disappointing because of the best performance of the global economy since the financial crisis. The establishment of shares refers to the pledge of the pledge of shares, which can be transferred according to law. The quality of the shares shall be entered into a written contract and shall be registered with the securities registration authority, and the pledge contract shall take effect from the date of registration. The shares may not be transferred after the quality of the shares, except as agreed by the pledgor and the pledgee. Upon the consent of the pledgee, the proceeds from the transfer of the shares by the pledgee shall be paid to the pledgee to liquidate the secured claims or to the third party as agreed with the pledgee. However, the company shall not accept the shares of the company as the subject matter of pledge. 1. Rubber tube aging We all know that individuals could use even more exercise. As a society, were entirely too sedentary, spending considerable time watching TV, online video video games and surfing the net - and far inadequate engaged in exercising. This kind of lifestyle leads to obesity and low stamina. We all are aware of this - but whatever you may well not know is 'abnormal' amounts of physical activity means reduced cognitive abilities as well! As you get older, the gap grows more plus much more apparent. Any transaction can be seen as a contract between the two parties. The so-called transaction cost can be seen as the cost of the transaction contract. According to Mr Coase and others, a type of transaction costs arise from the accidental factors that occur when a deal is signed. These incidental factors may not be written into the contract due to the fact that they could not be foreseen in advance, or although they could be foreseen, they could not be written into the contract due to too many factors. Another type of transaction costs is the signing of contracts and the cost of monitoring and enforcing contracts. In the face of market failure, coase has given the opposite answer: external-utility problems can be solved by explicitly using the market, without government intervention. And zhang wuchang is more absolute, he said that there is no so-called external utility, there is only unclear property rights. Anyway, coase brought revolutionary innovation to market concepts. He made it clear that the key to the market was not the "price mechanism" of impersonal machinery, but the power of participants in economic activity. It is not obvious in some analyses, but it is important to note that economic profits include opportunity costs. The profit of an entrepreneur (normal profit) is usually positive, but economic profit can be either positive or negative (loss). That's why the opportunity cost is included: in a completely competitive market, when marginal cost equals marginal revenue, profit maximization or loss minimization conditions arise. If the market price is lower than the total average cost, which means that the economic profit is negative, the entrepreneur needs to compare the value of the loss and the average variable cost. If the business continues to operate, the negative economic profit must not be lower than the average variable cost, otherwise the entrepreneur would rather shut down the company than continue to take the loss. In such a simple deal, the details and considerations of the plan have exceeded what many traders can do in real deals. Therefore, it is not difficult to understand why so many people lose money in the foreign exchange futures market.