股票市場信用 的英文怎麼說
中文拼音 [gǔpiàoshìchǎngxìnyòng]
股票市場信用
英文
stock market credit- 股 : Ⅰ名詞1 (大腿) thigh; haunches 2 (機關、企業、團體中的組織單位) section of an office or enterp...
- 票 : 名詞1 (作為憑證的紙片) ticket 2 (選票) ballot 3 (鈔票) bank note; bill 4 (強盜綁架去用做抵...
- 市 : 同 「黻」[fú]
- 場 : 場Ⅰ名詞1 (平坦的空地 多用來翻曬糧食 碾軋穀物) a level open space; threshing ground 2 [方言] (...
- 用 : Ⅰ動詞1 (使用) use; employ; apply 2 (多用於否定: 需要) need 3 (敬辭: 吃; 喝) eat; drink Ⅱ名...
- 股票 : shares; share certificate; stock certificate; equity security; stock; capital stock
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Government ' s monopoly of capital market also leaded to the " shell " value of listed company which is irrelative to the company ' s invest value, which made the higher general price in the market. in addition to, the structure of investors which is consisting of many individual investors and few institution investors lets it easy to manipulate the stock market for the institution investors. according to the origins of the systematic risk, it is necessary to improve the market mechanism and market efficiency to eliminate the system root of the risk to decrease the risks
突出地表現在:資本市場服務于國企轉制,造成上市公司股權結構存在缺陷,致使公司治理失效,上市公司缺乏持續發展的能力,公司經營風險轉化為市場的系統性風險;政府對資本市場準入的行政性壟斷,形成上市公司「殼」價值,虛高股票市場價格,引發系統性風險;金融市場分割,特別是貨幣市場資金缺乏進入資本市場的正常渠道,利率市場化水平低,影響金融資產定價,導致違規融資盛行,加大了市場風險;而由於市場監管不到位,以散戶為主的投資主體結構,則易導致機構大戶利用內幕信息操縱股價,機構投資者的發展不僅沒有成為穩定市場的力量,反而成為操縱市場的主力,加劇了市場波動。With the rapid development of the security stock market especially the stock market in chian , issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time , more and more investors are attracted by the relately high initial return of stock however , the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks , most new issues had great raise in the first trade day , and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections : in the first part , we introduced the method of the estimate of pricing decision ; in the second part , we analyzed the method of the pricing decision and issuing system in china , discussed the advantage and weakness of the various issuing methods , and compared the economic efficiency between the examine and approve system and authorization system ; in the third part , we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets , we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part , we analyzed the data of chinese stock market with spss , made a analysis of the administrative pricing decision and market pricing decision , studied the underpricing phenomena of chinese stock market , and analyzed it ' s causes ; in the fifth part , we made a analysis of the examine approve system and authorization system ; and in the last part , we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation : ( 1 ) from the results of this empirical study , we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares , the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ; ( 2 ) we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system , there is no significant difference among the underpricing of shares , but considered with the market entironment , we think that the ipo ' s underpricing has been correspondingly reduced ( 3 ) to reduce difference between the primary market and the second market , we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成:第一部分介紹新股發行定價的估值方法;第二部分對我國的發行定價方式和發行制度進行分析,探討不同發行定價方式的優缺點,以及審批制和核準制經濟效率分析;第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因,並結合我國股票市場實際情況,分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的;第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析,主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析,以及新股發行行政化和市場化定價方式的比較實證分析;第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析;第六部分是本論文的主要結論。本文的主要結論和建議有: ( 1 )從實證分析結果看,我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系,與發行規模、申購中簽率等呈顯著反向關系。 ( 2 )取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平,只是由於市場環境的因素,發行抑價的相對水平才有所降低。Second, by applying econometrics and statistics to the study of signal assimilation efficiency and allocation efficiency of capital factors, this thesis discloses the unequilibrium features of stock market in china
第二,分別用計量經濟學方法和統計分析方法研究中國股票市場價格的信息吸收效率和資本要素配置效率,揭示了我國股票市場非競爭均衡特性。Equally convincing arguments apply to the participation of foreign financial intermediaries in the equities and debt channels
同樣令人信服的理據適用於海外金融中介機構參與股票及債券市場。The paper firstly analyzed the condition for the transit of information efficiency to the capital allocation efficiency, then tested the efficiency of the stock market mainly from the viewpoint of the formation of industrial capital employing co - integrated testing
通過分析信息效率向資本配置效率傳導的條件,然後從產業資本形成的角度出發,利用協整分析方法對中國股票市場上的資本配置效率進行了檢驗。Statistical description shows capital resource of listed agribusinesses : external capital is mainly obtained by access to stock market, next the financial institutions and commercial credit, and little by bond market
通過描述性統計分析,本文得到了農業上市公司資金來源:農業上市公司的外部資金主要通過股票市場獲得,其次通過金融機構和商業信用獲得短期負債,而通過債券市場獲得的資金十分有限。Interrelation between monetary credit and supply of funds for china ' s stock market
貨幣信用與中國股票市場資金供給相關性研究Making use of the time series exhibitions of the fluctuation - rate datum, we make our study for the following two purposes : one is to observe whether the preannouncing companies " temporal - condition variance of the series of the return rate conforms to the demand of sta bility ; the other is to decide whether the preannouncing companies " stocks have asymmetrical - information adjustment, this is to say, to decide how the companies response to good or bad news
為了進一步檢驗盈餘預告新規則實施效果,我們考慮從波動性入手對股票市場的穩定性進行系統分析。我們嘗試利用波動率數值的時間序列表現進行研究,力圖了解:預告公司股票日收益率序列的時變條件方差是否滿足穩定性要求。預告公司股票是否存在信息非對稱性調整現象,即對利好利空消息分別做出何種反應。The studies show : the stock market in our country is playing an active role in allocating resources, but this function can not work better for the bad price signal, low liquidity of the stock market, the problems found in issuing shares and merging of assets. the paper puts forward corresponding suggestions
本文的研究表明:我國股票市場在促進資源優化配置方面正起著積極的作用,但由於價格的信息效率低、股票市場的流動性低以及股票發行機制和資產重組方面的一些問題影響著股票市場這一功能的發揮。The stock market in our country is influenced greatly by policy ; individual investors are in a great proportion in this market ; the exchange rate and p / e of stocks are comparatively much higher ; information asymmetry is also very serious. for the reasons mentioned above, the modern finance theory which is based on emh is not a appropriate tool to analyze this market
對於我國這樣一個素有「政策市」之稱,投資者中個人投資者占絕大多數比重,有著較高換手率和市盈率,且信息嚴重不對稱的新興股票市場,用基於投資者完全理性和有效市場假設的主流金融理論去研究並不是很合適。Second, by constructing the government ' s utility function, we explain the motivation of government ' s strange action to deal with stock market. as the monitor and large shareholder of the stock market, china government is in a dilemma : as a monitor, he hope the stock price can reflect the real value of the stock. as a shareholder, he hope the stock price as high as possible
其次,通過對政府對證券市場效用偏好函數的分析,揭示了政府對市場監管嚴厲程度的「相機抉擇」行為和政府對股票市場「隱性擔保行"為產生的根源,分析結果表明:不完備的市場交易機制和政府同時作為市場的監管者和籌資者的角色沖突,是導致中國證券市場信息效率低下,投機氣氛濃厚,市盈率居高不下的根本原因。In chapter 5, we ' ll study how to promote the validity of eso from such efforts as improving the information transmitting of our capital market, strengthening external market constrain, perfecting rules of internal incentive - constrain. finally, we ' ll study the designing of eso on implement scale, source of stock, condition of executive
第五章在第四章分析的基礎上從改善我國股票市場的信息傳遞作用、加強外部市場的約束力、完善公司內部激勵約束制度及相關法律法規制度等方面探討了提升上市公司股權激勵機制在我國的有效性;最後,從實施范圍、股票來源、行權條件等方面探討了股權激勵機制的設計問題。Chapters 2, 3 and 4 are the focal parts of this thesis, which apply the game theory in the credit marketx the stock market and financial market supervision. a series of beneficial conclusions and enlightenment will be gained on the basis of game analyses
第二章至第四章是本文的重點,即將博弈理論分別應用於我國的信貸市場、股票市場以及金融市場監管活動中,並在博弈分析的基礎上分別得出了一系列的結論和啟示。Moreover, it analyzes shareholders " behavior in equity ownership structure in contrast. this paper also pays importance to the positive analysis in the relation of equity ownership structure to the corporate governance, stock markets and the business performance. secondly, some normative analysis methods, such as game theory, information theory, programming theory and welfare theory are used in this paper to define the optimal aims from a brand - new perspective and construct creatively the optimal models and also the optimum pattern in the equity ownership structure of marketed corporations
本文首先對中西方股權結構進行了橫向的比較分析,對上市公司股權結構中不同屬性股東的行為進行了對比分析,著重對股權結構與公司治理、股票市場及公司業績的關系進行了實證性的研究;然後,本文利用了規范分析的方法(綜合利用了博弈論、信息論、規劃論以及福利論等) ,以全新的角度界定了上市公司股權結構的優化目標,較有創意地構建出股權結構的優化模型以及優化的最佳模式。In this part, firstly, this paper change the condition of markowitz model, prove short sales exist possibility and certainty ; and discussed the role of the mechanism in stock market, narrate the 3 functions of the mechanism of short sales. they are strengthening mobility function, price discovery function and decreasing the information asymmetrical function for stock market
在這一章,本論文首先通過在markowitz提出的均值-方差模型的基礎上通過重新設定條件,證明了賣空存在的可能性和必然性,然後詳細論述了賣空機制對股票市場的積極作用,提出了賣空機制具有增強股票市場的流動性、價格發現和減少信息不對稱三大功能。This method ’ s main feature is easy to implement and can utilize the massive stock price data and the rating information provided by professional rating agencies
該方法的主要特點是:簡單易行且可利用中國股票市場上的大量股票價格數據和專業評級機構提供的評級信息。After 1989, the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan ", the advantageous enterprises " " wallow in money ", specifically, those listed companies that could finance from the stock market, began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998, the vicious circle of deflation and " credit grudging " of banks in product and credit markets, overcapacity, the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries, led to the incessant decrease of enterprises " global income, persistent increase of rate of debts and constant rise of ratio of bad assets of banks, which further intensified the vicious circle of deflation and " credit grudging " of banks
如在改革開放初期,在產品市場需求旺盛和信貸市場預算軟約束的情況下,各類企業的最優決策就是採用高負債、高擴張的「負債的有限責任效應」策略來搶占市場並獲得高回報; 1989年以後,需求增速開始放緩,面臨產品市場產業集中度較低和信貸市場「信貸緊縮-不良貸款」循環陷阱導致的中小企業資金緊張的局面, 「錢袋鼓鼓」的優勢企業(尤其是那些可以通過股票市場融通資金的上市公司)紛紛採用掠奪性定價策略,試圖通過把中小企業擠出市場來擴大市場份額並獲得高收益; 1998年以後,產品市場和信貸市場形成了通貨緊縮和銀行「惜貸」惡性循環的狀況。產品市場上部分行業生產能力嚴重過剩,且由於體制等原因導致虧損企業無法退出,因此這些行業中出現了過度競爭的現象,企業總體收益的不斷下滑、負債率不斷提高以及銀行不良資產率的持續上升,又進一步加強了通貨緊縮和銀行「惜貸」的惡性循環。At present, value stock portfolio is one of the most wildly - taken strategy, the core of which believes that stock market is not an effective market and can not reflect the complete information of the corporation in time, and therefore buying takes place when the inner value of the corporation is lower than the market value, with a certain proportion of safe margin ; and vice versa
目前世界上被廣泛應用的投資策略之一是價值投資策略。該策略的核心是:股票市場不是有效市場,不能及時反映公司全部信息,所以當公司的內在價值低於當前市場價格,並且存在一定比例的安全邊界時買入,在市場價格高於內在價值時賣出。Applying the theories of corporate governance structure, corporate performance and efficiency of stock market to analyze china ' s cases, we found that the transactional efficiency of chinese stock market is internationally advanced. but its pricing efficiency, informational efficiency, capital - allocation efficiency, external efficiency and corporate performance are poor. the wealth effect of stock market and its impact to marcoeconomy are not influential
我們運用公司治理結構、公司績效和股票市場效率的理論對進行中國實證分析后發現,中國股票市場的交易效率已經達到國際領先水平,但定價效率、信息效率、資本配置效率和外部效率以及上市公司績效都比較低下,股票市場的財富效應及其對宏觀經濟變量的影響不顯著。The development in securities market, which makes stock market as nucleus, transformed the market pattern of single bank credit for a long period of time. the speed and tremendous blast power resulted in social economic life have made clear that the development of securities market has expansive foreground, position and function in chinese financial market in the future
以股票市場為核心的證券市場的發展,改變了長期以來單一銀行信用的市場格局,其發展速度和對社會經濟生活產生的巨大沖擊力,已經明確顯示了其廣闊的發展前景及其在未來中國金融市場運行中的地位和作用。分享友人