股票溢价

可转换公司债对于公司低成本筹集资金、获取高股票溢价、改善公司的财务结构等方面有着积极的作用。

The Convertible Company Bond plays positive function for companies in financing with low cost 、 getting high stock premium 、 improving finance structure , etc.

第二种是CCAPM异象，主要是指股票溢价之谜。

The other is CCAPM anomaly , especially the equity premium puzzle .

股票溢价发行制度是中国股市的问题之源，要解决中国股市的问题，必须坚决废止溢价发行制度。

Premium stock issue system underlies the problems of Chinese stock market .

这就是所谓的股票溢价现象。

This is called the equity premium .

令人感到喜出望外的原因是股票溢价了25%的中国网通愿意出钱购买这些股份。

What caused gasps was the25 % premium China Netcom was willing to pay for the stake .

股票溢价发行的具体管理办法由国务院另行规定。

Specific regulations governing the issue of share certificates at a premium are separately issued by the State Council .

现在上海等股票溢价发行即是采取此种方式。

The stock excessive price such as Shanghai is issued now is to take this kind of kind namely .

本文使用该模型，解释了股票溢价之谜。对股票溢价之谜的探讨本文主要着眼于偏好修正、不完善市场和交易成本三个角度进行。

This model resolves the equity premium puzzle Preference modifications , imperfect market and traction cost are often used to explain it .

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 .

美国有一个成熟的资本市场，研究其股票溢价现象对中国有非常重要的借鉴意义。

The capital market in U.S.A is comparatively perfect , so there is very important reference value for China to study American the equity premium .

研究结论显示：使用标准的校准模型，我国证券市场的股票溢价水平为14.163%。

The conclusion of the study shows that : with the standard calibration model , the equity premium level on the Chinese security market is 14.163 % .

这就是。。。我在这展示的是美国的数据，但是西格尔在他最新出版的书中讨论道，在世界范围内许多发达国家的，股票溢价同样很高。

This is & I 'm showing here U.S.data , but Siegel also argues in the latest edition that the equity premium is also high for advanced countries over the whole world .

这或许是对于股票溢价如此之高的最佳诠释&价格波动的资产，需要有高得多的回报率，才能补偿因频频目睹小额损失而造成的痛苦。

That may be the best explanation of why the equity premium is so high – volatile assets need to show much higher returns to compensate for the pain of frequently seeing small losses .

而对于主并企业来说，负商誉是主并企业在投资过程中的风险收益或购货折扣的一部分，或者是主并企业的股票溢价中的一部分。

On the contrary , for the actively-merging enterprises , the negative goodwill is part of " the risk income " or " purchase discount " in the course of their investment or part of their " stock overflow " .

最后，本文认为：股票溢价与消费增长、股票收益两者的协方差有正比关系，当消费增长与收益之间的协方差越大时，投资者必然要求更高的收益，得到更高的风险溢价；

Finally , this article draws two conclusions : there is negative relation between the equity premium and the covariance of consumption growth stock returns , therefore the investors must expect higher returns for higher risk premium when the covariance of consumption growth and stock returns is bigger ;

我们对“股票风险溢价”的研究似乎表明，由于“欧元尾部风险”，市场可能正给gdp“灾难情形”赋予并非微不足道的几率。

Our research into the " equity risk premium " suggests that markets may be assigning a non-trivial probability to a " disaster scenario " for GDP as a result of " Euro tail risk " .

对我国是否存在股票风险溢价问题进行实证检验；

An empirical study on equity premium in China .

股票风险溢价股票市场为弥补市场风险，相对无风险率的额外回报。

Equity risk premium the extra return that the stock market provides over the risk free rate to compensate for market risk .

以超过票面金额发行股票所得溢价款列入公司资本公积金。

The premium resulting from issuance of shares at a price above par value shall be allocated to the company 's capital reserve fund .

他早在1924年就意识到，相对于债券，股票风险溢价使得投资股票应会获得长期的超额回报。

As early as 1924 , he had realised that the risk premium on equities should provide a long-term excess return on equities relative to bonds , when the conventional wisdom was the opposite .

想象这样一家简单的公司：其销售额增长为3%，自由现金流为400万美元，股票风险溢价为5%，贝塔系数为1，而且无债务。

Consider a simple company growing sales at 3 per cent , making free cash flow of $ 4m with an equity risk premium of 5 per cent , a beta of 1 , and no debt .

两宗要约出价都比消息公布前的雅虎股票市价溢价不到10%，而且交易包括出售雅虎亚洲的重大资产（即阿里巴巴和雅虎日本的大笔股权）。

Each deal offers less than a 10 % premium to where Yahoo shares were trading before the bids were announced , and would include sales of its major Asian assets ( large stakes in Alibaba and Yahoo Japan ) .

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 .

对于股票是否存在溢价，人们也意见不一。

There is also a division of opinion as to whether equities are trading at a premium .

他认为，这两个资金来源的风险厌恶程度正在变低，最终可能降低股票的风险溢价，从而再次推高估值。

He argued that the two capital sources were becoming less risk averse , which is ultimately likely to reduce the equity risk premium and therefore push up valuations again .

股票市场风险溢价不仅在投资管理和公司财务决策中起着重要的作用，而且是很多金融理论模型的输入参数。

Market risk premium plays an important role not only in asset management , but also in corporate financial decisions , and it is an input parameter of many financial theory models .

看涨期权一般拥有大约90天的期限。当股价达到执行价时，期权持有者向股票持有者支付溢价，以得到这些股票。

The call option would typically have a maturity window of about 90 days , and the options holder then pays the shareholder a premium for access to those shares should the strike price be reached .

第二十八条股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定，报国务院证券监督管理机构核准。

Article 28 Where a stock is issued at a premium , the issue price shall be discussed and determined between the issuer and the underwriting securities company , and report to the securities regulatory body under the State Council for approval .

本文在借鉴国际计算方法的基础上，对我国股票市场的风险溢价水平进行了全面的测算。

Based on internationally well-accepted methods , we calculate the market risk premium of China 's stock market .

一支股票的期望风险溢价受因素或者宏观经济风险的影响；它不会受独有风险的影响。

The expected risk premium on a stock is affected by factor or macroeconomic risk ; it is not affected by unique risk .