leverage effects 中文意思是什麼
leverage effects
解釋
杠桿效果, 杠桿作用-
The results in this section suggest that the phenomena of thick tails, volatility clustering, leverage effects and so on, are still exist in china ' s stock markets
我們在此部分的實證結果表明，中國股市股指收益序列存在和發達市場一樣的諸如尖峰態分佈、波動聚集、杠桿效應等波動特徵。 -
The first part of this text recommends and explain the intension of the system of executive stock option with its key element, characteristic, current development, positive and negative effects, etc. which offering basic support for following analysis ; the second part, described the behavior of stock price and black - scholes option pricing model from the angle of quantitative analysis, and discuss the value factor of stock option with its encouragement, analyzed the change of every factor in black - scholes option pricing model impact on option worth ; then analyzed the leverage effects and manager ' s morals risk model of executive stock option, at last, considering the main defect existing in the system of executive stock option at present, that is : it depends on stock market unduly, and the stock option incomes of manager has no relationship with manager ' s achievement. this text bring forward the manager synthesizes achievement and appraises model
本文的第一部分全面介紹和闡述了經理股票期權制度的內涵，構成要素，特點，發展情況和正負效應等，為後面的分析提供了基本支持；第二部分，從定量分析的角度出發描述了股票價格行為和black - scholes期權定價模型，並以此為理論基礎探討了股票期權的價值因素和激勵性，分析了black - scholes期權定價模型中各因素的變化對期權價值的影響；接著分析了經理股票期權的杠桿效應和經理人道德風險模型，最後，針對當前經理股票期權制度存在的主要缺陷即：過度依賴股票市場，經理的股票期權收入與公司的業績缺乏相關性這一問題提出了經理綜合業績評價模型。 -
According to some researchers in china, the leverage effects in chinese stock markets are contrary to these in developed stock markets ( i. e., bad news affection is higher than good news ). but in my opinion, the reason may be the selection of data sample
針對國內一些研究者在其研究中得出的中國股市的波動非對稱性中存在的對正沖擊（好消息）大於負沖擊（壞消息）的經驗結論，我們認為，主要原因是由於樣本期間的選擇導致了這種相反的結論。 -
Our findings are as follows : firstly, the phenomena of thick tails, volatility clustering, leverage effects, are existed in chinese stock markets. bad news affecting is higher than good news ; secondly, it is found from the comparison that the arch type models with student ’ s innovation is more capable to capture characteristics of logarithmic return time series ; thirdly, return of the four share indexes keep in co - integration at a long run ; lastly, the volatility spillover effect between a - share and b - share are tested and there exists a prominent spillover effect from a - share to b - share
而深市b股發生了變化，從第一階段的非對稱現象不顯著到第二階段的顯著，且跟a股保持同向的風險補償。第四，上證a指對上證b指收益率在短期上具有格蘭傑原因，在b股對境內投資者開放后， a 、 b股的關聯性增強。第五，在第一階段， a股向b股的波動溢出不太顯著，在第二階段滬深兩市a股向b股的單向波動溢出均顯著性存在。 -
There are four sections in my thesis as follows : first, we give the definition of stock market asymmetric reaction, and from abroad, and domestic perspective systematically review and collate the relevant research on asymmetric response of stock market, and introduced mainstream interpretation of asymmetric reaction of the stock market ( the effect of leverage and volatility feedback effects )
即在股市發展前期（ 1993 ? 1997 ）市場波動反應具有非對稱反轉效應（ reversionsintheasymmetricbehaviorofthevolatility ） ，在股市發展後期（ 1997 ? 2006 ）市場波動反應具有杠桿效應。並且非對稱反應幅度隨著時間的推移明顯減小。
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