完全资本市场

在完全资本市场条件下，尽管劳动力市场结构不同，资本和收入的集中总是存在。

Under the conditions of perfect capital markets , there always exists convergence of capital and income per capita regardless of different labor market structures .

也就是说，在完全资本市场假设下，公司没有从事对冲活动的动机。

Namely , under the perfect capital market , corporate has no incentive of hedging .

著名的MM理论认为，在完全资本市场中，公司内部资金与外部资金能够相互取代。因此，公司的融资结构与其投资决策无关。

In the famous MM theory , corporations internal funds and external funds can be replaced by each other in the complete capital market , so , corporations financing structure are not relevant to their investment decision .

Miller和Modigliani在1961年提出的股利无关论认为，在完全资本市场中股利政策与公司价值无关。

Miller and Modigliani proposed " irrelevant the dividend theory " in 1961 to believe that , the dividend policy had nothing to do with in the complete capital market with the company value .

既有的西方兼并理论，是以完全资本市场为前提的。

The western annexation theory which has already had , takes complete capital market as its prerequisite .

三是探讨了在不完全资本市场条件下企业的长期投资决策问题；

The third is to probe into the questions of capital budgeting decisions in the incomplete capital market .

因此，如何促进不完全资本市场和剥离性资产重组的共同发展就成为实践领域和理论界关注的焦点问题。

Hence how to promote the mutual development of the incomplete capital market and the stripping assets reconfiguration h.

并且多数研究都是基于完全资本市场的假设。

So far , a large number of studies dealing with the issue are based on the assumption of perfect capital market .

因此，不完全资本市场的存在是研究对冲对公司价值影响的各种理论的基础。

The existing capital market imperfections are , therefore , the basis for various positive theories about the economic impact of corporate hedging on firm value .

研究并分析了在完全资本市场条件下，红利政策对股东权益的影响。

It is discussed in the article that the bonus policies affect the rights and interests of the stockholders upon the conditions of the complete capital market .

分析家称，尽管MSCI表示将在2016年重新考虑是否纳入A股的决定，但此次搁置表现出全球资产管理者们仍然对中国是否愿意完全开放资本市场持保留态度。

Even though MSCI said the decision around China-listed shares would remain on its 2016 review list , the delay shows that global asset managers still have reservations about Beijing 's willingness to fully open up its capital markets , according to analysts .

然而世间没有包治百病的良药，标准财务理论也不能完全解决资本市场中的所有问题。

But the world is not a panacea , the standard financial theory of capital markets can not solve all the questions .

由于当前我国没有完全开放资本市场，对外汇管制下的资本项目实施严格的管理制度，但面临经济全球化和金融一体化浪潮。

Because our country did not completely open capital markets currently , implement foreign exchange controls on capital project under the strict management system , but it faces economic globalization and the wave of financial integration .

现实中的股票市场不可能完全符合资本市场有效性假设，因而把股票成交价格看作是股票的市场价值，并据此计算股票投资回报率的传统做法存在着明显的弊端。

The actual stock markets are by no means the ideal ones in terms of the efficient market hypothesis , therefore it is apparently inappropriate to take the stock 's price for its market value and then calculate the return of investment in the stock .

基于人类思维和行为的非完全理性及资本市场上的众多异象，行为金融发展了起来。

With the bounded rationality of human and the anomalies of capital market behavioral finance develops gradually , which acknowledges the limited rationality of human and face the real market .

在完全竞争的风险资本市场中，建立了由单个风险企业家与多个风险投资家组成的分段投资模型。

A game model of staged financing is set up between an entrepreneur and several venture capitalists in competitive venture capital market .

资本运营是在信息不完全与不对称的资本市场环境下进行的，因此，均会产生以逆向选择与道德陷阱为主要表现形式的信誉缺失问题。

Capital operation is conducted in a market environment where information is incomplete and asymmetric , which leads to credit loss basically by adverse selection and moral hazard .

中国货币政策的传导机制具有明显的银行贷款渠道特征，这是由利率、汇率形成机制的不完全市场化、资本市场发展滞后等制度性因素决定的。

Bank-lending channel is of the greatest importance in the transmission of monetary policy in China , which is determined by some institutional factors , such as government regulations on interest rate and exchange rate and imperfect institution structures that impede capital market 's development .