market efficiency 中文意思是什麼
market efficiency
解釋
市場效率性- 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...
- efficiency : n. 1. 功效。2. 效率；效能；實力，能力。3. 【物理學】性能。
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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。 -
Having studied the securities tax system in china, the paper puts forward that the current single tax system of stamp duty in securities market cannot guarantee the fiscal and cannot promote the market efficiency and social equity
本文通過對中國證券稅制的制度功能進行反思，認為當前以證券交易印花銳為主體稅種的單一稅制不僅難以保證足夠的財政收入，更無助於增進市場效率和維護社會公平。 -
Because of stock noise ' s existence, the positive research is very significant. after analyzing noise phenomena, noise degree and market efficiency, i have arrived at a conclusion that the fundamental efficiency and function of china ' s securities market is low
隨后，在我國股市噪聲的實證分析中，筆者主要從噪聲表象、狀態和股市效率等三個方面對我國股市加以研究，證實了：我國股市的噪聲狀況已非常嚴重，整個市場效率低下。 -
We analyse the dispersion of stock returns and have the tests of serial correlation. the results show that the trading mechanism has a significant effect on a number of characteristics of stock returns. first, the distribution of open - to - open returns has greater variance than that of close - to - close returns. second. the serial correlation pattern is quite different in the two return series. the open - to - open returns have negative autocorrelation coefficient, but the close - to - close returns is positive. further, employing an arma ( 1, 1 ) model we find that in the opening. returns exhibit higher residual noise and stronger dependence on past returns, reflecting stronger deviations from the random - walk form of the market efficiency hypothesis
主要表現為：一，開盤收益序列比收盤收益序列具有更大的方差。二，兩種收益序列的序列相關形式不同，開盤收益序列表現為負相關，而收盤收益序列表現為正相關。而且我們通過arma （ 1 ， 1 ）模型的進一步檢驗，發現開盤收益序列比收盤收益序列具有更大的殘差，更依賴于過去的收益序列，也更偏離於市場有效的隨機遊走形式的假設。 -
The essay raises that the focal point of chinese financial system reform should be to develop and perfect money market. on the base of analyzing both general functions of the market and special functions that the development of the market has influenced on chinese economy and finance, it objectively analyzes the current situation and outstanding problems of the market and advances major solutions to perfect the market, which is, with the premise of constructing credit bases of the market development and with the central task of raising the market efficiency, to perfect short - term bonds market ( including the repo market ) and commercial paper market, and to deepen policy functions of the market, for the sake of a stable and orderly market with substantial scale, united market organization, efficient clearing < wp = 5 > system, reasonable interest rate system, perfect medium organization and effective market supervision
本文認為，目前中國金融體制改革的重點應是發展和完善貨幣市場。本文在認真分析貨幣市場的一般功效以及貨幣市場的發展對中國經濟金融發展和改革的功效的基礎上，客觀分析了中國貨幣市場的發展現狀以及存在的突出問題，並提出完善中國貨幣市場的基本思路，那就是：以建設中國貨幣市場發展的信用基礎為前提，以提高中國貨幣市場的效率為主旨，完善同業拆借市場、債券市場和票據市場，深化貨幣市場的政策功能，其目標是把中國貨幣市場建成一個具備相當的規模、統一的市場組織、高效的清算系統、合理的利率體系、完善的中介組織以及有效的市場監管的穩定有序的貨幣市場。 -
Based on a theoretical analysis of chinese security market using capm and apt model, this dissertation is going to focus on positive study usin g econometrical model to deeply and quantitatively delineate equilibrium realization and market efficiency of chinese security market and therefore to find the cause of low market efficiency and the obstacle to the establishment of non - arbitrage equilibrium
我們在運用capm和apt模型對中國證券市場進行理論分析的基礎上，重點利用計量經濟學的實證研究模型，對中國證券市場的均衡實現與效率狀況進行定量的研究刻劃，並由此詳細研究無套利均衡建立的障礙和市場低效率的原因。 -
Market efficiency become the most hot area for financial expert, since fama published his creative paper in 1971
自從fama1971年開創性的論文發表以來，股票市場效率已成為對證券市場感興趣的理論研究者的一個突出課題。 -
In the case of capital limit, the inseparability of human capital increases agency cost while the absence of capital market efficiency decreases it
在資本限額的條件下，一方面人力資本的不可分散性增加代理成本，另一方面資本市場的效率缺失降低代理成本。 -
The issuing stock with fixed price system and the influence on market efficiency
股票發行定價制度及其對市場效率的影響 -
Owing to institutional, cultural, social and policy - triggered factors and the resulting opportunistic motives of organizations and individuals, there are abundant behaviors breaking laws and violating discipline, such as misrepresentation, earnings management, purchased auditing, fraudulent auditing, false information transmission, insider trading and etc, in the process of information transmission in china ' s securities market. as the result, market efficiency is undermined, both interests and confidence of investors are impaired
由於機構和個人的機會主義動機及其背後的經濟制度因素、歷史文化因素、社會因素、政策性因素等誘因，我國證券市場信息披露、信息傳遞和信息運用過程中存在著比較嚴重的虛假陳述、盈利操作、購買審計、審計舞弊、虛假或不實信息傳遞、內幕交易等利用不對稱信息優勢謀取私利的違法違規行為，證券市場有效性大大降低，投資者（尤其是中小個人投資者）的利益受到侵害，投資者對證券市場的信心開始動搖。 -
On the base of analyzing securities inner value, price of securities is compared with inner value by p / e and capital / dividend. market efficiency is analyzed by emh as well as the relation between price tendency of securities and that of macro - economy by the ratio of growth rate of stock ' s total value to that of nominal gdp
在分析證券資產內在價值的基礎上，用市盈率法和本利比法分析了證券市場價格偏離價值的程度，用有效市場理論分析了中國證券市場的有效性，用股票市值增長率/名義gdp增長率比值分析了市場價格走勢與宏觀經濟走勢的關系。 -
" the rent - seeking consequence effect on the project quality, the market efficiency, the market structure and trade development, through on the rent - seeking economic models and principles it indicated the danger of rent behaviors
建築市場尋租行為的危害從經濟原理上表明了尋租行為產生后建築市場的工程質量、市場效率、市場結構及行業發展的變化，闡明了尋租行為的危害。 -
According to this article ' s research and relative literatures, the test of market efficiency must combine the test of price time series " statistical properties with pricing models
根據本文的研究並結合有關的文獻，本文認為市場有效性的檢驗必須是價格序列統計特性檢驗與定價模型的聯合檢驗。 -
Furthermore, block bidding avoids tying - sales of power energy, which can decrease the market payment and improve the market efficiency
分段競價的電力市場按照持續的負荷段定價，避免了電能的搭配銷售，市場購電費用降低，市場效率提高。 -
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。 -
This paper presents a type of electric power bidding mechanisms based on sealed - hid auction theory, and models generation company ' s equilibrium bidding with order statistic principle, in which the cases that the same and different generation capacity among generation companys is considered, then analyzes the relation between the market clear price and bidding mechanism to explore the optimal bidding mechanism from the view of market efficiency
摘要基於暗標拍賣理論，提出了一類電力競價機制，然後運用次序統計量方法，分別對發電容量相同與不同的發電商組成的電力競價市場，構建發電商的均衡報價模型；在模型求解基礎上，分析競價機制對市場清除價的影響，以從市場效率的角度探求最優電力競價機制。 -
On the base, the research do some deep analysis in the reason of information manoeuvre rent seeking and the cost effect from that, the thesis consider that correlative policies ' s creating rent, bad investors accumulated and structure of big or small sharers out of balance are the important reason of the information manoeuvre rent seeking so active in stock - market in china, the cost effect of information manoeuvre rent seeking can be divide into three parts - private cost, welfare lose of society, cost of stock market efficiency, the cost of efficiency do most great harm to efficiency construct of stock market
在此基礎上，通過對證券市場信息操縱成因和社會成本效應分析，得出相關政策體系的創租性、不良投資主體積累，股權結構失衡等因素是我國證券市場信息操縱多發的主要原因，信息操縱尋租成本（私人成本、社會福利成本、市場效率成本）中的市場效率成本對我國證券市場的有效性建設產生了很大負作用 -
Market competition, freed from distorting regulation or dirigiste policies, has come more fully into play, with lower transaction and information costs and increased market efficiency
由於再沒有干擾市場運作的管制或統制政策，市場競爭得以充分發揮作用，交易與資訊成本下降，市場效率增加。 -
Nations ordain the property rights structure, and it is a source to affect the capital market efficiency. but nations need to ordain the specific property rights structure to obtain the rent from public finance, which reflect on the chinese institutional change as follows : th e nation and its public finance demands play a key role in capital market development, but the nation ' s unilateral demand of public finance to obtain the rent caused the predicament in capital market
而從產權視角看，兩者又具有了內生關系，因為是國家界定產權結構故而是影響資本市場效率的根源，而國家之所以構造出特定的產權結構則與其獲取租金的財政需要息息相關，反映在中國制度變遷實踐上就是：國家及其財政需要既是資本市場興起的關鍵，而國家單方面獲取租金的財政需要又是造成資本市場困境的根源。 -
This article is based on the line " past - present - future " of accounting information disclosure, consisting of eleven components which are : the historical development of accounting information disclosure, accounting information disclosure and market efficiency, accounting information and its disclosure theory, the analysis of accounting information demanders and suppliers, the reasons of defects in accounting information disclosure of listed corporations in our country and the resolutions, the financial reporting models of listed corporations in china, the accounting information disclosure on internet of our listed corporations, the auditing system of accounting information of our listed corporations, and the references
本文以會計信息披露的「過去現在未來」為主線，由緒論、會計信息披露的歷史演進、會計信息披露與市場效率、會計信息及其披露理論、會計信息需求者分析、會計信息供給者分析、我國上市公司會計信息披露缺陷的成因分析及對策、我國上市公司財務報告模型、我國上市公司會計信息的網上披露、我國上市公司會計信息的審計制度、參考文獻等十一部分內容組成。一、緒論。
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