portfolio efficiency 中文意思是什麼

This article attempts to test the adequacy of current calculation rules of capital for securities firms in china, and to compare the efficiency of comprehensive approach and simplified portfolio approach in securities markets of china on the basis of var model, and then to find out the most optimal method to calculate the capital for securities firms in china

各國監管機構對券商的凈資本要求的原理與巴塞爾協議中對銀行的資本充足性規定的原理類似。各國對于證券公司的資本充足性規定基本可以分為兩個部分，一是基本規定，二是凈資本計算方法的規定。

On the basis of research on market efficiency, index funding, clustering algorithm and time factor, 295 stocks in shenzhen stock market are selected as the research objects. clustering algorithm with time factor is applied to choose portfolio population, and then single index model is used to calculate the weight of every individual stock in order to construct an index proxy portfolio to track shenzhen composite index

本文在對市場有效性、指數化投資、聚類演算法和時間因子等有關理論進行分析研究的基礎上，以在深圳證券交易所上市的295隻股票為研究對象，使用加入時間因子的聚類演算法選擇證券投資群體，再利用單指數法構造市場指數代理證券組合，以此來逼近深圳綜合指數。

Then, this paper empirically tested the validation and predictive accuracy of different var risk management model in the domestic financial market. finally, with the analysis of modem financial risk management development trend and the current domestic financial risk management situation, this paper made a prospect for the application of this model in the construction of domestic financial risk management system. through the analysis, the main conclusions are as follows : ( l ) the traditional mean - variance model is the special example of the portfolio selection based on the var risk management model for the case that the returns of the portfolio are assumed to be normally distributed ; compared with the mean - variance model, the var risk management model is more comprehensive and accurate in the measurement of the portfolio risk, so based on the var model, the investors can allocate the asset more effectively. ( 2 ) the var risk management model can provide the timely and comprehensive risk information for the top risk manager, so it is very helpful to the improvement of total risk management efficiency. ( 3 ) based on the var model, the raroc performance valuation approach can reflect the real performance of the portfolio manager and provide the coherent standard for the allocation of risk limitation and the construction of the incentive compatibility constraint mechanism in the financial instiutions

通過研究分析，本文主要得出如下結論： （ 1 ）傳統的markowitz均值? ?方差模型僅僅是在資產組合收益率正態分佈假設條件下基於var風險管理模型進行資產組合選擇的特例，與均值? ?方差模型中的方差風險度量方法相比， var風險管理模型能夠更全面、更貼切地衡量資產組合的風險，且基於此模型能夠更有效地進行資產配置決策； （ 2 ） var風險管理模型能夠滿足更高層次風險管理者對風險信息的需求，有助於整體風險管理效率的提高； （ 3 ）基於var風險管理模型的raroc績效評價能夠反映資產組合管理人的真實業績，從而為金融機構風險限額的分配和激勵約束機制的制定提供統一的標準； （ 4 ）國內證券市場資產組合收益率服從正態分佈的假設明顯不成立，實證檢驗表明基於資產組合收益率正態分佈假設條件下的方差? ?協方差模型對國內資產組合風險的預測存在較大的偏差，由於文中證明在收益率正態分佈假設條件下基於方差? ?協方差模型進行資產組合選擇的結果等價于markowitz的均值? ?方差模型，因此，均值? ?方差模型對國內資產組合風險的預測同樣會存在著較大的偏差，而半參數var風險管理模型則能夠取得較好的預測衡量效果； （ 5 ） var風險管理模型符合未來金融風險管理的發展趨勢，基於var風險管理模型建立內容提要風險限額內控體系、風險信息披露體系和業績評價體系，並進行金融監管，將有助於國內金融機構內部風險管理方法和外部監管技術跟上國際金融風險管理的發展潮流。

Learn how our comprehensive portfolio of services can help you maximise efficiency, minimize costs and increase visibility

了解我們的全面服務組合如何能夠協助您最大地提高效率降低成本並增加透視性。

" ups now offers a portfolio of services that integrate the international trade efficiency of consolidated clearance with the speed and final destination delivery of express, " said richard loi, managing director united parcel services

Ups香港區行政總裁黎松江表示：目前， ups提供形形色色的運送服務，既具備促進國際貿易發展的高效率綜合清關功能，亦擁有速遞服務將貨件直接快捷地運抵收件人手中的優點。

Topics include : portfolio theory ; equilibrium models of security prices ( including the capital asset pricing model and the arbitrage pricing theory ) ; the empirical behavior of security prices ; market efficiency ; performance evaluation ; and behavioral finance

議題包括投資組合理論、證券價格的均衡模型（包括資本資產定價模式及套利定價理論） 、證券價格的經驗行為、市場效率、績效評量及行為財務學。

Chapter one, researches about the impact of diversified investment to reduce the risk of security investment, analyzing the risk of the portfolio of these two security investment funds taken aggressive investment strategy. chapter two researches into the efficiency of these two portfolio

在第一章中，通過對二隻證券投資基金所持有的投資組合的風險情況的量化分析，研究分散化投資對降低投資組合風險的作用；在第二章中則具體研究了該二個證券投資組合的有效性。

This varied positioning has always made sun - ref feel free in china real estate markets. sun - ref elevates capital efficiency by using optimal portfolio and strategies ; reduces investment risks with special risk prevention walls ; and secures maximum profit through special value - orientated investment management modes

未來三年， sunref盛陽地產基金聯合全球戰略投資夥伴，計劃投資中國地產100億美元，實現50家優質地產企業海外上市ipo ，為100家中國地產企業引進戰略投資者，為160個地產項目在全球實現成功融資。