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CommonID:DIR_16647787,ID:6647787,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:187821,name:前言,ShortName:null,SubName:null,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:6647783,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:6647788,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:40.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:前言,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:前言,_RowNo:1

CommonID:DIR_16647789,ID:6647789,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187822,name:导论,ShortName:,SubName:,EnTitle:Introduction,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章介绍了本书的研究目的与意义、国内外研究现状以及本书的研究思路和结构安排。,AbstractEN:,KeyWords:3639,463574,82868,460127,EKeyWords:29619,55326,370480,460128,SubjectWords:,LiteratureId:6647790,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_001,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:40.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:8,ShowType:putong,LogoID:0,PdfID:6647791,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:证券市场效率与企业投资行为研究概述,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:证券市场效率与企业投资行为研究概述,_RowNo:2

CommonID:DIR_16647809,ID:6647809,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187823,name:第一章 股价波动与企业投资,ShortName:,SubName:,EnTitle:Chapter 1 Stock Price Volatility and Investment,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章主要从经济理论角度探讨企业投资理论以及金融市场的不完美性，尤其是证券市场上企业股票价格的波动对企业投资决策可能产生的影响。在对企业投资理论的发展脉络进行简要回顾和梳理之后，本章着重讨论金融市场的不完美性对企业投资行为的影响。本章的讨论内容所引出的问题是：如果作为金融市场重要组成部分的证券市场运行缺乏效率，股价持续偏离企业基本面因素，那么它会对企业的投资行为产生什么样的影响？,AbstractEN:,KeyWords:189671,55324,463575,463576,463577,EKeyWords:463578,55326,463579,463580,463581,SubjectWords:,LiteratureId:6647810,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_002,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:41.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:10,ShowType:putong,LogoID:0,PdfID:6647811,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:股价波动与企业投资,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:股价波动与企业投资,_RowNo:3

CommonID:DIR_16647900,ID:6647900,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187824,name:第二章 股市有效性的实证难题,ShortName:,SubName:,EnTitle:Chapter 2 Empirical Paradox of Stock Market Efficiency,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章主要从金融经济学角度探讨有效市场理论的实证难题，即所谓有效市场假说是否具有可检验性的问题。在对有效市场理论的发展脉络进行简要回顾的基础上，本章着重探讨有效市场理论的检验方法及其隐含的联合假设与循环论证问题。同时，本章通过对证券市场的信息有效性和资源配置有效性之间关系的讨论说明，市场的信息有效性并不能保证股价不会持续偏离企业的基本价值，因此也就不能保证资源配置必定有效。也就是说，市场的信息效率不能保证经济体内不会存在资源错配和投资扭曲现象。,AbstractEN:,KeyWords:463572,463582,463474,33739,463583,EKeyWords:463584,463585,463477,33763,33081,SubjectWords:,LiteratureId:6647901,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_003,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:42.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:11,ShowType:putong,LogoID:0,PdfID:6647902,DownCount:3,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:股市有效性的实证难题,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:股市有效性的实证难题,_RowNo:4

CommonID:DIR_16648061,ID:6648061,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187825,name:第三章 中国股市的惯性效应和反转效应,ShortName:,SubName:,EnTitle:Chapter 3 Momentum and Contrarian Effect in Chinese Stock Market,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章主要通过考察基于历史绩效构建的赢家—输家交易策略，对中国股市的惯性效应和反转效应进行实证研究。检验结果发现，反转效应或者说收益率的均值回复现象是中国股市的主要特征，即使经过法玛—弗兰奇三因子模型的风险调整，反转策略的超额收益仍然比较显著，说明中国股市存在比较明显的过度反应现象。研究表明，中国股市的这种信息反应模式与当前股权分置的制度背景有关。,AbstractEN:,KeyWords:175243,463586,463587,44529,36620,EKeyWords:175246,463588,463589,44535,463590,SubjectWords:,LiteratureId:6648062,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_004,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:44.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:12,ShowType:putong,LogoID:0,PdfID:6648063,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:中国股市的惯性效应和反转效应,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国股市的惯性效应和反转效应,_RowNo:5

CommonID:DIR_16648101,ID:6648101,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187826,name:第四章 中国股市的泡沫与投资：理论模型,ShortName:,SubName:,EnTitle:Chapter 4 Impacts of Bubbles on Investment： Theoretical Analysis on Chinese Stock Market,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章主要从金融经济学角度考察股价泡沫的存在性以及股价泡沫对于企业投资行为的影响。理论研究结果表明，由于股价泡沫可有效降低企业的资本使用成本，因此，企业管理者很有可能会通过增发新股、扩张投资的方式对股价泡沫做出乐观反应。针对中国市场股权分置的制度框架的理论研究发现，由于股权分置所导致的流通股和非流通股定价差异，从非流通股东角度看，增发新股、扩张投资的冲动将持续存在，由此可能造成资源错配。,AbstractEN:,KeyWords:175243,463591,51701,108849,EKeyWords:175246,463592,51706,50033,SubjectWords:,LiteratureId:6648102,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_005,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:45.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:13,ShowType:putong,LogoID:0,PdfID:6648103,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:中国股市的泡沫与投资：理论模型,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国股市的泡沫与投资：理论模型,_RowNo:6

CommonID:DIR_16648212,ID:6648212,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187827,name:第五章 中国股市的泡沫与投资：实证研究,ShortName:,SubName:,EnTitle:Chapter 5 Impacts of Bubbles on Investment： Empirical Study on Chinese Stock Market,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章利用横截面数据检验中国股市的市场价值信号对上市公司投资行为的影响效果。实证结果显示，企业投资对市场价值和基本面因素变化的反应均不敏感，但对企业现金流量变动的反应则比较敏感，即使对企业类型和资金约束状况进行控制之后检验结果仍无显著不同。进一步的分析表明，中国股市上市公司的投资行为跟证券一级市场的卖空机制和套利机制缺失有关，但其根本原因则在于股权分置的制度背景。,AbstractEN:,KeyWords:175243,463593,36620,4170,EKeyWords:175246,463594,36623,125309,SubjectWords:,LiteratureId:6648213,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_006,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:47.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:5,ShowType:putong,LogoID:0,PdfID:6648214,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:中国股市的泡沫与投资：实证研究,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国股市的泡沫与投资：实证研究,_RowNo:7

CommonID:DIR_16648256,ID:6648256,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187828,name:第六章 结论,ShortName:,SubName:,EnTitle:Chapter 6 Summary and Conclusions,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本章总结全书的讨论内容，说明本书研究的创新和不足，以及今后有待继续探讨的问题。,AbstractEN:,KeyWords:463595,451599,219580,189671,55324,EKeyWords:463596,463597,463598,463599,38838,SubjectWords:,LiteratureId:6648257,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_007,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:49.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:8,ShowType:putong,LogoID:0,PdfID:6648258,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:证券市场效率与企业投资行为研究结语,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:证券市场效率与企业投资行为研究结语,_RowNo:8

CommonID:DIR_16648259,ID:6648259,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:187829,name:附录,ShortName:,SubName:,EnTitle:Appendix,EnShortTitle:,EnSubTitle:,Level:0,BookId:6647783,AbstractCH:本书主要从理论和实证层面探讨了证券市场的运行效率对于企业投资决策行为的影响问题。如果从宏观经济学角度来看，其实本书的主旨在于探究金融因素对于企业投资决策的影响。这属于宏观经济学关于投资理论的微观基础问题。从这个层面来讲，本书研究课题的主要结论——股权分置的制度安排会导致非流通股和流通股的利益分歧和决策行为差异，从而会造成上市公司的投资行为扭曲和资源错配——具有非常明确的政策涵义，也就是说，股权分置制度改革对于实体经济的资源配置效率至关重要。这一点在以往关于股权分置制度改革的政策讨论中似乎还显得不够明确。由于本书正文部分并未对此展开讨论，因此在这里附上几篇笔者所写的政策评论文章，作为本书内容的一个补充。,AbstractEN:,KeyWords:463600,424719,463601,74848,EKeyWords:463602,463603,463604,134688,SubjectWords:,LiteratureId:6648260,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b1201603010010083_000_008,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2016-04-18 09:44:49.0,ModifyUser:Admin,ModifyTime:2021-11-02 23:30:49.0,HitCount:7,ShowType:putong,LogoID:0,PdfID:6648261,DownCount:1,AuthorInfos:,BookPublishDate:2007-04-01 00:00:00.0,SearchTitle:证券市场效率与企业投资行为附录,ISBN:978-7-80230-533-5,BookTitle:泡沫与投资：证券市场效率与企业投资行为,BookStatus:7,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:证券市场效率与企业投资行为附录,_RowNo:9

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