收益成交量 的英文怎麼說
中文拼音 [shōuyìchéngjiāoliáng]
收益成交量
英文
darts- 收 : Ⅰ動詞1 (把攤開的或分散的事物聚集、合攏) put away; take in 2 (收取) collect 3 (收割) harvest...
- 益 : Ⅰ名詞1 (好處) benefit; profit; advantage 2 (姓氏) a surname Ⅱ形容詞(有益的) beneficialⅢ動詞...
- 成 : Ⅰ動詞1 (完成; 成功) accomplish; succeed 2 (成為; 變為) become; turn into 3 (成全) help comp...
- 交 : Ⅰ動詞1 (把事物轉移給有關方面) hand over; give up; deliver 2 (到某一時辰或季節) reach (a cert...
- 量 : 量動1. (度量) measure 2. (估量) estimate; size up
- 收益 : income; proceeds; profit; earnings; gains; avails; gainings
-
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
本文首先介紹了中美、中歐紡織品貿易爭端的來龍去脈,由此可知在涉外貿易這種以高投入、高風險著稱的行業里,如何甄別和規避外貿風險、如何選擇合適的投資項目已經成為外貿企業的首要問題。因此,正文分別從統計學、博弈論和投資組合三種角度對涉外紡織品貿易公司風險進行了定性和定量的分析,這也是本文的主要研究內容。首先,統計學篇選取了深圳證券交易所行業分類指數?紡織服裝指數( ti )每一季度末的交易收盤價和若干種反映宏觀經濟變化的指標,利用計量經濟學中時間序列的協整檢驗、 granger因果檢驗和脈沖反應函數等理論做實證分析,從而得知反映國內物價水平和國內外經濟景氣程度的經濟指標對紡織板塊上市值的沖擊比較明顯,且可知沖擊程度和時滯度,進而分析出涉外紡織企業所面臨的宏觀經濟風險;接著,從博弈論的角度具體分析一家紡織品出口公司( beauty )的外貿活動所面臨的各種經營風險,該篇從博弈擴展圖入手,分析了出口目的國審查方式與本企業出口策略之間的制度安排;並圍繞雙方的利益分配,研究了有限回合和無限回合合作談判博弈,然後具體論述了國家責任和企業涉外經營風險等問題;在一定程度上為了實現投資多元化來分散風險的目的,投資組合篇從經典的markowitz模型著手,在一些特定條件的限制下,給出了一個相應的投資組合模型。So this paper tries to solve these problems through the following work : first, we select some index to valuate the close - end funds, including income, stability, risk in falling, stocks selecting ability and tuning ability, based on overseas funds valuation methods and domestic market condition ; second, we analyze the stability of all index and form two styles index, which are f and other bad stability index ; then, we form the valuation system, including two - layers index, which are p and factor score ; last, we use this system to analyze the close - end funds which came into existence before 2000 and get the final comparative result. the main intention of this paper is to create the system of valuating close - end funds in our country, which is comprehensive and objective. in my valuation system involving the period from 2000 to 2003, the funds as a whole performs inferior to the stock index
首先,對國外理論界經典成型的、以及前沿的基金評價指標和評價方法進行了詳細的分析,並結合我國的基金市場狀況,選取了可以衡量基金收益、穩定性、下跌風險、股票選擇能力、時機選擇能力等量化指標;其次,根據我國基金分析的需要,採用了諸如基金交易價格、換手率等二級市場表現指標;然後,對這些指標進行了時間延續性分析,檢測這些指標在運用到我國基金市場時能否有效預測基金未來表現,從而形成了兩類指標:時間延續性很好的s _ p和時間延續性不好的其它所有指標;再次,在以上工作的基礎上形成了由兩個層面的指標構成的我國證券投資基金評價體系: s _ p和因子分析中綜合因子得分值;最後,選取了我國2000年1月1日前成立的23隻封閉式基金作為樣本,並同時採用上證a股與深成a股兩個基準組合進行了3年樣本期的實證分析,得出了最終的比較性評價結果。The model of this paper explores the links between the following factors and the credit rationing in china. the change of banks " attitude to credit risk may lead to credit rationing ; banks give much more emphasis on the trade cost and the payable value of collateral, which may give rise to credit rationing ; the decreasing of asset price during economic stagnation produces credit rationing ; the bias of banks " objective function from the maximization of profit and the transformation of the function relating to the reform of the financial system cause credit rationing ; if different parts of the whole markets are not integrated, the credit in the part with low capital return ratio will be rationed. during economic recession, banks tend to ration the credit in the high - risk market ; the removing of interest ceiling will narrow down the interest spread of deposit and credit at least during a period, which may strengthen credit rationing ; meanwhile, the vulnerable borrowers, including small and middle - sized enterprises, will get more credit from banks even though they have to pay a higher interest rate
論文的模型探討了下列因素和中國信貸配給現象之間的聯系:商業銀行對信貸風險的態度變化,在辨別和控制信貸風險上開始投入大量的成本,這一過程會導致信貸配給;商業銀行對與法治環境相關的交易成本和抵押品清償價值的日漸關注會導致信貸配給;宏觀經濟緊縮時期資產價格下降會導致信貸配給;商業銀行經營目標函數偏離利潤最大化,近幾年金融業改革過程使商業銀行目標函數發生變化,這一變化過程可能導致信貸配給;在市場分化的條件下,收益水平低的市場會遭受信貸配給;在經濟下滑時期,商業銀行尤其會對高風險市場配給信貸;利率市場化使商業銀行的存貸利差至少在一段時間內縮窄,利差縮窄可能加重信貸配給的程度:在利率市場化條件下,弱勢借款者,包括中小企業,遭受信貸配給的程度可能得到緩解,但支付的貸款利率水平將會升高。From the second to the fifth chapter such problems concerning state - owned property right are illustrated respectively as its definition, valuation and price fixing and capital sources of undertaking party and the disposal and use of transfer income. problems are raised with regard to the process of current property right system diversity in state - owned enterprises, such as the disagreement to the definition of state - owned property right, no standard of evaluation, imperfection of price fixing system and relative confusion of transfer income disposal and use. what ' s more, new solutions are offered : the probe into state - owned property right definition " changsha model " is confirmed positively ; two specific ways of quantification - - " the method of average growth rate of state - owned property right " and " the method of average cost of labor in market " ; the concept " present value of earnings " is applied to the property evaluation of receivable accounts, finished goods, invisible assets and so on ; the unjust in price fixing of state - owned property right can be avoided by improving property valuation methods, perfecting capital market especially property right trading market and bettering information publishing system ; as to the guarantee problem of human resources financial contribution, an original key is offered
第一章運用產權理論對國企產權多元化改革進行經濟學分析;第二章至第五章主要圍繞國有產權的界定問題、評估問題、定價問題、承接方的資金來源問題、轉讓收入的處置運用問題分別進行闡述,指出了當前國企產權多元化過程中存在著國有產權界定不統一、評估不規范、定價機制不完善、處置運用相對混亂等諸多問題,並提出新的解決思路:肯定國有產權界定「長沙模式」的積極探索意義,提出量化職工創造剩餘價值的「國有資產平均增長率法」和「平均市場勞動成本法」 ;將「收益現值」概念運用到對應收賬款、產成品、無形資產等資產評估之中;應從完善資產評估方法、完善資本市場特別是產權交易市場和健全信息公開機制三個方面來解決國有產權定價不公問題;就人力資本出資的擔保問題提出實際債務承擔額(比例)應小於名義出資額(比例)的新思路,並認為人力資本市場上的交易價格應包括絕對出資額和相對出資額兩部分。The fair affiliated transactions wouldn ’ t distort the financial position and operation result of the business. on the contrary, the unfair affiliated transactions would have bad impact on the quality of financial data due to unreasonable prices and the interests exchanged between the affiliated parties. it would make the information users hard to judge the financial position and earning power of the business and even to make wrong investment decisions
從會計的角度講,公允的關聯交易不會扭曲企業的財務狀況和經營成果,但是非公允的關聯交易由於存在交易價格的不合理以及利益在企業之間的轉移,因而會影響企業資產和收益的質量,進而影響企業會計信息的質量,這會使會計信息的使用者難以正確地判斷企業的財務狀況和盈利能力,從而做出錯誤的投資決策。Through examining these implications empirically, we find that : ( 1 ) price limits may destroy the co - integration of shanghai stock index and its volume ; ( 2 ) in the short rum, price limits increase the volatility of china securities market, but in the long run, stock market volatility trends down ; ( 3 ) under the limit up and down, it increases sharply firstly and then decreases step by step for the coefficient of variation of the day returns series in china securities market
通過實證檢驗得出如下結論: ( 1 )實行漲跌停板制度回破壞上證指數與成交量的協整關系; ( 2 )在短期內會使我國大市指數日收益率的波動增大,但在長期里波動率趨于下降; ( 3 )實行漲跌停板制度之後,我國證券市場大市指數日收益率的變差具有先增后減的是趨勢。Following, making development study from the three directions : the first one is how to reduce calculation when to use markowitz model. this text has improved the efficient frontier of markowitz model utilizing free risk assets, and reduced calculation about revenue rates " co - variance matrix utilizing single or multiple factors, and so on. the second one is to add thinking factors about, such as transaction fee, fund limitation, lowest transaction unit ' s limitation, risk measures and exchange rate risk of international portfolio securities, so as to make markowitz model closer to our country ' s practice
接著,分三今方向對markowitz模型進行了拓展研究:第一個方向是運用markowitz模型時如何減少計算量,本文利用無風險資產來改進markowitz模型的有效邊界,利用單因子或多因子模型來減少收益率協方差的計算量等等;第二個方向是增加考慮因素,諸如交易費用、資金限制、最小交易單位限制,風險測度和國際組合證券的匯率風險,使markowitz模型更貼近我國的實際;第三個方向是對markowitz模型進行動態拓展研究,提出了將證券收益率看成是隨機序列時的投資決策模型,深入研究了m ? v有效邊界隨資產品種數增加而發生的漂移,並用解析方法和幾何圖形描述了漂移的軌跡和方向。Article 184 if anyone, in violation of the provisions in article 71 of this law, obtains illegitimate benefits or shifts risks to others by manipulating securities trading prices or fabricating sham securities trading prices or securities trading volumes, his illegal gains shall be confiscated and he shall be fined not less than the amount of but not more than five times the illegal gains
第一百八十四條任何人違反本法第七十一條規定,操縱證券交易價格,或者製造證券交易的虛假價格或者證券交易量,獲取不正當利益或者轉嫁風險的,沒收違法所得,並處以違法所得一倍以上五倍以下的罰款。構成犯罪的,依法追究刑事責任。The paper presented the evolution of five key indicators property prices, property transaction volumes, new mortgages, the income - gearing ratio, and the buy - rent gap, which measures the funding cost of buying a property relative to its rental yield in the form of a pentagon, to compare the current situation with the boom and bust cycles of the past decade or so
該文件以五邊形的方式闡釋5項主要指標的演變物業價格物業成交量新造按揭貸款收入與供款比率,以及反映購買物業的資金成本相對于租金收益的購入成本與租金差距,以比較目前的情況及過去十多年來的景氣及不景氣周期。The payments for capital and labor are totally set by market power and capital ( labor ) suppliers of any firm have no power to alter the transaction terms with its labor ( capital ) suppliers to their advantage and thus every firm generate zero economic profit. every firm ' s value is equal to the sum of the market prices of the human assets and physical assets that it use and thus the formation and disbandment of a firm have no influence on the interest of any of its members. through an efficient comparison of production within the firm and the scattered individual production coordinated through markets, the dissertation reveals that the origin of the power relationship phenomenon within the firm is that the suppliers of the resources to the firm in real world are unable to enter into legally binding complete contracts as walras assumed
在一般均衡範式中,企業是一個追求利潤最大化的原子;企業的生產過程被描述為一個「黑箱」 ,它自動地、無摩擦地把任何一組投入轉化為既定的技術約束下所能生產的最高產出;資本和勞動僅僅是生產過程中不同類別的投入,它們之間的關系是對稱的,它們各自的報酬都是完全由市場整體的力量決定的,任何一個企業的資本(勞動)提供者都不可能為了增進其自身的利益而改變與勞動(資本)提供者的交易條件,從而任何一個企業產生的經濟利潤都為零;任何一個企業的價值都等於該企業使用的人力資產和非人力資產的市場價格之和,組成一個企業不會增進任何參與人的收益,解散一個企業也不會降低任何參與人的收益。Institutional economics is its basic theoretical clue. the institutional approach includes : transaction cost is a basic view for housing finance institutions and a certain institution follows the principle of minimum transaction cost ; financial deepenness and financial function theories are important ways to understand housing finance institution ; a systematic institutional structure of housing finance comes from the interaction of social economy, culture and politics, and institutional bundling and embeddedness are common forms ; financial structure theory is a forceful quantitative way to analyses housing finance institutions ; minimization of transaction cost is the basic motivation for institutional transformation, and the basic ways are forced transformation and induced transformation ; equity and efficiency are basic criteria for evaluating housing finance institutions, which may implement through certain institutions while government acts as leverage between equity and efficiency. ( 2 ) multiformality and transformation of housing finance
制度經濟學是基本的理論線索,制度分析範式包括如下方面:交易成本是考察住房金融制度的基本視角,特定的住房制度安排遵循約束條件交易成本最小化原則;金融深化和金融功能理論是理解特定住房金融制度安排的重要輔助方法;整體性住房金融制度結構的形成是包括社會經濟、文化、政治等各類制度在內互相影響、平衡的產物,制度捆綁和制度嵌入是常見的形式;金融結構方法是用制度分析方法解釋住房金融制度的有力的定量分析工具;住房金融制度變遷的基本動因是交易成本最小化(外部收益內部化) ,變遷的基本方式是強制性變遷和誘致性變遷;公平和效率是住房金融制度評價的基本標準,公平和效率通過一定的制度安排可以同時實現,政府在住房金融制度中起著平衡公平和效率的杠桿作用。Relative to general ar model, the setar model was more suitable to describe the price movement during the manipulation. to help the practice of the guarding system, the author try to set up a discrimination model for insider trading and market manipulation, based on the samples of daily - average return and turn - over ratio during the time the equity changed. the criterion is to try to correctly find out the offense and the normal event
除了日均換手率之外的日均內容摘要收益率、日均收益率平方項、日均收益率與日均換手率的乘積項能提高對內幕交易、市場操縱的發生以及非內幕交易、非市場操縱事件的正確判別率,這些變量對內幕交易、市場操縱的判別影響不一樣,並且,內幕交易和市場操縱判別模型中的最優閥值也不一樣,最優閥值的選取可以體現監管層監管水平的成熟程度。In this essay, firstly the author analyzes the predictability of time series from china ' s stock exchange using three kinds of methods : arma model, neural network model and non - parametric estimation and gives evaluation on their performances while at the same time puts forward some conclusions deserving attention from both stock exchange supervising department and stock traders. secondly, the author examines the assumptions closely on which the above - said methods base and gives a detailed discussion on them, especially using garch model to test quantitatively the stability of china ' s stock exchange, afterwards drawing the conclusion that it is hard to make accurate prediction of price or return rate of china ' s stocks for none of the assumptions fully holds ground. thirdly, taking account of the difference between chinese stock traders as a whole and that of developed countries, the author gives a thorough analysis on the complexity and volatility of its ( traders " ) reaction to information and points out that the intrinsic heterogeneous and volatile reaction to information is an important reason for the almost unpredictability of the price or return rate in china ' s stock exchange
本文首先採用arma模型、非參數模型以及神經網路模型對我國股市時間序列進行研究,對三種方法在分析我國股市時間序列的表現進行評價,並得出了一些對監管部門以及股票交易者有借鑒意義的結論;其次作者對三種模型分析我國股市時間序列的前提進行了討論,特別是利用garch模型對我國股市的系統穩定性進行了量化檢驗,得出了前提難以滿足導致準確預測我國股市價格或收益率困難的結論;第三,考慮到中國股市股票交易者群體與發達國家股市股票交易者群體之間的差異,作者借用行為金融學的理論成果對我國股票交易者對信息反應的復雜性和易變性進行了詳細分析,指出股票交易者對信息反應的異質性和易變性是造成難以準確預測我國股市的一個重要原因,考慮到我國股市以散戶為主導的特性將長期存在,因此將行為金融學的研究結論納入對我國股市時間序列的量化研究具有重要的意義;最後,作者從唯理預測與唯象預測之間差異的角度出發,指出了唯象預測的缺點並對我國股市時間序列的研究方向進行了展望。The third chapter first describes the operating mechanism of private funds, then focuses on practical methods to control the risks involved. comparatively speaking, china ' s private funds do n ' t have as many investment tools as their foreign counterparts and they mainly operate in the secondary stock market. as a result, the risks private funds confront are tremendous : private funds in china have no legal status, which indicates that the fund contract ca n ' t get proper legal protection ; the stock market has been far from perfect so that private funds have inadequate instruments to avoid risks ; the listed companies participating in private funds are vulnerable to risks ; private funds investors also confront the risks of unexpected policy change
我國的私募基金與國外相比,運作方式較為單一,主要在二級市場操作,大部分依靠作大成交量,獲取券商返還傭金來獲取收益,以跟莊、鎖倉、聯合坐莊為主要投資策略,以中線持股、波段炒作為主要戰術,這就決定了我國私募基金面臨著巨大的風險:我國私募基金沒有合法地位,基金契約合同不受法律保護;證券市場品種單一,沒有避空機制,期權、期貨等金融衍生工具甚至根本不存在;上市公司參與私募基金引致巨大風險;由於目前國家對私募基金的立法沒有正式出臺,投資者還面臨著政策調整的風險。Operations of the power corporation include power energy sending, purchasing, selling, pumped storing and timed balancing. in the model trading price and trading quantities of all operations are considered as model parameters, as well as operating profit as model objects. at the same time the response of user rose by price quivering, generation cost curve and unit parameters of independent power plant and pumped storage are considered as restriction
帶獨立電源電力公司包含上網、購電、售電、抽水蓄能和實時平衡等運營業務,模型以各業務環節中的交易電價和交易電量為參數,以電力公司日運營收益最大為目標,並考慮了用戶對電價波動的響應以及獨立電廠、抽水蓄能電廠的發電成本曲線和機組參數等約束條件。The difficulty in assessing growth high - tech enterprises is lack of comparable companies and historical data, effective methods to measure growth, and methods to define income exactly, etc. as the pioneering securities market has not been established in this country, if we want to apply market methods to growth high - tech enterprises assessment, we could only take enterprises in main securities market as reference and must adjust factors, say, methods to select referenced companies, value proportion multiple, option value of exchangeable stock
成長型高新企業價值評估的難點在於缺乏可比公司和歷史數據,預測未來收益難度大,對成長性缺乏有效的度量方法,以及存在著收入確認問題等。利用市場法對成長型高新企業進行價值評估,由於我國目前尚未建立創業板證券市場,現階段的解決方案仍舊只能以主板市場的企業作為參照公司,但是要對參照公司的選取、價值比例乘數、可交易證券的期權價值等因素進行調整。分享友人