價值型投資 的英文怎麼說
中文拼音 [jiàzhíxíngtóuzī]
價值型投資
英文
value investing-
This paper takes the point of solving one of the main problems, i. e. having no steady fund source, which exists in the implementary of public housing system in xi ' an, as the incisive point. the paper analyzes and calculates the problem of fund deficiency in today ' s fund source channel and studies the method of solving the problem during the process of incorporating, using and managing in extant employee housing accumulation fund system in the towns. the paper also advances the ampliative accumulation fund system and builds up the corresponding operating model by adopting the mode of financing affiance, analyzes the investment method by using blurred linear programming and appraises its incremental effect
本文以解決西安市廉租住房制度實施中存在的主要問題之一?無穩定的資金來源為切入點,在調研資料的基礎上,分析測算了目前的資金來源渠道存在的資金不足問題,同時研究了現存的城鎮職工住房公積金制度在歸集、使用和管理過程中存在問題的解決途徑,提出了擴大的住房公積金並採用金融信託方式構建了相應的運作模式,利用模糊線性規劃模型對其投資方式進行了分析並對其增值效果進行了評價。But my focus was specially laid on the decision - making of investment under uncertainty and with competition, i first. extend the basic model of dixit & pindyck ' s by allowing the relevant parameter to be a random variable, then proposed an numerical example to show how to solve this model, i gave the algorithm and did the comparative static analysis, finally i developed a model of duopoly under uncertainty, considering the competition between the firms explicitly, using roa, i calculated the two firm ' s values respectively when they take different roles - to be leader or follower, and then checked the possible equilibriums
本文的重點是考察在同時存在不確定性和競爭的情況下,如何用實物期權的理論估算投資項目的價值,為此,文中發展了兩個模型,第一個模型是對dixit & pindyck的模型的擴展,它通過一個相關的隨機變量來考察競爭對項目價值的影響,但沒有考慮企業間的相互博弈,文中給出了一個例子詳細地說明了該模型的求解並做了敏感性分析;第二個模型是一個不確定情況下的雙寡頭模型,文中給出了用實物期權方法計算的兩企業在處于領導者和跟隨者兩種不同境況時的價值,並將企業間的相互博弈考慮在內,考察了可能的均衡狀態。Presently has to emphatically take eight methods for it : taking township project for locomotive to earnestly do well the general grogram on new countryside and new pasture construction ; fulfilling " six great engineering " to accelerate township ' s basic facilities construction of new countryside and new pasture and reinforce socialistic affairs development ; implementing " transformation 、 expansion and promotion " three strategies to increase production and lift efficiency of agriculture and stock breed and raise farmers and nomads ' incomes ; accelerating policy support and financial investments to strengthen the development impetus in countryside and pasture ; further do well program work to lay fundament for prodding the economy rapidly developed in new countryside and new pasture ; enhancing farmers and nomads ' skill training to bring up a group of socialistic new - type farmers and nomads who being cultured, skillful and understanding managements ; entirely deepen the reform in countryside and pasture to enhance the driving force and vitality of development of new countryside and new pasture ; realistically respect and protrude the main body position of farmer and nomad to basically change their traditional value concepts on production and livelihood
目前要著力採取八項措施:以村鎮規劃為龍頭,認真做好新農村新牧區建設總體規劃;實施「六大工程」 ,加速新農村新牧區村鎮基礎設施建設和社會事業發展;實施「轉變、拓展、提升」三大戰略,加速農牧業增產增效和農牧民增收;加大政策扶持和資金投入力度,增強農牧區發展的動力;進一步做好項目工作,為推動新農村新牧區經濟快速發展打好基礎;加速農牧民技能培訓,造就一批有文化、懂技術、會經營的社會主義新型農牧民;全面深化農村牧區改革,增強新農村新牧區發展的動力和活力;切實尊重和突出農牧民的主體地位,從根本上轉變農牧民傳統的生產、生活方式和價值觀念。Nevertheless, in the financial economics field, opm can be adopted to make a correct valuation on the uncertainty opportunity value of the financial investment since m & a has the feature of option, it is nature that opm can be adopted to valuate the target enterprise during m & a under some hypotheses
而在金融經濟學領域,期權定價理論和模型對金融投資中的不確定性機會價值能作出相當準確的評估。分析表明,並購具有期權的特性,因此在一定的假設前提下,能夠將期權定價模型應用於並購中目標企業的價值評估。This paper, using for reference of international vulgate class of risks, meanwhile considering domestic practical situation, presents risks early warning index system ; this paper, adopting the methods of quantitative analysis, presents the model of risks early warning system ; this paper measures the market risks of trust investment companies with widely used var method. at the same time, this paper establishes the base of risks early warning model by combining such method and other risk measurement into risk measurement model
本文充分考慮了我國的實際情況,同時考慮了國際上通行的風險分類方法,建立了風險預警指標體系;採用風險定量分析和定性風險指標的量化評估等方法建立了風險預警系統的模型;借鑒國際上使用比較度的var風險價值量法來對信託投資公司的市場風險進行度量,並將風險價值量和其他風險指標採用風險度的方法融入到風險評估模型中,為建立風險預警模型奠定了基礎。The analysis showed that terms of trade and volatility of the output gap were predominant among the structural variables. the paper concluded that hong kong, as a small and open economy, was specialised and subject to high income volatility and business cycle fluctuations with relatively concentrated and limited domestic investment opportunities
分析顯示貿易價格比率及產值差距波動是其中主要的結構性因素,並總結認為香港作為細小及開放型的經濟體系,情況獨特,備受收入大幅起伏經濟周期波動,以及本地投資機會相對集中與有限的影響。In this article, firstly the background of the textile trade conflicts within sino - us or sino - euro are introduced, thus learn that how to discern and dodge the foreign trade risks, how to choose the appropriate investment projects have already become one of the most important questions for exporting companies on foreign trade affairs well - known as high investment and high risk. so the main text makes a risk analysis qualitatively and quantitatively on a textile - exporting trading company from three angles of statistic 、 game theory and portfolio theory, which is the main content that we studied. firstly, the statistic article adopts data of the transaction closing price of the textile clothing index in shenzhen stock exchange at the end of each quarter as well as several other kinds of data reflecting the macro - economic changes, performs an empirical analysis of these data according to the theory of co - integration test 、 granger cause test and impulse response function of time series in economitric, and learn that the impact to ti is more obvious by the economic index reflecting local commodity price level and economic prosperity degree home and abroad, as well as the impact degree and the time lag degree, and knows the macro - economic risks faced by textile business enterprises ; after that by the game theory angle we analyze exactly the managing risks faced by one textile export corporation named beauty. from the game expansion chart the system arrangement between censor ways by exportation goal countries and exporting strategies by the exporting enterprises has been analyzed. involving the benefit assignment between them both the limited rounds and infinite rounds negotiations of cooperation games have been studied, and then country responsibility and the enterprise managing risks on foreign trade affairs and so on have been analyzed exactly ; in order to realize the investment multiplication in the certain degree to disperse the risk, the
本文首先介紹了中美、中歐紡織品貿易爭端的來龍去脈,由此可知在涉外貿易這種以高投入、高風險著稱的行業里,如何甄別和規避外貿風險、如何選擇合適的投資項目已經成為外貿企業的首要問題。因此,正文分別從統計學、博弈論和投資組合三種角度對涉外紡織品貿易公司風險進行了定性和定量的分析,這也是本文的主要研究內容。首先,統計學篇選取了深圳證券交易所行業分類指數?紡織服裝指數( ti )每一季度末的交易收盤價和若干種反映宏觀經濟變化的指標,利用計量經濟學中時間序列的協整檢驗、 granger因果檢驗和脈沖反應函數等理論做實證分析,從而得知反映國內物價水平和國內外經濟景氣程度的經濟指標對紡織板塊上市值的沖擊比較明顯,且可知沖擊程度和時滯度,進而分析出涉外紡織企業所面臨的宏觀經濟風險;接著,從博弈論的角度具體分析一家紡織品出口公司( beauty )的外貿活動所面臨的各種經營風險,該篇從博弈擴展圖入手,分析了出口目的國審查方式與本企業出口策略之間的制度安排;並圍繞雙方的利益分配,研究了有限回合和無限回合合作談判博弈,然後具體論述了國家責任和企業涉外經營風險等問題;在一定程度上為了實現投資多元化來分散風險的目的,投資組合篇從經典的markowitz模型著手,在一些特定條件的限制下,給出了一個相應的投資組合模型。This paper concludes that an indicator system based on eva, and assisted with mva, balance scorecard and eva driving factors can fulfill the required function ; 3. through discounter cash flow model, this paper decomposes key financial driving factors, which are competitive advantage period, the difference between the rate of profit and weighted average cost of capital, profit growth rate and the scale of invested capital ; 4. this paper concludes that the appropriate selection of financial management target, the establishment of financial appraisal model and financial performance indicator system, the decomposition of driving factors compose a complete framework to guide the enterprise in the process of striving for the sustainable growth
本文分解得出企業價值增長的關鍵財務驅動因素- -收益增長年限、回報率差、收益增長率以及資本規模,它們全面摘要涵蓋了企業戰略、籌資、經營、稅收、收益分配以及投資等各方面的活動: 4 .本文認為財務管理目標的恰當選取,財務評估模型和財務評價指標體系的構建以及驅動因素的分解,能夠有效地指導企業在追求持續增長過程中目標制定、目標執行以及評估反饋等各個層面的需求,並使得企業在實踐中能夠有效地進行戰略規劃和財務運作。And it is more important that the evaluation system to the technological smes can exercise a function to control the sense - reversing problem resulted from asymmetry of information so that investors can, on the whole, judge whether or not a technological sme is valuable for investment
更重要的是科技型中小企業成長性評價體系對由於信息不對稱引起的逆向選擇問題能夠起到控製作用,使投資者從整體上把握科技型中小企業是否具有投資價值;將科技型中小企業融資的影響因素分為微觀因素和宏觀因素。From the study on the 6 - years performance of value stock portfolio strategies, we can reach the conclusion : in the testing period of 6 years, the average accumulative extra profit of the conservative strategy and the positive strategy are higher than that of the general strategy, at a rate of 0. 874405 and 0. 93012. and the gaps are universal except for the first year
並研究三種價值投資策略組合在6年檢驗期的表現,得出以下主要結論:三種組合在檢驗期保守型合計積極型價值投資策略組合的平均累計超常收益高於綜合型價值投資策略組合,以6年為持有期,前兩者與綜合型投資策略組合的收益差分別為0 . 874405 , 0 . 93012 。The second section introduces some common methods and evaluation indexes, such as net present value, internal rate of return, payback period, profitability index, etc. the present methods and evaluation indexes are incomplete, which mainly apply to the analysis on the determinate decision. in fact, they are mono - objective and most - favored methods
第二部分,介紹了投資決策中常使用的幾種指標和方法,如凈現值法、內部報酬率法、投資回收期法、現值指數法等,認為這些現行的投資決策評價指標很不完善,主要適用於確定型投資決策,並且實質上是單目標最優決策方法,對多目標風險型投資決策分析很不適用,甚至會導致錯誤的決策。Secondly, this dissertation introduces the operation principles of kmv and creditmetrics models, and emphatically probes into how the models to measure credit risk of assets portfolio, and analyses the applications in credit asset pricing, the investment decision based on var and the supervision by using internal credit risk measurement models, and advances creditmetrics model based on conditions of china ' s commercial banks, and studies fundamental conditions, limited conditions, and how to use moutun ' s pricing model testing results of creditmetrics model
接著對kmv模型和creditmetrics模型的運作原理進行了介紹,並重點探討了模型是如何對信用資產組合的信用風險進行度量,以及對信用資產定價、基於受險價值的投資決策以及利用內部信用風險度量模型進行監管等方面作了分析,提出基於我國商業銀行信用風險實際的creditmetrics模型,分析了該模型運用的基本條件和限制條件以及如何使用默頓定價模型對creditmetrics模型分析結果進行檢驗。The optimal portfolio model based on cvar
基於條件風險價值的投資組合優化模型According to the optional character of the technology innovative projects " investment, the thesis has investigated the choice and decision - making of these projects systemically with the real option theory. the main points of this thesis are as follows : firstly, it compares the similarity between real option of the technology innovative projects and option based on the summary of option pricing theory and systems analysis of these projects and their characters, which can be made as the theory and evidence of the real option approach to value these projects. secondly, based on the synthesized analysis of these projects " option, it sets up three models to value the different real option respectively in these projects such as the delaying option, growing option and multiple option
論文的主要工作有: 1 )在概述期權定價法和系統分析技術創新項目及其實施過程特點的基礎上,比較了技術創新項目投資與金融期權投資的相似性,作為技術創新項目投資的實物期權評價法的理論與依據; 2 )在綜合分析技術創新項目投資所具有期權的基礎上,分別建立了技術創新項目投資的延遲期權、增長期權和復合期權模型,並進行了相應的實證研究和比較研究; 3 )對pindyck的期權定價模型進行了推廣和改進,利用模型探討了投資時機的選擇性及其對投資機會價值和投資決策的影響,並在此基礎上確定最優投資規則,為技術創新項目投資決策提供參考; 4 )針對定量模型難以規避技術創新項目中組織風險的特點,進一步將定量模型和定性研究方法相結合,對技術創新項目投資評價的實物期權模型進行了改進,使得評價模型更合理。The fund is well positioned in the current market environment and over the next year, given its exposure to a number of growth and value characteristics
基金組合兼顧增長型及價值型股份,有助於現時市況下爭取理想回報,而明年的投資表現亦甚為樂觀。The investment concerns of fundamental analysis fall primarily into one of two categories : growth or value
投資主要取決于兩種基本面分析:增長型或價值型。A real options framework of venture capital investment decision in discrete - time is build. based on the extended npv formula, binomial model combined with black - scholes formula, an integrated model of venture capital investment decision evaluation is given. there are five parts in the model, and five steps to get the solution to
構建了離散狀態下風險投資決策的實物期權框架:以擴展的凈現值法計算公式為基礎,將二叉樹模型與black - scholes模型結合,構建了一個評價評價風險投資決策的綜合模型,模型分為五部分,分五步求解。This text from open the present condition of the exhibition engineering economic evaluation of the construction item to set out at home and abroad, to the engineering construction that this text mention investment item of the concept, scope carried on a define, the basic principle of basic characteristic, economic evaluation elaborated engineering construction an investment item, the classification discussed the time type, value type in the index sign system, ratio type an evaluation index sign in detail also, constucting investment item finance to evaluate to the engineering medium of the mathematics model in the estimate, finance of the foundation data evaluation, evaluate the accrual ability of index sign, item and liquidated ability and sensitivity to carry on analysis
經濟評價的核心是考察分析工程建設投資項目的經濟效益和社會效益。本文從國內外開展工程建設項目經濟評價的現狀出發,對本文所提及的工程建設投資項目的概念、范圍進行了界定,闡述了工程建設投資項目的基本特性、經濟評價的基本原則,分類並詳細論述了指標體系中的時間型、價值型、比率型評價指標,對工程建設投資項目財務評價中的基礎數據預測、財務評價中的數學模型、評價指標、項目的獲利能力、清償能力和敏感性進行了分析。The foundation of this paper consists of investors " cognitive biases and behavioral biases and mind theories which are relative with investors " investment decision - making. firstly, this paper explains the formation mechanism of behavior investment strategies which be classified into three strategy such as focus investment strategies, contrarian investment strategy and small cap value strategy ; secondly it describes behavior investment process management, at the same time displays the keys of behavior investment process management ab out several typical behavioral investment strategies ; fmally, the feasibility of contrarian investment strategy on chinese security market have been empirical studied
論文在介紹了投資者認知行為偏差和與影響投資者決策有關的心理理論基礎上,論述了行為投資策略的形成機理,並對行為投資策略進行了簡單的分類,本文將行為投資策略的典型類型歸類為價值型集中投資策略,逆向投資策略及小盤股策略,闡明了各種類型的行為投資策略的內涵及其形成機理。其次,對行為投資過程管理進行了描述,對幾種典型類型的行為投資策略的過程管理的關鍵給予了說明。The transaction of stock index futures should adopt electronic exchange in futures exchange. the transaction of stock index futures will expand scale and add liquidity of security market. at the same time, it also will improve structure and change though of investors
股指期貨的開設將對現貨市場產生以下影響:有利於擴大證券市場的規模,增加市場的流動性;改善投資結構,擴大投資者層面;轉變投資理念,由目前投機型理念逐漸轉為價值型投資理念;同時,也將完善證券市場功能與體系,增強我國證券市場國際競爭力。分享友人