查询词典 liquidity

From the microcosmic structure of securities market,the problems of stock market liquidity and bargain amount change were analyzed. The dispersed model of amount dynamic state of bargainers was discussed. By neglecting price change,an appropriate proportion of bargainer quantity of both buyer and seller is the lowest standard of the market liquidity. The time achieving stable market liquidity has relation to parameters for bargainer to leave the stock market. Finally,simulation calculation of bargainer quan...

从证券市场的微观结构角度，对股票市场的流动性及交易数量变动问题进行分析·讨论了交易者数量动态离散模型，在忽略价格变动情况下，指出市场流动性的最低标准是买卖双方的交易者数量有一个恰当的比例，市场达到稳定流动性的时间与描述离开股市交易者的参数有关·最后给出股市交易者数量变动的仿真计算

Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格，结果表明不同的价格形成机制对资产的真实价格有着不同的反映；从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析，结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响；通过对我国证券市场的流动性进行实证检验，发现当前我国证券市场价格形成机制能够为市场提供较好的流动性，但固定的最小变动价位人为地降低了市场流动性，并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

This paper analyses the homogenous tendency of open-end fund at first,pointing out that unperfect development of market and investors' immature investment opinions is the origin of such phenomena. Secondly,having compared the fund sizes and purchase fee rates of 25 open-end funds in China,conclude that there are problems of diseconomy of scale and indistinctive relativity between fees and achievement in Chinese open-end funds. Then this paper introduces benefit and cost function to analyze the problem of lack of motivation and constrain mechanism towards fund managers because of unreasonable fees in China. Thirdly,this paper analyze funds managers' normal hazards by static game model,and then points out fund managers have serious tunneling behaviors in Chinese open-end fund industry. In the end,this paper analyzes the causes of liquidity risk of open-end fun and the particularity of liquidity risk of open-end fund in China,and concludes that liquidity risk in Chinese open-end fund industry is higher through calculating the rates of share change and comparing the portfolio selections of top 20 open-end funds in China.

本文首先分析了我国目前存在的基金产品同质化现象，指出市场发展的不完善以及投资者投资理念的不成熟是同质化的根源所在；其次对比了我国现有的25只开放式基金的规模和申购费率，得出了我国开放式基金存在着规模效应不明显以及基金业绩与费率相关性不强的问题，并引入效益函数和成本函数分析了由于我国开放式基金费率不合理引发的基金管理者激励约束机制缺失的问题；再次，应用静态博弈模型分析了基金管理人面临的道德风险，指出目前我国开放式基金由于监管机制脆弱而存在着较为严重的管理者利益输送行为；最后，分析了开放式基金流动性风险的形成原因以及我国基金市场流动性风险的特殊性，并通过计算目前我国基金资产规模前20位的开放式基金的份额变动率以及比较它们的投资组合结构，得出了目前我国开放式基金流动性风险偏大的结论。

The measuring methods of liquidity mainly includes: the measuring methods based on the supply and demand theory, Marshall K value and the excess money growth rate, monetarism liquidity measuring methods and etc, at the micro level, market liquidity was mainly reflected by short-term money market interest rates, stock market index yield variance and other indicators.

流动性的测度方法主要包括：基于流动性供求理论的测度方法，马歇尔K值与超额货币增长率，货币主义流动性测度方法等，在微观层面的市场流动性则主要通过短期货币市场利率、股票市场指数收益率方差等指标来反映。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

显然，商业银行的流动性给予股东一种选择权，并且这种选择权是有价值的，但这种价值在凯恩斯的流动性偏好理论中没有提及；另一方面，持有流动性可以让商业银行在未来抓住投资机会，这是投机动机带来的收益。

Liquidity is the ease with which an asset can be converted into the economy's medium of exchange.

流动性 Liquidity 流动性是一种资产能够转换成经济中的交换媒介的容易程度。

The main structure of this paper consists of two parts: theoretical analysis was mainly conducted in the first part, which including chapter 1 and 2, in this part the analysis was focusing on the connotation of liquidity, the supply and demand theory, the measuring methods, as well as micro-and macro-economic effects, and then proposed that the periodic reversal of liquidity was the concrete manifestation of the financial crisis; the second part, including the chapter 4,5,6 and 7, which cases analysis were made mainly in this part. Combined with the financial crisis, as well as from the US, developed-new emerging economies and China three different perspectives, it further analyzed the specific performance of liquidity reversal from excess to crunch, transmission processes and responding measures.

第二、三章为理论分析部分，分析了流动性的内涵剖析、供求理论和度量方法，以及流动性的经济效应；第四、五、六章为实例部分，以美国、中国，部分发达国家和新兴经济体在金融危机下流动性特征为案例，层层剖析了流动性变化的具体表现和原因，流动性变化的度量，以及流动性逆转在金融机构、金融市场和实体经济中的扩散，在不同国家间的传导；第七章提出防范流动性逆转危机的具体措施。

There is liquidity premium in the stock market that is to say, for compensate liquidity risk of illiquidity stock, the stock would sell at lower price and it would have higher return than higher liquidity stock.

理论上认为，在股票市场中，为了补偿持有流动性差的股票所面临的流动性风险，其预期收益率也比流动性好的股票高，即存在"流动性溢价"。

Theoretically, there is liquidity premium in the stock market, that is to say, to compensate liquidity risk, stocks with low liquidity would sell at a lower price and they would have higher return than higher liquidity stocks.

理论上说，在股票市场中，存在流动性溢价：如果股票流动性低，其交易成本就越大，投资者对持有该资产的预期收益就越高。

This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

0引言近些年由于长期资本公司的倒闭以及美国国债市场当中刚发行的国债比发行很久的国债(off-the-run)等资产定价异常现象的发现，越来越多的学者认识到流动性是金融资产一个非常重要的特性，流动性资产定价一直是近来金融研究的热点问题，把流动性引入到资产定价模型当中，可以更加全面、准确的对金融资产进行定价。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。