换手率

在流通比例发生巨大变动的前后仍符合流通比例与股票价格存在负影响、总体上换手率与股票价格存在正影响的规律，且股票价格对流通比例的敏感度增大；

Before and after the reform , the ratio still effects on the price negatively , and as a whole the turnover rate effects on the price positively , and the sensitivity that the price to ratio is improved ;

中国股市换手率与盈余&回报相关性研究

Study on the Correlation between Turnover Rate and Earnings-Return in China 's Stock Market

研究结果显示沪市和深市的日市场换手率不服从正态分布并且存在着自相关性和ARCH效应；

The results show that the daily turnover of the Shanghai and Shenzhen stock markets does not conform to a normal distribution with autocorrelation and ARCH effects in the daily market turnover .

但是其平均周换手率与平均年BM比率之间的差别却不怎么明显。

But there is not significant difference about the weekly average turnover ratios and the average year BM ratios between them .

罗杰斯管理的EquityIncome基金投资组合中有120多只股票，而每年的换手率不到20%。（一般的主动管理型基金年换手率接近100%。）

Mr Rogers has more than 120 stocks in the Equity Income fund portfolio , with turnover of less than 20 per cent a year ( the typical actively managed fund has a turnover of close to 100 per cent ) .

同时较大市值规模的股票不易在二级市场上炒作，价格难以被大幅推高。2、换手率与IPO抑价率呈明显正相关关系。

The stock of large market capitalization is not easy for speculation on the secondary market , the price is difficult to sharply increase.2.Turnover rate and IPO underpricing rate of price was positively correlated .

创业板市场IPO抑价因素主要与上市首日换手率呈显著相关，即人气市场因素是创业板市场IPO抑价影响的主要原因。

GEM Underpricing of IPO and listed on the first day the main factors was significantly correlated with turnover , market factors that popularity is the GEM of the main reasons for Underpricing of IPO .

这一部分，我们采用PIN模型对中国证券市场的信息风险进行了实证研究，对信息风险与股票规模、换手率之间的关系进行了考察。

We provide an empirical study on information risk of Chinese stock market based on PIN . We study the relationship of information risk and firm size , and we also study the relationship of information risk and turn over .

AR-GARCH模型很好地拟合了日市场换手率时间系列，估计出来的参数十分显著；

The AR-GARCH model accurately fits the daily market turnover time series with very significant estimated parameters .

其中，IPO新股上市首日换手率、振幅率及中小板市场指数与初始收益率成止相关，中签率则和初始收益率呈负相关。最后，在上述基础上提出相关政策建议。

IPO first-day turnover , amplitude ratio and small plates market index with the initial yield are positively correlated . The success rate and the initial rate is a negative correlation . Finally , it makes some policy suggestions based on the above .

回归结果表明，首日开盘涨幅、首日换手率和发行方式是影响IPO抑价的主要因素，而且三者对IPO抑价的影响因素渐次降低。

Regression results show that opening up the first day , the first day of issue of exchange rate and the distribution way is a major factor which impacts the IPO under-pricing , but the three impact factors of the IPO under-pricing gradually reduced .

首次发行新股（IPOs）的高名义回报、低实际收益、低风险约束、巨额冻结资金、高换手率一直是我国资本市场的一个显著特点，大大降低了市场运行效率和资源配置效率。

High nominal returns , low real returns , little risk , great oversubscription and high turnover of Initial Public Offerings ( IPOs ) are long-standing distinguishing features of Chinese capital markets , which damage the market efficiency and the resource allocation efficiency .

本文选取市场换手率、IPO首日换手率、封闭式基金折（溢）价率、市场成交量和IPO首日成交量五个指标作为原始变量，利用主成分分析法得到投资者有限意志BW的衡量表达式。

This paper selects the market turnover , IPO first day turnover , closed-end fund discount ( premium ) rates , the market volume and IPO first day of the trading volume of five indicators as the original variables , using principal component analysis BW measure of expression .

换手率与股票收益：流动性溢价还是投机性泡沫？

Turnovers and Stock Returns : Liquidity Premium or Speculative Bubbles ?

股票收益率对于换手率的影响及其动因

The Impact of Stock 's Return on Its Turnover and the Cause

用换手率指标代理流动性水平仍然得此结果。

We obtain the same results under turnover proxy .

随机效应方差分量模型及应用&股票换手率及行业因素对收益率影响的定量分析

Random Effect Variance Component Model and its Application

换手率与经济增长之间的关联度很低。

The correlation between the stock market turnover index and economic growth is low .

结果显示，换手率和上市公司数目增长率与经济增长不具有协整关系。

Most foreign studies show the positive relation between stock market and economic growth .

此外，对冲基金投资组合的换手率比主流基金高得多。

Further , hedge funds turn over their portfolios much more often than mainstream funds .

我国股市换手率存在规模效应，即流通股本对过度交易程度有影响，不存在月份效应；

There is scale effect , without time effect of turnover rate in Chinese stock market .

而在本文中，换手率与收益率选用了同一会计年度。

In this thesis , turnover rate and abnormal returns are selected from the same accounting year .

但是在考虑了去趋势的换手率与样本的聚类相关后，市场集中度的系数不再显著。

The coefficient of the market concentration is insignificant after considering the detrended turnover and sample cluster .

流动性与资产定价：基于我国股市资产换手率与预期收益的实证研究

Liquidity and Asset Pricing : An Empirical Exploration of Turnover and Expected Returns on Chinese Stock Markets

研究发现：从日收益数据来看，高交易量换手率投资组合收益领先于低交易量换手率投资组合收益。

And we find that daily returns on high turnover volume lead daily returns on low turnover volume .

在以往对于换手率和收益率之间关系研究的文献中，大多认为二者存在负的相关关系，即换手率的提高会导致收益率的下降。

It is concluded in most of prior researches that the turnover rate and yield are negatively related .

考虑异质预期的影响，把换手率作为异质预期的代理变量。

This paper considers the heterogeneity effect , and perceives the turnover as the proxy variable of heterogeneous expectations .

第三，本文对操纵期间的交易特征，即收益率、波动性和换手率进行了实证分析。

Thirdly , I analyze the changes of return rate , volatility and turnover rate in the course of manipulation .

换手率偏高便是发展中国家和地区股票市场与发达国家的情况相比的一个显著特点。

High turnover and regional stock markets in developing countries is the case in developed countries compared with a distinctive feature .

这种方法不能反映换手率和收益率这两者之间的相互联动，互为因果的关系。

This approach does not reflect the turnover and profitability of the mutual interaction between this two factor , mutually causal relationship .