学科分类
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41 个结果
  • 简介:China’sstockmarkethasexperiencedmorethan20yearsofdevelopment.Despitetheconceptofvalueinvestmenthasalreadybeenreflectedinstockinvestment,manyinvestors,especiallysmallandmediuminvestors,stilldonotpaymuchattentiontovalueinvestment.Blindnessandspeculativethinkingstillaffectinvestment.Thispaperchoosesthebankingindustryastheanalysisobjectandusestherelativevaluationapproachtoevaluatetheprice-earningsratio(P/Eratio),price-to-bookvalueratio(P/Bratio),andprice-earningstogrowth(PEG)ofthe10listedbanks,thenjudgestheinvestmentvalueofeachbankandfocusesonthevaluationandpricingofthebankingwithrapidgrowth.Basedonthis,thechoiceofvalueinvestmentdecisionsismade,tryingtoprovideademonstrationforinvestorstomakevalueinvestmentdecisions.Finally,itisrecommendedtoinvestinChinaMerchantsBank(CMB),MinshengBank,ShanghaiPudongDevelopmentBank(SPDB),IndustrialandCommercialBankofChina(ICBC),HSBCBank,andBankofChina.ItisnotrecommendedtoinvestinPingAnBank,BankofCommunications,IndustrialBank,andChinaCITICBank.

  • 标签: BANK STOCK VALUE VALUATION RELATIVE VALUATION
  • 简介:一、汽车4S店税务筹划的必要性近几年,我国汽车经销行业呈现供需两旺,4S店在我国发展非常迅猛,数量增加的同时行业竞争异常激烈。许多4S店在薄利经销的同时依靠行业“潜规则”获取利润,如购车送礼包、送保养;车身亏本卖,暗中有返利等。税务部门开展税收检查中发现不少4S店存在大量税务违规行为。

  • 标签: 汽车4S店 税务筹划 行业竞争 汽车经销 “潜规则” 违规行为
  • 简介:TheZimbabweanfinancialsectorhasbeenretrogressive,constrained,andunpredictablesincetheyear2000,servingforthemultiplecurrencyperiods(2009-2013)afterthedemonetizationofthedomesticdollar.ThesectorsincethenhasseenanumberofcommercialbanksfailtomeetRBZ(ReserveBankofZimbabwe)minimumcapitalrequirements,putundercuratorship,delistedorliquidatedbecauseofamyriadofoperationalandfinancialchallenges.Theobjectiveofthisstudyistomakeanassessmentofwhetherornottheintroductionofbondnoteshasbeenacurseorblessing.Thestudydrewrawdatafrombankaccountholders,academics,generalpublic,corporateworldandcommercialbanksinMasvingoforanalysisandinterpretation.Thestudyestablishedthatthemajorityofpeople,corporateworldandcommercialbankswerescepticaltoembracethesurrogatebondnotesbecauseoftheuncertainties,operationalandfinancialrisksthattheypausedonthedomesticfinancialmarkets.Itwasalsodiscoveredthatmostbankswerequicktopayclients’withdrawalsinbondnotes,deductUSdollarequivalencesfromtheiraccounts,anddistinguishbondnotesfromUSdollarsatthepointofmakingdepositsandforeignbusinesstransactions.ItwasalsorealizedthattherewasmarketindisciplineandtradinginbiggerUSdollarnotesintheinformalsectorandseriousshortageofthesamenotesintheformalsector.ThestudyconcludedthattheintroductionofbondnotestotradeparalleltotheUSdollarbroughtaseriousshortageofcashonformalmarketsandincreasesinthegeneralpricelevelofgoodsandservices.ThestudythereforerecommendsthattheRBZshouldcompletelywithdrawthebondnotesfromthemarkettoaccordtheUSdollaritsworldmarketvalueandrestoreconfidenceanddisciplineintheZimbabweanfinancialsector.ThestudyalsorecommendsanotheroptionoftheadoptionoftheSouthAfricanRandasaninterventionistwayofsolvingZimbabwe’sliquiditycrises.

  • 标签: BLESSING CURSE BOND NOTES LIQUIDITY crises
  • 简介:ByusingGARCHandEGARCHmodels,theauthorsexaminetherelationshipbetweenpricevolatilityandnewinformationflow,representedbytradingvolume,andpastinformationflow,representedbytheARCHeffect,intheShanghaiStockMarketforthethreedifferentperiodsfromJuly1998toDecember2002:thesoftperiod,thebullperiod,andthebearperiod.Theempiricalresultsshowthat:(1)thereexistsa'leverageeffect'inthestockmarket;thatis,negativenewshadagreaterimpactonstockpricevolatilitythandidpositivenewsinthesoftperiodandbearperiod,butinthebullperiodthe'leverageeffect'behavesdifferently;(2)thereisasignificantlypositiverelationshipbetweentradingvolumeandstockpricevolatility,andsucharelationshipisevenmoresignificantinthebearperiod;(3)itturnsoutthatinthethreeperiods,therelationshipsbetweenstockpricevolatilityandinformationflow,bothpastandnew,arenotthesame;thatis,inboththesoftandbullperiods,boththeARCHeffect,reflecting'pastinformationflow',andtradingvolume,reflecting'newinformationflow',explainpricevolatilitysimultaneously,butinthebearperiod,theARCHeffectissubstantiallyreduced.Thesefindingsprovidekeyevidenceforunderstanding,explaining,andtrackingthecharacteristicsofpricevolatilityandthechangingrulesofthestockmarketinChinamorecomprehensively.

  • 标签: 中国 股票市场 成交量 信息流 价格波动 GARCH
  • 简介:Thisstudyinvestigatestheeffectsofchangesinlocalmacroeconomicriskfactorsonreturnsonthebanking,chemicals,insurance,telecommunication,andutilitiesindustriesintheU.S.market.Usingamultifactorpricingmodelanddatafrom1998:01to2017:12,empiricalresultsshowthatthebanking,chemical,andtelecommunicationindustriesshowmoredifferencesintheirstockreactionstolocalmacroeconomicriskfactors.Theinsuranceandtelecommunicationindustriesdonotreactsignificantlytoriskfactors.However,alltheindustriesshowstrongreactionstolocalmarketportfolio.

  • 标签: ARBITRAGE PRICING theory MACROECONOMIC factors multifactor