efficient market hypothesis (emh) 中文意思是什麼

efficient market hypothesis (emh) 解釋
有效市場假設
  • efficient : adj. 1. 有效的，有力的；效率高的。2. 有實力的；有能力的，有本領的；能勝任的。adv. -ly
  • market : n 1 （尤指牲畜和食品的）集市；市場；菜市，菜場。2 需要，銷路；推銷地區。3 市價；行情，市面，市況...
  • hypothesis : n. （pl. -ses ）1. 假設；假說。2. 【邏輯學】前提。
  1. The thesis, somehow, is a summary, which expounds the main contents of traditional portfolio theory ( tpt ) and mpt, also gives a comparison between tpt and mpt ; analyses two aspects of markowitz theory, one is the effects of risk disperses and the demonstration, the other is how to make an optimal portfolio strategy ; researches into capital assets pricing model ( capm ), factor model ( fm ) and arbitrage pricing theory ( apt ) respectively in three parts ; studies another two parts, one is the premise of mpt, which is the efficient market hypothesis ( emh ), the other analyses the behavior finance theory ( bft ) produced in the background of challenging and querying to emt and capm. the thesis finally discusses the researching and applying prospects of mpt in china

    論文對現代資產組合理論與傳統資產組合理論分別進行了分析，並對兩者進行了比較研究，對馬克維茨的均值? ?方差理論從資產組合風險分散效應和最優資產組合選擇兩方面進行了重點分析，對資本資產定價模型、因素模型、套利定價理論進行了一定深度的分析和研究，對現代資產組合理論的前提假設? ?有效市場理論及在對有效市場理論和資本資產定價模型形成挑戰和質疑背景下提出的行為金融理論進行了論述，論文最後分析了現代資產組合理論在我國的研究及其應用的廣闊前景。
  2. In this paper, the newest empirical test of efficient market hypothesis ( emh ) was done in terms of the empirical test of capital asset pricing model ( capm ). because of the logical relationship between emh and capm, we tried to use a new method to find whether the emh theory is available in china ' s stock market. we did our research on the basis of emh ( efficient market hypothesis )

    本文從資本資產定價模型出發，首先回顧了有效市場假說的理論以及國內學者在這一領域中的研究成果，其次用實證研究的方法檢驗了該模型在中國的適用性，得到的結論認為在目前階段中國股票市場還不適合用資本資產定價模型來確定資產價格，最後對中國股票市場效率不足的原因進行分析並提出政策性建議。
  3. Then according to the efficient - market hypothesis ( emh ), investment theory, information economics, the author systematically study the problems of the normative accounting in the security market, such as, accounting standards normalization, the relationship between the emh and accounting information, the disclosure of accounting information, and the auditing supervisions by cpas. in the end, a normative system for the accounting normalization to play a role in the composite harness of the security market set up

    本文首先針對證券市場中亟待規范的問題提出證券市場會計規范的涵義和必要性，再以有效市場假說理論、投資學理論、信息經濟學為指導，分別對會計準則規范、有效市場假說與會計信息的關系、會計信息披露制度規范和審計監督在會計規范中的重要作用做了深入的研究。
  4. Fama and french wrote an article for the journal of finance in the year of 1992. they thought that p is unrelated to stock return. this view is strongly against the key thought of capm and directly against the efficient market hypothesis ( emh )

    1992年fama和french在《金融雜志》上撰文認為，股票的系數和收益率之間基本上沒有關系，這一觀點抨擊了capm核心思想，並直接抨擊了有效市場假說。
  5. Firstly, this paper makes clear the meaning of stock markets " efficiency through different perspectives, and then introduces the efficient market hypothesis ( emh ) and fractal market hypothesis ( fmh ). as one important part of rational anticipation theory, emh is the foundation of capital market theories, but the linear paradigm of emh does not conform to the stock market realities

    其基本的研究思路是：以有效市場假說和分形市場假說為理論基礎，結合中國股票市場的現實情況（中國股票市場收益率不符合正態分佈，市場屬于分形結構） ，以分形統計學的相關方法為手段，對我國滬、深兩市的有效性進行實證檢驗，力圖對中國股票市場的有效性做出客觀真實的評價。
  6. In this thesis, the efficiency of stock market is defined as two aspects : information efficiency and function efficiency. efficient market hypothesis ( emh ) has studied the relationship between stock price and information in stock market

    本文將股票市場的效率界定為兩個方面，即市場有效定價（外部有效）的信息效率和市場有效運行（內部有效）的功能效率。
  7. The two categories have different directions. the dividend based on traditional finance is based on efficient market hypothesis. the dividend based on behavioral finance lead the psychology into the theory to explain the dividend policy the dividend policy based on emh ( the efficient markets hypothesis ) face puzzle : 1 dollar cash dividend has no difference with 1dollar capital gain, in fact the investor pay no attention to the listed firms which do not distribute dividend. why so many listed firms make the decision to distribute dividend even cash dividend is taxed by 20 % and stock dividend is exemption from tax. why the price of the stock rise when the company make the decision to distribute dividend. the dividend policy based on emh do not rationally explain the puzzle of dividend

    通過尋求西方傳統和現代股利理論的研究軌跡，本文認為公司股利理論體系可以劃分為基於標準金融學的股利理論和基於行為金融學的股利理論兩大類。兩者的研究出發點和研究角度各有不同。標準金融學的股利政策理論是建立在有效市場假說和理性經濟人基礎之上的，而股利行為理論則引入社會學和心理學等學科的研究成果來闡釋和論證股利政策，從微觀個體的行為以及產生該行為的更深層次心理、社會動機來解釋、研究和預測個體心理決策程序對股利政策的影響以及如何運用心理學和金融原理來改善決策行為。
  8. Among classics financial theory, efficient market hypothesis ( emh ) is the core of the quantity capital market theory all the time, and it is one of the theoretical foundation of modern financial economics at the same time

    在經典金融理論中，有效市場假說（ emh ）一直是數量化資本市場理論的核心，同時也是現代金融經濟學的理論基石之一。
  9. Seasonality effect is the abnormal returns connected with the calendar. the existence of the seasonality is a strong challenge to the efficient market hypothesis ( emh ). for that reason, among others, seasonality effect has been drawing enough attentions from both policy makers and market investors

    季節效應是指與季節相聯系的股市非正常收益，由於它在很大程度上違背了市場有效性的假說，因此對季節效應的研究一直備受國內外金融市場的投資者和管理者的關注。
  10. In the last chapter, we managed to put forward some useful idea to help develop the efficiency of china ' s stock market from the point of view of law, market and political system. in 50 ' s of 20 century, the famous professor eugene fama introduced the idea of efficient market hypothesis ( emh ), which means that the information available on the asset market can be found in the price of assets without delay and fault

    在效率市場中，投資者都利用可獲得的信息力圖獲得更高的報酬，證券價格對新的市場信息的反應是迅速而準確的，證券價格能完全反映全部信息，市場競爭涉及的證券價格從個均衡水平過渡到另一個均衡水平，而與新信息相應的價格變動是相互獨立的，或稱隨機的。
  11. The forepart theories studying about the investors " behavior in the securities market are the classical financial theories as efficient market hypothesis ( emh ) and modern assets portfolio theory ( apt ). but some abnormal phenomenon in the securities market could n ' t be explained by those classical financial theories. the rational man hypothesis and valid market theory are especially wildly oppugned

    而早期研究證券市場投資者行為主要是有效市場假說（ emh ） 、現代資產組合理論（ apt ）等經典金融理論，但證券市場中的一些異常現象卻無法用經典金融理論來解釋，尤其是經典金融理論中的理性人假設和有效市場理論更受到廣泛質疑。
  12. Although the efficient market hypothesis ( emh ) is the core theory of the pricing efficiency of capital market, emh is " the revolution of rational expectation " in some meaning according to author ' s view

    因此，在某種意義上，有效市場假說是金融領域的「理性預期革命」 ，而預期又是建立在信息基礎上的。第三章較為系統地論述了資本市場效率的核心理論? ?有效市場假說的理論內核。
  13. At present, the researches about pricing efficiency are all based on efficient market hypothesis ( emh ) both at home and abroad. but many researchers do not truly understand emh, and many concepts have not been clarified, even the existence and tenable conditions of emh have not been fully understood

    目前國內外對定價效率的研究均以有效市場假說（ emh ）為基礎，但是許多研究並沒有真正理解emh ，許多概念都沒有澄清，對有效市場的存在性和成立的條件也不甚理解。
  14. Traditional capital market theories are studied in the frame of neoclassical economics. as the core of neo - classical economics, efficient market hypothesis ( emh ) has always being the foundation of capital market theories. many classical capital market theories are developed on the basis of emh or on some bases closely related with it

    傳統資本市場理論研究一直是在新古典經濟學的研究框架下進行，作為新古典經濟學核心的有效市場假定（ emh ）是資本市場理論研究的基石，許多經典資本市場理論都是在emh基礎上發展起來或與之有密切聯系。
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