illiquidity 中文意思是什麼

illiquidity 解釋
非兌現性
  1. It is found that the character of liquidity changes with the development of chinese stock market, and also found is the empirical evidence consistent with the notion of “ illiquidity premium ” in 2002, using such econometric methods as var model, granger causality test etc

    研究表明，隨著中國證券市場的發展，市場流動性特徵也在發生變化， 2002年中國股票市場出現了「非流動性溢價」現象。
  2. So illiquidity prevented asset sales rather than induced them

    因此非流動會阻止資產的賣出而不是引導。
  3. Illiquidity ? the difficulty of selling assets at a reasonable price ? is at the heart of all financial crises

    流動性不足，及難以以合理價格兌現資產，處于所有金融危機的中心地位。
  4. The relative illiquidity and higher expected return to compensate the higher risk in b - share and h - share markets are also significant

    此外國內外投資者需求彈性差異的加大是98年後外資股折價程度加深的主要原因。
  5. Real estate investments are long term in nature and possess two important characteristics that are often negleted : leverage and illiquidity

    房地產投資是長期的，它有兩個往往被忽略掉的重要特質：高額借貸和套現困難。
  6. Real estate investments are very long term in nature and possess two important characte - ristics that are often less than understood : leverage and illiquidity

    房地產投資是長期的，它有兩個往往被忽略掉的重要特質：高額借貸和套現困難。
  7. We conclude that the illiquidity discount is not the reason for consideration in the reform but the result of government policy and point it out that the illiquidity discount ratio is the non - tradable stockholders ’ bottom - line in the consideration

    二是從流動性定價模型的角度分析了流動權的本質，並根據等效用原理建立了流動權定價模型，指出非流通股的折價是非流通股股東對價的底線。
  8. Their reluctance has been put down to ignorance ( farmers do not appreciate the benefits of fertiliser until they have tried it ), timidity ( they are wary of upfront commitments of money and prefer farming that delivers a reliable, even if low, return ) or illiquidity ( farmers cannot get the credit they need to afford seeds and fertiliser )

    他們不情願施肥或是因為無知（他們在嘗試之前難以領會施肥的好處） ，或是因為膽怯（他們對待預付保證金很謹慎，而寧願採用低產但可靠的耕作方式） ，或是因為缺乏資金（農民不能獲取購買種子和化肥的貸款） 。
  9. 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。
  10. When the iliquidity risk was not included in the test, the size effects was proved to exist in china ' s stock market. from the reality of china ' s stock, it is believed that the abnormal return can be accounted for by the illiquidity risk caused by manipulation. to verify the hypothesis, the turn - over rate, fluctuation of turn - over rate, the rate were introduced into the study. this study provided a joint test of the factors above

    這表明在我國的股票市場，小公司效應與投資環境有關，在時間上與管理層對股票市場的政策變化有較高的相關性。在不包含流動性風險的時候，對股票的超額收益與其規模因子進行分析，發現股票表現出小公司效應。筆者從中國股票市場的實際情況出發，認為小公司效應的存在是由於超額收益沒有考慮到市場操縱而產生的流動性風險。
  11. For example, the separate market theory and the income - risk theory can not make clear the problem of fund discounts. correspondingly, the achievement theory and illiquidity of assets theory only can explain the fund discounts partly. it founds that investor sentiment theory build on behavioral finance appears to be the driving force of the dynamic fund discounts

    通過各種直接和間接的統計檢驗，我們發現傳統的一些國內外對封閉式基金折價問題的闡釋，有的根本不能解釋我國封閉式基金的折價問題（如市場分割理論、收益風險對應理論） ，有的則只能起到部分的解釋作用（如業績理論、資產流動性理論） ，而建立在行為金融學基礎之上的投資者情緒理論相對來說有較強的解釋力。
  12. The adjusted r square of the illiquidity risk was found to be 62 % in the multi - factor regression, and the effect of size factor decreased greatly, the contrubtion rate of the turn - over rate was 70. 95 %, and the size was 29. 05 %. that means that the abnormal return rate is mainly at the expense of illiquidity risk. even though, the size effect still existed in the periods that were tested

    實際上，只有在固定時間長度分段的流通股本規模標準回歸方程中才包含規模因子，在包含規模因子和換手率因子的回歸方程中，換手率對超額率的貢獻為遠大於規模因子（ sz ） ，其貢獻程度達到70 . 95 ，而規模因子對超額收益的貢獻只有29 . 05 。
分享友人
分享到 Line

分享到臉書