完美市场

所有这些理论从某种意义上说，都是伴随着现实与理论冲突的困惑、不断修正古典MW完美市场的范式以对凸现出的困惑做出诠释的这一过程而展开的。

It can be said that all those theories are expanded to explain the disaccord between practice and theories through amending hypothesizes of the classical MW perfect market paradigm .

完全且完美市场背景下的经济收益观是最早的会计模式。

The accounting model based on economic income perspective under complete and perfect market is the earliest one .

依据MM理论，在理想情况下的完美市场当中，企业的投资策略和资本结构无关。

According to the MM theory , in the ideal case of perfect markets , investment strategy and capital structure are irrelevance .

完美市场不需要道德吗？

Moral consequence of market failure ?

关于资产价格的研究，大多是建立在完美市场的假设下。

Among the studies of asset price , most of them are established on the assumption under perfect market .

但是这一结论是建立在一系列的假设之上的：完美市场、没有企业所得税等。

But this conclusion is based on a series of assumptions : the perfect market , no corporate income tax .

实际生活中很难找到满足完美市场假设的公司，一些影响公司资本结构的因素如税收、盈利能力、公司规模等是客观存在的。

Difficult to find company to meet the perfect market hypothesis in real life , a number of decisions which affect capital structure exists objectively , such as taxation .

他引领我们重塑对竞争政策的理解：从完美市场的简单模型，转向意识到不同的情况需要不同的解决方案。

He has been a leader in reshaping our understanding of competition policy away from simple models of perfect markets to a recognition that different contexts require different solutions .

在理想条件下的完美市场中，资源配置达到了帕累托最优状态，在现实经济的非完美市场中，市场存在部分失灵。

In the perfect market under ideal conditions , resource allocation can achieve Pareto optimal state ; in the non-perfect market of real economy , the part market failure exists .

在一个完美市场中，房屋供给会根据需求迅速调整，人们会期望房价的实际价值在长期内大致保持稳定。

In a perfect market , where supply of housing quickly adjusts to demand , one would expect the real value of property prices to be broadly stable over long periods .

传统的资产定价模型是建立在完美市场假设基础上的，即市场是无摩擦的、不存在交易成本、投资者可以连续的买卖任意数量的证券而不影响其价格。

The traditional asset pricing model is based on perfect assumption , namely the market is frictionless , no transaction costs and investors can trade any number of consecutive without affecting the price of securities .

有基于完美市场和理性人的假设下的国际资产定价模型；有放松了完美市场假设的市场硬分割和市场软分割理论。

There is inter-national asset pricing model ( IAPM ) based on the assumption of perfect markets and rational people ; there are the hard market segmentation and soft market segmentation theory which relaxed perfect market assumption .

在非完美市场中，资产流通市场的存在性、资产交易成本和信息成本构成了资产流动性水平的三个基本维度，资产在这三个维度上的差异导致了流动性补偿的截面差异。

In a perfect market , the persistency of asset market , the asset trading costs and information cost form the three basic dimensions of asset liquidity , and the differences on these dimensions between assets result in cross-sectional differences of liquidity premium .

建立在完美市场假说上的货币政策货币传导渠道及运行机制，面对转型时期的中国经济，失去了解释力，使以货币供给量为中间目标的货币政策面临挑战。

Based on the assumption of perfect market , monetary procedure and function mechanism of monetary policy lose their effects when meeting the transforming economy in China . It makes the monetary policy which takes the monetary supply as the medium target face challenge .

区间定价模型不要求完美市场的假设，连续时间假设利率服从均值回复的平方根过程，不完全市场定价模型假设无风险资产服从随机过程且风险资产服从几何布朗运动。

The pricing model does not require a perfect market hypothesis . Continuous time interest rates follow mean-reverting process of square root . Incomplete market pricing model assumes that the rick free asset subject to stochastic processes and risk asset follows the geometric Brown motion .

完美市场约束条件修正后的资产选择模型表明，在信息费用的约束下（信息费用是约束条件下的极小化），一是市场自身有纠错的功能，二是央行干预的种种前提不成立。

After adjusting the restrictions of perfect market , the Portfolio Selection Model shows : first , under the information cost restriction ( information cost is minimum ), market has the function to do self-corrections . Second , all premises for central banks ' interference haven 't be met .

Modigliani和Miller（1958）认为在完美资本市场中持有现金是毫无必要的。

Modigliani and Miller ( 1958 ) think that in perfect capital market holding cash is no necessary .

在完美资本市场中，企业仅会对净现值大于零的项目进行投资。

In perfect capital market , only projects with positive NPV would be invested .

本文选择国内制造业上市公司财务数据实证检验了不完美资本市场下内部现金流对公司投资需求的影响。

We choose Chinese listed manufacturing corporations ' financial data to research the relationships between the internal cash flow and companies investments .

日本是一个不完美的市场，它在清理企业行为方面缓慢、崎岖但不可阻挡的进程提供了投资目标。

Japan is an imperfect market and its slow , bumpy , yet inexorable progress towards cleaning up its corporate act provides a target .

在完美资本市场即企业内部不存在代理成本的理想世界中，公司的投资可以达到最优水平。

In a perfect capital market that the enterprise agency costs do not exist in the ideal world , companies can achieve the optimal level of investment .

并指出现实市场是一个信息不完美的市场，由于信息收集要付出成本，估价师获得完美信息要付出很大代价。

The paper point out the fact that the real market is one with imperfect information , since col-lection of information will take energy , time , and money .

正如传统经济学家想当然地认为存在着完美的市场和自由竞争一样，穆勒和自由党人也认为信息自由流通是不言而喻的事实。

The assumption of Mill and the Liberals was that there was a free flow of intelligence just as the classical economists assumed a perfect market and free competition .

工行是在近乎完美的市场条件下进行上市推介的，吸引了全球逾5000亿美元资金参与申购，其中，香港面向国际投资者发行部分吸引了大约4000亿美元。

ICBC marketed its shares in near-perfect market conditions and attracted more than $ 500bn in orders worldwide , of which Hong Kong 's international offering accounted for about $ 400bn .

但现实的股票市场并非是完美的市场，存在着各种交易费用，投资者之间也存在非对称信息，即现实市场并非是一个完全流动的市场。

But in reality , the stock market is not a perfect market , there are various transaction costs , there is asymmetric information between investors , the real market is not a completely liquid market .

首先，不能不考虑税收扭曲性所带来的效率损失；其次，在不完美的市场环境中，税收效应所产生的政策效果也可能并不显著。

But the results may be undesirable . First , the loss of efficiency brought by the tax distortions cannot be ignored . Secondly , in the imperfect market environment , the tax effect is likely to be not significant .

但由于MM定理的假设条件过于苛刻，该理论仅适用于完美的资本市场。

However , because of the strict assumptions of Modigliani-Miller , this theory is applied only in the perfect capital market .

根据M-M定理，如果全球资本市场是完美的一体化市场，上市地点的选择是没有意义的。

According to M-M theorem , the choice of listing location was useless if the global capital market was a perfect integration market .

90年代末，摩根大通（jpmorgan）的一个团队在开发信用衍生品时，其市场推广资料中最喜欢用的一个术语是，这些衍生品会促进“市场完善”或者说更加完美的自由市场。

When a team at JPMorgan developed credit derivatives in the late 1990s , a favourite buzzword in their market literature was that these derivatives would promote " market completion " or more perfect free markets .

在他们的论文中，Modigliani和Miller（1958）提出，在完美的资本市场下，债务和权益间的选择不会对公司价值产生实质性的影响。

In a seminal study , Modigliani and Miller ( 1958 ) proved that in perfect capital markets the choice between debt and equity has no material effects on the value of the firm .