代理变量

第三部分为本文实证分析的研究设计，在该部分笔者说明了样本选取的方法和数据的来源，并选取了投资者情绪代理变量，给出实证研究的模型。

Firstly , explains the sample selection method and data sources . Secondly , selects the investor sentiment proxy variables . finally presents the models for empirical research ; The fourth part is empirical testing and analysis .

结合西方现有的理论和实证研究，本文选取边际税率作为资本结构的代理变量，更准确的反应了资本结构的税收效应。

Combined with the existing Western theoretical and empirical research , the paper selected the marginal tax rate as the proxy variables of the capital structure , which more accurately described the tax effect of capital structure .

由于借款人存在其他间接融资的动机（如IPO等），银行存款不能作为银行监督借款人的代理变量，这一结论和外国文献的研究基本类似。

Because there are borrowers ' other indirect financing motives ( such as IPO , etc. ), as the bank deposits can not be a proxy for bank monitoring of the borrowers , the above conclusions and that of foreign literature are essentially similar .

在实证研究中，本文选用修正的净资产收益率（Ad-ROE）作为衡量公司价值的代理变量。

In the empirical study , this article selects the adjusted Return on equity ( Ad-ROE ) as the proxy variable which weights company value .

以价格发现速度作为价格发现效率的代理变量，在总结现有价格发现速度研究的基础上，提出了一般价格发现模型（GPDM）。

Taken the price discovery speed as a proxy of the efficiency of price discovery , this paper proposes a General Price Discovery Model ( GPDM ) on the basis of summarizing present materials on the price discovery .

尽管如此，回归分析表明，治理结构的各个代理变量对两类公司绩效的影响较弱。

However , regression analysis indicates that effect of corporate governance on its performance is weak .

采用部分投资者情绪的代理变量所构造的综合指数能较好反映市场的投资者情绪，在测度投资者情绪时应当要剔除宏观经济因素的影响。

The composite index constructed by proxies of part investor sentiment can reflect the investor sentiment of market .

考虑异质预期的影响，把换手率作为异质预期的代理变量。

This paper considers the heterogeneity effect , and perceives the turnover as the proxy variable of heterogeneous expectations .

二是相关变量难以量化，导致在选择次代理变量时存在偏差。

Secondly , the relevant variables are difficult to quantify , which lead to biases in choosing sub-agent variables .

为避免因选择不同代理变量带来的影响，本文还通过稳健性分析得到了类似的结果。

To avoid some effects of choosing different agent variables , we have the similar results by sound analysis .

匿名函数通常通过分配到一个代理变量，来在其他函数的上下文中定义。

An anonymous function is defined within the context of another function , usually by assigning it to a delegate variable .

之后提出了投资者情绪的定义和分类，投资者情绪可分为三种：显性投资者情绪、隐性投资者情绪和情绪代理变量。

Investor sentiment can be divided into three kinds , direct investor sentiment , indirect Investor sentiment and deputy investor sentiment .

本文还以业绩调整的流动性应计模型得到的操纵性应计盈余作为盈余管理的代理变量进行稳健性测试。

Based on liquidity adjustment plan should be performance model was handling accrued surplus of earnings management agency as variable robustness test .

第二部分通过寻找和构造内幕交易与公司治理的代理变量，为之后的实证研究做准备。

In the second part , agent variables of insider trading and corporate governance are searched and constructed , which prepares for the empirical research .

本文以三公经费公开数据作为政府信息披露的代理变量，实证检验了政府审计对政府信息披露质量的影响，结论表明，作为外部监控机制&政府审计的介入，有利于提升政府信息的披露质量。

Conclusions show that , as an external monitoring system , the intervention of government audit is helpful to enhance the quality of government information disclosure .

然后利用主成分分析法，从剔除宏观经济面影响后的多维投资者情绪代理变量中，运用主成分分析法拟合投资者情绪指数。

And then removing the macroeconomic side effect of macro economics , this paper uses principal component analysis to extraction the main component as investor sentiment index .

研究结果认为，每日交易量作为每日信息到达时刻的代理变量对于中国股票市场每日收益的条件波动的解释力度不显著。

We find that daily trading volume , used as a proxy for information arrival time , has no significant explanatory power on the conditional volatility of daily returns .

通过对相关理论研究展开讨论与评价，进而提出本文的研究假设，并构建反映外部治理机制和企业绩效的代理变量。

Firstly take the discussion and evaluation on the related theory and researches , then put forward hypothesis , and constructs agent variables of the external governance mechanism and enterprise performance .

结论表明，以盈余管理、审计费用和非标准审计意见作为上市公司治理效率的代理变量，强制性双重审计制度总体上具备显著的公司治理效应。

It is concluded that , in general , duplicate audit institution has shown significant corporate governance efficiency from the view of earnings management , audit fees and the probability of qualified audit opinion .

在分析了合法性压力的代理变量的基础上，建立了环境信息披露指数与合法性压力关系的实证模型，通过描述性统计、相关性分析以及回归分析得出了三点结论。

Then we set up a empirical model on the relation between environmental information disclosure index and legality pressure , through descriptive statistics , correlation analysis and regression analysis , we draw three conclusions .

并以中国市场为实例，证明交易量具有序列相关的性质，支持了交易量作为信息到达数量的代理变量对股价波动持续性的解释作用。

Our study takes China 's stock markets as an empirical case and supports that daily trading volume used as a proxy for information arrival has significant explanatory power for the persistence of volatility .

最后根据上述理论模型，选取创意的研发支出作为创意存量的代理变量，运用协整理论分析了创意与经济增长之间的关系。

Finally , according to the mentioned model , we selected R D spending as the proxy variable of creative stock , discussed the relationship between R D investment and economic growth by cointegration theory .

此外，我们又设计了一个合成模型，将每种理论主要的代理变量放在合成模型里综合分析，从而达到同时验证三种理论的目的。

Moreover , we take a synthetic approach using all key variables identified by three above-mentioned theories as a function of the change in leverage , in order to simultaneously test a set of theoretical predictions .

以科技经费内部支出额、专利申请授权数、新产品产值这三个指标作为技术创新的代理变量，实证检验了科技金融对技术创新的影响作用。

While technological activities to internal expenditures , patents granted , value of new product are used as proxy for technological innovation . Then the paper examines the relationship between sci-tech finance development and technological progress .

本文通过考查深圳和上海证券交易所中的657家上市公司的治理机制代理变量，与会计盈余及时性指标之间截面数据相关关系，探讨治理机制是否随会计盈余及时性而变化。

We explore whether governance systems vary with the timeliness of earnings by examining the cross-sectional relation between proxies for earnings timeliness and subsequent corporate governance systems of 657 firms in the SHENZHEN and SHANGHAI stock exchange .

值得一提的是，本文没有选取实际利率作为机会成本变量，而是用信贷约束程度作为实际利率的代理变量。

It is worth mentioning that this paper does not select the actual interest rate as the opportunity cost variable . It takes the degree of credit constraint as the proxy variable of effective interest rate instead .

以科技活动人员人均科技经费内部支出以及科技活动人员人均专利授权量这两个指标作为技术进步的代理变量，实证分析了我国金融发展对技术进步的影响作用。

Technological activities to internal expenditures per capita Technology and technological activities of these two patents granted per capita indicators as a proxy for technological progress , empirical analysis of financial development on the role of technological progress .

本文采用1999至2005年的亏损上市公司作为样本公司进行实证检验，并在奥尔森模型的基础上，加入了反映壳资源价值的代理变量和相关控制变量，使用多元线性回归方程进行模拟。

A-share loss-firms during 1999 to 2005 is chosen as samples . On the basis of the Olson model , adding the proxy variables of the shell resource value and control variables , using of multiple linear regression equations to test .

由于金融资产价格在一定假设的基础上，使用价格极差估计波动率的公式，可以从理论上证明价格极差是波动率的有效代理变量。

As the prices of financial assets are on the basis of certain assumptions , it can be theoretically proved that the price range is an effective alternate variables of volatility using the formula of estimating the volatility by price range .

与以往过多关注公司内部治理的研究不同，本文以上市公司雇佣规模作为社会性负担的代理变量，研究了公司外部环境对上市公司受政府干预的影响。

Different from many studies ' focusing on in - ternal corporate governance , this paper tests whether exter - nal circumstances had any effect on political interventions as - sumed by listed companies , with the corporate employee scale as a proxy of its social burdens .