消费资本

在此基础上，放松了标准资本资产定价模型中的某些限制条件，对不存在无风险证券、存在非适销资产的CAPM以及消费资本资产定价模型进行了考察。

Based on the discussion , we relax some constraints in the traditional CAPM . In particular , we investigate three variations of the traditional CAPM , which are the CAPM with riskless assets , the CAPM with non-marketable assets , and the consumption capital asset pricing model .

资本有多种表现形态，消费资本是其重要表现形态之一。

Of the various forms of capital , consumption capital is one of the most important .

本文对消费资本资产定价理论的发展进行了回顾与评述。

This paper reviews the development of the consumption-based capital asset pricing theory .

但在国外，跨期资产定价模型、尤其标准的基于消费资本资产定价模型应用起来没有获得与其理论相得益彰的经验结论。

But empirical results supporting the intertemporal asset pricing theory are rarely obtained in developed capital markets .

其较传统的引入习惯形成的消费资本资产定价模型多了一个度量风险的系数。

Comparing with the traditional model , the model has another more coefficient to measure the risk .

盘古消费资本财富分红的营运模式独具前瞻性、新颖性，在市场经济中具有强大的竞争力！

Pangu consumer dividend capital wealth unique mode of operation of forward-looking , innovative , in a market economy with a strong competitive edge !

公共旅游资源只有旅游价值，经营性旅游资源和准经营性旅游资源不仅具有旅游价值，而且还具有经营权价值。以消费资本化理论为基础，运用旅行费用法评估旅游资源的价值。

Public tourism resource only has tourism value , profit-making and semi-profit-making tourism resource not only has tourism value , also has management right value .

按照传统的消费资本资产定价理论，中国股市的高股权溢价只能由投资者的高相对风险厌恶系数来解释。

Based on consumption-based asset pricing theory , the equity premium in China 's stock market should be explained by a high relative risk aversion coefficient of investor .

在此基础上，本文提出了消费资本资产定价模型的新形式，并对股权溢价之谜和无风险利率之谜进行解释。

On this basis , this paper proposes the new forms of CCAPM model , and gives explanations of the equity premium puzzle and the risk-free rate puzzle .

在此模型中，将资本存量加入到效用函数中，通过均衡分析，得出政府对资本积累的看重程度与经济增长率和消费资本比的关系，以及一些有关其他重要参数的有用结果。

By equilibrium analysis , the government obtains the value of the relationship between degree of capital accumulation and economic growth and consumption capital ratio , as well as some results of other important parameters .

本文希望将消费资本资产定价理论应用于我国资本市场，基于我国资本市场的发展历史来分析我国居民消费对资产收益的影响，通过实证分析对此进行验证。

This paper will apply the consumption capital asset pricing theory to Chinese capital market , and make empirical analyses of the effects of Chinese residents ' consumption on the asset returns on the basis of the Chinese capital market .

目前，消费资本资产定价理论已经在美国、欧洲、日本等国家和地区得到了广泛的研究，而在资本市场蓬勃发展的中国却处于被人遗忘的尴尬境界。

Although the consumption-based capital asset pricing theory has been closely studied in America , Europe , Japan and the other countries and areas , this theory has been ignored by the economic scholars of China where the capital market is developing very fast .

习惯形成、局部持久性和基于消费的资本资产定价&来自中国股市的经验分析

Forming Traditionally , Sustaining Partially and Consumption Based Pricing Mechanism of Capital Assets & The Experimental Analysis of China Stock Markets

结果表明，发展中国家的金融开放能够促进经济增长，但必须经过一段人均产出、消费和资本下降的过渡期。

Results show that financial opening in development countries can promote economic growth as well as consumption and capital per worker .

生产核算是增加值核算，使用核算是服务的最终消费、资本形成和进出口核算。

The content of production accounting is value added and the content of use accounting is the final consumption , the capital formation and net export of service .

讨论了地区差距与均衡状态下的资本边际生产率（利率），投入劳动的时间，消费-资本比，物质资本与人力资本比，以及产出-资本比等经济量的关系。

We educe the relationship between the regional disparity and the marginal production of the physical capital , the ratio of the consumption and capital , the ratio of the production and capital .

分析了产出的随机扰动、税后私人资本的回报率以及税收对经济增长、消费&资本比和社会福利的影响，并且确定了最优收入税的税率。

And then , this paper examines the effects of stochastic productive shocks , average after-tax capital return and income taxation on economic growth , consumption-capital ratio and social welfare . The expression of optimal income tax rate is educed .

普遍经济力图排除有限经济中消费的资本逻辑，而代之以更为普遍的人本逻辑。

Since travel for education , business , or pleasure is more and more common , The general economy tried to get rid of the capital logic of consumption in limited economy , and used the more universal homocentric logic to replace it .

体育事业是社会主义市场经济的重要组成部分，是形成新的国民经济增长点、拉动内需、增加消费、资本流转的重要力量，体育事业建设也是社会主义精神文明建设的重要内容。

The sports industry is a socialist market economy is an important part of national economic growth point , forming new stimulating domestic demand , increase consumption and capital circulation important strength , sports enterprise construction of socialist spiritual civilization is an important content of the construction of .

绝对战略研究中心（AbsoluteStrategyResearch）的大卫•鲍沃斯（DavidBowers）认为“相对于目前的消费水平，资本支出，存货以及就业实在是太低了”。

" Capital spending , inventories and jobs are too low given the level of consumption ," he argues .

例如，瑞银（UBS）驻香港经济学家乔纳森安德森（JonathanAnderson）就指出，从国内投资、消费和营运资本的融资来看，亚洲经济体基本上可以实现自给自足。

For example , Jonathan Anderson , an economist with UBS in Hong Kong , notes that Asian economies are essentially self-sufficient in terms of finance for local investment , consumption and working capital .

目前，它已经成为研究消费选择与资本收益问题的基础理论。

The consumption-based capital asset pricing theory has become the basic theory in the research of the consumption choice and asset returns .

巴西向日本提供了亟需的大宗商品；反过来，日本为巴西的进口替代工业化提供了廉价的消费品和资本货物。

Brazil provided Japan with much-needed commodities ; in turn , Japan supplied Brazil with cheap consumer and capital goods for import-substituting industrialization .

广东省消费支出、资本收入、劳动收入实际有效税负税收弹性系数测算

A Calculation for Tax Elasticity of Real Effective Tax Burden of Consumption Expenditure , Income of Capital and Income through Work in Guangdong

大幅下调存款利率还应有助于刺激消费，对资本市场可能也有积极影响。

The large cut in deposit interest rate should also help to support consumption spending , and is likely to be positive for asset markets .

随着家庭消费和公司资本支出陷入低迷，政府很快将成为第一和惟一的消费者，同时财政赤字将飙升。

With consumption by households and capital spending by corporations collapsing , governments will soon become the spenders of first and only resort as fiscal deficits surge .

福利经济学、消费理论、资本积累、经济增长、金融和国际贸易，都成了他慎密的“采撷和整理”的对象。

Welfare economics , the theories of consumption , capital accumulation , economic growth , finance and international trade all became subject to his rigorous " picking and arranging " .

房地产投资权益证券化作为房地产金融领域的一个重要创新，通过其特有的运行机制有效连接了房地产开发市场、交易市场、消费市场与资本市场，已成为国际上房地产金融发展的趋势。

As an important innovation in real restate financing market , real estate investment equity securitizations efficiently connect developing market , trade market , consuming market and capital market by its special operation mechanism .

该方法通过测算人类对自然的消费与自然资本的承载量，确定人类对自然生态系统的利用状况，从而判断一个国家或地区的发展是否可以持续性。

It determines the using conditions of the eco-system , by checking the consummation and the capacity of the natural capital , then judges whether the development of a region or a country is sustainable .

消费者风险预期的变化会对经济系统中的最优消费路径、资本与产出路径产生重要影响，而通货膨胀率对消费者风险预期则产生直接影响。

The variable of consumer 's risk expectation has critical influence on optimal consumption path , capital path and product path of the economic system . The inflation rate has direct influence on consumer 's risk expectation .