非投機性的 的英文怎麼說
中文拼音 [fēitóujīxìngde]
非投機性的
英文
non-speculative-
In the model, one supposition is that the negotiant is risk neutral and rational. the other supposition is that the investors especially individual investors who acquire real information are irrational. we found irrational herding model of individual investors with the securities transaction mechanism and baye as well as the utility function of the information gainers
在模型中假設做市商風險中性且理性、知情投資者尤其是個人知情投資者為非理性,通過證券交易機制和貝葉斯學習過程以及建立非理性知情投資者的效用函數來建立非理性影響下的個體投資者羊群效應模型,得到不同情緒狀態和對信息反應程度下個體投資者賣出羊群效應發生的條件。Holding a large proportion, the current stock has prevented the stockers who hold the current stock to participate in controlling the corporation. so instead of caring the corporation " s achievements and its long - run development, they would only care about the exchange of their shares to make profit from the price difference, therefore the foam from speculation will be blew bigger and bigger
居高不下的非流通股阻止了流通股股東參與對公司的控制,也就不會在意公司業績和長遠發展,而只是著眼于股票的換手,追求價差收益,投機性泡沫越吹越大。The tax treatment is unfair among different businesses and different tax - payers. the abnormal taxation certainly results in the abnormal development of the bank and securities industry. the difference between the taxation of china bank and securities industry and the foreign taxation that include the taxing scope, the abstraction and materialization of taxation, the taxation operation, the sanction and transparency of tax law, the seriousness of taxing administration and tax policy choice, not only provide the opportunity for the foreign finance institution which can carry out tax planning, moreover tax equity, but also likely lead to that the foreign finance institution lack confidence to china market and policy, finally affect its investment and result in tax unfairness among tax - payers
長期以來,我國財政與金融的特殊關系使得財政對銀行業實行「特殊」的稅收政策,銀行業整體稅負高於製造業以及非金融性的服務業,中資金融企業稅負高於外資金融機構,過重的稅負使得銀行資本充足率難以保證,發展失去后勁;二是我國銀行業和證券業稅制結構不合理、稅制不規范、不科學,銀行和證券業內部不同行業、不同納稅人之間稅收待遇不公平,畸形的稅制必將導致銀行與證券業的畸形發展;三是我國銀行業和證券業稅制與外國稅制的差異,包括征稅范圍大小、稅制的抽象化與具體化、稅制的可操作性、稅收法律約束力和透明度、稅收執法的嚴肅性等差異,不僅給外資金融機構進行稅務籌劃甚至偷逃稅提供了可乘之機,而且還可能使得外資金融機構對中國市場、對政府政策缺乏信心,而影響其投資,也導致納稅人之間稅負不公。Concerning the exchange gains or losses, it should be emphasised that these do not arise from the taking of speculative foreign exchange positions, as a few commentators would have readers believe
就匯兌收益或損失方面,我要強調的是這些並非像某些評論所指是我們參與投機性外匯買賣所致。It correlates to defending the investors " benefits that how to define trust contract correctly. based on the comparatively studying different countries " contract structure of investing fund, this chapter dissects the loopholes and drawbacks of chinese existing contract structure of investing fund, and suggests taking japanese model as reference to import trust system to create a unit trust contract, then putting fund holder, fund manager and fund custodian into one trust contract
在比較分析各國投資基金契約結構的設置后,本部分對我國現行投資基金結構的缺陷逐一剖析,揭示了我國投資基金將投資者排斥出基金契約之外的不合理性,以及基金結構的非信託性,建議以日本「一元制」基金契約結構為圭臬,引入信託機制,將我國投資基金契約規定為一個信託契約,並把基金持有人、基金管理人和基金託管人納入一個信託契約當中。Based on the analysis of the current situation of the state medium - small - enterprise and the difficulties met during the stock reorganization of the high technology medium - small - enterprise, the article tries to provide possible solutions on the issues of definition of property rights, management of state assets, stock evaluation of commercial and non - commercial capital, disposal of enterprise debt and the use of land, and the settlement of retired people respectively. applying the modern theory of financial management, the article also gives its suggestion on the comprehensive evaluation on the companies during their stock reorganization and on the optimal allocation of capitals. according to the western experiences of developing high technology industries by venture investment and the prospect of the roles played by the forthcoming growth enterprise market, the article concludes that the sate medium - small high technology enterprises raising money from growth enterprise market through stock reorganization may be a shortcut for their development. a case of an " institute of automatization ", whose scheme was planned by the author for practice, is discussed throughout the paper
本文在對我國國有中小企業改革現狀的分析基礎上,針對我國國有中小高新技術企業的現狀及股份制改組過程中的難點,對產權界定、國有資產管理、經營性和非經營性資產的剝離、凈資產的折股、企業債務和土地使用權的處理、離退休人員的安置等等問題,分別提出了具體的解決辦法。運用現代財務管理理論,提出了股份制改組過程中的公司整體價值評價方法及最佳資本結構確定的方法。在分析國外利用風險投資機制發展高新技術產業的經驗及即將推出的二板市場相關內容基礎上,明確提出國有中小型高新技術企業通過股份制改組最終到二板市場上市融資是其快速發展的途徑。The asymmetry of market information and " flock effect " caused by stock market participants " irrational activity arose the speculation foam on stock market
因為信息不對稱,以及股市參與主體的非理性產生互相追蹤的「羊群效應」 ,引發市場投機泡沫。First, we examine whether the momentum strategies and contrarian strategies can create significant profits under different formulation horizons and holding horizons, whether past factors ( market return, characteristic of individual stock ) can provide an important implication about the profits of momentum and contrarian strategies. second, we discuss the reasons for the significant profits of momentum or contrarian strategies, including seasonality, cross - sectional risk factors, time - varying risk premium, industry momentum, and stock underreaction, overreaction, and random walk. third, we discuss the link of time series predictability of stock returns and momentum profits, including stock underreation, overreaction, delayed reaction, and time - varying risk premium
研究目的有四:其一,探討中國股市執行慣性策略或反向策略的顯著獲利模式及與各狀態因子(市場及個股狀態)的關系;其二,全面分析中國股市慣性與反向效應之潛在成因,包括截面風險因素、季節因素、時變的風險溢價、行業慣性效應以及行為金融模型與conradandkaul ( 1998 )的隨機遊走觀點之爭論;其三,構建非效率市場之股票價格運動方程,並基於此,規范地演進慣性效應之時序生成途徑,包括反應不足、過度反應、滯后反應以及風險溢價的時變性;其四,探討中國股市中投資者的特殊信息反應模式,並以此來解讀中國股市的中短期過度反應與反應不足的現象,以及個股間的超前一滯后關系的表現模式及形成機理。In the last years, the foreign exchange market has expanded from one where banks would execute transactions between themselves to one in which many other kinds of financial institutions like brokers and market - makers participate including non - financial corporations, investment firms, pension funds and hedge funds
在過去數年裡,外匯交易市場已經從原來銀行之間進行交易的情形發展到各種類型的金融機構,如中間商包括非金融公司投資公司養老基金和投資性基金等市場交易者參與的一個大市場。The theoretic frame of the right to know in the business of security trading is expected to be built on the basis of confirming the right to know in security trading, listing the reason of why the small and medium - sized share holders, creditors or foundation holders have the such right to know, making clear the positive meaning that the independent director cherished for the public disclosure, getting into the in - sight specialities of public business information products and non - symmetry and enforcing the main body of the business, the task of public disclosure of the listed companies in particular
通過對中小股東、債權人以及基金持有人知情權權利主體的保護,獨立董事享有知情權對信息披露的積極意義;透視營業信息以及非對稱性之特徵,並強化義務主體,尤其是上市公司的信息披露義務;以期構建起證券交易知情權的理論框架。此外,為投資者恢復在證券交易過程中被剝奪的權利和損失的利益,建立和完善證券交易知情權民事責任制度及其實現機制,從而建立起證券交易知情權的保護體系。In the 3rd section we introduce how to use mathematical model to study financial problems, whose assets running on mixed jump - diffusion process, first we get the famous non - linear feynman - kac formula by fbsde, then let the solution of the bsde be a investor ' s utility function, and it ' s the so - called recurse utility function. second, we can prove that this utility function is a continue viscosity solution of the variation inequality which we get above, and we get the comparison theory. third we can use the result to financial market to study the optimal consumption and portfolio problem or evaluate the american option
第三章介紹了利用金融資產價格運行基於復合跳躍? ?擴散過程的數理模型來研究金融經濟問題,通過結合運用正倒向隨機微分方程,推導得到著名的非線性feynman - - kac公式,並且將相應的倒向隨機微分方程的解記為投資者的值函數,這也就是通常所說的效用值函數;接著我們可以證明此效用值函數為某一偏微積分變差不等式的連續粘性解,並且得到了比較原則;這些結果可以應用到金融領域用於消費投資組合的選擇或是美式期權的估值。As the existence of the speculative nature of the securities and the non - efficiency of the securities market, market manipulation will not be eliminated
由於證券本身固有的投機性質以及真實證券市場存在的非有效性,市場操縱行為有其存在的必然性,但由於其對證券市場和公眾投資者的嚴重侵害而應受到制裁。Xinyu group added some establishments and improved management in new projects by the discover and investigation. using contrast and case analysis, social investigate, statistic research methods, this paper draw some conclusions, those conclusions are that the academy logistics organization monopolized the academy logistics market, that education welfare restricted income of apartment investment, and so on. so academy logistics originations maybe develop some payable services by the characters of undergraduate improve the benefits of apartment project
本文採用對比研究和案例研究、社會調查與數理統計相結合、邏輯推導與實證研究相配合的研究方法,從調查和案例研究得出:高校後勤社會化機構具有一定能的壟斷性,並沒有受到真正的競爭;公寓投資收益與教育福利是相互約束的,進而對投資主體的投資回報產生直接影響;大學生接受公寓住宿是消費非理性的,或者消費非自主的。The comparative advantage of chinese enterprises is still weak. the obstacles in realizing the real economical complementarity include the shortage of fund, the relatively poor management, and the imperfection of market mechanism. at
中國企業發展對俄投資的比較優勢還較弱,此外,實現兩國經濟上的現實互補性還存在一些障礙,比如資金短缺、管理水平相對落後、市場機制不盡完善等等,同時還要克服投資中的非經濟目的。The tests rational speculative bubbles in usa / jpy exchange rate in 1990 ~ 1998 with variance bound test, and adopts two sets of variance equalities to exclude the joint hypothesis of bubbles, irrational expectations and model specification
摘要採用方差邊界法檢驗上美元日元匯率在1990年至1998年間的理性投機泡沫,並用兩組不同的方差不等式排除了泡沫、非理性預期及模型設定的聯合假設。In the case of applying for approval of projects, all the formalities required for setting productive projects shall be finished in 7 - 10 working days from the date of collecting full relevant documents, for non - productive projects, in 5 - 7 days, except those otherwise stipulated by law, regulations and ordinance ; in case of projects required to be approved by the province and the state, from the date of collecting full relevant documents the initial examination and handing over to the higher - up shall be finished in 5 working days
投資者申辦項目,除法律、法規、規章另有規定外,凡屬市審批權限范圍內的,自收齊相關資料之日起,生產性項目7 - 10個工作日、非生產性項目5 - 7個工作日內辦妥開業所需的全部證照手續;屬需報省或國家審批的項目,自收齊相關資料之日起5個工作日內完成初審並報上級機關審批。Moody ' s then has three non - prime or speculative grade ratings, divided again into 11 subsidiary levels, from ba1 to c
穆迪的非優質或投機性的評級也有3個,其下又分11個等次。Stock market foam means the stock price exceeds the standard supported by its inside value and the uncontinuous increase of stock price is not brought by the real value and the basic information, which reflects the speculation on the stock market. karl marx expatiated the basic theory of the dummy capital
股市泡沫指股價超過了有內在價值支持的水平,股價的非持續性增長不是由真實的價值和基本面信息帶來的,其反映了市場投機成分。Through the analysis of the reel estate froth and the real estate speculation and embarking from the non - speculative and the speculative demand factor which influence the real estate price, this article carries on the regression analysis using the real estate congenial price mathematical model to determine the real estate froth degree, thus we call it the demand factor modeling
本文主要通過對房地產泡沫、房地產投機的分析,從影響房地產價格的非投機性和投機性需求因素出發,利用房地產投機價格數學模型進行回歸分析來確定房地產包沫度,因而稱之為需求因素模型法。The problem of speculation may not only lead to the distortion of the price system in the stock market, the investment ideas and the distribution of the resources but also hara the national economic development and social stability and prosperity therefore setting up a rational stock market is of practical significance to the healthy development of the stock market
高度投機性不僅導致證券市場的價格機制扭曲、投資理念扭曲、資源配置功能扭曲,最終還將危及國家經濟的發展和社會的穩定、繁榮。所以,建立理性的證券市場,提倡價值投資而非投機行為,對證券市場健康地發展具有十分重要的現實意義。分享友人