Csms safety management system of coal mining enterprises 煤礦安全管理系統(tǒng)
Finally , this thesis researches the factors that result in the low efficiency of csms , and point out the practical path to improve the efficiency of china stock markets 該章根據(jù)第五章揭示的中國股票市場效率低的各種原因,分別提出相應(yīng)的對策和建議,指明了提高中國股市有效性的必由之路。
Since the official stock exchanges , shanghai stock exchange and shenzhen stock exchange , were established in december 1990 and april 1991 respectively , china ' s stock markets ( csms ) have expanded rapidly 中國股票市場,從1990年12月上海證券交易所和1991年4月深圳證券交易所成立開始,已經(jīng)走過了十二個(gè)年頭,期間幾經(jīng)變革,經(jīng)歷了風(fēng)風(fēng)雨雨。
Consequently , i applied the r / s analysis on the composite index of shanghai stock exchange and component index of shenzhen stock exchange from 1996 to 2001 , to study the fractal structure of csms . the result of the analysis shows that the returns of the indexes do not obey brownian motion , but follow a biased random walk with hurst exponent being 0 . 63 and 0 . 65 respectively . hence , we can conclude that the china ' s stock markets are not yet efficient informationally 本文進(jìn)一步運(yùn)用重標(biāo)極差分析法,分別對進(jìn)入規(guī)范發(fā)展階段后的滬、深兩市股價(jià)指數(shù)日收益率和周收益率進(jìn)行了分形檢驗(yàn),發(fā)現(xiàn)上海股票市場和深圳股票市場均具有分形結(jié)構(gòu),赫斯特指數(shù)分別為0 . 63和0 . 65 ,長期記憶周期分別為362天和2犯天,進(jìn)而得出中國股票市場有效性水平較低的結(jié)論。
Are china ' s stock markets really weak efficient , how to test the level of csms ' s efficiency , and how to improve the efficiency of csms are the urgent tasks of china ' s financial theory circle . this thesis is founded on these backgrounds above 而股票市場的有效性直接反映了資本能否根據(jù)股票市場形成的價(jià)格有效地進(jìn)行資源再配置,因此,如何客觀地評判中國股票市場的效率水平,怎樣提高中國股票市場的有效性,以促進(jìn)股票市場資源配置功能的有效發(fā)揮是一個(gè)亟待解決的重大課題。