After joining wto , on the increase of the scientific and technological strength of our country and with the support from state policies , the development of new high - tech enterprise will be swift and more violent , and its competition is fiercer . this must lead to the fact that merged among enterprises , bankrupt behavior of transactions clearing , the judicial dispute etc , take place even more frequently ; on the other hand , the new high - tech enterprise is the enterprise of " high investment , high risky , high income " , so it must supplement financing on different scales at its different development stages and carry on the effective value management taking value chain as the core , to satisfy the shareholder ' s request of high repayment by creating value as possible as it can 加入wto后，随着我国科技力量的增强和国家政策扶持力度的加大，高新技术企业的发展更加迅猛，相互间的竞争也更加激烈，导致企业间的并购、破产清算和司法纠纷等产权交易行为频繁发生；另一方面，高新技术企业作为“高投入、高风险、高收益”的企业，在其发展的不同阶段需要发生不同规模的融资行为，还要对企业进行有效的以价值链为核心的价值管理，以最大可能的为企业创造价值。
Article 24 the state encourages establishment of funds or risk funds for transformation of scientific and technological achievements , such funds shall be raised by the state , local authorities , enterprises , institutions and other organizations and individuals and shall be used to aid transformation of such scientific and technological achievements as need substantial investment , involve considerable risks and promise high yields and to accelerate the application of major scientific and technological achievements in industrial production 第二十四条国家鼓励设立科技成果转化基金或者风险基金，其资金来源由国家、地方、企业、事业单位以及其他组织或者个人提供，用于支持高投入、高风险、高产出的科技成果的转化，加速重大科技成果的产业化。
Maintenance of scripts - finally , there is a high maintenance overhead for automated test scripts - they have to be continuously kept up to date , otherwise you will end up abandoning hundreds of hours work because there has been too many changes to an application to make modifying the test script worthwhile 十是对测试脚本的维护：最后一点，对自动化测试脚本的维护是一个高投入的工作，脚本必须持续的更新，否则一旦应用程序有太多的变更而要修改测试脚本时，你会因为一下子需要上百个小时而考虑是否值得这样做，从而最终放弃自动化测试。
At the same time , in the course of constituting the policy of the nfpp , there was no consideration about the community behalf , and it continued the traditional and dated forest management system . so , in some degree , the nfpp has been the project that deeply depended on the devotion of nation and that maked some people live , and has inevitably been the phase that the devotion was much high but its efficiency was much low 但是，由于在政策制定过程中缺乏对社区利益的考虑，并且在实施过程中延续了传统的森林管理体制，天然林保护工程在一定程度上成为依赖国家投入的养人工程，并不可避免的走入高投入、低效率的局面。
Henceforth the protection of intellectual property rights has become an increasing concern over the survival and sustainable growth of pharmaceutical companies . since the opening and reform policy was adopted , china ' s economy has been developing continuously for more than twenty years and the growth achieved has been highly recognized by the rest of the world 可以说，知识产权作为技术开发和创新成果的重要载体，已经成为企业生存和发展的关键，而基于制药业本身所具有的显著的高投入、高风险等特点，知识产权的保护对于制药企业的重要性显得尤为突出。
However , there are still many problems in the development of housing industry , most of the urban construction is supported by great input of labor force and capital and is the extensive development at low level , which leads to the separation between the existing housing production and management mode and modern production mode 然而，住宅产业的发展还存在很多问题，大部分城市住宅建设还是依靠劳动力、资金的高投入与资源、能源的高消耗的支撑，是在低技术水平上的粗放型发展，导致现有的住宅生产经营方式与现代化大生产方式格格不入。
In this article , firstly the background of the textile trade conflicts within sino - us or sino - euro are introduced , thus learn that how to discern and dodge the foreign trade risks , how to choose the appropriate investment projects have already become one of the most important questions for exporting companies on foreign trade affairs well - known as high investment and high risk . so the main text makes a risk analysis qualitatively and quantitatively on a textile - exporting trading company from three angles of statistic 、 game theory and portfolio theory , which is the main content that we studied . firstly , the statistic article adopts data of the transaction closing price of the textile clothing index in shenzhen stock exchange at the end of each quarter as well as several other kinds of data reflecting the macro - economic changes , performs an empirical analysis of these data according to the theory of co - integration test 、 granger cause test and impulse response function of time series in economitric , and learn that the impact to ti is more obvious by the economic index reflecting local commodity price level and economic prosperity degree home and abroad , as well as the impact degree and the time lag degree , and knows the macro - economic risks faced by textile business enterprises ; after that by the game theory angle we analyze exactly the managing risks faced by one textile export corporation named beauty . from the game expansion chart the system arrangement between censor ways by exportation goal countries and exporting strategies by the exporting enterprises has been analyzed . involving the benefit assignment between them both the limited rounds and infinite rounds negotiations of cooperation games have been studied , and then country responsibility and the enterprise managing risks on foreign trade affairs and so on have been analyzed exactly ; in order to realize the investment multiplication in the certain degree to disperse the risk , the 本文首先介绍了中美、中欧纺织品贸易争端的来龙去脉,由此可知在涉外贸易这种以高投入、高风险著称的行业里,如何甄别和规避外贸风险、如何选择合适的投资项目已经成为外贸企业的首要问题。因此,正文分别从统计学、博弈论和投资组合三种角度对涉外纺织品贸易公司风险进行了定性和定量的分析,这也是本文的主要研究内容。首先,统计学篇选取了深圳证券交易所行业分类指数?纺织服装指数( ti )每一季度末的交易收盘价和若干种反映宏观经济变化的指标,利用计量经济学中时间序列的协整检验、 granger因果检验和脉冲反应函数等理论做实证分析,从而得知反映国内物价水平和国内外经济景气程度的经济指标对纺织板块上市值的冲击比较明显,且可知冲击程度和时滞度,进而分析出涉外纺织企业所面临的宏观经济风险;接着,从博弈论的角度具体分析一家纺织品出口公司( beauty )的外贸活动所面临的各种经营风险,该篇从博弈扩展图入手,分析了出口目的国审查方式与本企业出口策略之间的制度安排;并围绕双方的利益分配,研究了有限回合和无限回合合作谈判博弈,然后具体论述了国家责任和企业涉外经营风险等问题;在一定程度上为了实现投资多元化来分散风险的目的,投资组合篇从经典的markowitz模型着手,在一些特定条件的限制下,给出了一个相应的投资组合模型。
Particularly in recent years , china ’ s rapid economic growth mainly depends on the enlargement of factors of production at the cost of high investment , over consumption and strong pollution , which has directly resulted in the shortage of resources in our country and bad destruction of the balance between humans and nature . it ’ s hard for us to survive in such a badly - harmed environment 特别是近些年来,我国经济高增长主要靠生产要素总量的扩张,以高投入、高消耗和高污染为代价,既突现了我国资源的短缺,更凸现了资源利用不合理导致的生态危机,正极大破坏着人与自然、人类生存与发展的基础。
China , as a developing country , feels even more urgent in high - tech development but due to its nature of high risk and large investments , high technology industry is experiencing difficulty in attracting sizable funds it has thus become a top priority for developing venture capital business this paper may be summarized as follows : firstly , from three aspects of microeconomics , macroeconomics and the operation mechanism of the adventure investment , this paper simply introduces adventure investment 我国作为发展中国家，发展高新技术产业的迫切性更为明显。然而由于高新技术产业高风险、高投入的特性，使得其所需巨额资金难以筹措，因此必须大力发展风险投资事业。本文首先从风险投资的运行机制、微观经济分析、宏观经济分析三个角度出发对风险投资作一个概述。
Now , with the changing of the situation home and abroad , the macro market - economy - system has been improving step by step . in addition , petroleum enterprises have changed their single production style into the production and management one . the business sold oil & gas was not the sellers " market any more , which becomes the buyers " market instead 石油企业属于“高投入、高产出、高风险、周期长”型的企业，随着目前国际、国内形势的变化，我国宏观市场经济体制的逐步完善，石油企业从生产型转向生产经营型，油气销售从卖方市场转向买方市场，从过去的以产量为中心转向以经济效益为中心。
