效率市場 的英文怎麼說
中文拼音 [xiàolǜshìchǎng]
效率市場
英文
efficiency market-
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。At last, it puts forward a suggestion that further push the interest rate liberalization course in our country, and an analysis of outlook resulting from the actual realization of the interest rate liber alization
最後，對進一步推進我國利率市場化進程提出自己的建議，並就利率市場化實現后的實際效果進行了分析展望。The reform of marketizing money rate also requires to reform and adjust the range, ways and means of financial supervision at the same pace. part five discusses the means to carry marketizing money rate forward gradually
利率市場化改革也要求金融監管的范圍、監管方式和手段同步進行調整，建立起既能及時化解風險又不損害市場機制的根本的高效運行的監管體系。Separately, i was taught early in my career about efficient markets
講個題外話，我在過往的職業生涯中學到了所謂效率市場的原理。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。As what has been said, the paper puts forward five plans to improve the efficiency of the housing finance. first is the marketization of the interest rate. the government must solve the problem of housing of low - income people with allowance through other commercial ways
在此基礎上，本文提出要提高我國住房金融效率應從以下幾方面入手：第一，利率市場化，政府要解決低收入人群的住房問題，可採用其他方式直接對低收入家庭進行補貼。In order to open up a patch for the china ' s monetary policy transmission in open economy system, we should reform the current pegged exchange rate system, make interest rate marketlization and propel the development of capital market
它的實施，將增強我國貨幣政策經由資本市場傳導的效率。疏通我國開放經濟條件下貨幣政策傳導的政策建議有：改革現行匯率制度；實施利率市場化；完善發展資本市場等。" 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。Finally, the paper classified the oil freight market index system into prior index group and posterior index group with cluster analysis method, furthermore, the prior index group and posterior index group were changed into 5 main factors with factor analysis method, which including prior synthesis factor, oil demand factor, oil price factor, invalid tonnage factor, tonnage supply factor. by using these 5 factors, we can analysis the oil freight market more clearly and effectively
最後，本文確立了油運費率市場指標體系，應用聚類分析方法將其劃分為先行指標組和滯后指標組，並進一步應用因子分析方法，將先行指標組和滯后指標組轉化為五個主成分因子：先行綜合因子、石油需求變化因子、石油價格變化因子、無效運力因子和運力供給因子，找出了影響油運費率市場變化的主要因素，應用這五個主成分因子可以對油運費率市場進行更加清楚、有效的分析。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。If the efficient market theory is correct, technical analysis should not work at all ; the prevailing market price should reflect all information, including past price movements
如果效率市場理論是正確的，技術分析應該根本不會奏效；主要的市場價應該反映所有信息，包括過去的價格浮動。Essentially ， they exploit those discrepancies without the efficient market theorist ' s concern as to whether the stocks are bought on monday or thursday ， or whether it is january or july ， etc
事實上，他們利用其間的差異，卻不在意效率市場理論家所關心的問題：股票究竟在星期一或星期? ：買進，或是在一月份或七月份買進… … 。In this chapter, i try to make some research on securities market in our country with the thought of bf. first, i make an empirical test of prospect theory and find investors are not always risk - aversion. in fact, according to different conditions, they will change their attitudes toward risk
本文就是較為全面地分析了行為金融的最新發展，對與效率市場假說相悖的市場異象進行了解釋，並運用行為金融的思想以實證研究和定性分析相結合的方法對我國股票市場作了一些研究。In the last chapter, we managed to put forward some useful idea to help develop the efficiency of china ' s stock market from the point of view of law, market and political system. in 50 ' s of 20 century, the famous professor eugene fama introduced the idea of efficient market hypothesis ( emh ), which means that the information available on the asset market can be found in the price of assets without delay and fault
在效率市場中，投資者都利用可獲得的信息力圖獲得更高的報酬，證券價格對新的市場信息的反應是迅速而準確的，證券價格能完全反映全部信息，市場競爭涉及的證券價格從個均衡水平過渡到另一個均衡水平，而與新信息相應的價格變動是相互獨立的，或稱隨機的。And path dependence theory, marginal theory and optimizing theory are applying in this paper. this article ends up with a few of hypotheses below : at present, retail exposures of credit risk may be valuated by multi - factors score ; company ones of credit risk may be valuated by modified specialist method ; and bank ones of credit risk may be valuated by quasi modern credit risk valuation model ; the destination is to get to the same way to modern credit risk valuation model by which all kinds of risk can be valuated, by the means of motivational transition or compelled one of the institute
在此基礎上，以會計/市場數據可得性和有效性、金融市場發育程度、利率市場化深度、公司治理結構的完善度以及信用工具本身的特徵（尤其是衍生金融工具）等因素作為細分依據，將我國商業銀行中信用風險暴露（嚴格意義上來說，為了突出本文的觀點，本文僅僅是對商業銀行的部分風險暴露）劃分為:零售信用風險暴露、公司信用風險暴露? ?對大型企業集團的信用風險暴露和銀行信用風險暴露? ?銀行對質優上市公司的信貸業務、銀行的貨幣市場業務以及金融衍生產品業務等。On the other side, through the multi - aspects of research and the experience both from china and abroad on m & a, the article also clarifies its view on the efficiency theory, agency theory, transaction charges theory, value understatement theory, marketing influence theory and wealth reallocation theory. it also gives an explanation on the primitive motive on m & a, i. e. pursuing maximum profit and minimum competitive pressure, which, at the same time, generates the relevant effects : finance synergy, management synergy, market share effect, enterprise development effect, and strategy transit effect. the detail planning of a m & a strategy according to the relevant m & a motive is of critical importance to the success of a m & a operation
企業並購從橫向並購、縱向並購、發展到混合併購，反映了企業並購的發展過程；從多種角度對企業並購加以研究，並結合國內外企業並購的實際，闡述了企業並購的效率理論、代理理論、交易費用理論、價值低估理論、市場勢力理論、財富再分配理論；分析了企業並購的原始動因? ?追求高額利潤與減少競爭壓力，並由此產生的效應? ?財務協同效應、管理協同效應、市場份額效應、企業發展效應、戰略轉移效應；根據企業並購的動機，謹慎規劃企業並購戰略，對企業並購成功至關重要，可以採用中心多角化戰略、復合多角化戰略、垂直式整合戰略、水平式整合戰略來規劃企業並購；採用一個合適的方法對目標企業進行價值評估是企業並購中一個重要環節，正確評估目標企業的價值，使交易價格相對公正合理，並能提高交易成功率，避免決策失誤；確定企業並購價值后，採用一個合理的支付方式，就完成了企業並購的最後工作。Facing this situation, monetary policy transmission mechanism could be more efficient by deepening financial reform, quickening marketization of interest rate and promoting financing channel multiplication of enterprises
面對這種狀況，需要深化金融改革，加快利率市場化，促成企業融資渠道多元化，以使貨幣政策的傳導機制更加有效。The improvement of premium rate making technology in property insurance is the key to the premium rate market reform in china
摘要財產保險領域費率釐定技術的改進將成為我國費率市場化改革能否取得實效的關鍵所在。The experience of development in decades has proved that the most effective interest rate risk management tool is the interest rate futures. the best carrying body of interest rate futures is bond futures. from the end of bond futures pilot the macroeconomic and financial market environment has been tremendous changes after the development for 10 years, basically has the reopening of the bond futures trading conditions. the introduction of treasury bonds futures is the general trend. interest rate futures have unique function, and its introduction is bound to affect our monetary policy transmission mechanism
為了利率期貨市場的正常高效運行，更好地發揮疏通我國貨幣政策傳導機制的作用，應該在吸取以往教訓的基礎上，借鑒國際成熟的交易機制和監管體系，通過利率期貨交易形成金融市場的均衡價格和定價機制，促進貨幣市場與債券市場的聯通，穩步推進利率市場化，完善我國的期貨法律法規體系，大力發展機構投資者，加強風險管理，建立一個適合我國國情的利率期貨制度模式。In order to service for the economy - structure modulating and the economy ' s continuous healthy developing, in this paper, a senior systemic investigation was proposed on the role of stockjobber for china stock market realizing its resources allocation function with the guide of information economics and market efficiency theory, combining with the writer ' s investment - bank practices and facts of china stock market first, guiding with theories as resources rarity, reasonable allocation and optimal utilization, and efficient - market theory, after analyzing the mechanism and model of resources allocation function of stock market, some necessary conditions were concluded for effective resources allocation function of stock market, such as : the precondition is that enterprises compete to win financing according to market admittance regulations ; necessary condition is enterprise ' s property right to be clear, independent and decentralized ; investors should have got necessary finance knowledge and should invest rationally ; financing company should be high effective ; market system should be perfect and distribute in reason with plenty finance products
筆者結合自己所在企業從事的投資銀行業務案例，聯系我國證券市場的實際狀況，以信息經濟學理論和市場效率理論為指導，對券商在我國證券市場實現其資源配置功能中的作用做了較為系統的初步探討與分析，以服務於我國經濟結構調整，實現經濟的持續健康發展。本文首先在資源稀缺及合理配置與充分利用原則指導下，運用市場效率理論，分析了證券市場資源配置功能的作用機制和過程，總結了證券市場發揮資源配置功能應具備的一些條件：前提條件是企業按市場準入準則競爭進入市場融資；必備條件是企業產權的獨立、明晰和分散化；投資者應具備必要的金融知識和理性投資；籌資者須具備較高的效率；市場體系應提供豐富的金融品種、結構完善並分佈合理。分享友人