小公司效应 meaning in English
small-firm effect
Examples
- 26 it should be made clear that the fund manager and depositary may not belong to the same group of companies unless an additional set of requirements is applied . the obligations described in art
最近siegl 1998研究发现，平均而言小盘股比大盘股的年收益率高出4 . 7 % ，而且小公司效应大部分集中在1月份。 - The candidates of security analyst must past a series of strict exams , then they had been chartered to deal with invest conducts . of course they need to be enforced compliance with the code of ethics and standards of professional conduct
并且用资本资产定价模型度量投资组合的风险,再采用ff三因子模型来检验推荐与提醒警惕股票的小公司效应和账面市值比效应。 - By using serial correlation test and cross - section test through the data of the share companies that were listed in shanghai stock exchange before 16th oct 1998 , the size effects in china stock market was tested in the period from 16th oct 1998 to 26th oct 2001 . all the share companies which in total 373 were grouped into 11 according to four different criterions . these four different criterions were total circulating captal stocks , total circulating market value , total capital stocks , total value of a share company . through the correlation test between the abnormal return rate and the size of the group , no size effect was found through the size criterion of the total value and the total circulating value except only one period
运用序列相关性我国股票市场的小公司效应进行实证检验，所采用的样本是在1998年10月16日以前挂牌上市的373家上市公司从1998年10月16日到2001年10月26日，共150周的交易数据。对公司进行以规模大小分组时，分别采用了流通市值、流通股本、总市值和总股本四种不同的标准进行投资超额收益率规模相关性分析，发现以总市值和流通市值为规模标准的实证结果除个别时期内存在着小公司效应外，其它时期并不存在小公司效应，而以总股本和流通股本为标准的小公司效应最为明显；另外，小公司效应在统计区间内表现出时段性。 - 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
论文分五部分，第一部分对小公司效应的有关研究文献进行回顾;第二部分我国股票市场的状况、资金供给政策的变化和我国股票市场实证的相关问题进行论述;第三部分对我国股票市场的小公司效应按照四种不同的规模标准分类，每一种标准均分两种不同的统计周期分段标准进行实证分析;第四部分小结不同的规模分类、不同统计周期分段的统计结果特征，然后对小公司效应最明显的规模分类标准进行多因子联合回归分析，这里引入了流动性风险因素，其用换手率和换手率波动指标来衡量，还分别引入了其它影响投资收益率的因子，分别是规模、流通比例。 - 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
这表明在我国的股票市场，小公司效应与投资环境有关，在时间上与管理层对股票市场的政策变化有较高的相关性。在不包含流动性风险的时候，对股票的超额收益与其规模因子进行分析，发现股票表现出小公司效应。笔者从中国股票市场的实际情况出发，认为小公司效应的存在是由于超额收益没有考虑到市场操纵而产生的流动性风险。