溢价率

基于A-H股溢价率的价值投资策略研究

Value investment strategy research based on A-H premium rate

与此同时，对于数据还进行了聚分类，分为低溢价率与高溢价率两类。

Meanwhile , divided the data into two categories , low premium rate and the high premium rate .

以LME铝价为基准，全球铝溢价率达到创纪录的13%，而2007年到2011年的平均溢价率是5%。

As a percentage of the aluminium LME price , global premiums are at a record 13 per cent , after averaging 5 per cent between 2007 and 2011 .

股权性质对控制权转让溢价率的影响依赖于每股收益和每股净资产；

Share quality influences the premium through EPS and PNE ;

反映公司资产质量和治理结构特征的变量对总溢价率的影响大多不显著。

Neither assets quality characteristics nor corporate governance characteristics seem to influence the block premium as they should have .

此外，控制权转让的每股转让溢价率比02年以前有所下降，约为34.5%；

In addition , per share premium of a controlling block transfer has declined since year 2002 to 34.5 % .

由于历史原因以及资本市场发展阶段的差异，我国上市公司并购溢价率的影响因素与西方发达资本市场上的并购溢价率影响因素存在很大的不同。

M & A premiums in China differ much from that of developed capital market in cause and influence , due to their different developing stages .

针对可转债的重要属性转股率，建立转股率决定模型，重点分析了转股率与转股溢价率之间的关系。

To the convertible rate , the important attribute , this paper establishes the decision model and stresses the relation between the convertible rate and the convertible premium rate .

新股发行溢价率同公司规模、新股发行价、资产负债率、公司成立年数负相关、流通股比例负相关，同公司增发新股收益率正相关。

The result suggests that the IPO underpricing rate is negative related to the firm size , IPO offering price , asset-liability ratio , the surviving years of firm and the proportion of outstanding shares .

最后运用回归分析来检验各样本时段内，所发生的标志性大事件对A股和H股的平均月溢价率的具体影响程度。

At last , the author uses regression analysis to test the specific influential degree of the milestone events on the average month premium rate of A share and H share during the sample time interval .

永久性影响和暂时性影响方面，折溢价率与价格冲击的影响正相关；相对成交量与价格冲击的影响负相关；且对价格的冲击表现为暂时性影响。

As to the permanent and the temporary impact , the discount or premium rates and price shocks are positively related ; the relative volume and price shocks are negatively correlated ; and the influence is temporary .

因此提高产权交易效率的最有效和可行的方案是对各类产权进行标准化的技术操作以提高其溢价率、降低时间成本，并通过竞价交易完成产权的转让过程。

Thereby , the most effective and viable option to increase transaction efficiency is to standardize the property rights through technical operations and choose bidding as the transaction method in order to enhance its premium rate and reduce time cost .

从40起并购案例的股权交易价格来看，绝大部分外资购买的股权价格高于当年上市公司经审计过的净资产值，收购的溢价率较高。

Merge stock right trade price of case is it watch to come , most stock right price that foreign capitals buy are higher than listed company in that year by net assets value that audited from 40 , the premium rate purchased is relatively high .

文章以我国A股市场2001&2003年发生控制权协议转让的上市公司为样本，对控制权转让价格及溢价率的影响因素进行了实证分析和检验，重点分析资本结构的影响。

This paper examines a large sample of corporate control transfer cases that took place in A share market in China over the period from 2001 to 2003 . We focus on the effect of capital structure on the transfer price and the premium obtained by target 's shareholders .

外汇黑市汇率溢价与通货膨胀率的区制关系分析（1990~2006）

The Regime Relationship between Black Market Exchange Rate Premia and Inflation Rate ( 1990-2006 );

不过，其他策略师坚持认为，各国政府在筹资方面不会有什么困难，最多不过是要支付更高的溢价或收益率来吸引投资者。

Other strategists , however , insist governments will have little difficulty in funding themselves , even if they have to pay higher premiums or yields to attract investors .

美国股市平均估值显示的实际回报率为6.5%至7%，这意味着大约4个百分点的“股票风险溢价”回报率与无风险政府债券收益率之差。

The average valuation of the US stock market corresponds to a real return of 6 ? - 7 per cent , which implies an " equity risk premium " a margin of return over risk-free government bonds of about 4 percentage points .

在同期内，市场风险溢价与基金收益率具有显著的正相关性。

During the same period , market risk premium and the fund yields have a significant positive correlation .

在这种形势下，股票溢价（股票收益率超过无风险收益率的部分）变得异常之高。

In such an environment , the equity premium ( the excess return that equity produces over the risk-free rate ) has become exceptionally elevated .

对于转换价格高于标的股票市场价格的可转债，用无风险债券的收益率加一定的风险溢价作为其贴现率进行贴现。

For those CBs whose underlying stock prices are lower than their conversion prices , we discount the CB with a risk-adjusted rate which is composed by the risk-free interest rate and a safety premium .

在已经发生的控制权交易中，交易后半年内发生行业变更的控制权交易比没有发生行业变更的交易具有更高的溢价水平，平均超额溢价率为6.92%。

Among the existing control right transfers , those with industry alteration occurred within half a year hold a higher premium , which is up to 6.92 % compared with the other ones .

野村（Nomura）驻香港亚洲策略师、全球股票策略主管库尔茨（MichaelKurtz）指出，股权风险溢价目前远高于长期均值。股权风险溢价是股票收益率与国债等风险较低的资产收益率的差额。

Michael Kurtz , Asia strategist and head of global equity strategy at Nomura in Hong Kong , points out that the equity risk premium , which measures the return offered by stocks compared with less-risky assets such as Treasurys , is far higher than its long-term average .