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帮忙翻译以下文字,翻译的好的我会再加分的本文主要通过ARCH类模型对中国股票市场进行模拟和分析,以确定我国股票市场十几年发展过程中涨跌停制度、市场效率和市场波动三者之间的...
帮忙翻译以下文字,翻译的好的我会再加分的
本文主要通过ARCH类模型对中国股票市场进行模拟和分析,以确定我国股票市场十几年发展过程中涨跌停制度、市场效率和市场波动三者之间的关系。通过分析,我们发现涨跌停制度的确降低了市场波动的标准差,从单日来看,风险似乎降低了。但再用ARCH类模型来深入分析,我们发现波动有向后延伸的迹象,并且延伸越来越严重,同时信息的作用时间变长,造成市场效率的降低,而且由于波动的向后延伸使得市场反应过度的情况加剧,实际上市场波动加大了。在研究中还发现,我国市场在各个时期普遍存在着信息不对称的“杠杆效应”,我国目前的市场还缺乏理性,在制定政策时要加以考虑。在对实证结果进行分析后,本文末尾针对分析所发现的问题提出了一些有建设性的建议,希望能帮助我国股票市场向着更加健康的方向发展。
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本文主要通过ARCH类模型对中国股票市场进行模拟和分析,以确定我国股票市场十几年发展过程中涨跌停制度、市场效率和市场波动三者之间的关系。通过分析,我们发现涨跌停制度的确降低了市场波动的标准差,从单日来看,风险似乎降低了。但再用ARCH类模型来深入分析,我们发现波动有向后延伸的迹象,并且延伸越来越严重,同时信息的作用时间变长,造成市场效率的降低,而且由于波动的向后延伸使得市场反应过度的情况加剧,实际上市场波动加大了。在研究中还发现,我国市场在各个时期普遍存在着信息不对称的“杠杆效应”,我国目前的市场还缺乏理性,在制定政策时要加以考虑。在对实证结果进行分析后,本文末尾针对分析所发现的问题提出了一些有建设性的建议,希望能帮助我国股票市场向着更加健康的方向发展。
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This paper mainly through ARCH Model of China's stock market simulation and analysis to determine China's stock market more than 10 years in the development of Change parked system, the efficiency of markets and market volatility of the relationship between the three. Through analysis, we find that the suspension system really Change reduce market volatility, the standard deviation from a single day, the risks seem to be lowered. But then ARCH type model to in-depth analysis, we found that the fluctuations backward extension of the signs, and extending more and more serious, and the role of information variable length of time, resulting in reduced efficiency of the market, and because of the backward extension of fluctuations in the market reaction excessive aggravated, actually increased market volatility. In the study also found that China's market in the various periods of widespread information asymmetry "leverage" effect, the current market in China still lack a rational, in formulating policies to be taken into account. Positive results in the analysis, at the end of this article for an analysis of the problems identified by a number of constructive suggestions to help China's stock market in a healthier direction.
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This paper mainly through ARCH Model of China's stock market simulation and analysis to determine China's stock market more than 10 years in the development of Change parked system, the efficiency of markets and market volatility of the relationship between the three. Through analysis, we find that the suspension system really Change reduce market volatility, the standard deviation from a single day, the risks seem to be lowered. But then ARCH type model to in-depth analysis, we found that the fluctuations backward extension of the signs, and extending more and more serious, and the role of information variable length of time, resulting in reduced efficiency of the market, and because of the backward extension of fluctuations in the market reaction excessive aggravated, actually increased market volatility. In the study also found that China's market in the various periods of widespread information asymmetry "leverage" effect, the current market in China still lack a rational, in formulating policies to be taken into account. Positive results in the analysis, at the end of this article for an analysis of the problems identified by a number of constructive suggestions to help China's stock market in a healthier direction.
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This text mainly passes ARCH model to carry on imitate and analyze to make sure to the Chinese stock market our country the stock market develop for more than 10 years to rise to fall to stop the relation of that system, market efficiency and market undulate threes in the process.Pass analysis, we discover to rise to fall to stop system to really lower a market the Sigma of the motion, see from the odd day and the risk apparently lowered.But again use ARCH model thorough analysis, we discover that the motion have backward extend of evidence, and extend more and more and seriously, in the meantime function time of information become long, result in lower of market efficiency, and because of undulate of extend to make the circumstance of excessiveness of the market reaction turn worse backward, actually market motion enlargement.Also discover in the research, the our country market is period widespread exist "lever effect" of information dissymmetry in each one, our country the current market still lacks reasonableness and want to take in to consider while draw up policy.At to the substantial evidence carry on analysis as a result after, the this text end tail to analysis' problem discover put forward some have a constructive suggestion, hope to help our country stock market facing more healthy direction development.
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LS 的回答如出一辙,google translator 的支持者。
By simulating and analyzing the stock markets in China by applying the ARCH Models, this thesis determines the relationships among the three factors, Price Limiting Mechanism, market efficiency and volatility in the stock markets of our country during its development process of the past decade or so. Through our analysis, we discovered that the Price Limiting Mechanism did reduce the standard deviation of the market volatility; looking at it on the daily basis, the risks seemed reduced. But by applying the ARCH Models for in depth analysis, we discovered evidence of volatility extending backward, and it was getting more and more serious; at the same time, the effect of information lengthened, resulting in the lowering of market efficiency. Moreover, the backward extension of volatility also aggravated the situation of market over-reactions, thereby actually increasing the volatility of the markets. It was further discovered that there generally existed a leverage effect of information asymmetry in various periods of the stock markets. The markets in our country at present is still lack of reasoning, this is a factor to be considered when formulating policies. After analyzing the empirical results, at the end of this thesis it offers some constructive proposals based on the problems discovered, and hopes to steer the stock markets of our country onto a much healthier development path.
By simulating and analyzing the stock markets in China by applying the ARCH Models, this thesis determines the relationships among the three factors, Price Limiting Mechanism, market efficiency and volatility in the stock markets of our country during its development process of the past decade or so. Through our analysis, we discovered that the Price Limiting Mechanism did reduce the standard deviation of the market volatility; looking at it on the daily basis, the risks seemed reduced. But by applying the ARCH Models for in depth analysis, we discovered evidence of volatility extending backward, and it was getting more and more serious; at the same time, the effect of information lengthened, resulting in the lowering of market efficiency. Moreover, the backward extension of volatility also aggravated the situation of market over-reactions, thereby actually increasing the volatility of the markets. It was further discovered that there generally existed a leverage effect of information asymmetry in various periods of the stock markets. The markets in our country at present is still lack of reasoning, this is a factor to be considered when formulating policies. After analyzing the empirical results, at the end of this thesis it offers some constructive proposals based on the problems discovered, and hopes to steer the stock markets of our country onto a much healthier development path.
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The article mainly carries on the simulation and the analysis through a ARCH kind of model to the China stock market, determined in our country stock market several years developing process the rise and drop stops the system, the market efficiency and the market
fluctuation three between relations. Through the analysis, we
discovered the rise and drop stopped the system indeed to reduce the market fluctuation standard difference, looked from the odd-numbered days, the risk reduced as if. But again uses a ARCH kind of model to penetrate the analysis, we discovered the undulation has the sign
which extends to after, and extends more and more seriously,
simultaneously the information response time changes long, creates the market efficiency reducing, moreover because undulates extends to after causes the market to respond the excessively situation
intensifies, in fact the market fluctuation enlarged. Also discovered in the research that, our country market in each time generally existence information not assymetrical "release lever effect", our country at present market also deficient rationality, when policy making must perform to consider. In carries on the analysis after the real diagnosis result, end of this article the question which discovered in view of the analysis proposed some have the constructive
suggestion, hoped can help our country stock market to develop to a healthier direction.
fluctuation three between relations. Through the analysis, we
discovered the rise and drop stopped the system indeed to reduce the market fluctuation standard difference, looked from the odd-numbered days, the risk reduced as if. But again uses a ARCH kind of model to penetrate the analysis, we discovered the undulation has the sign
which extends to after, and extends more and more seriously,
simultaneously the information response time changes long, creates the market efficiency reducing, moreover because undulates extends to after causes the market to respond the excessively situation
intensifies, in fact the market fluctuation enlarged. Also discovered in the research that, our country market in each time generally existence information not assymetrical "release lever effect", our country at present market also deficient rationality, when policy making must perform to consider. In carries on the analysis after the real diagnosis result, end of this article the question which discovered in view of the analysis proposed some have the constructive
suggestion, hoped can help our country stock market to develop to a healthier direction.
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