股市投資比率 的英文怎麼說
中文拼音 [gǔshìtóuzībǐlǜ]
股市投資比率
英文
market exposure- 股 : Ⅰ名詞1 (大腿) thigh; haunches 2 (機關、企業、團體中的組織單位) section of an office or enterp...
- 市 : 同 「黻」[fú]
- 資 : Ⅰ名詞1 (錢財; 費用) money; wealth; expenses 2 (資質) intelligence; endowment 3 (資格) quali...
- 比 : Ⅰ動詞1 (比較; 較量高下、 長短、距離、好壞等) compare; compete; contrast; match; emulate 2 (比...
- 率 : 率名詞(比值) rate; ratio; proportion
- 股市 : equity market
- 比率 : ratio; proportion; rate比率計 ratio meter
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According the original thoughts, this paper circumstantiates how to carry this theory into chinese practice and how to eliminate the fundamental shortcomings if foreign standards applied mechanically. therefore, in a creative way, this paper establishes a feasible eva appraisal system according to chinese listed companies " character and demonstrates it on some listed companies, such as sichuan changhong co. ; tsingtao brewery company ; and harbor line companies. in one word, this paper wishes to provide a set of more practical and predictable standard in comparison with roe and eps
本論文正是根據其理論,首先著重對目前如何將經濟增加值實際運用於評估中國上市公司業績,進行針對性的分析和探討,從而逐步剔除機械套用國外指標體系的根本性缺陷,然後按照中國證券投資市場的特徵,創造性地建立一套符合中國實情地指標體系,同時運用這一指標體系對四川長虹、青島啤酒以及整個港口行業的上市公司五年間的業績變化情況做了仔細的運算和分析,並與現行的凈資產收益率、每股收益進行實證分析、比較,以期為上市公司業績評價提供一種更有預見性、更可行的指標體系。As a new financing instrument, since convertible bond came to the capital market of china, becase of its speclation and investment, it was accepted by government and companies and investors convertible bond may play an important role in broadening enterprises ' financing channels, enrich the variety of investing instruments and make our security market prosperous. csrc has issued the interrelated rules for public firms issue the convertible bonds. until the end of 2001, it has 55 firms plan to issue the the convertible bonds. but by end of 2002 only 5 firms issued the convertible bonds because of investor ' worry. but in 2003, the management strengthens the security market such as some public firms just to " fold money ", the convertible bonds become the most invest tools for the public firms refinance. only if the behavior of issuing convertible bonds is normalized our security market can tend towards a mature way, social capital can be optimized, and the public firms can also develop in an ample area. this paper base on the character of the convertible bonds
國務院證券委員會在1997年3月25日頒發了《可轉換公司債券暫行管理辦法》 ,又於2001年4月26日頒發了《上市公司發行可轉換公司債券實施辦法》關于可轉換債券的規定和條例,對上市公司發行可轉換公司債券的要求條件比配股、增發更為寬松,截止到2001年4月,有200多家上市公司夠發行可轉換債券資格,到2001年底有55家公司計劃發行可轉換債券,但受到一些上市公司通過配股、增發等「圈錢」的影響,投資者對上市公司通過發行可轉換債券再融資是不得不持審慎態度, 2002年全年僅5家公司實施了可轉換債券,共籌集資金41 . 5億元人民幣,從總體發行情況看,發行規模越來越小,利率越來越高,投資者認可程度越來越低,發行和交易狀況每況愈下。Itsconvertibility is a hedge for investors in case of a stock market uptick as the iculs price will move up in accordance to the conversionratio even as the mother share price moves up
其兌換是一個對沖投資者對于股票市場剔作為iculs價格走高根據換算比率甚至作為母親的股價往上移動This paper includes five parts. the first is to review the study on the subject ; the second is to discuss the characteristic of chian ' s stock market. the change of money - admitted policy and the questions on the study. the third is to verify the size effect in china ' s stock market by using correlation test and regression test on the bases of four different criterions, each criterion will be applied with two time - series methods. the fourth is to summary the main character of four different criterions, and apply joint test to the criterions that were proved the best concerning the size effect. the illiquidity risk was introduced to the study, the indexes of turn - over rate and the fluctuation of turn - over were used here. however, other factors that may influence the invest return rate as circulating rate and size were also included. according to the result, the size effect will be interpreted. the fifth is to summary the size effect and its explaination, and then to provide some useful invest strategies based on the conc lusion above
論文分五部分,第一部分對小公司效應的有關研究文獻進行回顧;第二部分我國股票市場的狀況、資金供給政策的變化和我國股票市場實證的相關問題進行論述;第三部分對我國股票市場的小公司效應按照四種不同的規模標準分類,每一種標準均分兩種不同的統計周期分段標準進行實證分析;第四部分小結不同的規模分類、不同統計周期分段的統計結果特徵,然後對小公司效應最明顯的規模分類標準進行多因子聯合回歸分析,這里引入了流動性風險因素,其用換手率和換手率波動指標來衡量,還分別引入了其它影響投資收益率的因子,分別是規模、流通比例。So this paper tries to solve these problems through the following work : first, we select some index to valuate the close - end funds, including income, stability, risk in falling, stocks selecting ability and tuning ability, based on overseas funds valuation methods and domestic market condition ; second, we analyze the stability of all index and form two styles index, which are f and other bad stability index ; then, we form the valuation system, including two - layers index, which are p and factor score ; last, we use this system to analyze the close - end funds which came into existence before 2000 and get the final comparative result. the main intention of this paper is to create the system of valuating close - end funds in our country, which is comprehensive and objective. in my valuation system involving the period from 2000 to 2003, the funds as a whole performs inferior to the stock index
首先,對國外理論界經典成型的、以及前沿的基金評價指標和評價方法進行了詳細的分析,並結合我國的基金市場狀況,選取了可以衡量基金收益、穩定性、下跌風險、股票選擇能力、時機選擇能力等量化指標;其次,根據我國基金分析的需要,採用了諸如基金交易價格、換手率等二級市場表現指標;然後,對這些指標進行了時間延續性分析,檢測這些指標在運用到我國基金市場時能否有效預測基金未來表現,從而形成了兩類指標:時間延續性很好的s _ p和時間延續性不好的其它所有指標;再次,在以上工作的基礎上形成了由兩個層面的指標構成的我國證券投資基金評價體系: s _ p和因子分析中綜合因子得分值;最後,選取了我國2000年1月1日前成立的23隻封閉式基金作為樣本,並同時採用上證a股與深成a股兩個基準組合進行了3年樣本期的實證分析,得出了最終的比較性評價結果。Firstly, the author evaluated the fund through the technology and tested it with examples. basted on the capital asset pricing model and the theory of portfolio, the paper used the ratio of profit according time to evaluate the profit ; used the a and 3 to evaluate the risk ; used the sp, tp, a p to evaluate the profit according to the risk ; used the ability of liquid and so on to evaluate the fund portfolio. otherwise, the author corrected the asset of fund according to the specialty of our country
技術面評價以證券投資組合理論和資本資產定價模型為基礎,運用時間加權收益率對基金收益進行評價;運用系數、系數對基金風險進行評價;運用夏普指數、特雷納指數、詹森指數、積極投資效率指數對基金進行收益和風險配比評價;運用基金平均市盈率、股票集中度、股票日換手率、基金流動性和基金平均漲幅對基金進行組合質量評價;並根據我國股市的特點對基金凈值進行修正計算,對基金實際價值進行評估。First, pips are not as heavily regulated as mutual funds ( though they are far from unregulated, as the forbes article asserts ) and do not generally have to disclose their activities or holdings, which can allow managers to deviate from their stated investment strategies
此外pip比起共同基金有更大的投資?圍,它們不但可以放空股票,買賣選擇權,投資匯率、利率與未上市股,對于投資國家、地點、產業、規模也都無限制,水能載舟,亦能覆舟,這種彈性若由具誠信與能力的經理人加以運用將相得益彰,反之若是若遇到燥進的投機客,則基金前途堪憂。On one hand, these reforms are caused by market and economic adjustment, on the other hand, it is also the initiative exploration of the administration structure but the exploration is unsuccessful, the corresponding results include that the financial burden is heavy, and bank and the listed companies sacrifice medium and small investor ' s interests etc. because the listed company only regards security market of our country as the place to use the fund free at first, there is no comparativity between utilizing bond financing, bank loan, and other channels to raise enterprise development funds and stock financing
從上世紀80年代初期以前的財政資金供給到銀行信貸資金的供給,再到利用資本市場進行股票及債券等融資方式的出現,這些改革一方面是市場以及經濟環境的變化引起的迫不得已的調整,另一方面也是企業(或主管部門)為了提高企業效率,完善企業內部治理結構的主動探索。但從結果上來看,這些探索並不成功,相應的出現了財政負擔過重,銀行不良資產過多以及上市公司犧牲中小投資者利益,在市場上「圈錢」等現象。由於上市公司最初僅僅是把我國的證券市場當作獲取免費使用資金的場所,利用債券融資、銀行貸款等渠道籌措企業發展資金和股票融資沒有可比性。The stock market in our country is influenced greatly by policy ; individual investors are in a great proportion in this market ; the exchange rate and p / e of stocks are comparatively much higher ; information asymmetry is also very serious. for the reasons mentioned above, the modern finance theory which is based on emh is not a appropriate tool to analyze this market
對於我國這樣一個素有「政策市」之稱,投資者中個人投資者占絕大多數比重,有著較高換手率和市盈率,且信息嚴重不對稱的新興股票市場,用基於投資者完全理性和有效市場假設的主流金融理論去研究並不是很合適。How does the accounting information express their value - relevance ? these questions are important not only for academic scholars but for investors in the securities markets. in order to answer these questions, the thesis uses " feltham - ohlson valuation model " as the theoretical framework and selects book value ( bv ) and net earnings ( e ) as proxies of accounting information to do research
本文選擇「帳面凈資產」和「會計盈餘」數據作為公開會計信息的代表,運用「費森?奧爾森估值模型」分析凈資產倍率和市盈率的性質,並用我國a股市場上市公司1994 ? 98年股價數據和1993 ? 97年年度報告會計數據檢驗這兩個比率的投資決策有用性,以求較深入地回答上述問題。Based on factors such as personal expected return, acceptable risk level, transaction costs involved and preference on regional investment allocation, portimizer will come up with the most appropriate investment portfolio proposal or a re - balanced investment portfolio proposal that suits your investment goals. what s more, the system can generate investment suggestions that perform better than a particular investment index of your choice e. g. hang seng index
共同研發的投資智庫系統,可按個人風險承受能力預期回報率交易徵費及選擇投資的地區分佈等考慮因素,為投資者建議最理想的投資組合併針對所持有的投資組合進行優化重組,甚至以香港恆生指數或外國股票市場指數為指標,設計出比指標回報更高的投資組合。This had led to a firming of interest rates : combined with more buoyant equity market conditions and a consequent rise in the demand for hong kong dollar assets, the exchange rate had strengthened markedly
月中曾進行兌換保證交易,總結餘降至負數水平。利率因而上升,加上股票市場交投比較活躍,以致港元資產需求增加,使匯率顯著轉強。Due to the immaturity of the stock market of china, there is certain amount of the irrational investment, as well as the frequent adjustment of the policy, the value stock portfolio strategy can not be taken directly into our country
由於中國股票市場尚處于初級階段,非理性投資行為還有相當比率,以及股票市場的政策經常調整,受到以上原因的制約,不能照搬其他國家的價值投資策略。Take profit rate < 30, flowing rate > 2 and net profit rate < 1 as the classificatory standard of conservative strategy of value stock portfolio, and profit rate < 10, flowing rate > 2 and net profit rate < 1 as general, and profit rate < 30, flowing rate > 2 and net profit rate < 1 as positive. at last the value stock portfolio strategy, whose profit rate per stock > 0. 6, net capital profit rate > 300 %, net profit rate < 1, is chosen as sample of the positive
採用市盈率30 ,流動比2 ,市凈率1 ,為標準定義保守型價值投資策略;市盈率10 ,流動比2 ,市凈率1 ,為標準定義綜合型價值投資策略;最後按每股收益0 . 6 ,凈資產收益率300 % ,市凈率1 ,選擇積極型價值投資策略的樣本。Based on the empirical study, the paper holds, without investor protection, the negative correlation of share holding and accounting manipulation and the non - obvious correlation between of shareholder status and accounting manipulation
本文對中國上市公司2004年橫截面數據的經驗研究表明,在投資者保護缺乏的條件下,控股股東持股比例與會計操縱的概率負相關,控股股東的身份則與會計操縱的概率相關關系不顯著。Thirdly, using thirty ( 30 ) samples stocks of shanghai thirty ( 30 ) indexes as the combination, the investment portfolio scale and the disperser risk degree, etc., were examined, the strategy of investment portfolio in shanghai stock market was also put forward. the results indicate that : 1 ) the systematic risk proportion in the investment risk has obviously dropped, but the non - systematic risk proportion obviously has gone up. 2 ) the stock systematic risk is one but not the only fact affecting the stock income rate
結果表明:系統風險在投資風險中所佔比重已明顯下降,非系統風險所佔比重明顯上升;股票的系統風險是影響股票收益的一個因素,但不是影響股票收益率的唯一因素,非系統風險和總風險是影響股票預期收益的重要因素;股票的平均收益率與股票的系統風險存在正相關關系;在樣本時限內,對上海股市進行投資組合確實能有效地降低風險,上海股市適度的組合規模為15 20隻。Based on e - v model, empirical analysis on sample stocks of shanghai 30 index is made. according to the model, efficient frontier is plotted and optimum proportion is worked out. we can find that risk is reduced to the lowest level as result of investing to 9 stocks
在e - v模型的基礎上,針對我國證券市場上證30指數的指標股為對象進行實證研究,以周收益率為基準,計算出有效邊界,得出最優投資比例,結果表明,只需要將投資分配于其中的9隻股票,就可以將風險降低到最低限度。分享友人