而高昂的石油收入为海湾地区产油国带来了两位数的预算盈余，也将俄罗斯的预算盈余推高至gdp的6%。

High oil revenues have brought double-digit budget surpluses to the Gulf oil producers and pushed Russia's surplus over 6% of GDP.

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其国债收益率曾一度向上跳空至7.5%，这一水平意味着在高收益率引发银行挤兑之前，意大利就可以板上钉钉地被定性为无偿还能力债务国了。

At one point yields gapped up towards 7.5%-a level that would eventually pitch Italy into insolvency and long before that triggers a run on its Banks.

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所以，本文以2003年、2004年和2006年中国A股上市公司为样本，采用回归模型，从两个方面研究高管持股效果。

So, this paper will use China a share listed companies' 2003, 2004 and 2006 data as sample, and use regression model, to analyze the effect of managerial ownership in two different methods.

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