzed the reason why the unfair related trade of listed company occurs , and put forward the corresponding countermeasures and suggestions on how to standardize the related trade of listed company .

然而非公允的关联交易利用非公允的交易价格进行利润操纵，满足不合理的交易动机，损害了证券市场公开、公平、公正的原则，侵占了中小股东的利益，降低了上市公司的质量。

Whereas the unfair related party transactions manipulate earnings by unfair price for unreasonable motivations . These transactions break the open , fair and just rules in securities market , infringe on benefits from minority shareholders and lower the qualities of listed companies .

农业技术商品交易行为分析，包括改革开放以来农业技术商品交易状况及特征，交易需求、动机与心态分析；

Agriculture technology commodity action analyzed ( including agriculture technology commodity status and character analyzed since 1980s ), transaction demand , motivation and intention analyzed ;

更有可能造成的影响是交易量将会上升，因为一旦能够对冲风险，对冲基金和其它机构投资者将会有更大的交易动机。

A more likely effect is that trading volumes will rise because hedge funds and other institutional investors will have a greater incentive to trade once they can hedge their risks .

其次从交易成本理论、产权制度以及公司治理结构三个方面对关联交易的产生进行阐释，以此加深对关联交易的认识和理解，为研究其交易动机奠定一定的理论基础；

Secondly the paper specifies the causes of the affiliated transaction from the dealing cost theory , the property right theory and the corporate governmental structure theory to deepen the understandings about the affiliated transaction which is the academic basis of the following motivation research ;