Yesterday was the day of the school outing, and everyone was very excited I was no exception, less than 6 am wake up the students and soon had washed over, the starting time 7:20 first trip to Hangzhou Feng Shui is the beautiful one-stop hole, had already reached nearly 10 o'clock, we went in, it do not do not know how well thought it was a surprised to the beginning, okay, but later, did not go few minutes, there will be water down stream, depriving us all wet and hot was not,UGG shoes, simply go into the cave to go out, do not attend to what you can do some other way,bailey UGG boots, the students have a King cried, did not multiply, but finally came out with, really can not imagine what would happen if they are falling out?
12 o'clock came to the second stop of the morning ------ Songcheng not here, you can group free, and we went into the house ・・・・・
about 3 o'clock in the afternoon departure, the car I almost vomited,Discount UGG boots, but no, this is the longest I have been in the car,UGG boots, very glad we did not spit in the car, according to the previous percentage hundred.
Sunday, October 17, 2010
Friday, October 15, 2010
Into the first day when the city of Dengfeng
This city and already can feel the mountain out of a strange combination of feelings. Dengfeng City, in the mountains south of the room too, standing anywhere in the city looked north, saw almost all very tall like a mountain, like the walls surround the northern sky, not only wide, but high, very straight, just like fifty-one last year down from the Wuyi Mountain peak travel days to see the kind of feeling climbed steeply. Looking to have this effect of the mountain, overlooking and would be like standing on top of it? Travels Before the Internet to see, in particular, so that room is worth a mountain to climb, because there will be a So, in the end what?
mountain board room too, a total of three lines. First, from the Songyue Temple, His Holiness the West line up behind the temple, and second, from the Songyang Academy polar hole up behind the center line, three up from the east Lu Cliff Falls. Lu Ya as far waterfall over there away from the city, so in order not to waste the good old days early in the morning the car in their way, we have chosen online from the City closer to the West Hill. Of course, the original plan was to put Songyang Academy swept the previous day, next day, leaving more time for hiking, but the first day of the Shaolin Temple on the road and are frustrating for too long, eventually only the Songyang Academy on the first be completed two days and mountain climbing. Songyang Kageyuki
Wansong College from Hangzhou, the monastery has been Wuyi Wuyi Mountain, over the years gradually such a some kind of college, stacking up more and more interest. Songyang Academy, speaking from the years when the Northern Wei Dynasty in the form of Songyang Temple, and the Five Dynasties and the Later Zhou Dynasty (AD 950 years) is too much room to the College, as early as ten years in the Southern Song Chun Xi (AD 1183) Wuyi monastery was established, earlier in the eleven years in the Ming Hongzhi (AD 1498) was rebuilt by the temple from the Wansong College. Thus, when the Songyang Academy in Northern Song Dynasty and Shangqiu should be days of College, Changsha Yuelu Academy, the Lushan known as the White Deer Hollow Academy of four, they do not what those two things.
However, because of too long, can not help future generations through a variety of catastrophe, from the gloom and doom, then preserved with Confucianism, and the book seems to fall on the cultural relics are not many, and have actually been some other non- Confucianism, non-book things snatched the limelight. College entrance piece for example, Tang Tianbao (Emperor Li Longji's reign) the establishment of the monument, the one about how the heavy and tall hat with a large monument erected in the story, In the end, or be added in the construction industry in ancient China who could do anything, in many places across the body as many times Luban. The people of Lubanga, but also like on the Guan Gong, and Bao.
be as precious rarities, it is that two thousand Cooper, of course, but also missed some magical legend. Legend is one line to add to the fun of the conversation here, but the idea is still the cypress grow their stalwart, although an old, but still full of vitality, completely fail to see is 4500 years old. Today, it has become a business card Songyang Academy, the visible symbol.
unique and Confucianism, and book-related, is a place known as However, it is regrettable that, come back to check, contains the history Song County, Luoyang has the following built a two-way hometown, saying the pupil showing reverence for his master is in over there. Combination of historical judgments, it seems Songxian Li Xue Li Xue be ideal than the number of Dengfeng.
but not very important, so future generations to struggle to compete with the tourism resources of interest of course related, but how much of the story also shows that included recognition of the positive connotation. Respect for knowledge, respect for teachers, is always a virtue should not be abandoned, as in Songyang Academy Wansong College and saw the plaque on the gate, Despite the physical destruction of the College building destroyed and another building, but the spirit of the invisible, like Cooper has been to shift as the sinking will survive years Evergreen. His Holiness asked
out of the Songyang Academy, to the west line of His Holiness Temple mountain road some distance, but it is very easy to find outside the College with a passenger van to go there. Cars north west, has been at the foot of the monastery, the monastery in the open, the road will go through a geological museum, will then be in a big arch forks in the road, to the left is the earliest existing Miyan Shi has a brick tower of the Songyue Temple the right is His Holiness Temple. If the first day of the sweep can Songyang Academy, which Songyue Temple trip the next morning we would have been included, but this time only rounding.
(Songshan on Songyue Temple and other temples around the other, insert a wjn road book ad 8E1A470B636E0! 1055.entry)
(and its pavilion on the Miyan Shi tower tower , as seen last year in the Small Wild Goose Pagoda just insert an image of the ad himself. aspx /% E5% 85% AB% E5% 8A% 9E% C2% B7% E5% B0% 8F% E9% 9B% 81% E5% A1% 94/IMG% 5E_4279.jpg)
route up the mountain from the more recent, which we take care Songyue Temple and the Temple of the first king of the reasons, of course, many other. For example, the latter is not only one of the earliest Buddhist temples, only 3 years later than the White Horse Temple, the Buddha's tooth relic was found. In addition, Temple is also known as His Holiness is the Jizo Mountain in nine of the second temple outside, so in the middle of the temple also has a main hall to possession of the house.
because in the past and the new capital Baoguang Temple in Baoji Famen have seen something related with the relic, so I have some of the king of the temple, visiting the slack, absent-minded. Bring two people interested in the pot on the 3-year-old Xiaoshuai and 4-year-old dispute. (Insert a story ad .aspx / Kids / IMG% 5E_3% E5% B2% 814% E5% B2% 81% 5E_conew1.jp g)
wjn is closer to the elderly, to see the yard there are several The old man put out a table, the name of a sign that read This form, the day before I met at the Zhong Yuemiao to, but did not get in touch. Although fully believed to be free, beautifully shy, but just worry that their body bone to the elderly, is unlikely to make them all like a normal guide, as always accompanied the visitors to go round and round turn. Sure, they are actually This time we talked about this ancient, a few treasure the past, a section of road over gossip. Mouth rumor, but also opened an internal study of the book they give us eleven identified. Side, there are a record of Aunt doing in earnest, about a certain period of three people a day to explain the work of a certain content of the log.
elderly people so dedicated,UGG boots clearance, we can not bear to Funi, and that there are some Baidu does not gossip, such as during the reign of an organization are not core to Dengfeng, Luoyang, can not come, only to step down after the Since only. Among the gossip in this enthusiasm, it means the clock to twelve at once ... ... I was also thinking about the top twelve on the ... ... Junji Dengfeng
Thus, even if the elderly there is a Mengliao stomach, to our list of small hills of the plan, or to take leave of the.
His Holiness Temple from the western side of the mountains may be the most popular three lines of a relative, and we see down this road who seems to have more people than the climb up. Although less popular, but that is mature development area, not be as simple Qingliangfeng rugged piece of the mountain, most are brick paved road, rail security. There is such a good road, we could see silver-haired, about eighty-nine ten year-old woman, while at the foot of quivering, but also slowly,bailey UGG boots, basically just relying on their own, independent walking. This healthy and strong, it can boost the morale of our young people, since they feel that again asked, climb down, what is difficult for us.
which can be seen from the map, as a starting point of His Holiness Temple, it is already too deep probe into the chamber inside the mountain. Thus, it is basically a line straight down the cliff on the And with a month ago Qingliangfeng desperate slope suffered, presumably Uncle Wang climbing this section of track is easy pleasure. 'd Fiona shoes petite figure with its light, the idea has never lagged behind those of us male. Linked to the Qingliangfeng on the same small West China, could not help but I want to come to the quality of small, less acting, more easy to judge. Of course, the same assumptions, a month ago, Uncle Wang also mentioned that he could not understand was very puzzled West China could run so fast, but today saw the second sample, it is estimated only confessed.
soaring in all the way, can have sweeping views along the way some geological wonders. For example, His Holiness will be able to see the temple, and may be due to some faults and the resulting Looking west, it is such a look -
fold formation also very typical, after all, the official name of this route, called Songshan National Geopark -
spent about two and a half hours in 2:30 or so, finally reached the very top of Mount Room - Junji peak.
list of small hills, there are two indispensable conditions, first, the relative peak height with the surrounding area, and second, the open degree of the surrounding area. Thus, while the head of Taishan Yuhuangding only 1545.6 meters, ranked only third among the five mountains, less than Qingliangfeng, but because it is surrounded by an average elevation of only one or two meters, and very open Qilu plain, so people registered to the top of the hill is very easy to Songshan Junji peak situation is similar, although it is only 1491.73 meters tall, but in vein as the Qinling Mountains in the east of barberry, is already a junction point of mountains and plains, following an average elevation of Dengfeng City Only three or four meters, and thus produce the effect of such a small world.
Junji relatively flat topography of the summit, several temples spread along the layers of mountains. A Goddess in the bottom side of the temple there was a lady bowed, while very sad to cry, and I do not know whether to be a big accident at home. The top of the temple but also for the days of Lord Dear Mao Yeye, which was the only thing I know the hill a few big temple of God. Lord Temple on this day, eat something, there are very icy cold jelly. We all thought it was out from the refrigerator, but very sure that the owner of Fiona's shoes in the house do not have electrical appliances, is completely natural state. Moreover, it is important that something is not expensive, than sell cheaper on the train. How much benefit from this close away from the city, the other may be good to go way up the mountain, the last naturally also with the development of small, few visitors, demand is not related to Sheng.
full meal full of water, the elderly but also trapped the king to take a nap, but actually feel the afternoon. Then Junji landmark at the peak, finally discharged him,UGGs, and left a photo of eggplant, this ready to down the mountain, this time is 16:30 a. Lu
Junji peak to the plane falls from the cliff than to the King Temple is far more, which means the way down the Eastern Front, not only to far.
but still a long way in front of the ridge, Peach, gentle breeze Cantabile, Fei different patterns, like the Great Wall of winding mountain road. I do not remember when was the last time, or ever had, like enjoying a sunset. I think everyone is very intoxicated, because down from a downhill, everyone can not help but sing and dance, dance with ... ...
sunset is magnificent, it is almost evening, this scene certainly makes nostalgia, but the pace was not too much idle time, or can not drive down the mountain before dark. Of course, there is more anxious than we. In the case of one pair just halfway up the mountain from the side to the young lovers. When asked about the way we go Junji peak and time, not help but feel worried. But I immediately said: , is really easy to cheat ah ... ...
Since then, successively passing through a weather station, a village, at 7 o'clock to reach a dam. To see the water, they also know from the legendary Lu Cliff Falls is not far away. Is from here, the terrain dips, no longer the number of
was getting dark, we continue to underground the line through the thin strip of sky, close to Lu Ya waterfall. Lu Cliff Falls is a long, slightly curved inward contraction of the cliff waterfalls. Hill Road, right in the middle of the waterfall, close to the cliff across the indentation. People walk through this, like the general into the Waterfall Cave. Only, light is dim, and the time constraints, has not let us leave any photos. If the day passed, especially in summer when the water large should also have a very good impression. But this is life, you can not get all the time, there must be something to care, If we had several hours to reach here, of course, to see beautiful waterfalls, but they can not enjoy the sunset of the Peak. If you want to experience, then pay some more, more to several times.
down after falls from the cliffs Lu, Uncle Wang and a few dogs have been some small dispute, both sides have big voices, which eventually led away by their parents each become a wonderful trip last episode.
completely out of the area, it is already more than 8 points. Start so late is also concerned that will not ride into town. There are a good few more van results posted on the door and stood in front of a driver call on us, and we follow them, but went straight on the top of a car parked, but not the driver of the car. It seems, is the front man standing, or the front car was also pondering they should take a marketing proposition. Special Request
accompanied Uncle Wang's energetic music, happy to roll back to the city, climbing after the hot pot, hot pot of ice cold beer and cola, and almost become a norm in the washes, are pleasure ~ ~ Attachment: Dengfeng Travel Tips
general to Dengfeng, without the special interests, hobbies, nature must first ensure that the most famous of several places, such as Shaolin Temple Songyang Academy, Zhongyue Miao, mountain and Pacific Room With a list of small hills of Junji Peak, and Fei Lu cliffs three thousand feet waterfall, but also not to be missed. Therefore, the trip can be the backbone to put up four places, all over here, half a day is enough. While taking into account the Shaoshi Shan Shaolin Temple in the west, farther away from the other three are to be arranged in that half-day in a separate. Thus, one and a half trip proposal -
D1: Songyang Academy - Room Mountain Junji peak too - Lou Cliff Falls - Zhong Yuemiao
D2 (day): Shaolin < br>
chose to climb from the Songyang Academy, is because the journey up the mountain side closer to people faster and climb, and will not produce the total can not see the first of fatigue, while the evening falls back from the cliff Lu You can also look into the distance at the Zhong Yuemiao sunset. Lu is the first out if Cliff Falls,UGG shoes, on the mountain is too long, and my heart will feel full of hard, but the evening to the Songyang Academy, will be as close to here from the mountains, may not see a good sunset.
the Shaolin Temple's half-day, you can also consider the proposal with the previous half-day White Horse Temple in Luoyang, combined -
if coming from the direction of Luoyang, the morning of the White Horse Temple, Shaolin Temple afternoon (evening can Shaolin's ceremony to see nearby), next mountain to climb too room around;
if the trip started from Dengfeng, you can turn the implementation of the morning Shaolin Temple, White Horse Temple in the afternoon.
if there are two day stay in Dengfeng, it can go more places, except for too much room to climb the mountain one day, another day to the Shaolin Temple, and relatively close to the west of Wing Tai Temple, the Temple will be good , Songyue Temple, His Holiness Temple all the way to a clean sweep in the evening of Shaolin's ceremony. (Again, around Songshan Temple Road into wjn book ads 8E1A470B636E0! 1055.entry)
If you have three days? ? ? When I did not say it, love how frustrating to how frustrating it.
mountain board room too, a total of three lines. First, from the Songyue Temple, His Holiness the West line up behind the temple, and second, from the Songyang Academy polar hole up behind the center line, three up from the east Lu Cliff Falls. Lu Ya as far waterfall over there away from the city, so in order not to waste the good old days early in the morning the car in their way, we have chosen online from the City closer to the West Hill. Of course, the original plan was to put Songyang Academy swept the previous day, next day, leaving more time for hiking, but the first day of the Shaolin Temple on the road and are frustrating for too long, eventually only the Songyang Academy on the first be completed two days and mountain climbing. Songyang Kageyuki
Wansong College from Hangzhou, the monastery has been Wuyi Wuyi Mountain, over the years gradually such a some kind of college, stacking up more and more interest. Songyang Academy, speaking from the years when the Northern Wei Dynasty in the form of Songyang Temple, and the Five Dynasties and the Later Zhou Dynasty (AD 950 years) is too much room to the College, as early as ten years in the Southern Song Chun Xi (AD 1183) Wuyi monastery was established, earlier in the eleven years in the Ming Hongzhi (AD 1498) was rebuilt by the temple from the Wansong College. Thus, when the Songyang Academy in Northern Song Dynasty and Shangqiu should be days of College, Changsha Yuelu Academy, the Lushan known as the White Deer Hollow Academy of four, they do not what those two things.
However, because of too long, can not help future generations through a variety of catastrophe, from the gloom and doom, then preserved with Confucianism, and the book seems to fall on the cultural relics are not many, and have actually been some other non- Confucianism, non-book things snatched the limelight. College entrance piece for example, Tang Tianbao (Emperor Li Longji's reign) the establishment of the monument, the one about how the heavy and tall hat with a large monument erected in the story, In the end, or be added in the construction industry in ancient China who could do anything, in many places across the body as many times Luban. The people of Lubanga, but also like on the Guan Gong, and Bao.
be as precious rarities, it is that two thousand Cooper, of course, but also missed some magical legend. Legend is one line to add to the fun of the conversation here, but the idea is still the cypress grow their stalwart, although an old, but still full of vitality, completely fail to see is 4500 years old. Today, it has become a business card Songyang Academy, the visible symbol.
unique and Confucianism, and book-related, is a place known as However, it is regrettable that, come back to check, contains the history Song County, Luoyang has the following built a two-way hometown, saying the pupil showing reverence for his master is in over there. Combination of historical judgments, it seems Songxian Li Xue Li Xue be ideal than the number of Dengfeng.
but not very important, so future generations to struggle to compete with the tourism resources of interest of course related, but how much of the story also shows that included recognition of the positive connotation. Respect for knowledge, respect for teachers, is always a virtue should not be abandoned, as in Songyang Academy Wansong College and saw the plaque on the gate, Despite the physical destruction of the College building destroyed and another building, but the spirit of the invisible, like Cooper has been to shift as the sinking will survive years Evergreen. His Holiness asked
out of the Songyang Academy, to the west line of His Holiness Temple mountain road some distance, but it is very easy to find outside the College with a passenger van to go there. Cars north west, has been at the foot of the monastery, the monastery in the open, the road will go through a geological museum, will then be in a big arch forks in the road, to the left is the earliest existing Miyan Shi has a brick tower of the Songyue Temple the right is His Holiness Temple. If the first day of the sweep can Songyang Academy, which Songyue Temple trip the next morning we would have been included, but this time only rounding.
(Songshan on Songyue Temple and other temples around the other, insert a wjn road book ad 8E1A470B636E0! 1055.entry)
(and its pavilion on the Miyan Shi tower tower , as seen last year in the Small Wild Goose Pagoda just insert an image of the ad himself. aspx /% E5% 85% AB% E5% 8A% 9E% C2% B7% E5% B0% 8F% E9% 9B% 81% E5% A1% 94/IMG% 5E_4279.jpg)
route up the mountain from the more recent, which we take care Songyue Temple and the Temple of the first king of the reasons, of course, many other. For example, the latter is not only one of the earliest Buddhist temples, only 3 years later than the White Horse Temple, the Buddha's tooth relic was found. In addition, Temple is also known as His Holiness is the Jizo Mountain in nine of the second temple outside, so in the middle of the temple also has a main hall to possession of the house.
because in the past and the new capital Baoguang Temple in Baoji Famen have seen something related with the relic, so I have some of the king of the temple, visiting the slack, absent-minded. Bring two people interested in the pot on the 3-year-old Xiaoshuai and 4-year-old dispute. (Insert a story ad .aspx / Kids / IMG% 5E_3% E5% B2% 814% E5% B2% 81% 5E_conew1.jp g)
wjn is closer to the elderly, to see the yard there are several The old man put out a table, the name of a sign that read This form, the day before I met at the Zhong Yuemiao to, but did not get in touch. Although fully believed to be free, beautifully shy, but just worry that their body bone to the elderly, is unlikely to make them all like a normal guide, as always accompanied the visitors to go round and round turn. Sure, they are actually This time we talked about this ancient, a few treasure the past, a section of road over gossip. Mouth rumor, but also opened an internal study of the book they give us eleven identified. Side, there are a record of Aunt doing in earnest, about a certain period of three people a day to explain the work of a certain content of the log.
elderly people so dedicated,UGG boots clearance, we can not bear to Funi, and that there are some Baidu does not gossip, such as during the reign of an organization are not core to Dengfeng, Luoyang, can not come, only to step down after the Since only. Among the gossip in this enthusiasm, it means the clock to twelve at once ... ... I was also thinking about the top twelve on the ... ... Junji Dengfeng
Thus, even if the elderly there is a Mengliao stomach, to our list of small hills of the plan, or to take leave of the.
His Holiness Temple from the western side of the mountains may be the most popular three lines of a relative, and we see down this road who seems to have more people than the climb up. Although less popular, but that is mature development area, not be as simple Qingliangfeng rugged piece of the mountain, most are brick paved road, rail security. There is such a good road, we could see silver-haired, about eighty-nine ten year-old woman, while at the foot of quivering, but also slowly,bailey UGG boots, basically just relying on their own, independent walking. This healthy and strong, it can boost the morale of our young people, since they feel that again asked, climb down, what is difficult for us.
which can be seen from the map, as a starting point of His Holiness Temple, it is already too deep probe into the chamber inside the mountain. Thus, it is basically a line straight down the cliff on the And with a month ago Qingliangfeng desperate slope suffered, presumably Uncle Wang climbing this section of track is easy pleasure. 'd Fiona shoes petite figure with its light, the idea has never lagged behind those of us male. Linked to the Qingliangfeng on the same small West China, could not help but I want to come to the quality of small, less acting, more easy to judge. Of course, the same assumptions, a month ago, Uncle Wang also mentioned that he could not understand was very puzzled West China could run so fast, but today saw the second sample, it is estimated only confessed.
soaring in all the way, can have sweeping views along the way some geological wonders. For example, His Holiness will be able to see the temple, and may be due to some faults and the resulting Looking west, it is such a look -
fold formation also very typical, after all, the official name of this route, called Songshan National Geopark -
spent about two and a half hours in 2:30 or so, finally reached the very top of Mount Room - Junji peak.
list of small hills, there are two indispensable conditions, first, the relative peak height with the surrounding area, and second, the open degree of the surrounding area. Thus, while the head of Taishan Yuhuangding only 1545.6 meters, ranked only third among the five mountains, less than Qingliangfeng, but because it is surrounded by an average elevation of only one or two meters, and very open Qilu plain, so people registered to the top of the hill is very easy to Songshan Junji peak situation is similar, although it is only 1491.73 meters tall, but in vein as the Qinling Mountains in the east of barberry, is already a junction point of mountains and plains, following an average elevation of Dengfeng City Only three or four meters, and thus produce the effect of such a small world.
Junji relatively flat topography of the summit, several temples spread along the layers of mountains. A Goddess in the bottom side of the temple there was a lady bowed, while very sad to cry, and I do not know whether to be a big accident at home. The top of the temple but also for the days of Lord Dear Mao Yeye, which was the only thing I know the hill a few big temple of God. Lord Temple on this day, eat something, there are very icy cold jelly. We all thought it was out from the refrigerator, but very sure that the owner of Fiona's shoes in the house do not have electrical appliances, is completely natural state. Moreover, it is important that something is not expensive, than sell cheaper on the train. How much benefit from this close away from the city, the other may be good to go way up the mountain, the last naturally also with the development of small, few visitors, demand is not related to Sheng.
full meal full of water, the elderly but also trapped the king to take a nap, but actually feel the afternoon. Then Junji landmark at the peak, finally discharged him,UGGs, and left a photo of eggplant, this ready to down the mountain, this time is 16:30 a. Lu
Junji peak to the plane falls from the cliff than to the King Temple is far more, which means the way down the Eastern Front, not only to far.
but still a long way in front of the ridge, Peach, gentle breeze Cantabile, Fei different patterns, like the Great Wall of winding mountain road. I do not remember when was the last time, or ever had, like enjoying a sunset. I think everyone is very intoxicated, because down from a downhill, everyone can not help but sing and dance, dance with ... ...
sunset is magnificent, it is almost evening, this scene certainly makes nostalgia, but the pace was not too much idle time, or can not drive down the mountain before dark. Of course, there is more anxious than we. In the case of one pair just halfway up the mountain from the side to the young lovers. When asked about the way we go Junji peak and time, not help but feel worried. But I immediately said: , is really easy to cheat ah ... ...
Since then, successively passing through a weather station, a village, at 7 o'clock to reach a dam. To see the water, they also know from the legendary Lu Cliff Falls is not far away. Is from here, the terrain dips, no longer the number of
was getting dark, we continue to underground the line through the thin strip of sky, close to Lu Ya waterfall. Lu Cliff Falls is a long, slightly curved inward contraction of the cliff waterfalls. Hill Road, right in the middle of the waterfall, close to the cliff across the indentation. People walk through this, like the general into the Waterfall Cave. Only, light is dim, and the time constraints, has not let us leave any photos. If the day passed, especially in summer when the water large should also have a very good impression. But this is life, you can not get all the time, there must be something to care, If we had several hours to reach here, of course, to see beautiful waterfalls, but they can not enjoy the sunset of the Peak. If you want to experience, then pay some more, more to several times.
down after falls from the cliffs Lu, Uncle Wang and a few dogs have been some small dispute, both sides have big voices, which eventually led away by their parents each become a wonderful trip last episode.
completely out of the area, it is already more than 8 points. Start so late is also concerned that will not ride into town. There are a good few more van results posted on the door and stood in front of a driver call on us, and we follow them, but went straight on the top of a car parked, but not the driver of the car. It seems, is the front man standing, or the front car was also pondering they should take a marketing proposition. Special Request
accompanied Uncle Wang's energetic music, happy to roll back to the city, climbing after the hot pot, hot pot of ice cold beer and cola, and almost become a norm in the washes, are pleasure ~ ~ Attachment: Dengfeng Travel Tips
general to Dengfeng, without the special interests, hobbies, nature must first ensure that the most famous of several places, such as Shaolin Temple Songyang Academy, Zhongyue Miao, mountain and Pacific Room With a list of small hills of Junji Peak, and Fei Lu cliffs three thousand feet waterfall, but also not to be missed. Therefore, the trip can be the backbone to put up four places, all over here, half a day is enough. While taking into account the Shaoshi Shan Shaolin Temple in the west, farther away from the other three are to be arranged in that half-day in a separate. Thus, one and a half trip proposal -
D1: Songyang Academy - Room Mountain Junji peak too - Lou Cliff Falls - Zhong Yuemiao
D2 (day): Shaolin < br>
chose to climb from the Songyang Academy, is because the journey up the mountain side closer to people faster and climb, and will not produce the total can not see the first of fatigue, while the evening falls back from the cliff Lu You can also look into the distance at the Zhong Yuemiao sunset. Lu is the first out if Cliff Falls,UGG shoes, on the mountain is too long, and my heart will feel full of hard, but the evening to the Songyang Academy, will be as close to here from the mountains, may not see a good sunset.
the Shaolin Temple's half-day, you can also consider the proposal with the previous half-day White Horse Temple in Luoyang, combined -
if coming from the direction of Luoyang, the morning of the White Horse Temple, Shaolin Temple afternoon (evening can Shaolin's ceremony to see nearby), next mountain to climb too room around;
if the trip started from Dengfeng, you can turn the implementation of the morning Shaolin Temple, White Horse Temple in the afternoon.
if there are two day stay in Dengfeng, it can go more places, except for too much room to climb the mountain one day, another day to the Shaolin Temple, and relatively close to the west of Wing Tai Temple, the Temple will be good , Songyue Temple, His Holiness Temple all the way to a clean sweep in the evening of Shaolin's ceremony. (Again, around Songshan Temple Road into wjn book ads 8E1A470B636E0! 1055.entry)
If you have three days? ? ? When I did not say it, love how frustrating to how frustrating it.
Wednesday, October 13, 2010
Many bloggers read the Notes on the Lantian
I would have my heart itch to see what was going on,cheap UGG boots, during the past want to ride a bike, but plan more than a year for various reasons did not go into. Yesterday,Discount UGG boots, taking advantage of this rare National Day holiday, I finally get out. However, unlike you is that I was running to go,UGG boots cheap, this is my longest ever distance trail running, with a total mileage of about 60 km. It is said that, any more than 42.195 km's called
the running of the route is along the winding road from the springs has been run to the town of Lantian, and then took the path down to the innermost of the annual Niutoushan Reservoir Village, then from the Village by the spirit of Lake Chengguan back to sea, with a time of seven hours, she had not sat down to rest before.
Lantian for more than a dozen kilometers on the physical consumption is high, the actual physical consumption is far greater than 60 km.
way to run very smoothly,UGG shoes, and finish are normal after the physical condition, fatigue is not obvious, to the stadium this morning to resume normal morning run, so running, let me more and more confident!
the running of the route is along the winding road from the springs has been run to the town of Lantian, and then took the path down to the innermost of the annual Niutoushan Reservoir Village, then from the Village by the spirit of Lake Chengguan back to sea, with a time of seven hours, she had not sat down to rest before.
Lantian for more than a dozen kilometers on the physical consumption is high, the actual physical consumption is far greater than 60 km.
way to run very smoothly,UGG shoes, and finish are normal after the physical condition, fatigue is not obvious, to the stadium this morning to resume normal morning run, so running, let me more and more confident!
Monday, October 11, 2010
I began to doubt my character
Three months ago, North Sand River, the same blustery.
Shahe River finishing straight down into type,cheap UGG boots, other than banks, repair of the so-called garden. After a summer garden desolate, face-saving projects.
cultivation of plants and flowers are,UGGs, already as suited to the soil in Changping,UGG boots, was dog feces and toilet paper cover,
still with the dust in the wind, the small road odor fragrance, Shahe like a loose woman, can not long pretend pure and well-behaved. Nature.
garbage after all control points, and small trees without the piles of garbage, and refuse to live in and the dog,
pen after all, governance, and duck and goose farms sheep dog, is transferred to the wooden fence, only the middle of the river discharge smells, like the current year.
banks of the river is full of Italian cocklebur, arrogant and difficult to handle, the location near the river, cow-like sticky and humid, no offal,
the middle of the river drying a little, there a few catch birds the sticky net, magpies, sparrows, and a variety of wild birds do not know.
now is like the North River, DM said that the place can not go, I do not listen, I'm full of old friends of Shahe,
now I regret it, like the face of a seven years ago, liked the young girl child, no news of the years,UGG shoes, people may become an angel or a slut,
However, no matter what becomes, told me it does not matter, I can not expect always wild and Shahe fresh, not like children always look forward to young and tender young girl.
slippery sticky wetland plants
box box grass Actinostemma tenerum Cucurbitaceae genus
grass Chloris virgata Chloris virgata Chloris virgata is
ox seedlings Erodium stephanianum ox ox Miao Miao families are
rootless duckweed Wolffia arrhiza Branch Ping Wu Ping is
pipe thistle thistle Compositae Cirsium pendulum is
to the River, to cattail and the grass box. Typha has not been cooked, Houluo Li-like, sparse, unsightly.
grass box still, the fruit was still there, spend a little residue. I pinch the box open grass fruit, the seeds of the two huge, think of the big ugly gourd garden section of the empress.
the rest of the water turtle, black algae, the rain took a long time, certain sedges, certain Fimbristylis, all plants not seen the shape of the rules. A weed, as messy.
I think this may be the last time the North River. Perhaps I can also remembered as the young girl child who recall, but not to contact the.
I began to scientists in the North River Road, to do research, write papers, and now I had not a scientist, not a scientist, and to itself. The end of the.
Shahe River finishing straight down into type,cheap UGG boots, other than banks, repair of the so-called garden. After a summer garden desolate, face-saving projects.
cultivation of plants and flowers are,UGGs, already as suited to the soil in Changping,UGG boots, was dog feces and toilet paper cover,
still with the dust in the wind, the small road odor fragrance, Shahe like a loose woman, can not long pretend pure and well-behaved. Nature.
garbage after all control points, and small trees without the piles of garbage, and refuse to live in and the dog,
pen after all, governance, and duck and goose farms sheep dog, is transferred to the wooden fence, only the middle of the river discharge smells, like the current year.
banks of the river is full of Italian cocklebur, arrogant and difficult to handle, the location near the river, cow-like sticky and humid, no offal,
the middle of the river drying a little, there a few catch birds the sticky net, magpies, sparrows, and a variety of wild birds do not know.
now is like the North River, DM said that the place can not go, I do not listen, I'm full of old friends of Shahe,
now I regret it, like the face of a seven years ago, liked the young girl child, no news of the years,UGG shoes, people may become an angel or a slut,
However, no matter what becomes, told me it does not matter, I can not expect always wild and Shahe fresh, not like children always look forward to young and tender young girl.
slippery sticky wetland plants
box box grass Actinostemma tenerum Cucurbitaceae genus
grass Chloris virgata Chloris virgata Chloris virgata is
ox seedlings Erodium stephanianum ox ox Miao Miao families are
rootless duckweed Wolffia arrhiza Branch Ping Wu Ping is
pipe thistle thistle Compositae Cirsium pendulum is
to the River, to cattail and the grass box. Typha has not been cooked, Houluo Li-like, sparse, unsightly.
grass box still, the fruit was still there, spend a little residue. I pinch the box open grass fruit, the seeds of the two huge, think of the big ugly gourd garden section of the empress.
the rest of the water turtle, black algae, the rain took a long time, certain sedges, certain Fimbristylis, all plants not seen the shape of the rules. A weed, as messy.
I think this may be the last time the North River. Perhaps I can also remembered as the young girl child who recall, but not to contact the.
I began to scientists in the North River Road, to do research, write papers, and now I had not a scientist, not a scientist, and to itself. The end of the.
Is the most commonly used aromatherapy oils
It has pleasing flavor, effect a cure, while other essential oils and mix well to achieve the best healing results.
lavender and lavender essential oil of compound usage:
mosquito bites, just to have essential oils used in mosquito bites the skin,UGGs, the skin can prevent infection and pain, while reducing the chance of swelling.
bubble bath,UGG boots, lavender bath oil can relax the muscles in the bath water by adding lavender essential oil, can calm the brain and skin, the role play to relax and restore vitality.
lavender essential oil is highly recommended for the nervous system, relieve depression,UGG shoes, anxiety, insomnia. Best use is massage to relax muscle tissue could play a role.
lavender foot bath, lavender foot bath to relax the pace but tired.
lavender hair, add two drops of essential oils in the hair comb. It is said that lavender essential oils can stimulate hair growth, and has anti-viral properties, can alleviate scalp problems.
perfume sensitive people,Discount UGG boots, you can use lavender instead of perfume behind the ear.
lavender essential oil on the skin regeneration effect and balance effect. Help to treat sunburn, burns, acne, sprains, cuts, acne and other skin ailments.
lavender essential oil is easily absorbed through the skin, played deep sedation. Burn skin, as long as there is no wound, lavender essential oil can get.
pure lavender essential oil can be directly used in the skin. If diluted with base oil can be used Oil of Olay, jojoba oil, sweet almond oil and so on. Lavender essential oil can not be taken orally.
lavender and lavender essential oil of compound usage:
mosquito bites, just to have essential oils used in mosquito bites the skin,UGGs, the skin can prevent infection and pain, while reducing the chance of swelling.
bubble bath,UGG boots, lavender bath oil can relax the muscles in the bath water by adding lavender essential oil, can calm the brain and skin, the role play to relax and restore vitality.
lavender essential oil is highly recommended for the nervous system, relieve depression,UGG shoes, anxiety, insomnia. Best use is massage to relax muscle tissue could play a role.
lavender foot bath, lavender foot bath to relax the pace but tired.
lavender hair, add two drops of essential oils in the hair comb. It is said that lavender essential oils can stimulate hair growth, and has anti-viral properties, can alleviate scalp problems.
perfume sensitive people,Discount UGG boots, you can use lavender instead of perfume behind the ear.
lavender essential oil on the skin regeneration effect and balance effect. Help to treat sunburn, burns, acne, sprains, cuts, acne and other skin ailments.
lavender essential oil is easily absorbed through the skin, played deep sedation. Burn skin, as long as there is no wound, lavender essential oil can get.
pure lavender essential oil can be directly used in the skin. If diluted with base oil can be used Oil of Olay, jojoba oil, sweet almond oil and so on. Lavender essential oil can not be taken orally.
Friday, October 8, 2010
An annual herb
Native to South America. Stems and leaves are fine hairs. Leaves opposite,UGGs, ovate, wrinkled, often has yellow-green. Flowers with two lips,UGG boots cheap, lower lip well developed, the shape of pocket, rich in color,Discount UGG boots, with pale yellow, deep yellow, pink,cheap UGG boots, red, orange and other colors, often containing a brown or red spots.
Thursday, October 7, 2010
insider trading frequency distribution companies and investors a great negative impact
Which, in addition to the regulatory authorities to monitor the use of legal regulations and penalties in addition. Level of corporate governance research how to prevent insider trading is a very interesting article on corporate governance perspective, on the basis of previous research, for the stock market insider trading and corporate governance status quo. Proposed for the prevention and avoidance of insider trading policies and proposals.
insider trading of corporate governance
insider trading refers to the insiders and inside information by improper means to acquire other persons violating the law, disclosure of inside information, according to inside information proposed sale or trading of the securities act of another person. Insider trading seriously affected the market efficiency and resource allocation, contrary to the securities market At the national level, apart from legislation and regulation, corporate governance from the perspective of the causes of insider trading, fundamental for prevention of insider trading.
one
literature review of non-informed outsiders, the insider transactions convey some information, the management of the company's future prospects may be some belief, the company may be governance information. Therefore, many scholars from the perspective of corporate governance, insider trading was studied. Some scholars believe that some kind of passing insider trading and corporate governance-related information. Kerr (1980) and RozefandZaman (1988) that insider trading conveys new information, outside investors to adjust investment strategies should be followed. HirscheyandZaima (1989) that insider trading before the stock fell to pass some kind of message. AllenandRamanan (1995) found that insider trading and earnings are not expected to interact and jointly decided to stock returns, the message that insider trading is not fully included in the surplus. BoehmerandNetter (1997) to insider trading as a management attitude of imminent takeovers alternative variables. EderingtonandGoh (2001) studied the conversion of convertible bonds before the enforce insider trading, insider trading if a significant buying behavior, suggesting that the conversion of convertible bonds is not bad news. Fidrmucetal (2006) study market reaction to UK insider transactions and found that outside directors and shareholders of the excess return of equity share of the impact, the director of trading based on information released before the adjustment is very important.
all levels of corporate governance, including governance, and some scholars, it is from the perspective of corporate governance, insider trading. These perspectives, including: R & D and insider trading, the degree of democracy and corporate insider trading, insider trading, measurement and corporate governance, insider trading data and corporate governance, insider trading legislation and corporate governance. AboodyandLev (2000) that insider trading R & D is a potential source of income. By analyzing the 1985-1997 data found that insider trading, R & D focused enterprise R & D than companies without insider trading income significantly. Meanwhile, the insiders take advantage of the R & D budget of the insider information to trade. Therefore, R & D is the information asymmetry and insider trading proceeds of a contributing factor, related to management compensation, incentives and other aspects of disclosure policy.
JuliaWu (2004) analysis of the corporate governance index and insider trading activity and market prices reflect the relationship between the use of paper Gompersetal (2003) Construction of anti-takeover-based corporate governance index, the shareholders and management agency relationship is based on checks and balances will be classified as a democratic enterprise businesses (large shareholder rights) and authoritarian enterprises (greater management authority). Study found that democratic enterprise, the density of insider trading, the market reacted strongly, causes and management of insider trading as compensation-related benefits. Wu result of the corporate governance of the external receiver (acquisition) and internal control (monitoring) the relationship between the two ideas are related, there is no substitute relationship. Two sets of business transactions through the timing of the discovery, based on more authoritarian enterprise market timing transactions, and democratic enterprises rely more on inside information.
article published by the China Network for you to share papers,cheap UGG boots, more papers published on the Web in China, For reprint please keep a link:
CrucesandKawamura (2005) probability of informed traders use ITPs ( in-formedtradingprobabilities) as a measure of insider trading, the Latin American countries in the ITPs of the heterogeneity found in the announcement before, ITPs significantly increased, ITPs negative correlation with Tobin's Q. Of corporate governance that the ITPs as an alternative to the variable quality of the heterogeneity produced by the market acceptance and pricing. Grishchenkoeta1 (2006) tried to extract transaction data from the head of corporate governance and effective information. In LMSW (2002) theoretical framework of the emerging markets the previous day's trading volume and revenue between the first order autocorrelation was found along with a large volume the continuity of income, indicating the existence of insider trading in emerging markets. In addition, investor protection is better and more complete disclosure of insider trading in small stocks, that trading volume and return autocorrelation contains useful information on corporate governance. Domestic scholars Guyong Li (2003) in his doctoral thesis that legislative restrictions on insider dealing can be adjusted between shareholders and management interests, the formation of different corporate governance structure, and thus affect performance.
from the above literature review, the majority of scholars believe that insider trading and corporate governance related. Perspective from the insider trading of corporate governance can act from a micro level, depth of understanding of insider trading, and ultimately achieving the purpose of preventing insider trading occurred.
Second, insider trading and corporate governance of the status of
view of the frequency of insider trading in China's situation is grim in 1999, trade practices Among them, the Two types of insider trading based on the identification of the main body, once these two types of sensitive information in insider trading during the relevant securities or related securities trading recommendations to others, or disclose the information, will be identified as insider trading. Despite stringent insider trading legislation, but the insider trading cases have occurred from time to time, from 1996-2007, China's insider trading investigation by the Commission a total of 44 cases from.
the status of corporate governance in China is also facing many problems. China's current governance structure of listed companies can be summarized as the major shareholder and insider control super-power mixed-mode, and thus spawned a number of problems. ~ Is a listed company lacks the balance of powers formed the basis of property rights, ownership structure is irrational, the controlling shareholder stake is too large. Second, the Board of structural imbalance, Third, the company authority to set reasonable, the lack of company Fourth, the lack of incentive constraints with the market mechanism, directors and senior management is the lack of reasonable and effective incentives, lack of strict regulation constraints. Five is not conducive to the formation of the external environment, corporate governance, external governance environment, the company can not effectively play a role. Sixth, corporate governance, legal environment needs improvement.
Overall, insider trading and corporate governance in China The Current Situation, needs to be further improved. First, from the business point of view, insider trading seriously undermined the interests of small investors on corporate governance challenge. Such as corporate governance should be how can we avoid the negative effects of insider trading and what companies are more likely to breed insider trading. Second, from the perspective of small investors, on the one hand, due to inside information not known to outside investors, then, outside investors can speculate by the status of corporate governance, companies may place the probability of insider trading in order to avoid losses; other On the one hand, when the corporate governance information is difficult to be monitored, whether the information can be judged by insider trading status of corporate governance or governance crisis, have yet to be discussed.
Third, from the Perspective of corporate governance, insider trading status
statistics for the 44 cases of illegal insider trading of the cases, mainly in accordance with the message type, transaction subject, place and year of Industry classification and found the existence of insider trading and corporate governance are closely linked
message type from the point of view, insider information is a major enterprise level information, 84% of profit sharing and stock purchase class event. This information comes from the daily decisions of corporate governance, from the Board of Directors proposed to the shareholders of the General Assembly adopted plan, corporate governance around the company's major decisions and events, these major decisions and events for all the enterprise's internal and profit sharing or equity participation in the acquisition of interests stakeholders know. If the information disclosure or human use, unavoidable insider trading.
subject from the trading point of view, the subject of insider trading is the soul of corporate governance. Takamiya, large shareholders and the company itself accounted for 55%, securities companies, fund companies and trusts accounted for 23% of the acquirer and the parent company held 21%. Direct involvement of executives and major shareholders that the internal governance of corporate governance, equity incentives to provide the material basis for insider trading, convenient and efficient channels of information to provide illegal insider trading conditions, to provide high returns for insider trading unlawful motive. Acquirer, the parent company, financial intermediaries in external corporate governance, with business contacts, have access to insider information, the excess return of the inducement,UGG boots, the existence of illegal insider trading motives.
year from the occurrence point of view, more than 77% of cases of insider trading occurred in 2001 and before, more than 50% occurred in 1998 and before, that the external legal and corporate governance environment. Before 1999, China has a
Industry from the point of view, insider trading, 39% came from manufacturing, 11% from information technology, manufacturing and information technology industry has its own characteristics,UGG shoes, that is, the higher R & D investment. Higher R & D investment in manufacturing and information technology industry faces a high possibility of insider trading, because the high-tech enterprises are facing a major decision is more subtle and more difficult cognitive, together with P-& D investment is not comparable with the industry, it has the exclusive on their own, R & D investment can not be carried out in the open market price, and only listed in the financial statements, the decision is not known to outside investors and understanding of informed traders is to seize such opportunities for insider transaction.
This shows that insider trading is not simply the stock market irregularities, has a corporate governance mechanism behind the present. Whether the enterprise's internal governance within or external stakeholder management; both rely on Corporate Governance in the external legal environment, or higher R & D investment in industry specific background,UGG boots cheap, once the bad governance can easily lead to insider trading , to the serious consequences for companies and investors.
four, from corporate governance measures to prevent insider trading
Based on the above analysis, insider trading and corporate governance at all levels closely. To prevent insider trading, the need to fundamentally strengthen corporate governance.
1, to strengthen self-discipline within the people, improving their internal governance. Internal governance structure is the basis of governance, including controlling shareholders, board of directors, supervisors, managers and other corporate governance at all levels. Corporate governance within the enterprise are an important subject, the entire process involved in corporate governance in some major news to announce before the enterprise, or the appropriate board of directors and shareholders held during the General Assembly, easy to breed insider trading. To this end, on the one hand, people need strict internal discipline, a profound understanding of the many hazards caused by insider trading; the other hand, requires the company through appropriate incentives and penalties to prevent insider trading of their motives.
2, strengthen the external governance. Various stakeholders within the enterprise inevitable human contact, and participate in some of corporate governance, and thus learned that the company's insider information, should the laissez-faire, there are more people with outside chances, the use of insider information to outsiders will increase the possibility of trading, and ultimately will lose the interest of companies and investors. Therefore, its stakeholders, joint enterprise, mutual supervision, to develop effective reward system, to prevent insider trading and other conduct prejudicial to the interests of the company.
3, and optimize enterprise information disclosure system. In an efficient capital market, information is critical. When the market is weakly efficient, the stock price contains all the information has been published. At this time, if people use their position within the relationship between insider information and transactions that will interfere with the pricing of the securities market functions, and ultimately through the price adjustment and volatility of the company's market value. In this regard, one of the best strategy companies optimize their information disclosure system, so that before the publication of insider information strictly confidential, and as soon as they become public information, so that we can achieve an effective prevention of insider trading purposes.
4, improve the legal environment of corporate governance, effective protection of the interests of small investors. In recent years, corporate governance laws and regulations or amendments to be launched, but the deterrence of insider trading is still insufficient, and thus can not be very effective in protecting investors, especially small and medium investors. In order to prevent insider trading, protection of the interests of small investors, two aspects need to improve the external legal environment. First introduced special legislation. Such as specialized anti-insider trading laws, from the insider trading laws to regulate the identification, identification and punishment, so as to achieve the purpose of improving corporate governance. Second is to strengthen law enforcement. Such as increased monitoring of insider trading, investigation and evidence collection and punitive, not only to be severely insider traders administrative and criminal penalties, but also increase the economic punishment, not only can not allow illegal workers to obtain any economic gains, but also the former through the economic sanctions against the law of their financial ability to lose again.
insider trading of corporate governance
insider trading refers to the insiders and inside information by improper means to acquire other persons violating the law, disclosure of inside information, according to inside information proposed sale or trading of the securities act of another person. Insider trading seriously affected the market efficiency and resource allocation, contrary to the securities market At the national level, apart from legislation and regulation, corporate governance from the perspective of the causes of insider trading, fundamental for prevention of insider trading.
one
literature review of non-informed outsiders, the insider transactions convey some information, the management of the company's future prospects may be some belief, the company may be governance information. Therefore, many scholars from the perspective of corporate governance, insider trading was studied. Some scholars believe that some kind of passing insider trading and corporate governance-related information. Kerr (1980) and RozefandZaman (1988) that insider trading conveys new information, outside investors to adjust investment strategies should be followed. HirscheyandZaima (1989) that insider trading before the stock fell to pass some kind of message. AllenandRamanan (1995) found that insider trading and earnings are not expected to interact and jointly decided to stock returns, the message that insider trading is not fully included in the surplus. BoehmerandNetter (1997) to insider trading as a management attitude of imminent takeovers alternative variables. EderingtonandGoh (2001) studied the conversion of convertible bonds before the enforce insider trading, insider trading if a significant buying behavior, suggesting that the conversion of convertible bonds is not bad news. Fidrmucetal (2006) study market reaction to UK insider transactions and found that outside directors and shareholders of the excess return of equity share of the impact, the director of trading based on information released before the adjustment is very important.
all levels of corporate governance, including governance, and some scholars, it is from the perspective of corporate governance, insider trading. These perspectives, including: R & D and insider trading, the degree of democracy and corporate insider trading, insider trading, measurement and corporate governance, insider trading data and corporate governance, insider trading legislation and corporate governance. AboodyandLev (2000) that insider trading R & D is a potential source of income. By analyzing the 1985-1997 data found that insider trading, R & D focused enterprise R & D than companies without insider trading income significantly. Meanwhile, the insiders take advantage of the R & D budget of the insider information to trade. Therefore, R & D is the information asymmetry and insider trading proceeds of a contributing factor, related to management compensation, incentives and other aspects of disclosure policy.
JuliaWu (2004) analysis of the corporate governance index and insider trading activity and market prices reflect the relationship between the use of paper Gompersetal (2003) Construction of anti-takeover-based corporate governance index, the shareholders and management agency relationship is based on checks and balances will be classified as a democratic enterprise businesses (large shareholder rights) and authoritarian enterprises (greater management authority). Study found that democratic enterprise, the density of insider trading, the market reacted strongly, causes and management of insider trading as compensation-related benefits. Wu result of the corporate governance of the external receiver (acquisition) and internal control (monitoring) the relationship between the two ideas are related, there is no substitute relationship. Two sets of business transactions through the timing of the discovery, based on more authoritarian enterprise market timing transactions, and democratic enterprises rely more on inside information.
article published by the China Network for you to share papers,cheap UGG boots, more papers published on the Web in China, For reprint please keep a link:
CrucesandKawamura (2005) probability of informed traders use ITPs ( in-formedtradingprobabilities) as a measure of insider trading, the Latin American countries in the ITPs of the heterogeneity found in the announcement before, ITPs significantly increased, ITPs negative correlation with Tobin's Q. Of corporate governance that the ITPs as an alternative to the variable quality of the heterogeneity produced by the market acceptance and pricing. Grishchenkoeta1 (2006) tried to extract transaction data from the head of corporate governance and effective information. In LMSW (2002) theoretical framework of the emerging markets the previous day's trading volume and revenue between the first order autocorrelation was found along with a large volume the continuity of income, indicating the existence of insider trading in emerging markets. In addition, investor protection is better and more complete disclosure of insider trading in small stocks, that trading volume and return autocorrelation contains useful information on corporate governance. Domestic scholars Guyong Li (2003) in his doctoral thesis that legislative restrictions on insider dealing can be adjusted between shareholders and management interests, the formation of different corporate governance structure, and thus affect performance.
from the above literature review, the majority of scholars believe that insider trading and corporate governance related. Perspective from the insider trading of corporate governance can act from a micro level, depth of understanding of insider trading, and ultimately achieving the purpose of preventing insider trading occurred.
Second, insider trading and corporate governance of the status of
view of the frequency of insider trading in China's situation is grim in 1999, trade practices Among them, the Two types of insider trading based on the identification of the main body, once these two types of sensitive information in insider trading during the relevant securities or related securities trading recommendations to others, or disclose the information, will be identified as insider trading. Despite stringent insider trading legislation, but the insider trading cases have occurred from time to time, from 1996-2007, China's insider trading investigation by the Commission a total of 44 cases from.
the status of corporate governance in China is also facing many problems. China's current governance structure of listed companies can be summarized as the major shareholder and insider control super-power mixed-mode, and thus spawned a number of problems. ~ Is a listed company lacks the balance of powers formed the basis of property rights, ownership structure is irrational, the controlling shareholder stake is too large. Second, the Board of structural imbalance, Third, the company authority to set reasonable, the lack of company Fourth, the lack of incentive constraints with the market mechanism, directors and senior management is the lack of reasonable and effective incentives, lack of strict regulation constraints. Five is not conducive to the formation of the external environment, corporate governance, external governance environment, the company can not effectively play a role. Sixth, corporate governance, legal environment needs improvement.
Overall, insider trading and corporate governance in China The Current Situation, needs to be further improved. First, from the business point of view, insider trading seriously undermined the interests of small investors on corporate governance challenge. Such as corporate governance should be how can we avoid the negative effects of insider trading and what companies are more likely to breed insider trading. Second, from the perspective of small investors, on the one hand, due to inside information not known to outside investors, then, outside investors can speculate by the status of corporate governance, companies may place the probability of insider trading in order to avoid losses; other On the one hand, when the corporate governance information is difficult to be monitored, whether the information can be judged by insider trading status of corporate governance or governance crisis, have yet to be discussed.
Third, from the Perspective of corporate governance, insider trading status
statistics for the 44 cases of illegal insider trading of the cases, mainly in accordance with the message type, transaction subject, place and year of Industry classification and found the existence of insider trading and corporate governance are closely linked
message type from the point of view, insider information is a major enterprise level information, 84% of profit sharing and stock purchase class event. This information comes from the daily decisions of corporate governance, from the Board of Directors proposed to the shareholders of the General Assembly adopted plan, corporate governance around the company's major decisions and events, these major decisions and events for all the enterprise's internal and profit sharing or equity participation in the acquisition of interests stakeholders know. If the information disclosure or human use, unavoidable insider trading.
subject from the trading point of view, the subject of insider trading is the soul of corporate governance. Takamiya, large shareholders and the company itself accounted for 55%, securities companies, fund companies and trusts accounted for 23% of the acquirer and the parent company held 21%. Direct involvement of executives and major shareholders that the internal governance of corporate governance, equity incentives to provide the material basis for insider trading, convenient and efficient channels of information to provide illegal insider trading conditions, to provide high returns for insider trading unlawful motive. Acquirer, the parent company, financial intermediaries in external corporate governance, with business contacts, have access to insider information, the excess return of the inducement,UGG boots, the existence of illegal insider trading motives.
year from the occurrence point of view, more than 77% of cases of insider trading occurred in 2001 and before, more than 50% occurred in 1998 and before, that the external legal and corporate governance environment. Before 1999, China has a
Industry from the point of view, insider trading, 39% came from manufacturing, 11% from information technology, manufacturing and information technology industry has its own characteristics,UGG shoes, that is, the higher R & D investment. Higher R & D investment in manufacturing and information technology industry faces a high possibility of insider trading, because the high-tech enterprises are facing a major decision is more subtle and more difficult cognitive, together with P-& D investment is not comparable with the industry, it has the exclusive on their own, R & D investment can not be carried out in the open market price, and only listed in the financial statements, the decision is not known to outside investors and understanding of informed traders is to seize such opportunities for insider transaction.
This shows that insider trading is not simply the stock market irregularities, has a corporate governance mechanism behind the present. Whether the enterprise's internal governance within or external stakeholder management; both rely on Corporate Governance in the external legal environment, or higher R & D investment in industry specific background,UGG boots cheap, once the bad governance can easily lead to insider trading , to the serious consequences for companies and investors.
four, from corporate governance measures to prevent insider trading
Based on the above analysis, insider trading and corporate governance at all levels closely. To prevent insider trading, the need to fundamentally strengthen corporate governance.
1, to strengthen self-discipline within the people, improving their internal governance. Internal governance structure is the basis of governance, including controlling shareholders, board of directors, supervisors, managers and other corporate governance at all levels. Corporate governance within the enterprise are an important subject, the entire process involved in corporate governance in some major news to announce before the enterprise, or the appropriate board of directors and shareholders held during the General Assembly, easy to breed insider trading. To this end, on the one hand, people need strict internal discipline, a profound understanding of the many hazards caused by insider trading; the other hand, requires the company through appropriate incentives and penalties to prevent insider trading of their motives.
2, strengthen the external governance. Various stakeholders within the enterprise inevitable human contact, and participate in some of corporate governance, and thus learned that the company's insider information, should the laissez-faire, there are more people with outside chances, the use of insider information to outsiders will increase the possibility of trading, and ultimately will lose the interest of companies and investors. Therefore, its stakeholders, joint enterprise, mutual supervision, to develop effective reward system, to prevent insider trading and other conduct prejudicial to the interests of the company.
3, and optimize enterprise information disclosure system. In an efficient capital market, information is critical. When the market is weakly efficient, the stock price contains all the information has been published. At this time, if people use their position within the relationship between insider information and transactions that will interfere with the pricing of the securities market functions, and ultimately through the price adjustment and volatility of the company's market value. In this regard, one of the best strategy companies optimize their information disclosure system, so that before the publication of insider information strictly confidential, and as soon as they become public information, so that we can achieve an effective prevention of insider trading purposes.
4, improve the legal environment of corporate governance, effective protection of the interests of small investors. In recent years, corporate governance laws and regulations or amendments to be launched, but the deterrence of insider trading is still insufficient, and thus can not be very effective in protecting investors, especially small and medium investors. In order to prevent insider trading, protection of the interests of small investors, two aspects need to improve the external legal environment. First introduced special legislation. Such as specialized anti-insider trading laws, from the insider trading laws to regulate the identification, identification and punishment, so as to achieve the purpose of improving corporate governance. Second is to strengthen law enforcement. Such as increased monitoring of insider trading, investigation and evidence collection and punitive, not only to be severely insider traders administrative and criminal penalties, but also increase the economic punishment, not only can not allow illegal workers to obtain any economic gains, but also the former through the economic sanctions against the law of their financial ability to lose again.
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