retum

The index of Shenzhen market is more volatile than Shanghai , monthly excessive return rate is opposite between two markets Only a part of speculator could gain positive retum .

深圳市场股价指数本身的波动幅度要大于上海市场，而股价指数月度超额收益率的波动情况则相反；只有一部分投机者的投机收益为正；

We find that the momentum strategy based on52-week high is significantly profitable with an average monthly retum of0.84 % in Chinese stock market , which is more significant than US market .

本文发现基于52周前期股价高点构造的惯性策略在中国股市具有显著的盈利性，其月平均收益为0.84%，这一结果比美国市场更加明显。

Third , we estimate the incentive efficiency of the executive ownership incentives on regressive analysis through introducing ROE ( retum on equity ), quantity of ownership , salary , pattern dummy variable and scale variable into the liner regression model .

第三，运用回归分析法对我国上市公司经营者股权激励的激励效率进行评价，重点分析实施模式和实施力度对激励效率的影响。