| 中国稀土类上市公司股票收益与市场结构关系研究 |
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| 引用本文： | 刘知博,胡景亮,宝力克. 中国稀土类上市公司股票收益与市场结构关系研究[J]. 内蒙古大学学报(人文社会科学版), 2011, 43(2): 64-70 |
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| 作者姓名： | 刘知博 胡景亮 宝力克 |
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| 作者单位： | 刘知博,LIU Zhi-bo(中国人民大学财政金融学院,北京,100872);胡景亮,HU Jing-liang(英国华威大学WMG学院,考文垂,CV47AL);宝力克,BAO Li-ke(中国人民银行呼和浩特中心支行反洗钱处,内蒙古,呼和浩特,010020) |
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| 基金项目： | 中国人民大学研究生科学研究基金项目 |
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| 摘 要： | 使用最优控制理论建立数理模型分析中国稀土类上市公司股票收益与市场结构间的关系,发现除现金流定价模型已表述的因素外,市场结构因素,包括竞争公司产品价格、竞争公司产能规模和对本公司产品的投资量三个因素亦影响公司的股票收益。上述模型也可解释我国稀土行业同业恶性竞争、兼并重组矿产资源、建立收储制度等现象。
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| 关 键 词： | 稀土 股票收益 市场结构 |
A Research of the Relations between Stock Returns of Chinese Rare-earth Resource Listed Companies and Market Structure |
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| LIU Zhi-bo,HU Jing-liang,BAO Li-ke. A Research of the Relations between Stock Returns of Chinese Rare-earth Resource Listed Companies and Market Structure[J]. Journal of Inner Mongolia University(Humanities & Social Sciences), 2011, 43(2): 64-70 |
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| Authors: | LIU Zhi-bo HU Jing-liang BAO Li-ke |
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| Affiliation: | 1.The School of Finance,Renmin University of China,Beijing 100872,China; 2.The School of WMG,University of Warwick,Coventry CV47AL,UK; 3.Anti-money Laundering Office,Huhhot Central Branch of People′s Bank of China,Hohhot 010020,China) |
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| Abstract: | This paper established a mathematical model employed the optimization method to analyze the relationship between the stock return of Chinese public companies in rare-earth resource industry and market structure.Besides the elements proclaimed by discounted cash follow model,industry market structure elements including product prices of rivals,capacities of rivals and the investment amount in products manufactured by itself are also significant factors in stock return.Furthermore,the paper researched the fun... |
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| Keywords: | rare-earth stock return market structure |
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