求翻译文章

In the 1990s, the two stock exchanges in China have been established: the Shanghai Stock Exchange was established in 1990, the establishment of the Shenzhen Stock Exchange in 1991 Indicates that China has its own stock market, the stock market began to develop
China's Shanghai Composite Index in the beginning years, stock market volatility great pattern; followed by the 2001 stock market fluctuations over the axis; then the stock market slowly declined until 2009, the stock market ups and downs
Its infancy crazy
Chinese stock market has just started, the Shanghai Composite Index rose from 100 points to 500 points, and quickly rushed to the 1000 points, 500 points back and just six months after
The early years of the securities market, no price limits restrictions and other system is not yet perfect case
The market is also likely to be the so-called "banker" manipulation, this phase of the fluctuations in the market trend

Gradually developed
From December 16, 1996, the Shenzhen Stock Exchange, the Shanghai Stock Exchange listed stock trading limits are lifted within 10%
Since then, Shenzhen and Shanghai Stock Exchange also implemented stock listed on the special treatment (ST stock) Change rate is limited to 5% of the provisions,
Promulgated the "Measures for the Administration of Securities Investment Fund, to stock issuance Reform perfect Chinese stock market

Fundamental changes - split share structure reform
2005 split share restructuring gradually changed this part of the outstanding capital stock of the situation,
Gradually get the same rights and the interests of the holders of tradable shares and non-tradable shareholders
2005 split share restructuring gradually changed this part of the outstanding capital stock of the situation,
Gradually get the same rights and the interests of the holders of tradable shares and non-tradable shareholders

In the Chinese securities market, market investors first retail investors to give priority to, speculative atmosphere are heavier, caused a sharp fluctuations in the market, not to play the role of social resources optimization allocation In order to reduce market fluctuations, regulators consider introducing the development of securities investment funds in as a representative of the institutional investors, securities investment fund to able to use its professional, capital and information three advantages, to the value investment and rational investment concepts into market, seek value regression, reduce the wild swings in the stock market, the stability of securities market, make the stock market can be better is the entity economy service, this is financial regulatory vigorously develop securities investment fund purposes With the scale of the securities investment fund market, market volatility is reduced This article mainly from the securities investment fund open behavior and stock price fluctuation examines the relationship between study and hope this paper can for the conclusion of the Chinese securities market sound and sustainable development provides some reference suggestion, has the very realistic significance
This paper first on the issue of domestic and foreign relevant research respectively from the theoretical and empirical Angle were summarized, know to there this problem does not draw the same conclusion, the debate are still in progress Then the securities investment fund trading appeared in the process of short-sighted, herding effect, positive feedback trading strategy and manipulate behavior a series of theory are discussed, based on the analysis of the above theory, the article points out the securities investment fund open behavior for small and medium-sized investors have adverse effect, no have stability the role of the market Combined with the actual conditions of our country securities market, were considered the grail blue chip and the characteristics of small and medium market value stocks, investors and the risk preference, careful analysis of securities investment funds in the stock market of our country, the role of, the author proposes the overall level of hypothesis: China fund position behaviour did not have stability the role of the market and the individual on the two hypotheses: fund holding a blue chip stock price stability of effect, but hold market value stocks and stock price but increased the volatility
This paper put forward for the whole of the hypothesis, use the time series data tested, by means of the regression analysis method, the least square method that the relevant coefficient, and the results show that all the fund open behavior and the stock market fluctuations of the whole show positive correlation, and has certain significant, but significant is not very strong, it is illustrated that the market with the position of the proportion of the fund rise or fall will appear a certain degree of go up or down For individual brought forward assumption, respectiely on grail blue chip and small and medium-sized market value stocks tested, use the panel data regression, and concludes that the fund holding blue chip without adding stock price, achieve the purpose of the stock price stability, but to fund and individual stocks and its market value held stock price of the relationship between the inspection results show, the fund holding ratio and small and medium-sized market value stocks price fluctuation present a strong positive correlation, and significantly stronger According to the overall inspection analysis, the fund that open on the whole have stability behavior not the role of the market, because the fund position blue chip although have stability stock price role, but in small and medium-sized market value fund on individual stocks open behavior intensifies the stock price fluctuations So the empirical results support the based on theoretical analysis hypothesis
Based on the analysis and test results, in combination with the actual situation of the securities market, this paper puts forward the need to further perfect the system of the stock market conditions and ecological environment, to change the securities investment fund current evaluation methods and the evaluation index, further strengthen trade supervision, improve information disclosure system, raise the quality of listed companies and management performance and so on a series of policies and proposal, the hope can provide some reference and guidance

淘宝店址兑换卷通过（taobaovmarketeticketconsume）进行核销　

电子兑换卷交易详细流程如下：

发码：
卖家（普通卖家和信任卖家）在入驻淘宝电子凭证平台后，可以发布电子凭证宝贝，用户在淘宝购买电子凭证宝贝后，淘宝会通知对应的合作方（信任卖家或者码商）进行发码 *** 作，合作方收到通知后，需要给淘宝收到通知的反馈
合作方在收到淘宝的发码通知后，需要进行发码的一些 *** 作，包括但不限于给用户手机发送相应的凭证码（需要根据用户通知类型决定是否给用户手机发码），回调淘宝平台提供的发码回调接口（taobaovmarketeticketsend）等
重新发码：
在没有收到凭证码等情况下，买家或者卖家都可以在淘宝平台上发起重新发码的 *** 作，淘宝会通知对应的合作方进行重新发码 *** 作，合作方收到通知后，需要给淘宝收到通知的反馈
合作方在收到淘宝的发码通知后，需要进行重新发码的一些 *** 作，包括但不限于给用户手机重新发送相应的凭证码（需要根据用户通知类型决定是否给用户手机发码），回调淘宝平台提供的重新发码回调接口（taobaovmarketeticketresend）等
修改手机号码：
在没有收到凭证码等情况下，买家可能会发起修改手机号码的 *** 作，淘宝会通知对应的合作方进行修改手机号码 *** 作，合作方收到通知后，需要给淘宝收到通知的反馈
合作方在收到淘宝的修改手机号码通知后，需要进行修改手机号码的一些 *** 作，包括但不限于给用户的新手机号码发送相应的凭证码（需要根据用户通知类型决定是否给用户手机发码），回调淘宝平台提供的重新发码回调接口（taobaovmarketeticketresend）等
核销（凭码消费）：
用户在线下进行消费的时候，提供凭证码进行核销，合作方对凭证码做一些基础的校验（只是校验，不执行实际核销），如码是否存在等，如果通过，调用淘宝的核销接口（taobaovmarketeticketconsume）进行核销，如果调用返回核销成功，合作方再将自己的码核销掉，需要根据用户通知类型决定是否提示用户核销成功，可以提取对应的商品等；如果返回失败，合作方不能够核销自己的码；如果因为异常等情况没有获取到回调结果，需要调用冲正接口（taobaovmarketeticketreverse）撤销这次核销 *** 作
核销查询：
在进行核销之前，合作方也可以提供核销查询功能，先调用核销查询接口（taobaovmarketeticketbeforeconsume）查询凭证码的可核销信息，展示给用户（核销查询功能不是必须的，合作方可以提供也可以不提供）
撤销：
用户发起核销之后，如果因为某些原因，不想消费了，店家也同意的情况下，在允许的时间范围内（目前是两小时），可以撤销之前的核销，撤销的时候需要回调淘宝的冲正接口（taobaovmarketeticketreverse），根据接口回调返回的结果进行对应的不同 *** 作（撤销功能不是必须的，合作方可以提供也可以不提供）
退款成功：
用户在淘宝平台发起退款，并且成功后，淘宝会通知合作方订单已经退款通知成功，合作方收到通知后，需要给淘宝收到通知的反馈
收到退款成功通知后，合作方可以根据自己的业务需要做退款成功后的处理
订单有效期修改：
在某些情况下，订单的有效期可能会被修改（比如卖家在卖家后台进行了延长有效期 *** 作等），淘宝会通知合作方订单有效期变更，合作方收到通知后，需要给淘宝收到通知的反馈
收到有效期修改通知后，合作方可以根据自己的业务需要来做有效期变更后的处理
维权成功：
用户在淘宝平台发起维权，并且成功后，淘宝会通知合作方订单已经维权成功，合作方收到通知后，需要给淘宝收到通知的反馈
收到维权成功通知后，合作方可以根据自己的业务需要做维权成功后的处理

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