rate-of-return pricing 中文意思是什麼
rate-of-return pricing
解釋
報酬率定價法-
With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。 -
The following is the studying process on the problem. first of all, we overview the methods of the option pricing and the compute, then make the tests of normality on the return rate of stock by skewness - kurtosis test and kolmogorov - smirnov test
第一部分對期權定價有關問題作綜述，先介紹有關期權的一些概念，再介紹期權定價的方法與計算，最後概括期權方面研究的問題與本文主要研究的問題 -
Interest risk in pricing of life insurance product is defined as the loss probability resulting from unfavorable variation of real investment return rate of life insurance capital from policy ordered fixed credit interest rate
本論文的研究對象是壽險定價利率風險，壽險定價利率風險是指壽險資金實際收益率與保單預定利率之不利偏差引起的虧損的可能性。 -
Provided that stock price process is a jump - diffusion process, the rate of return and the volatility are functions of time, the pricing formula of exponential european jump option can be obtained with the principle of equivalent martingale measure
摘要假定股票價格過程服從跳躍擴散過程，且無風險利率，股票收益率、波動率均為時間函數，利用等價鞅測度方法得出了支付函數為冪型的歐式期權定價公式。 -
A line used in the capital asset pricing model to illustrate the rates of return for efficient portfolios depending on the risk - free rate of return and the level of risk ( standard deviation ) for a particular portfolio
一個線條用於資本資產定價模式中說明有效的投資組合的回報率，取決于無風險回報率和對一特定的投資組合的風險水平（標準偏差、標準離差） 。 -
After 1989, the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan ", the advantageous enterprises " " wallow in money ", specifically, those listed companies that could finance from the stock market, began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998, the vicious circle of deflation and " credit grudging " of banks in product and credit markets, overcapacity, the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries, led to the incessant decrease of enterprises " global income, persistent increase of rate of debts and constant rise of ratio of bad assets of banks, which further intensified the vicious circle of deflation and " credit grudging " of banks
如在改革開放初期，在產品市場需求旺盛和信貸市場預算軟約束的情況下，各類企業的最優決策就是採用高負債、高擴張的「負債的有限責任效應」策略來搶占市場並獲得高回報； 1989年以後，需求增速開始放緩，面臨產品市場產業集中度較低和信貸市場「信貸緊縮-不良貸款」循環陷阱導致的中小企業資金緊張的局面， 「錢袋鼓鼓」的優勢企業（尤其是那些可以通過股票市場融通資金的上市公司）紛紛採用掠奪性定價策略，試圖通過把中小企業擠出市場來擴大市場份額並獲得高收益； 1998年以後，產品市場和信貸市場形成了通貨緊縮和銀行「惜貸」惡性循環的狀況。產品市場上部分行業生產能力嚴重過剩，且由於體制等原因導致虧損企業無法退出，因此這些行業中出現了過度競爭的現象，企業總體收益的不斷下滑、負債率不斷提高以及銀行不良資產率的持續上升，又進一步加強了通貨緊縮和銀行「惜貸」的惡性循環。 -
Therefore, according to the two contributory factors, the model for determining the pricing profit margin was given. secondly, underwriting profit margin and investment rate of return were expounded in detail
本文首先對定價利潤因子進行了分析，指出承保利潤率和投資收益率都會影響定價利潤因子，因此，本文根據這兩個隨機影響因素給出了定價利潤因子模型。 -
After the test for effects on the pricing profit margin from underwriting profit margin and investment rate of return, it was concluded that the effect on pricing profit margin from underwriting profit margin was greater than the effect from investment rate of return
用敏感性分析來測試承保利潤率和投資收益率對定價利潤因子的影響程度時，發現了承保利潤率對定價利潤因子的影響要大於投資收益率對定價利潤因子的影響。 -
It is hopeful that the model can determine a reasonable profit margin. and then, this paper tested for effects on the pricing profit margin from underwriting profit margin and investment rate of return. firstly, the profit margin was introduced in the article, and it pointed out that underwriting profit margin and investment rate of return would have effects on the pricing profit margin
本文嘗試在定價利潤因子模型中加入了具有隨機影響效果的承保利潤率和投資收益率這兩個影響因素，希望通過這個模型來確定定價利潤因子，並通過敏感性分析來測試承保利潤率和投資收益率對定價利潤因子的影響程度。 -
The fast development of china bond market boosts the research of bond. the most important issue of securlty markets is the return - - - risk relation and the retum - - - risk relation of bonds is reflected by the yield curve that describes the relation between yield to maturity ( return ) and years to maturity ( risk ), so yield curve is an important analytical tool which serves as the basis of analysis of the trend of the interest rate and bond pricing. as the foundation of bonds investment, yield curve can be used to calculate the bid rate in the first market, select bonds and predict the open quotation price in the secondary market
證券市場最重要的問題是收益一風險的關系，而國債的收益一風險關系就體現在描述到期收益率（收益）一到期期限（風險）的國債收益率曲線上，該曲線所表示的關系就稱做利率的期限結構。因而國債收益率曲線是國債研究最重要的分析工具，它為分析利率走勢和進行市場定價提供了基本工具。而且國債收益率曲線是進行投資的重要依據，它可以為投資者在一級市場上確定國債的投標利率，在二級市場上對國債券種的選擇及預測開盤價提供依據;同時也為政府發行國債，加強國債管理、實施貨幣政策和調節利率提供參考。 -
As the traditional stock pricing method, dividend discount model is defective in that it cannot precisely determine the expected rate of return of investors and future payment of cash dividend
摘要傳統的股票定價方法主要是股利折現模型，由於不能精確地確定投資者的預期收益率和未來支付的現金股利，因此傳統的股票定價方法存在一定缺陷。 -
The most important issue of security markets is the return - risk relation and the return - risk relation of bonds is reflected by the yield curve that describes the relation between yield to maturity ( return ) and years to maturity ( risk ), so yield curve is an important analytical tool which serves as the basis of analysis of the trend of interest rate and bond pricing
證券市場最重要的問題是收益?風險的關系，而國債的收益?風險關系就體現在描述到期收益率（收益） ?到期期限（風險）的國債收益率曲線上，因而國債收益率曲線是國債研究最重要的分析工具，它為分析利率走勢和進行市場定價提供了基本工具。
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