收益率

This article analyzes the profit model of insurance companies in detail and validates the relevance between the prescripts which have been constituted by the China Insurance Regulatory Commission in the operation of insurance funds and the investment income of insurance companies through financial statements of the three companies, China Life, Ping An of China and China Pacific, which have been coming into A-stock market. It analyzes the relationship between the insurance company asset allocation and the funds income and risk of insurance companies by simulating the different insurance companies' earnings on different asset allocation and different equity investment yield, so as to arrive at the objective how to configure which prescripts to funds operation of insurance companies is reasonable, demonstrates the rationalities of insurance funds operation prescripts which have been constituted by the China Insurance Regulatory Commission, and considers the equity investment of insurance companies can be properly enhanced to thirty percent of total assets because China's economy will develop stably, chronically and at high-speed .

文中通过借助目前A股上市的中国人寿、中国平安和中国太保三家保险公司的报表详细地分析了保险公司的盈利模式，验证了保监会关于保险资金运用的管理规定与保险公司的投资收益率存在的相关性，并通过模拟在不同资产配置及不同股权投资收益率下保险公司最后的收益情况，用数据分析了保险公司资产配置与保险公司的资金收益和风险的关系，从而得出保险公司的资金运用怎样规定才是合理的，也论证了保监会对保险资金运用的管理规定的合理性，并认为在我国经济仍将长期稳定高速发展的情况下，可适当将保险公司的股权投资比例提高到总资产的30%。

When investors are in the treasury secondary market, they have to undertake two kinds of risks: the first one is yield risk, that is, return of investment is lower than inflation rate. This risk can be depicted as the deviation between the ROI and the inflation rate. Secondly, fluctuation risk in the treasury secondary market, that is, the uncertain fluctuation risk may be bullish or bearish in the treasury market.This risk can be depicted as the square deviation of the treasury price in the secondary market.

在国债现货二级市场上的投资者，要承担的风险主要有两种：第一种风险是收益率风险，也就是投资收益率可能低于通货膨胀率的风险，这种风险可以用与通货膨胀率相比较的差值的大小来描述；第二种风险是二级市场价格波动性风险，也就是市场价格上、下波动的不确定性风险，这种风险可以用二级市场价格的标准差来描述。

In this case,if we are still based on the stock index returns in the previous period.then bigger bias may occur and we might make error judgement,therefore we should cogitate these factors when studying the return levels.

在这种情形下，如果仍然以前一时期的股指收益率数据拟合模型为依据，对现时期的收益率进行预测等统计推断，可能会产生很大的偏差甚至会造成错误的判断，因此我们在研究返回水平时应该慎重考虑这些因素。

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美国开放式基金之所以发达，主要原因在于开放式基金具有协调发展的制度环境，如成熟的金融市场、充足的投资资金供给、完善的法律体系等；采用沪、深证券市场特定指数与基金指数收益率，及特定时期内所有开放式基金的周收益率等指标，对我国开放式基金与证券市场的协调性的实证分析发现，二者协调性程度总体上不理想；在明确开放式基金发展的市场过程性质的前提下，通过促进证券市场的成熟、提高市场效率、完善法律、拓宽基金资金供应渠道、完善基金治理结构、规范私募基金发展等配套措施，优化开放式基金发展的市场环境，才能不断促进开放式基金的协调、健康发展。

However, the actual conditions in the market incompletely support this hypothesis. So, we turn to research the statistic distribution traits of the yield under different market conditions. To develop the investigation on securities' investment combination according to the distribution characters of conditional yield will make its actual application closer to the market facts.

然而，实际的市场情况并不完全支持这种假设，因此，我们转而研究不同市场条件下的收益率统计分布特征，根据条件收益率的分布特征进行投资组合理论研究，将使其实际应用更加贴近市场实际。

Empirical evidence in this paper shows that the price of A shares in Shanghai and Shenzhen Stock market is inconstant with the random walk model, and that low-dimension deterministic chaos process are found in the time series of Shanghai A shares index with a Correlation Dimension of 1.4, which means that the degree of randomness is lower than that of grown-up capital markets, and so the lower of the efficiency degree to some extent.

本论文所做的实证研究表明，沪深A股市场价格并不呈随机行走状态，而是存在非线性结构；上海A股市场指数收益率序列存在低维确定性混沌过程，其维数大约为1.4，这一数值远低于成熟资本市场的指标，这表明上海股票市场指数收益率序列随机性低于成熟资本市场。

The main findings include:(1) the time series of sample returns are not normative;(2) the sample returns follow a Frechet extreme value distribution;(3) The EVT approach provides a more accurate static margin level while the EWMA approach is more suitable for setting dynamic margin level.

主要发现有：（1）样本收益率时间序列不符合正态性假设；（2）样本收益率时间序列服从 Frechet 极值分布；（3）我国国债期货保证金的静态设定应当采用 EVT 理论，动态设定应当采用 EWMA 方法。

On average there was a positive return of 10% for the world champion and a negative return of 25% for the losing finalist.

冠军国家股票的平均收益率为10%，而亚军国家的收益率为负的25%。

The results show that the stock market returns and volatilities in China have long memory and persistence although they are not as strong as that of American stock market; The memory of Shanghai stock is stronger than that of Shenzhen stock; The autocorrelation function of a fractional integration model can fit the sample autocorrelation much well.

结果表明：中国股市收益率与波动性具有长记忆性，尽管收益率的长记忆性不如美国股市强；上海股市的记忆性明显强于深圳股市；分数可积模型较指数衰减自相关函数能更好地拟合样本的自相关系数

You can develop a list on both a straight dividend yield basis and a grossed-up dividend yield basis; the latter takes account of franking credits.

你可以开发一个两直线的股息收益率的基础上，严重的后续股息收益率的基础上，后者需要的预扣税款的帐户列表。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。