efficient market 中文意思是什麼
efficient market
解釋
效率市場-
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。 -
Liquidations and closedowns are the healthy catharsis of an efficient market.
停業清理和關門倒閉是一個高效率的市場的一種通便下瀉的現象。 -
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。 -
First, in the article, the author analyses the three backgrounds of human capital financial theory - human capital theory, existed financial management theory, the differentice of two rights ' disattachment, and puts forward three postulates of human capital finance theories, there are ratipnal financing principal postulate, continuing postulate, multilateral efficient market postulate. on the basis, the author puts forward human capital owners " financial theory and human capital operators " financial theory, making use of existed financial theories
在本文中，首先分析了人力資本財務論產生的三大背景：人力資本產生的理論基礎、現有的財務學理論基礎、兩權分離環境的變化，提出了人力資本財務的三大假設：理性理財主體假設、持續經營假設、多維有效市場假設，在此基礎上，借鑒現有的財務理論基礎，提出了人力資本所有者財務論和人力資本經營者財務論。 -
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。 -
Fama and other efficient market researchers have taken for granted the informational efficiency implies resource allocation efficiency
以法瑪位代表的信息效率學派認為，一個具有信息效率的股市自然會具有資源配置效率。 -
Efficient market is defined formally by eugene f. fama who was an american professor in finance. the definition is widely recognized by public means in which market the price of a financial asset reflects all the information available and responds only to unexpected news
有效市場廣泛採用的是1965年美國金融學家尤金?法瑪提出的定義，即在一個證券市場中，價格完全反映了所有可獲得的信息。 -
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。 -
Chapter 3 and 4 analyze the operation efficiency of china " s capital market. just like real economy, capital market allots resource by price mechanism. in 1965, american financial expert eugene fama presented efficient market hypothesis
但資本市場中，證券的價格同實體經濟中一般商品的價格的內涵及運行機理是不同的， 1965年美國金融學家尤金?法瑪（ eugenefama ）正式提出了有效市場假說（ efficientmarkethypothesis ）就是專門針對資本市場的價格波動而言的。 -
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。 -
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。 -
Based on the principle of “ information - oriented and finance - supported market with investment means ”, it strives to build a stable and efficient market circulation network system
公司本著以「市場為主體，金融為依託，信息為導向，投資為手段」的經營方針，致力於構建穩定、高效的市場流通網路體系。 -
Waste had been eliminated and the “ law of one price ” ? the idea that in an efficient market identical goods should cost the same ? had come into effect, in the form of a single rate for sardines along the coast
浪費減少了，統一價格的標準生效了（統一價格即一個有效的市場內相同產品相同價格） ，整個海岸沙丁魚以同一價格出售。 -
In an economic sense, no one can always gain excess profit in an efficient market
從經濟意義上講，市場有效性是指沒有人能持續獲得超額利潤。 -
The efficiency of capital market has a significant influence on investors in their investment principal and method, on the government on its objective and way of governance. besides, efficient market hypothesis is a foundation of modern asset pricing theory, while there are many disagreements on market efficiency
股票市場的有效性直接影響到投資者的投資理念和投資策略，影響到政府市場監管的目標和方向；現代資產定價理論建立在市場有效性的基礎之上，關于資本市場有效性的各種觀點差別很大。 -
Until now, efficient market theory ( emt ) of securities market has the biggest influence on the working rules of capital market in western academia
證券市場效率理論是目前西方學術界在資本市場運動規律方面影響最大，也是證券市場研究的基本問題之一。 -
Many stock market anomalies have emerged vastly in the stock market, and shaken the basis of classical efficient market theory radically, but modem financial theory cannot irrationally interpret them. to these anomalies, the new theory - - behavioral finance, combined human psychology and behavior into the framework, can give us some more convincing explanations than before from a totally different perspective
現代金融理論對證券市場出現的許多與有效市場理論相悖的市場異象難以作出合理的解釋，而利用基於部分理性的行為金融學則通過心理學與人類行為學等研究，對這些市場異象作出與以往不同的新角度的詮釋，充分考慮了市場參與者的心理因素，為人們理解金融市場提供了新的視角。 -
This more efficient market benefited everyone
更有效率的市場讓每一方都受益。 -
The embarrassment that a lot of anomalies which cannot be explained by standard finance which preconditions are rational investor hypothesis and efficient market hypothesis displays it ' s limit
以「理性人假設」和「有效市場假說」為前提的標準金融學對大量異像無法解釋的困窘，表明了其局限性。 -
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。
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