流动性溢价

得出的结论是上海股市在1998年1月至2004年12月存在流动性溢价现象的价值效应；

We draw a conclusion that the value effect about liquidity premium exited during January 1998 to Dec , 2004 in shanghai stock market .

而传统定价模型和Fama-French三因素模型实证结果都说明其不能解释流动性溢价现象。

The empirical study find that the traditional pricing model and the Fama-French three factor model can not explain the liquidity premium . 3 .

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 ?

中国股市流动性溢价稳定性研究

A steady level study of liquidity premium in China 's stock market

基于搜寻的有限参与、事件风险与流动性溢价

Search-Based Limited Participation 、 Event Risk and Liquidity Premium

股权分裂与国有股流动性溢价：基于流动性的经济学分析

Ownership Split and Liquidity Premium of State Shares : A Liquidity-Based Economic Analysis

两种常见的诱因包括生活津贴和流动性溢价的质量。

Two common incentives include a quality of living allowance and a mobility premium .

流动性溢价一直以来都是国际学术界广泛关注与研究的问题。

The liquidity premium in securities markets has being studied widely by international scholars .

流动性溢价理论研究述评

The Survey of Liquidity Premium Theory

上交所国债市场流动性溢价研究&基于4因子仿射利率期限结构模型

A Study on Liquidity Premium of Treasury Bonds in Shanghai Stock Exchange & Based on Four-factor Affine Model

那已降低了债券市场上的流动性溢价（使得产量更低）。

That has driven down the liquidity premium in the bond market ( and pushed yields lower ) .

生活津贴，质量通常是位置相关的一个流动性溢价，而通常是独立的主机的位置。

A quality of living allowance is typically location-related whilst a mobility premium is usually independent of the host location .

随着流动性溢价理论的提出，国内外学者越来越关注流动性对股票价格的影响。

With the formulation of the theory of liquidity premium , scholars increasingly concerned about liquidity on the stock prices .

对信用价差之谜的代表性解释之一为信用价差分解理论，该理论的最新研究已经触及到了税收、风险溢价和流动性溢价等方面；

One of the explanations is the theory of credit spread decomposition , whose recent work has explored the role of taxes , risk premia and liquidity premia .

实证分析还显示短期融资券的发行利率与发行规模呈负相关，说明规模大会降低投资者的流动性溢价要求这一结论得到支持。

The empirical analysis also shows that the commercial paper issuing rate is negatively correlated with the issuing size , which confirms that larger amount will lower investors ' requirement for liquidity premium .

实证结果的最终结论是：在所研究的样本期，流动性溢价现象的月份效应存在但不稳定，这一异象的存在表明上海股市缺乏有效率。

The end conclusion of the empirical result is : the month effect about liquidity premium phenomenon is existent but unsteady in sample periods . Our findings may indicate inefficiency in Shanghai stock market .

第六，中国国债市场存在流动性溢价。

In the Interbank Treasury Market , the influence of the issue amount of the Central Bank Paper is quite weak at the current stage . Sixthly , Liquidity Premiums exist in Chinese Treasury Market .

在研究股票市场是否存在流动性溢价的时候，不同的流动性度量方法会导致相矛盾的结果。在本文中，作者首先概述了现代商业银行贷款定价的一些基本理论与方法。

When the different liquidity measures are adopted , the research results will be converse . Firstly , the author discusses the loan pricing theory , this means credit rationing , converse selection and inspirit effect , etc.

通过介绍证券市场流动性溢价理论的主要内容和理论观点，对国内外学者在此领域的主要研究成果进行了分类概括，并简要分析了现有研究存在的主要问题以及需要进一步解决的问题。

This paper summaries the main contents of stock market liquidity premium theory , makes a classified generalization about both of the home and abroad studies , and then analyzes the main problems lying in the current study and the issues that needed further consideration .

流动性溢价理论认为：资产的流动性是资产定价的一个重要影响因素，流动性低的资产其预期收益高，而流动性高的资产其预期收益低。

Liquidity premium theory holds that , the liquidity of one asset is an important factor in the process of asset pricing , and the asset of low liquidity is expected to high returned , as well as the asset of high liquidity is expected to low returned .

所检验的三个行业：纺织，机械和石油行业在2002年1月至2004年12月之间不存在流动性溢价的规模效应；牛市和熊市的区别对流动性溢价的规模效应有显著影响。

The size effect about liquidity premium does not exist in three industries tested in this paper , which are textile industry , oil and plastic industry , machine industry during Jan 2002 to Dec 2004.The difference between bull market and bear market can impact the whole stock market remarkably .

作为一位长线机构投资者，utahretirementsystems的文件辩称，“基金经理应在长时期内抚平允许进行的最大赎回压力，以确保长线投资者不会使流动性风险溢价下降”。

As a long-term institutional investor , the Utah retirement systems document argues that " managers should smooth maximum allowable redemption pressure over a long period of time to ensure that the liquidity risk premium is not subsidised by long-term investors " .

基于最优清算策略的流动性风险溢价测算

The Quantification of Liquidity Premium Based on an Optimal Liquidation Strategy

通过设计最优清算策略过程研究了流动性风险溢价测算问题。

A practical framework for the quantification of liquidity premium is proposed by designing an optimal liquidation strategy .

基于时间序列的上海股市系统风险、流动性风险溢价实证研究

An Empirical Study on the Systematic Risk Premium and Illiquidity Risk Premium of the Shanghai Stock Market Based on the Time Series

该计划应有助于说明被交易证券目前被压低的价格在多大程度上反映了相对于预期信贷损失的流动性风险溢价融资渠道的匮乏。

The scheme should help clarify the degree to which current depressed prices of traded securities reflects liquidity risk premium absence of financing as opposed to expected credit losses .

研究结果表明，中国股市不仅存在显著的市场风险溢价，而且存在显著的流动性风险溢价，而流动性风险中市场收益对总流动性的敏感性风险对资产定价的影响更为显著。

The findings show that there are both market risk premium and liquidity risk premium , while risk premium of market return sensitivity to aggregate liquidity is more significant in the two kinds of liquidity risk .

本文致力于研究货币状况对股票市场流动性风险及其溢价的影响，论证过程将货币状况、市场流动性风险和股票收益率联系了起来。

This dissertation is devoted to studying the influence of monetary conditions on stock market liquidity risk and its premium .

第二部分对于流动性及流动性溢价理论相关的各种因素进行总结比较。

The second part summarizes and compares factors relevant to liquidity and liquidity premium theory .

本文的主要贡献：（1）虽然关于流动性及流动性溢价已有不少的研究文献，但关于中小板市场流动性及流动性溢价的研究文献并不多。

The main contribution of this paper : ( 1 ) although there are a lot of research literature on liquidity and the liquidity premium , but the research literature on the small medium-sized board market liquidity and the liquidity premium is not much .