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Since our focus is on the relationship between corporate investment and earnings quality, this paper reviews related literature in this research field about measurement of earnings quality, corporate investment and investment efficiency, which concise analysis and discussion are also undertaken for corresponding literature, and chapter 3 tries to find theoretical evidence that accounting information can improve the investment decision-making and investment efficiency.

首先回顾了盈余质量、企业投资和投资效率的衡量方法,在此基础上,对国内外近期盈余质量与企业投资规模和企业投资效率的文献进行了回顾和简要的述评。

Not only the long investment, the short investment, but also the credit investment , the stock investment should comfit for the law of indirect investment.

摘要]对于公司转投资应做广义理解,不论是长期投资还是短期投资,债权投资还是股权投资,都应受转投资法律限制。

Among them, beijing investment scale is the largest, investment case amount is 3, investment amount is 209 million dollar, those who take total investment amount 42%; Shanghai does not have investment case this month; Tianjin invests case amount to be 1, investment amount is 100 million dollar; Xinjiang invests amount 90 million dollar, row area invests amount the 3rd.

其中,北京投资规模最大,投资案例数量为3个,投资金额为2.09亿美元,占总投资金额的42%;上海本月无投资案例;天津投资案例数量为1个,投资金额为1亿美元;新疆投资金额9000万美元,位列地区投资金额第三名。

Fictitious capital experienced four periods during its formation and development,investing loans, initial security investment, security capital investment and derivative,investment and developed step by step. The formation of the fictitious capital anddevelopment is not only the development of the fictionalization of the investment, butalso the multiple expansion of the investment. In this course, fictitious capitalsachieve its social value and became a social capital.

虚拟投资伴随着虚拟资本的形成和发展经历了投资性贷款——原生证券投资——证券化资产投资——金融衍生品投资四个阶段而逐渐发展起来,它的形成和发展过程是投资虚拟化不断发展和深化的过程,是虚拟资本倍乘式地扩张的过程,也是虚拟资本走向社会价值和社会资本的过程。

Results show that there are four characteristics, three advantages and four disadvantages in Yunnan investment environment. And we may divide investment environment of Yunnan province into four classes, three areas and three types. Therefore, optimizes on its investment environment should be well considered and planed as a whole. Therefore, people should put emphases on optimizes of human geography investment environment system, and treat differently on regional investment environment, and improve the occasion.

研究结果显示,云南省投资环境具有四个特点、三大优势和四项弱势,可以分为四个等级、三个区域和三种类型,对其投资环境的优化应该在全面考虑、统筹安排的基础上,以人文投资环境系统的优化为重点,对地区投资环境优化则应区别对待、因势利导。

Tianhui Investment Advisory Co., Ltd. is a customer to provide professional investment management, financial advisory services to introduce the company, has a rich investment advisory and asset management experience in high-quality staff to an independent professional investment advisors and financial institutions and large-scale agent the financial investment products, and providing Hunan regional capital market investment and asset allocation research and consultancy services.

天惠投资咨询有限公司是一家为客户提供专业投资、理财服务的咨询引介公司,拥有一支具有丰富投资咨询和资产管理经验的高素质员工队伍,以独立专业投资顾问与大型金融机构合作并代理各项金融投资商品,提供湖南地区资本市场及资产分布等投资研究与顾问咨询服务。

The macroeconomics has demonstrated the relation between investment and economical growth. Investment affects the general demand and GDP via multiplicator. On the other hand, the fluctuation of GDP affects investment via accelerated vector. There exists a relation between GDP and investment. A macroeconomical seasonal fluctuation represents a slack or climax under the effect of GDP and investment. Chronically, investment and GDP growth will arrive at equilibrium, and GDP shows disciplinarian fluctuation.

宏观经济学论证了投资与经济增长之间的关系,投资通过乘数影响总需求进而影响国内生产总值,而GDP的向上或向下的波动又通过加速数影响投资,二者是动态的关系,在投资乘数和加速数的共同影响下,出现宏观经济的周期性的波动,表现为宏观经济的高涨和萧条,投资和经济增长在长期将达到均衡状态,使得GDP呈现出有规律的波动。

The overseas investment banks have inundatory superiority over their capital scale ,the earning of vendition,capability of operation and ability of financial creation ,the enterance of investment overseas will bring grimness challenge to our home investment banks .At the same time,our home investment banks face the pressure of mixed operation greatly .Recently commercial banks and insurance agents turn into the operation of investment banks one afer another ,our home investment banks feel the pressure of mixed work .

假如WTO后,我国承诺向国外金融机构逐步开放资本市场,而国外投资银行无论在资本规模、销售收入、业务能力以及金融创新能力方面都具有压倒性的优势,跨国投资银行的进入将给国内投资银行带来严峻挑战,同时,国内投资银行面临混业经营的压力越来越大,近几年商业银行或者保险公司纷纷进入投资银行业,国内投资银行感到了混业经营带来的压力。

The overseas investment banks have inundatory superiority over their capital scale ,the earning of vendition,capability of operation and ability of financial creation ,the enterance of investment overseas will bring grimness challenge to our home investment banks .At the same time,our home investment banks face the pressure of mixed operation greatly .Recently commercial banks and insurance agents turn into the operation of investment banks one afer another ,our home investment banks feel the pressure of mixed work .

如果WTO后,我国承诺向国外金融机构逐步开放资本市场,而国外投资银行无论在资本规模、销售收入、业务能力以及金融创新能力方面都具有压倒性的优势,跨国投资银行的进入将给海内投资银行带来严峻挑战,同时,海内投资银行面临混业经营的压力越来越大,近几年商业银行或者保险公司纷纷进入投资银行业,海内投资银行感到了混业经营带来的压力。

Then we study investors\' behavour in China by using the questionnaire method from three dimensions—investor\'s knowledge,psychology and behavior and from seven affecting factors—motive,securities investment Knowledge,awareness of risk,investment philosophy,trading,investment decision-making rule and investment performance.Aiming at these investment characteristics we examines the conservative bias and the reasons for the deviation from mental deviation from the emotional,social psychology and cognitive psychology deviation and from over-confidence,loss aversion,conservatism aversion, excessive fear of selective bias,selecting aversion,gambling psychology,self-attribution,the dependence on the policy bias and rapid money-making psychology.And we analyze investors\' several restrictive conditions during investment decision-making including information and knowledge constraints,psychological constraints,funds constraints and external conditions.

本文从全球股灾的教训及近年来我国证券投资者生存现状出发,从理论和实践两个角度论述了加强投资者教育以提高我国投资者在投资过程中的自我保护能力的重要性;采用调查问卷的方法,从投资者的知识、心理、行为三个构面,从入市动机、证券投资知识、风险意识、投资理念、交易行为、投资决策依据及投资业绩等七个影响因素来考察了我国投资者的投资行为;针对这些投资者的行为特征,从情感心理偏差、社会心理偏差和认知心理偏差三个构面,从过度自信、损失厌恶、保守性偏差、过度恐惧、选择性偏差、赌博心理与自我归因、对政策的依赖性偏差以及暴富心理等影响因素出发对我国投资者的认知偏差,以及产生这些偏差的原因进行了分析,探讨了投资者在投资决策时的几个约束条件,即信息约束、知识约束、心理约束、资金约束以及外部条件约束。

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