杠杆效应

具有杠杆效应的非线性SV模型及其应用

Nonlinear Stochastic Volatility Model with Leverage Effect and its Application

GARCH模型对波动的非对称性研究发现，股市存在不对称性并且杠杆效应逐渐明显。

The study of asymmetry using GJR-GARCH and EGARCH models shows that there is an asymmetric effect in stock market and the leverage effect is distinct gradually .

沪深股市收益率序列具有一定的平稳性、存在ARCH效应；沪市的波动性大于深市的波动性，沪市存在明显的杠杆效应，而深市的杠杆效应不显著。

The returns series of Shanghai and Shenzhen Stock market has certainly stationary and ARCH effect ;

自1958年MM定理提出后，资本结构理论的发展实现了资本结构从财务杠杆效应向治理效应的转变。

Since the MM theory was put forward in 1958 , the development of theory of capital structure has finished the transformation from the finance effect of capital structure to the governance effect of capital structure .

结果表明ARMA（1，1）-GARCH（1，1）模型可以合理解释企业债券市场波动存在的持续性、丛集性和杠杆效应。

Empirical result shows that ARMA ( 1,1 ) - GARCH ( 1,1 ) model provide a successfully simulation by explaining strongly the volatility clustering , durative and leverage effects in enterprise bond markets .

计算基本SV模型和杠杆效应SV模型的联合特征函数，借助经验特征函数方法估计这两个SV模型。

The characteristic functions of basic SV model and SV model with leverage effect are derived , an estimation ( method ) of SV models via empirical characteristic function is discussed in this paper .

实例的收益率、供应量、成交量、流拍率等序列存在明显的ARCH效应，供货量、成交量负面效应大于正面效应，而流拍率主要呈现正面的杠杆效应。

There exists obvious ARCH effect among the series of yield rate , supply , trading volume and unsold rate . The negative effect of supply and trading volume is bigger than positive effect , and unsold rate is mainly characterized by a positive leverage effect .

第四部分采用自相关分析方法、GARCH族模型来研究上市商业银行股票收益与波动的相关性、聚集性、杠杆效应及股票价格波动风险与收益之间的关系。

The fourth part is a auto-correlation method using GARCH family model to a listed commercial bank stock returns and volatility correlation , aggregation , leverage and stock price volatility of the relationship between risk and return .

由于沪市存在杠杆效应，EGARCH模型和GJRGARCH模型更能准确地描述股市收益和波动性之间的关系。

For stock markets of Shanghai have lever effect , EGARCH model and GJR GARCH model describe the relation between the stock return and the volatility .

一些金融法规可能加快了“贷款并证券化”（originate-to-distribute）模式的传播该模式被指责为放大了杠杆效应和模糊了风险分配。

Some financial regulations might have accelerated the spread of the originate-to-distribute model , which is blamed for amplifying leverage and obscured the allocation of risks .

新体系既可以更真实地反映企业经营业绩，也能够为融资活动提供决策支持，指导企业充分发挥资本结构的财务杠杆效应。

And the new system will support the financing decision better .

负债融资、财务杠杆效应与产品市场竞争

Debt financing , Financial Leverage Effect and Competition in Product Market

资本结构效应概括起来主要有“财务杠杆效应”和“治理效应”两种。

Capital structure effects generally involve financial level and governance effect .

接着，当泡沫破裂时，去杠杆效应对各资产类别的作用是一视同仁的。

Then when the bubble bursts , deleveraging affects asset categories indiscriminately .

第二，股市中存在明显的杠杆效应；

Second , there exists prominent leverage effect in Chinese stock market .

融资融券扩大了交易筹码，具有一定的财务杠杆效应，其实质就是放大了金融风险。

Financial leverage effect of margin enlarge the Finance risk .

不过，当股市下跌时，杠杆效应拖累了整体回报。

But when stocks are falling , leverage weighs down total returns .

与黄金相比，黄金股的主要优势在于它们的杠杆效应。

The main advantage of gold shares versus gold is their leverage .

负债融资具有杠杆效应，有节税收益。

Debt financing has leverage effect and tax benefit .

认股权证、杠杆效应与投资收益分析

Analysis on warrants , leverage and income on investment

基金市场的价格波动存在杠杆效应；

The price volatility of fund market has a characteristic of leverage effect .

物流企业人力资源管理的杠杆效应探析

Logistics Enterprise Human Resources Management " leverage " Effect

这种杠杆效应，可以以点带面地放大其对宏观调控影响的两面性。

This leverage effect could magnify both positive factors and negative factors to macro-control .

此外我国证券市场存在杠杆效应以及高风险高收益的特征。

In addition , China securities market exists high-yield high-risk characteristics and leverage effect .

安踏公司和匹克公司应适度增加负债，发挥财务杠杆效应。

Anta and Peak should accordingly increase liabilities to play the financial leverage effect .

本文分析了我国上市公司的财务杠杆效应。

This paper mainly analyzes the financial leverage effect of listed companies in China .

因此，围绕如何让这4400亿欧元产生杠杆效应的问题，出现了多种建议。

Therefore there are several suggestions circulating of how to leverage the € 440bn .

波动群聚效应和杠杆效应是资本市场风险变异性的两个重要特征。

Volatility clustering and leverage effect are two important risk features in the capital market .

股票期权的杠杆效应

The Leveraged Effect of Stock Option Premium

值得注意的是，所有的账户都是在杠杆效应下进行交易的。

It is important to note that all accounts trade under the effect of Leverage .