收益率

This is a reversal of a normal yield curve, where long-term rates are higher to reflect the risk of holding securities for a longer time.

在正常的收益率曲线中，长期收益率较高，以反映持有证券较长时间的风险。

So this paper selects national debts as our studying objects. By using principal component analysis method to study the zero coupon yield curve, we find that the movement of the curve yield can be simulated by two factors mostly, that is parallel shift and rotation. Then we quantitative them and get "synthetic parallel shift" and "synthetic rotation".

因而，本文选择了国债作为研究对象，对国债的即期收益率曲线进行主成分分析的结果表明，收益率曲线变动的总体方差绝大部分来自于两个因子的贡献，即水平因子和倾斜因子，本文对这两个因子进行量化处理，得到"综合的平移"和"综合的倾斜"，并在此基础上建立了两综合因子法对债券组合的VaR估值模型。

The eighth chapter begins with discussion and empirical demonstration of Chinese benchmark rate, simulates and regresses the benchmark yield curve of Chinese bond according to the latest data, reviews factors having influence on Chinese benchmark yield curve through principal components analysis, illuminates the inescapability of regulation of Chinese bond yield structure through the comparative study on American bond yield curves with different terms.

第八章开始是对我国的基准利率进行探讨和实证分析，接着根据最新的数据来模拟和回归出我国国债的基准收益曲线，在此基础上运用主成分分析法考察了影响我国基准收益曲线的因素，并通过对美国不同期限国债收益率曲线的比较研究，来说明我国国债收益率结构的调整具有不可避免性。

In order to avoid the limitation of using only Tobin's Q to evaluate marketing performance and return on equity to evaluate financial performance, this paper introduces factor analysis to calculate synthesized performance, successfully processing totally 12 original indexes, such as return on net sales, average return on equity, return on total assets, per share earning ratio, current ratio, quick ratio, debt to assets ratio, rate of stock-turn, accounts receivable turnover, total asset turnover, main business growth rate, and total assets growth rate.

为了避免单纯使用托宾Q值度量企业市场业绩以及使用净资产收益率等单一财务指标度量企业财务业绩的缺陷，该文运用了因子分子法求得上市公司的综合绩效，成功地对总共12个原始绩效指标，如销售净利率、平均净资产收益率、总资产报酬率、每股收益、流动比率、速动比率、资产负债率、存货周转率、应收账款周转率、总资产周转率、主营业务收入增长率以及总资产增长率等进行了处理。

The regression results and statistic estimates show a few findings: Mincerian rate of return to education has a remarkable rising trend in recent...

研究结果显示：近年来我国的教育收益率有显著的提高，并且随着受教育程度的提高年均教育收益率呈提高的趋势，教育对个人收入的直接影响是显著的。

Through analysing, we found that the average P/E ratio of industry, ROE, expenses rate are the factors influencing function to be relatively remarkable to company P/E ratio; The relations between company P/E ratio and such indexes as ROE, etc are all negative relevant, it is opposite to analyse with the theory, this kind of conclusion that completely contradicts proves the development of the stock market of our country is still at very unripe stage, the phenomenon that the high-quality stock is underestimated is serious, the whole market has even turned around; P/E ratio and net assets factor are in close relations, this includes the price of evaluation on net assets, rentability of the net assets, etc.

其次是对公司市盈率影响因素的分析，本文考虑了21个可能的影响因素，通过分析发现行业平均市盈率、净资产收益率、费用率等因素是对公司市盈率影响作用相对显著的因素；净资产收益率等指标与公司市盈率都是负的相关关系，与理论分析相反，这种截然相反的结论说明我国股市的发展还处于很不成熟的阶段，优质股票被低估的现象严重，整个市场甚至倒了过来；市盈率与净资产因子的关系密切，这包括了净资产的收益性、净资产的成长性以及股市上对净资产的评估价格等。

We used residuum not returns to research herding behavior, which can avoid pseudo herding. By using multielement statistic method, we got necessary and sufficient condition of existence of herding behavior.

本文通过研究股票收益率的残差，而不是传统的股票收益率，避免了伪羊群行为的干扰，给出了市场存在羊群行为的充要条件，用多元统计方法寻找和划分羊群。

Subindex as the proxies of the stock price.The results show that(1) there is no long equilibrium relation between the stock price and the performances of the listed companies,that means the movements of ...

研究发现：①股票价格与上市公司业绩变化之间不存在长期均衡关系，说明股票价格不反应上市公司业绩；②沪市指数和深市指数之间存在长期均衡关系，并且沪市指数是深市指数的G ranger成因；③沪市上市公司净资产收益率和深市上市公司净资产收益率之间存在长期均衡关系，不论是从长期还是短期来看两者都呈同向变化关系。

From this model, the fluctuation of excess yield and long-to-short-term spread can forcast term risk premium.

从模型中可以看出，超额收益率的波动性以及收益率差能够有效预测期限风险溢价。

To help understand the concept of risk, the adviser points out that the stock S1, with average annual yield of 6% over the 12 years but minimal spread on yield, would probably be less risky than stock S4, which has a 12.5% average yield but appears quite volatile.

为了帮助理解风险的概念，该顾问指出，股票一，年均收益率为6 ％的12年，但最低限度蔓延的产量，很可能是风险小于股票中四至中，有 12.5 ％的平均收益率，但似乎很不稳定。

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。