The index, consisting of large companies traded on both stock markets, will be launched this month and indicate the premium or discount at which Shanghai shares are trading compared with Hong Kong shares, with a measurement of 100 indicating there is no price difference. 该指数涵盖了在香港和上海两地股市交易的大型公司,将于本月推出。该指数将显示A股相对于H股的溢价或折价,100表示没有价格差距。
The co integration relationship between stock price index and price index takes some effects on correcting the deviation from long term equilibrium of stock price index, although it is insignificant. 股价指数与物价指数的协整关系对校正股价指数偏离长期均衡有一定的调节作用,但力度不大;
Over this period the global composite stock price index of all quoted steel company shares has outperformed the average stock price of all quoted companies by nearly four times. 同期,由所有上市钢铁公司股价构成的全球钢铁股价格综合指数,表现超过所有上市公司平均股价表现近4倍。
The study finds that the trading volume has already had the explanation effect to the volatility of the stock index to a certain extent. But the trading volume considering the autocorrelation can't explain the GARCH effect of the stock price effectively. 研究发现:原始交易量对股票指数的股价波动性开始具备了一定的解释效应,但是考虑了自相关性后交易量却无法有效解释股价波动的GARCH效应;
Correlation Analysis in View of DFA the Index of the Stock Price 基于DFA的股价指数自相关分析
Stock price index is of great important indicator to reflect the volatility of the stock price in the security market. Investors? attitude towards the stock indices varies widely and they often use different indices to meet their investment demands. 股票价格指数是反映股票市场价格波动的重要指标,不同的投资主体会从不同角度看待市场指数,从自身需要出发使用不同类型的指数,因此在发达国家股票市场中存在着各种用途的股价指数。
The author chose the industrial added value, money supply ( M2), Consumer Sensitive Index and National Housing Sensitive index as the representative indicators of the macro-economy. And he studied the relationship between these indicators and the stock price indexes of Shanghai and Shenzhen. 本文选取工业增加值、广义货币供应量(M2)、消费者景气指数和国房景气指数等宏观经济指标,深入考察了宏观经济与沪深两市股价走势之间的关系。
Author proceed mainly from the reality of the stock market of our country, analyzes the current situation that the index of the stock price deviates from the stock price, and states the severity of the deviating from the problem in the stock market of our country. 笔者主要从我国股市的实际出发,分析股价指数和股价背离的现状,说明我国股市中这一背离问题的严重性。
This paper researches the tail-index estimate of Shanghai-Shenzhen stock index returns and analyzes the tail change of stock index returns before daily price limit and after daily price limit. 应用HKKP估计方法对沪深股指收益率的尾指数进行估计,并对涨跌停板前后股指收益率尾部的变化状况进行分析。
According to the stepwise regression to stock return rate and the correlated analysis, it is proved that the EVA index can well explain the volatility of stock price and evaluate the achievement of companies. 通过对股票收益率进行逐步回归和相关性分析,实证结果表明EVA指标能较好地解释股价波动和衡量公司业绩。
For an investor, it makes little sense to predict the actual index of the stock, rather, to find the reversal patterns and predict future trend of stock price become much more important. 对于一个投资者来说,股指预测往往对其来说并没有太大的意义,而股指拐点的预测以及趋势的判断往往更加重要。
From the long-term, co-integration test reflects a negative correlation between the Shanghai Composite Index and the price index, interest rates. However, the final results show that the several macroeconomic variables are not the main factor of stock price changes after Granger causality test. 协整检验从长期反映了上证综合指数与物价指数、利率、汇率的负相关关系,但是进行Granger因果检验后,最终结果显示这几个宏观经济变量都不是股票价格变动的主要影响因素。
However, the papers declare that the governance factors have important affection on M& A activities, but the main appraisal index of the papers are fluctuation of stock price and finance index. 现有的研究表明,治理因素对公司的并购行为具有重要影响,但其研究的主要评价因素是股票价格和财务指标的波动。
The Stock Index Futures is one of the financial derivatives which subject matter is a specific stock index. It has multiple functions such as price discovery, hedging, speculative profits. 股票指数期货是一种以特定的股票指数作为标的物的金融衍生品,其具有价格发现、套期保值、投机获利等多种功能。
Stock index futures 'the subject matter of the stock price index. 股指期货交易的标的物是股票价格指数。
It is an agreement with the stock price index as the trading target and the two trading parties buy or sell fixed number of stock index with a certain price at a certain time in the future. 股指期货是指以股票价格指数为交易标的物的一种期货合约,合约的交易双方约定在规定的时刻,按约定的价格买卖规定数量的股票指数。
To enrich the introduction of this emerging market stock index futures, capital market volatility, and the two functions of stock index futures and price risk management forward-looking research study to find the volatility of the scientific and rational explanation. 以丰富我国这个新兴资本市场在引入股指期货后,会对现有资本市场产生怎样的波动和对股指期货风险管理和价格研究进行展望性研究探讨,以寻求科学合理的波动性解释。
Stock index futures in the stock spot market can avoid systemic risk, while the market price of stock index futures will be highly leveraged through its own transmission to the stock spot market, and impacted their price. 在股指期货规避股票现货市场系统风险的同时,股指期货的市场价格会通过自身的高杠杆性传递到股票现货市场,对其价格产生影响。
Equity index annuity is a new type of annuity products. Which overcomes the shortcoming of traditional annuity products, it allows the holder to enjoy a rising stock price index in the capital gains, it provides a minimum guaranteed rate of return when the stock index falls. 权益指数年金是一种递延的企业年金产品,权益指数年金克服了传统年金的缺陷,允许持有人在股价指数上涨时享有资本利得,而在股价指数下跌时,提供最低报酬率的保证。
The introduction of index futures on spot market is in many aspects, among them, the hedging of stock index futures, price discovery is the two most important function. 股指期货的推出对现货市场的影响是多方面的,其中套期保值、价格发现是股指期货两个最重要的功能。
Stock Index Futures is a kind of financial futures which is based on the stock price index. Its emergency has meet our peoples 'needs of risk control on the spot stock market. 股指期货应股票现货市场风险管理的市场需求而产生,是以股票价格指数为基础资产标的物的一种金融期货。
It refers to some kind of stock price index as the foundation assets of standardization of futures contract, trade of contracting parties is specific time after the stock index price level. 它是指以某种股票价格指数为基础资产的标准化的期货合约,买卖双方交易的是特定时间段后的股票指数价格水平。
As a newborn product of the capital market, stock index futures derive from stock transaction. The transaction of stock index futures can promote circulation of stock price information, stabilize stock price, transfer risk in stock transaction. 股指期货作为资本市场上的一个新生事物衍生于股票交易,其存在对于促进股票价格信息流通、稳定股票交易价格、转移股票价格风险具有重要意义。
Stock index futures are one of financial derivatives. Their targets are stock price indexes. 股指期货的全称是股票指数期货,它是一种以股票价格指数为标的的金融衍生品。
From the running of mature foreign stock index futures market, the opening of futures market can produce an effect on the stock market in many aspects such as price and money flow. 从国外成熟股指期货市场的运行情况来看,期货市场的开设可以在价格和资金流向等多个方面影响股票市场。
Stock index futures prices reflected expectations of price in cash market among investors. Also, stock index futures market conducts news information faster and has many advantages comparing to cash market. So the price of index futures reflects the real value of spot market. 首先,股指期货合约价格的形成主要来自投资者对未来现货价格的预期,同时股指期货市场相比现货市场具有很多优点,对新信息的反应速度更快,因此更能体现现货指数的真实价格。
The final result is: stock index futures of our country have a long-term stable relationship with the stock price and and this kind of long-term relation was realized by the short-term dynamic adjustment. 得到的结论是:我国股指期货价格与现货价格之间确实存在着长期协整的关系,且这种关系可以通过短期动态调整来实现。