| 1. | So illiquidity prevented asset sales rather than induced them
因此非流动会阻止资产的卖出而不是引导。 |
| 2. | Illiquidity ? the difficulty of selling assets at a reasonable price ? is at the heart of all financial crises
流动性不足，及难以以合理价格兑现资产，处于所有金融危机的中心地位。 |
| 3. | The relative illiquidity and higher expected return to compensate the higher risk in b - share and h - share markets are also significant
此外国内外投资者需求弹性差异的加大是98年后外资股折价程度加深的主要原因。 |
| 4. | Real estate investments are long term in nature and possess two important characteristics that are often negleted : leverage and illiquidity
房地产投资是长期的，它有两个往往被忽略掉的重要特质：高额借贷和套现困难。 |
| 5. | Real estate investments are very long term in nature and possess two important characte - ristics that are often less than understood : leverage and illiquidity
房地产投资是长期的，它有两个往往被忽略掉的重要特质：高额借贷和套现困难。 |
| 6. | 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
二是从流动性定价模型的角度分析了流动权的本质,并根据等效用原理建立了流动权定价模型,指出非流通股的折价是非流通股股东对价的底线。 |
| 7. | 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，随著中国证券市场的发展，市场流动性特徵也在发生变化， 2002年中国股票市场出现了“非流动性溢价”现象。 |
| 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 )
他们不情愿施肥或是因为无知（他们在尝试之前难以领会施肥的好处） ，或是因为胆怯（他们对待预付保证金很谨慎，而宁愿采用低产但可靠的耕作方式） ，或是因为缺乏资金（农民不能获取购买种子和化肥的贷款） 。 |
| 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
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。 |
| 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
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。 |
