firstly, reasons why they make false statements can be stated here : 1 ) they cheat the qualification to be listed . 2 ) they want to get the qualification of quota stock . 3 ) they can control stock price . 4 ) we lack balance mechanism in our stock market 首先,上市公司虛假陳述產(chǎn)生的原因主要有四個方面:一是為了騙取上市資格,二是騙取配股資格,三是為了操縱股票價格,四是我國證券市場制衡機制的缺乏。
in the case of tight financial situation, key investment ca n't be used in key positions . luzhong mining company adopts traditional stock management as " coping with things ", with " three grades " management, handwork operation, careless management, a very lengthy process and massive structure, so it is impossible to react efficiently to manufacturing needs and outside information changes . therefore makes it hard to control stock and capture profit 魯中礦業(yè)集團公司采取傳統(tǒng)的“應付情況”的庫存管理方式,“三級”管理,手工操作,管理粗放,機構龐大,業(yè)務流程冗長,在日益加劇的市場競爭中,不能對生產(chǎn)需求和外界信息及時有效地做出反應,速度慢,效率低,難以進行有效的庫存控制和捕捉獲利的機會,資金大量積壓,經(jīng)濟效益差,在市場競爭中不占優(yōu)勢。
the conclusion is : ( 1 ) the profit of state-owned equity as controlling stock holder turn out to be less than share held by the legal person as controlling stockholder; ( 2 ) proflts of companies whose controlling stock holder has the stock ranging from 30 % to 50 % turn out to be higher than that of those which have scattered or collected stock right 而在實證分析時,選取江蘇板塊上市公司為樣本進行分析,通過分析,得出這樣的結論:(1)國有股作為控股股東,其效益低于法人股作為控股股東,(2)控股股東持股比例為基本控股的公司,其效益要高于股權過于分散和過于集中的公司。
the conclusion is : ( 1 ) the profit of state-owned equity as controlling stock holder turn out to be less than share held by the legal person as controlling stockholder; ( 2 ) proflts of companies whose controlling stock holder has the stock ranging from 30 % to 50 % turn out to be higher than that of those which have scattered or collected stock right 而在實證分析時,選取江蘇板塊上市公司為樣本進行分析,通過分析,得出這樣的結論:(1)國有股作為控股股東,其效益低于法人股作為控股股東,(2)控股股東持股比例為基本控股的公司,其效益要高于股權過于分散和過于集中的公司。
second, i make some empirical research on the influence of important policies on investors and explain it with the theory of bf . i also bring forward some policy recommendation that government should make clear their roles and regulation institution should not control stock index directly and should try to reduce the impact of policy on market to the greatest degree . third, i make some positive research on herd behavior 本論文的前四章首先分析了有效市場假設的含義、理論基礎,指出了其與市場不符的異象;然后提出了行為金融對主流金融理論的質疑,分析了行為金融理論對人類決策行為特點和認知偏差的認識,并運用該理論對異象進行了解釋;最后分析了行為金融的幾個主要理論模型,分別是期望理論、行為資產(chǎn)定價模型和行為金融組合理論。