反应方向 meaning in Chinese

the direction of reaction

After analyzing the characteristic of market - to - book ratio ( p / b ratio ) and price - to - earnings ratio ( p / e ratio ) , the thesis uses data from domestic common - shares markets to test the value - relevance of these two ratios . the research data are from shanghai stock exchange and shenzhen stock exchange , including the dealing prices of listed companies in the years of 1994 to 1998 and accounting data from their financial reports of 1993 to 1997 . the contents of this thesis are divided into eight sections allocated as below : section 1 is " introduction " about the backgrounds of selecting research targets and the brief contents of whole thesis
本文介绍了费森?奥尔森模型的产生背景和在资本市场研究中的作用,从模型推导出公司净资产倍率( p / b ) 、市盈率( p / e )与未来盈利能力(净资产收益率, roe )及盈利增长率的关系,分别以1993及1994年为考察基年,用我国上市公司股价数据和年报中会计数据进行了检验,证明了假设一: “净资产倍率高预示着未来的净资产收益率高” ,及假设二: “市盈率高预示着未来的赢利增长率高” ,意味着市场对会计信息的反应方向是正确的,说明我国证券市场投资者已能对公开会计信息有基本的把握并运用于投资决策中。