market return 中文意思是什麼
market return
解釋
市場回報-
It was restaurant industry graven topic that that of that of from input / output angle said, how advance restaurant kernel ability to compete, with the purpose of advance business economic benefit, as soon as possible brought return, accelerating demonetization end, abaft experience know clearly near twenty year stodgy state look forward to reform mechanism, our state hotel industry be around by babyhood trend maturity, by seller ' s market trend buyer ' s market, such transit should make part rational consumer enjoy to good value for money, too brought ought to part superficial restaurant taste to inevitable ; the government owned restaurant at multinational restaurant bloc and civilian battalion restaurant enterprise " dual impact down, calendar by know clearly reform of monetary system cum bank commercialization, market open cum solution control, market cum competitive mechanism three phase, owing to planned economy belated issues, structure irrationality wrought a matter of and overlapping investment wrought a matter of wait threefold cause, make government owned restaurant at market competition middle gradualness forfeiture competitive edge, in progression appearance hot water, how advance government owned hotel competitive power a matter of, toward me state tourism possess strong operation significance, hunan lotus hotel namely same family pole tool on government owned three stars level hotel behalf of the for the last years, by way of hotel industry occupy quite specific gravity
從投入產出的角度講，如何提高飯店核心競爭能力，以達到提高企業經濟效益，盡快產生回報，加速貨幣回籠的目的，是飯店業嚴肅的話題。在經歷了近二十年步履艱難的國企改革歷程后，我國飯店業已開始由幼稚走向成熟，由賣方市場走向買方市場，這種轉變將使得部分理性的消費者享受到物有所值，也使部分膚淺的飯店品嘗到必然的失敗；近十年來，作為飯店業占相當比重的國有飯店在跨國飯店集團和民營飯店企業的雙重沖擊下，歷經了金融體制改革及銀行商業化、市場開放及解控、市場及競爭機制三個階段，由於計劃經濟遺留下來的問題、結構不合理造成的問題和重復投資造成的問題等三方面的原因，使得國有飯店在市場競爭中逐漸喪失競爭優勢，相繼出現困境，如何提高國有飯店競爭力的問題，對於我國旅遊業具有強烈的現實意義，湖南芙蓉賓館就是一家極具代表性的國有三星級飯店。 -
Under the influence of any strongly - disturbing force clare would occasionally walk in his sleep, and even perform strange feats, such as he had done on the night of their return from market just before their marriage, when he re - enacted in his bedroom his combat with the man who had insulted her. tess saw that continued mental distress had wrought him into that somnambulistic state now
克萊爾只要受到強烈的刺激，偶爾就會出現夢游的現象，甚至還會做出一些奇怪的驚人之舉，就在他們結婚之前從市鎮上回來的那個夜晚，他在房間里同侮辱苔絲的那個男人打了起來，就屬于這種情形。 -
With market - based mechanisms come opportunities for increasing return on investments available to managed forests
在市場機制下，我們可以通過森林管理來提高投資回報。 -
There is positive abnormal return on tuesday and friday, but negative abnormal return on monday and thursday 6. there is weak monthly effect. there is weak january effect in both market and the joint significance test has reached the 10 % level
（ 6 ）滬深兩個市場都存在月歷效應，雖然不顯著，但在所得到的回歸結果中，兩個市場在一月份都有負的超額收益率，表現出了一月效應，而且聯合檢驗的顯著性水平達到了10 -
After years endeavor, dycon has established the nation - wide perfectmarketing network and service system. dycon company adsolutely has the strength to provide the excellent market services for the franchise joining in dycon, and make the franchisers get the rich return as dycon partnersand enjoy the achievement and joyance from the innivation
黛龍已經建成完善的市場營銷體系和網路，公司完全有實力為所有加盟黛龍的經銷商提供幼稚的市場服務，讓所有經銷商應為加盟而得到實惠的回報。 -
Institutional investor is a market part who is developping and extending, with the expanding of it ' s scale, it wil become from shareholder negativism to institutional shareholder activism, however, between the institutional investors, another problem exists, that is, who is responsible for supervision, a cock game model which describes the supervision of institutional investors is used in this chapter to inspect the institutional investors " behaviour mode in the situation of supervising cost and return is not symmetric
機構投資者是一個正在發展和壯大的主體，隨著其規模的擴大，會從早先的股東消極主義發展到股東積極主義，但是，機構投資者之間也存在誰去監督的問題，為此，本章採用了一個機構投資者監督侵權行為的斗雞博弈模型，來考察監督的成本和收益的不對稱情況下的機構投資者行為模式。 -
With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。 -
Using the net assets per capital, the investment return rate, the t - m model, the h - m model, the single factor evaluating model which consists of the treynor index, the jensen index, the sharpe index and the square m index, we evaluate the performance of the twelve mutual funds. and we come to the following conclusions : ( 1 ) after the modification of the risk factor, our mutual funds in the recent one year outguess the market ; ( 2 ) better performance comes from the aid of the government, the improvement of the investment environment and the hard, smart work of the managers especially in the way of selecting some securities in the capital market. ( 3 ) though we make progress, there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds, all of them divided into the subjective ones and the objective ones
通過使用投資基金單位凈資產和投資收益率指標、單因素整體績效評估模型，包括treynor指數、 jensen指數、 sharpe指數和業績的m ~ 2測度以及t - m 、 h - m模型對12隻樣本基金進行實證研究，實證研究表明： （ 1 ）經過風險調整后，在最近的一年中，我國證券投資基金的業績總體上優於市場基準組合； （ 2 ）基金業績的提高得益於管理層的重視、投資環境的改善和基金經理的經營，而基金經理的良好業績是通過一定的證券選擇來獲得的； （ 3 ）已成為證券市場上舉足輕重力量的基金在發展過程中雖然取得了一定的成績但其進一步發展還面臨著許多問題，有主觀存在的諸如管理費率的設定、基金風格方面的問題等等，也有客觀存在的諸如證券市場現階段的不完善等等，所以，我們應該抓住《證券投資基金法》問世帶給基金業發展的契機，大力促進證券投資基金規范發展，採取各種措施做大、做優和做強基金業。 -
Therefore, they require a higher return from the market portfolio than from treasury bills
所以，他們要求從市場投資組合得到一個比短期國庫券更高的回報率。 -
In figure 8. 7 we have plotted the risk and expected return from treasury bills and the market portfolio
在圖形8 . 7中我們標出了短期國庫券和市場投資組合的風險和期望回報率。 -
The extra return that the overall stock market or a particular stock must provide over the rate on treasury bills to compensate for market risk
為補償投資者所冒的市場風險，股票投資的回報率必須高於國庫券，高出的幅度即稱為股票風險溢價。 -
Some principal results are as fellow : the 3rd chapter mainly studys some property of laplace distribution and my national stock market return distribution. by analysis, it shows that laplace distribution possesses important applied worthy in financial field
論文第三章，深入地研究了laplace分佈的一些性質，系統的研究了中國股票市場的分佈特徵，並對laplace分佈的應用作了實證分析，發現laplace分佈在金融領域具有重要的應用價值。 -
The sixth chapter " essay on the estimation of stock price model " briefly introduced evolution of chinese stock market, showed the abrupt change and discontinuity of chinese stock market return, estimated the three models on the shanghai security exchange comprehensive index, compared the result made by the three models ? the result showed that the figarch model is better in modelling the autocorrelation, heteroskedasticity and nonlinear characteristics of stock price than the others
建立了上證指數的arfima ， garchzjifigarchta刑種杖刑，並對模二解冰股票價格波動的囪相關性，異方差性和非線性市場的效果以及對價格的問歸和預測效果作了比較，得出結論n a ch模型在解決這些問題上效果最好，二種模刑在價格問歸和預測值上都存在一階滯后問題。 -
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。 -
Due to the difference adaption of the estimation indexes such as the fiducial rate of market return and the rate of return without risk in many empirical researches, the results is quite different
但是在許多實證研究中，由於選擇的業績評價指標、市場基準收益率以及無風險收益率等參數的不統一，這使得各學者對于同一時期基金業績表現的研究結果不一。 -
For the very importance of the selection of the evaluation indexes, the writer adequately improves the correspending indexes such as the rate of return of the funds, the fiducial rate of market return, the rate of return without risk and the systematical risk index according to the the actual situation in the security market in china. on the strength of which, the synthetical appraisal method combining the simple factor method and the factorization method is adopted to give a further assessment for the achievement of the funds in china
有鑒於此，針對我國證券市場和利率市場的實際情況，作者在本文中對證券投資收益率、市場基準收益率、無風險收益率及系統風險值等指標進行了充分的改進，並採用單因素評價法與因子分析法相結合的綜合評價法對我國基金的業績進行評估分析，研究結果表明：我國大部分的基金能戰勝市場，這說明我國的投資基金具有較好的業績表現。 -
In addition, super - short term strategies also earn significantly positive returns. nevertheless the contrarian strategies under long formation horizons and holding horizons ( beyond 36 weeks ) may yield significantly positive returns. we also find, considering markert factor ( market return, cross - sectional variance of equity returns ) and characteristic of individual stock ( trading volume, firm size, price, price / earnings, be / me ), there exist clearer and more significant patterns of profitability in momentum or contrarian strategies
具體而言，大體上以中短持有期的慣性策略（持有期4 ? 24周）有較顯著之利潤，超短期形成期的慣性策略在1 ? 12周的獲利性亦很顯著，而較長形成期（ 36周以上）與較長持有期搭配的反向策略則可能獲得顯著的正收益。 -
Through the empirical analysis, on one hand, we find there is no regression relation between p / e ( market price to earnings ratio ) and market return ratio, so the lower p / e cannot guide investors, on the other hand, we find there is negative regression relation between p / bv ( market price to book value ratio ) and market return ratio, so we conclude that the lower p / bv is significant for investors
在分析中國證券市場上投資心理狀況的前提下，對滬深兩市上市公司相關指標進行研究和實證分析，發現在中國證券市場上，市盈率與投資收益率之間不存在線性相關性；而市凈率與投資收益率之間存在負相關關系，以低市凈率作為逆向投資策略的選股方法能夠有效地指導投資者。 -
The relation between mutual fund flow and the stock market return
開放式基金流動和股票市場收益率的關系研究 -
C4 model separates the return from the bond market investment, and let the remainder stand for the stock market return
C4模型將組合業績中來自債券投資的部分分離出來，使剩餘部分真正反映針對股票市場的時機選擇能力。
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