separation theorem meaning in Chinese

分离定理

Finally , with tobin ' s " separation theorem " , we introduce the transaction cost into the efficient frontier and t he effective efficient frontier is obtained . and a quadratic utility function is applied to demonstrate that maintaining a suitable level of transaction cost in the current chinese stock market is important to the equilibrium of the chinese stock market and the risk control of the individual asset
本文的第四部分，引用托宾的“分离定理” ，通过加入交易成本，区分了名义有效边界和实际有效边界，指出了交易成本调整对我国股票市场均衡影响的作用机制，并引入了效用函数，实证研究了交易成本适度对我国股票市场均衡和个人资产风险水平控制的重要意义。