股票市盈率与投资价值

本文通过对股票市盈率的讨论,提出一种利用市盈率测算股票投资价值的模型,并对沪深股市１０种高成长性个股的投资价值进行了测算和讨论     

公司合理的负债比率与股票市盈率的关系

通过对公司负债比率与股票市盈率关系的定量分析,研究了股份制企业资本结构的合理性,得出结论：当公司股票市盈率之倒数大于负债的实际成本时,增加负债比率,将会使公司的股票价格和每股收益率上升,并使公司的市场价值增加;即合理的负债比率与股票市盈率负相关     

低价股不便宜

全民炒股并不可怕，可怕的是不知股票投资为何物，最好的股票是“预期市盈率最低的股票”，而不是“价格最低的股票”。然而，这样简单的道理，却被投资者忽视，造成“低价股”大面积上涨。[编者按]     

狂跌过后，买哪些股票？：从“家庭开支清单”上寻找投资目标

陈笛说：“股票很便宜了,我们不正好可以多买一些吗？”这个想法不错,但判断股价便宜、还是贵,不能只看每股价位,甚至那些在低市盈率买进股票,等市盈率回升后再卖出的人,最多也只能赚些小钱。真正赚大钱,靠的是公司利润每年成倍飞涨!那么怎样找到这些公司呢？最好的“大投资机会”,就在普通家庭的开支清单上。     

市盈率水平的定量判断

中国股市的市盈率水平合理与否的争论由来已久，有人认为目前的市盈率不浃合理，有人认为不合理，双方各执一词，但只限于定性分析，而没有定量分析，因此不能服从。就此问题运用定量分析的方法，对市盈率水平进行分析，试图解决关于市盈率的争论。     

准备撤退!在创业板中晕掉的风投

记得2008年初,我拜访一位成功投资了某行业龙头企业并上市、收益已高达数十倍的投资家,向其建议以高达60倍市盈率的估值出售他的持股（锁定期已过）,然后和我们共同以8倍市盈率投资于某一颇具增长潜力的企业。该投资家乐呵呵地说：“几家大投行都说,我投资的上市公司,股票还要上冲20块钱,前景相当好,不卖!”     

企业上市专利问题与专利审查实审模式研究

一、引言 创业板GEM（Growth Enterprises Market）board是主要为处于创业期、规模小、具有高成长性、创新性或高科技含量的中小企业、新兴企业和高科技企业专门设立融资通道和成长空间,并为风险投资资本提供合法、有效、便利的退出机制的证券（股票）交易市场。     

我国股票资产价格与通货膨胀关系的研究

货币政策是否应该干预股票资产价格的波动,这是一个广受关注且富有争议的问题。这一问题的关键因素在于正确判断通货膨胀与股票资产价格的关联性。目前,股票收益率与通货膨胀之间存在四种相关关系,即正相关、负相关、不确定以及不相关。我国的资本市场成立较晚,研究股票收益率与通胀率之间关系的成果非常少。所以从我国沪深两市股指与通货膨胀走势、沪深两市股指波动区间、波动频率与通货膨胀间的关系,以及我国沪深两市股票市盈率与通货膨胀关系描述等三方面来揭示股票资产定价与通货膨胀间的关系,为全面认识我国证券市场与通胀间的关系提供实事依据。     

股票中长线投资价值的测定

本文提出一种现值法测算股票中长线投资价值的理论模型,并将市场寿命周期概念应用于该模型中,提出可通过对上市公司的产品市场寿命周期及成长性状况的研究而确定有关参数,并代入一种更实用的模型中,从而测算出高成长性个股的中长线投资价值     

中国IPO初始收益率的影响因素分析

本文以2009年至2010年5月在中国证券市场首次公开发行的220只A股为样本,并按创业板、中小板、主板将其分类,分别研究它们的新股初始收益率,发现我国首次公开发行股票中存在较高的初始收益率。其影响因素包括发行市盈率、每股净资产、每股收益、中签率、流通股比例、实际流通股、总股本、公司市值、换手率、大盘相对指数,但这些因素对不同类型的股票的解释能力不同。     

面向电子商务建立高效的中国物流体系

随着互联网的迅速普及,作为20世纪信息化产物的电子商务也蓬勃兴起。在中国,电子商务虽然还处于起步阶段,但随着互联网的飞速发展和中国加入WTO,中国企业面临国际企业的全面竞争,这无疑将推动中国电子商务加速发展。然而,我国作为一个发展中国家,物流业起步晚,水平低,尚不具备能够支持电子商务活动的现代化物流。如何有效地提高物流水平是中国电子商务能得以飞速发展的关键。文中从微观角度分析了设计面向电子商务的物流需要考虑的因素,从宏观角度提出建立高效物流体系的解决方案。     

虚拟空间信息交流模式的分析

从目前已有的信息交流模型来看，它们大多停留在对一般信息交流情况的讨论。然而，伴随着互联网的发展，我们急切需要对它的信息交流模式进行分析研究，找出其中的规律。本文试图通过对互联网信息交流模式的讨论，总结出一种新的信息交流模式。最后，我们通过引出虚拟空间已经存在的现象或事例来说明虚拟空间信息交流的正确性。     

中国互联网金融创新发展动力机制研究

中国互联网金融发展迅猛,以第三方支付、P2P网络贷款、众筹融资、电商小贷、网络理财超市等互联网金融业态成为推进普惠金融发展整体经济战略实施的重要产业载体。在市场变革、技术进步、制度调整和组织创新四力驱动理论框架下,对互联网金融模式创新与发展路径进行解析,总结了典型互联网金融模式的结构与特征,指明了移动化、电商化、自金融将成为我国互联网金融的主要发展方向,并提出互联网金融健康发展引导策略。     

互联网金融借贷平台的法律问题研究:以P2P为例

本文主要通过介绍互联网金融P2P借贷发展的概念,详细分析了互联网金融最具代表性的P2P网络借贷平台最近的发展状况及其带来的各种法律风险。然后运用国内外互联网金融理论对我国P2P网络借贷平台的现实问题进行具体阐述,提出一系列完善法律制度、建立完善互联网金融体系的建议。     

The Quality of Online and Offline Relationships: The Role of Multiplexity and Duration of Social Relationships

Recent studies have shown that adolescents use the Internet not only to maintain social relationships with distant relatives and friends but also to create new relationships online; some of these friendships become integrated into their social circle. Research has focused mainly on the effect of the Internet on existing relationships or the nature of online-only ties, so studies comparing the quality of online and face-to-face relationships are missing. The goal of this study is to bridge this gap. In keeping with previous studies on social association, we argue that the quality of social relationships is dependent on duration and diversity of topics and activities carried together. Time is important, as it facilitates the development of a collective shared history and identity. Intimacy develops through the participation in shared activities and discussion of diverse issues of personal concern. Using a representative sample of the adolescent population in Israel, we find that closeness to a friend is a function of social similarity, content and activity multiplexity, and duration of the relationships. Friendships originated in the Internet are perceived as less close and supportive because they are relatively new and online friends are involved in less joint activities and less topics of discussion. The implications of the findings are discussed.     

Internet adoption in Italian banks: An empirical investigation

This paper examines the determinants of adoption of Internet banking among Italian retail banks. In particular it aims at investigating the nature of Internet banking in relation to traditional banking activity. In doing so, the paper analyses the role of firm-specific and market-specific characteristics in affecting the decision to provide financial services via the Internet. The empirical analysis indicates that the adoption of Internet banking depends upon the characteristics of traditional banking activities, particularly in terms of existing networks of distribution and existing customers. First, banks with high branching intensity adopt more slowly than banks with a few branches in place. Second, adoption is negatively affected by the existence of a large customer base, once we control for assets. An important consequence of this is that the provision of financial services over the Internet is a strategy directed more at attracting new customers than at strengthening the relationship with existing ones.     

互联网发展与技术创新：专利生产、更新与引用视角

本文在理论上分析互联网发展对技术创新的可能影响机制,利用2007—2014年我国230个地级市的面板数据,通过主成分分析法构建了互联网发展指数。并进一步应用工具变量法实证研究了互联网发展对技术创新产生的影响及其内在传导机制。本文采用1984年各城市每百人固定电话数量与电信投资量的交互项作为研究的工具变量。实证表明：（1）无论从专利数据还是城市创新指数来看,互联网发展都显著促进了技术创新;（2）互联网发展加速了专利的折旧速度,有利于提高创新知识的更新速度;（3）互联网发展加快信息的传播,提升了专利的国内外引用,显著增加了创新知识的溢出。本文为我国“互联网＋”行动计划、创新型国家建设奠定了理论与事实基础。     

新课标下高校实施体育俱乐部教学体制的研究

通过对高校体育俱乐部教学体制的研究表明,高校采用俱乐部式教学对学生的兴趣培养,能力提高和习惯的形成有促进作用。对终身体育和高校体育教学改革有重要的意义。     

Relationship between <Emphasis Type="Italic">PON1L55M</Emphasis> and <Emphasis Type="Italic">Q192R</Emphasis> gene polymorphisms and high APO B/APO A-I ratios

Elevated Apolipoprotein B Apolipoprotein A-I ratio is a risk factor for predicting coronary artery disease (CAD). Paraoxonase 1 (PON1) is a high density lipoprotein (HDL) associated serum enzyme. PON1 protects lowdensity lipoproteins (LDLs) from oxidative modifications and thus has a protective effect against CAD progression. There are two common polymorphisms, Q192R and L55M, in PON1 gene. There may be a relationship between these polymorphisms and elevated ApoB/ApoA-I ratios. Therefore, we decided to evaluate effect of these polymorphisms on individuals with high and normal ApoB/ApoA-I ratios. To evaluate Q192R and L55M polymorphisms in Iranian case group (n=75) with high ApoB/ApoA-I ratio, and control group (n=75) with normal ApoB/ApoA-I ratio, we carried out PCR using specific primers. Then, we digested PCR products by RFLP. ApoB and ApoA-I levels were determined by immunoturbidimetry method. Genotype frequencies for Q192R were determined: 49.3%QQ, 44%QR, 6.7%RR in case group, and 53.3%QQ, 33.3%QR, 13.4%RR in controls (P= 0.236). Genotype frequencies for L55M were determined: 21.3%LL, 68%LM, 10.7%MM in case group and 42.7%LL, 52%LM, 5.3%MM in controls (P= 0.016). A significant relationship between L55M polymorphism and familial history of cardiovascular disease was found (P= 0.011). In our study PON1L55M polymorphism was associated with high ApoB/ApoA-I ratios in case group. Thus, L55M polymorphism may be an independent risk factor for cardiovascular disease. Since L55M polymorphism was associated with familial history of cardiovascular disease, it is better to evaluate L55M polymorphism in younger ages even in the absence of high ApoB/ApoA-I ratios.     

The Quality of Online and Offline Relationships: The Role of Multiplexity and Duration of Social Relationships

Recent studies have shown that adolescents use the Internet not only to maintain social relationships with distant relatives and friends but also to create new relationships online; some of these friendships become integrated into their social circle. Research has focused mainly on the effect of the Internet on existing relationships or the nature of online-only ties, so studies comparing the quality of online and face-to-face relationships are missing. The goal of this study is to bridge this gap. In keeping with previous studies on social association, we argue that the quality of social relationships is dependent on duration and diversity of topics and activities carried together. Time is important, as it facilitates the development of a collective shared history and identity. Intimacy develops through the participation in shared activities and discussion of diverse issues of personal concern. Using a representative sample of the adolescent population in Israel, we find that closeness to a friend is a function of social similarity, content and activity multiplexity, and duration of the relationships. Friendships originated in the Internet are perceived as less close and supportive because they are relatively new and online friends are involved in less joint activities and less topics of discussion. The implications of the findings are discussed.