论文部分内容阅读
现实中的股票市场不可能完全符合资本市场有效性假设，因而把股票成交价格看作是股票的市场价值，并据此计算股票投资回报率的传统做法存在着明显的弊端。投资者实际实现的回报率对现实股票市场，特别是规范程度很低的我国股票市场的研究具有重要意义。本文提出了无需完全有效市场假设的现金概念及以此为基础的投资者实现回报率概念，并给出了现有条件下的投资者回报率计算公式和沪深两市的计算结果。
In reality, the stock market can not fully meet the hypothesis of the validity of the capital market. Therefore, there are obvious drawbacks to the stock transaction price as the market value of the stock and the traditional method of calculating the ROI of the stock. The real return rate of investors is of great significance for the study of the real stock market, especially for the stock market with low standardization. In this paper, the concept of cash without any efficient market hypothesis and the concept of the rate of return realized by investors are put forward, and the formula for calculating the rate of return of investors under current conditions and the calculation results of Shanghai and Shenzhen stock markets are given.