『壹』 有沒有關於中國股市的英文文章或者網站。。。。。。好著急啊
這里有很多中國股市英文文章:
http://www.sse.com.cn/sseportal/en_us/ps/home.shtml
『貳』 求一篇有關股票市場的文章或者新聞,最好是英語的,謝謝
您好
您可以看看這些文章都是原創的希望可以幫助您。希望您採納。下面是我朋友的原創的網路經驗一共十六期,您的所有問題都在裡面了。
http://jingyan..com/article/066074d67e1651c3c21cb0cd.html
http://jingyan..com/magazine/4329
http://jingyan..com/magazine/5582
『叄』 關於中國股市制度缺陷及糾正的外文文獻
這方面我基本上是空白,所以找了一下,看看能能否幫上你,二、中國股票市場存在的問題
市場經濟需要經濟自由、明確的財產權和保護產權的法律條件。在提供市場經濟的基礎條件方面,政府有著巨大的規模優勢。但是這種優勢只是理論上的。事實表明,政府與其說建設性地提供了這些基礎條件,倒不如說常常破壞性地摧毀市場經濟的基礎條件。中國股票市場一直沒有解決好政府與市場的關系問題。
1、經濟自由受到限制。中國股票市場上的股票發行方式行政色彩十分明顯,政府對股票發行實行了額度限制,上市指標成為稀缺「資源」。這使得擬上市公司向地方政府及主管部門爭取額度,地方政府和主管部門向國家證券管理部門爭取額度的行為愈演愈烈。政府對上市公司挑選程序的過深介入與市場經濟原則相背,因為政府挑選所採用的是一套行政機制,其核心是運用行政關系來推薦,缺乏市場選擇的效率,容易產生尋租腐敗。許多企業上市後把股票市場當作「提款機」,而沒有通過資本市場上的運作來解決企業亟待解決的問題,如轉換經營機制,建立良好的公司治理結構,優化資源配置和進行產業調整,反而使企業因缺乏有效的股東制衡機制和合理的股權結構而出現質量滑坡,許多公司在上市不久即告業績下降甚至虧損。
當上市公司不能正常經營時,政府又對上市公司資產重組和退市進行干預。中國股票市場一直沒有形成一種有效的退市制度。在連續虧損上市公司數量不斷增多的情況下,證券管理部門推出了ST、PT制度作為退市制度的過渡。由於對公司市場准入的控制,上市公司的「殼」成為稀缺資源,成為市場上兼並、收購和重組的首選對象。在發達國家,股票市場上上市公司的兼並、收購和重組完全是一種以市場為基礎的純企業行為,政府很少會介入到這一活動中去。而在我國,上市公司中國有股占據控制地位的產權結構特徵和資本市場以為國有企業籌集資金和「解困」為目的的定位,決定了政府必然是上市公司資產重組的內在構成要素。政府在介入關系公司資本結構變化與經營戰略調整的資產重組時,不可避免地會有行政管理者的色彩,很難將其所有者權能與社會管理者權能做出清晰地界定。同時,作為資產所有者,政府在重組中追求利益最大化的行為是市場化財產屬性所要求的結果,但它在行使其社會權能時,其行為更主要的是一種行政行為。角色的雙重性,導致政府在上市公司重組中的行為常出現市場化與行政化的混淆。
2、中國上市公司沒有形成明晰的產權。中國股票市場是官辦的,設立之初就是為國有企業解困、卸包袱的。因此,在現有的上市公司中超過60%的是從國有企業轉制而來的。全民所有權本身是一種不明確的所有權關系,全民所有權雖然在靜態意義上是明確的,但其收益與損失由誰負責卻不甚清楚。
公司治理是在產權諸項權能的基礎上形成的,合理的產權制度安排是有效公司治理的必要前提。在國有股控股的公司中,由於國有股的有效持有主體缺位,致使國有產權虛置,沒有形成人格化的產權主體,股東對企業的監控機制難以建立。這種制度缺陷容易衍生經營者道德風險,產生「內部人」控制。國有股東對公司的控制在產權上趨於超弱控制,在行政上則趨於超強控制。經理人員與政府博弈的結果是一部分經理人利用政府產權上的超弱控制形成對企業的內部控制,同時又利用行政上的超強控制轉嫁經營風險,將經濟性虧損推諉為體制性因素。
股權分置的制度安排也導致了公司外部治理機制不能正常運轉。正常情況下,股票在市場流通所表現的估價是對上市公司經營管理水平的直接反映,流通股比例越高,通過證券市場監督上市公司經營狀況的力度就越強。若公司業績差,投資者就會拋售股票,股價下跌,從而為收購者創造出收購機會,而一旦收購成功,被收購公司的原有經營管理者將處於十分不利的境地。因此,提升企業經營管理水平與經營業績來防止公司被惡意收購,就成為上市公司經營者恪盡職守、勤勉盡責的外在壓力與約束。但是在國有股不流通情況下,上述市場壓力傳導機制對經營者的作用非常有限。
3、缺乏完善的法制。資本市場正常有效運行的一個重要前提是必須有一套反映市場經濟本質要求和資本市場內在規律的完善的法律制度和健全的法律體系。但在我國這樣一套法律制度和法律體系還遠沒有建立起來。
在立法方面,調節資本運行的《公司法》和《證券法》都帶有比較明顯的制度缺陷。目前正在實施的《公司法》是從20世紀80年代後期開始制定,於1994年7月1日正式實施的。在制定《公司法》時,由於社會主義市場經濟理論還未正式確定,資本、資本市場和資本機制等都還未取得合法地位,人們對股票、股票市場和股份公司的地位和作用在認識上比較膚淺,在這種背景下制訂的《公司法》與現實越來越不適應。正在實施的《證券法》是在亞洲金融危機期間出台的,為有效防範風險,有些內容規定較嚴,已經不能滿足證券市場的發展需要,其中在混業經營,股指期貨、社保資金入市,加入WTO後的證券市場發展以及證券監管機構執法許可權等方面都亟須進一步改進。「法不好依」成為我國證券市場運行中的一個突出問題。
在執法方面,證監會是中國證券市場主要的執法機關,由於隸屬國務院具有行政管理職能,所以具有行政機關的色彩。證監會的監管很多時候是為了調控市場的價格和指數,缺乏預期性和一致性;執法過程中查處侵害投資者利益案件比較少,查處違反市場管理政策性法律案件比較多。在執法過程中存在不公平、不及時、不透明,缺乏連貫性,縱容違法行為,監管機構內部人員違法犯罪等問題。
在司法方面,存在重行政輕刑事、民事責任的問題,缺少民事賠償制度等。
三、中國股票市場制度的變革
基於上述分析,中國股票市場要成長為一個集融資、投資、資源配置功能於一體的成熟市場,必須進行基礎制度的變革,走市場化、法制化、國際化的道路。
1、市場化改革。按市場原則決定誰有權進入股票市場,明確監管范圍和責任,強化政府依法對股票市場進行監管,從各個方面放鬆政府管制,疏通股票市場的進出通道,實現發行上市和投資完全由市場來選擇,建立和完善退市機制。同時實行股票全流通,股權多樣化,大力發展產權交易市場,建立一個包括創業板市場、主板市場和場外交易市場的多層次市場體系,適時推出股票指數期貨、國債期貨等國外比較成熟,國內已初步具備條件的新型交易工具,積極探索期權、賣空機制、做市商制度、市價單與止損單等新型交易模式。
2、法制化改革。在立法方面:確立正確的立法指導思想,對《證券法》、《公司法》進行修改,使其具有前瞻性和可操作性;加強《證券法》、《公司法》的商事性,使其不僅僅是一部管理法;制訂頒布新的法律,完善現有的法律體系,如《投資者權益保護法》、《兼並與收購法》;修改《證券法》、《刑法》,使兩法對證券犯罪規定相互一致,相互銜接;增加《證券法》中有關欺詐民事責任的規定;修改《證券法》,增加對中國證監會司法審查的規定,推動中國證監會依法行政。
執法方面:形成科學的執法方式,避免證監會階段性查處一批違法案件的「運動式」監管,形成經常性監管,日常性監管和事件監管相結合,動態監管與靜態監管相呼應的監管方式;查處證券欺詐行為,保護投資者利益;證監會加強自律。
司法方面:法院以積極的態度對待投資者,對為了維護合法權益而對證券欺詐行為提起的訴訟,不得以沒有法律依據為由拒絕審理。
3、國際化改革。我們的市場規則、行為模式要和國際的最佳規則、最佳模式接軌,按照WTO的協議開放證券服務業。中長期應該實現股票市場,包括二級市場雙向自由開放,讓國外的藍籌股在上海的證券交易所自由上市,交叉掛牌。適時修改法規,允許存托憑證的實施,國內基金、國外資本的自由出入。■ 全科論文中心http://www.issncn.net 全科論文中心http://www.issncn.net
『肆』 誰可以幫我寫份關於股票與股票市場的英文論文啊
建議你寫好瞭然後找高人翻譯成 英文的嘿嘿
『伍』 有沒有什麼關於中國股市的英語文章
一篇轉自今天chinadaily的文章:
Stocks nosedive after record high close
China stocks took a roller coaster ride in the first two sessions after the Spring Festival, suffering a record daily tumble Tuesday after reaching an all-time high the previous day.
The benchmark Shanghai Composite Index, which tracks the bigger of China's stock exchanges, fell 268.81 points, or 8.84 per cent, to 2,771.79, the biggest fall in points since the index was launched. The Shenzhen Composite Index, which tracks the smaller of China's bourses, plummeted 66.3 points, or 8.54 per cent to 709.81. The Shanghai and Shenzhen 300 index of major companies in the two bourses, lost 250.18 points, or 9.24 per cent to 2,457.49.
Led by big caps, more than 900 stocks in Shanghai and Shenzhen fell the daily limit of 10 per cent.
The Instrial and Commercial Bank of China, the nation's biggest lender, tumbled 7.86 per cent to 4.69 yuan. China Life, the country's biggest insurer, lost 9.02 per cent to 33.89 yuan. Instrial Bank, which made an A-share debut this month, was down 10 per cent to 24.11 yuan.
China Petroleum and Chemical Corporation (Sinopec), Asia's biggest refiner, fell 10 per cent to 8.90 yuan.
China Vanke Co., the nation's biggest property developer, went from 9.97 percent to 14.26. Baoshan Iron & Steel Co., China's biggest steelmaker, dropped 9.98 percent to 9.02. Citic Securities Co., the nation's biggest publicly traded brokerage, lost 9.70 per cent to 36.21 yuan.
The decline came as some investors judged the Shanghai Composite Index's record closing high Monday to be excessive relative to earnings potential, according to Bloomberg News.
"The market's very sensitive as it's been trading at record levels and some stocks are considered overvalued," Fan Dizhao, who helps manage about $1.8 billion with Guotai Asset Management Co. in Shanghai was quoted as saying.
"Investors are nervous about recent rapid gains and aren't convinced further share-price increases can be sustained."
Speculation about possible measures against illegal capital also dragged on the stocks, hexun.com reported.
The government is to introce a series of measures to push the illegal capital out of the equity market ring the annual session of the National People's Congress, China's top legislature, and the Chinese People's Political Consultative Conference, the country's top advisory body, the China Banking Regulatory Commission revealed Tuesday morning, according to speculations.
Some analysts deemed the dive another round of natural correction as profit-taking pressure increased after the Shanghai index topped the psychologically important level of 3,000.
『陸』 畢業論文摘要翻譯成英文 內容是中美兩國股票市場內容
With the increasing dependence on the economic system of international financial market, China's main board market, which can be regarded as a barometer of China's economy, also shows its relevance to the international stock market. August 2015 August 18 - 25, five trading between Chinese, American and Japanese stock market ushered in the stock market crash will this issue once again pushed to the attention of the platform.
This issue mainly through the Chinese Shanghai Composite Index and the U.S. Dow Jones Instrial Average Index from 2005 -2015 10 years of stock index data contrast, and then determine the U.S. stock market impact of the general law of China's A shares. Through the simple understanding of the linkage model of the domestic and foreign economists and the empirical test, the correctness of the general law is proved according to the analysis results. The main conclusions are as follows:
First: the U.S. stock market has a strong impact on China's stock market. Although the economic environment of developed countries started late, but the development model has become mature, the strong linkage between the various developed countries, China's economic market is still in a state of imperfect, relatively speaking, it should be more influential, and must be accompanied by China's macro-control policies;
Second: the impact of the stock market in China and the United States is being affected by the impact of a single American stock market on the Chinese stock market and the stock market. This reverse effect is still in the bud, but in the rapid economic growth of China's economy, China's impact on the United States will also be more and more.
『柒』 求有關證券市場信息披露或內幕交易或監管方面的英語文章一篇,字數1000就可以了,要有文章出處和中文譯文
Shame fills a vacuum in China's financial law enforcement
中國金融法律執行力度的空缺由名譽懲罰來彌補
THE vast gaps in the regulations governing China's financial markets are nosecret. The risks are spelled out in mind-numbing detail in every Chinese shareprospectus issued to Western investors. They run the gamut from the possibilityof full-blown Communist expropriation to bad accounting, insider trading,market manipulation and fraud.
中國金融市場監管制度的巨大漏洞早已不是什麼秘密。在呈現給西方投資者的中國股票計劃書中,所有對風險細節的描述都讓人大腦短路。這些風險從標準的共產主義式沒收的可能性開始,一直到糟糕的會計,內部交易,市場交易和欺詐行為。
There are enough prosecutions to indicate that mischief-making goes on,but not enough to make enforcement appear credible. Even when there are rules,the line between acceptable and unacceptable conct is often unclear, and someactions are patently unfair. There is, for example, no 「full」 disclosure law,no match of regulation FD in America.Companies frequently meet investors selectively. The information that emergescan include changes in senior management—and hence strategy—and be ofextraordinary value. In more developed markets, aggrieved shareholders kept inthe dark could fire off private lawsuits; but private litigation in Chinais allowed only after the state has determined malfeasance.
雖然足夠多的說明書顯示這些問題還在繼續,但法律的執行力度卻遠遠不夠。即使是有相應的條文,其在可接受和不可接受行為之間的界線也通常不清晰,而且一些法律明顯就不公平。比方說,中國沒有和美國《反選擇性披露法》類似的要求「全部」披露的法律。公司頻繁地有選擇性地為投資者提供信息。有些信息因為涉及到公司高層的變動——從而影響公司戰略——而有很高的價值。在更加發達的市場上,那些被蒙蔽而憤懣的股東們可以發起私人訴訟;但在中國,只有政府認定了錯誤之後,私人的起訴程序才能啟動。
Given these shortcomings, Chinamight well be shunned by investors, but it is not. Its Shanghaiand Shenzhen stockmarkets—though falling sharply this year—were togethermcapitalised at $3.9 trillion at the end of January, more than in any country inthe world except America andJapan.Despite their size, the markets are not efficient, however. Share-pricemovements, according to several studies, do not fit as closely with financialresults as in other large markets. That is not only bad for investors; it alsoundermines the stockmarket's broader economic job of channelling capital towhere it can best be used.
按理說,有這樣大的缺陷,投資者應該盡量避開中國,但事實並非如此。上海和深圳的股市,盡管今年大幅下挫,但在1月底之前總共融資了3.9萬億美元,在所有的國家中僅此於美國和日本。然而,它的效率卻和它的規模不合拍。一些研究表明,中國的股票價格波動與其他大型市場不同,和其財務狀況沒有緊密地相關性。這不僅不利於投資者,同樣從根本上損害了股市所肩負的經濟任務,即把資本引導到能發揮最佳效用的地方。
Name and shame 美名與惡名
Plenty of studies demonstrate the role of a good legal environment tofinancial markets. But Benjamin Liebman and Curtis Milhaupt, two professors at Columbia LawSchool, argue in a forthcoming paper*that, whatever the limitations of the scope and enforcement of China's laws,another form of regulation has quietly emerged. Drawing on China's traditions, the authoritiesnow also discipline wrongdoers using public criticism.
許多研究都證實了良好的法治環境在金融市場中的重要角色。但是Benjamin Liebman和Curtis Milhaupt,兩位哥倫比亞法律學校的教授,在即將發表的論文上,將論證無論中國法律的限制范圍和執行度如何,另一種管制方式已經悄然興起。它源於一種中國傳統,即權威機關正使用輿論批評來約束過錯方。
Financial markets are usually regulated through well enforced securitieslaws, like the ones Americaintroced ring the Depression; or through self-regulation, as in America before the Depression and in London's AlternativeInvestment Market today. For many years academics focused more on laws,believing that exchanges pursued members' interests rather than those ofinvestors. But a landmark study by Paul Mahoney, of the University of Virginia,a decade ago began to shift support towards self-regulation. Privately runmarkets have an interest in safeguarding investors, because that is the bestmeans of increasing listing and trading volumes and thus of generating morefees. When exchanges were run by the state, it was not clear whether theself-interest worked in that way.
通常,金融市場的管制是通過高效執行的證券法來實現,比如美國在大蕭條時期所展示的那樣;或者通過市場自律來實現,比如美國在大蕭條之前和在今日倫敦的可替換投資市場。許多年來,學術上把注意力更多的集中在法律上。但在10年前,來自維吉尼亞大學的Paul Mahoney的一項里程碑式的研究,卻把支持力量轉向了自律。當交易所由私人經營時,捍衛投資者就是它的一項自身利益,因為這樣是最好方法以增加註冊公司和交易額,並因此獲得產生更多的收費。而當交易所由政府經營的時候,其自身利益是否能產生這樣的效果就很難確定了。
When China'stwo stock exchanges were created in 1990, the chief goal was to use private savingsto restructure state-owned firms. Investors received only minority stakes andlimited sway over corporate governance. Equally important, both exchanges wererun by bureaucrats, so there were fewer incentives to increase their value byattracting companies and punters. There was little effective competitionbetween them.
當中國的兩家股票交易所在1990年成立時,其主要的目的是利用私人存款以改建國有企業。投資者僅能得到很小的股權且對公司的運營的影響非常有限。同樣重要的是,兩家交易所均由政府機關運營,因而他們吸引公司和投機者以實現自身增殖的動機小得多。他們之間也幾乎沒有有效的競爭。
Over the past 18 years, Chinahas introced rules against market manipulation, fraud and insider dealing,but enforcement remains patchy. The China Securities Regulatory Commissionseems competent but overwhelmed. Sometimes it takes years to issue penaltiesafter lengthy investigations—and along the way cases lose relevance.
過去的18年間,中國頒布了許多禁止市場操縱,欺詐和內部交易的法律,但執行度始終都不足。中國證監會表面上是合格的,但實際上基本是擺設。有時候它得花上幾年的調查時間才能公布處罰,隨著時間的流逝,這些案件都失去了相關性。
In the meantime, the exchanges have quietly begun to acquire authority.The power that they wield appears flimsy—the most serious penalty they can levyis a rebuke to firms and indivials through public notices. But it isremarkably effective in a country with a long history of punishment byhumiliation—think of the cangue, a rectangular slab around the neck, inpre-Communist times and nce caps in the Cultural Revolution.
就在同一時間,證交所已經悄悄地開始獲取威權。他們能實現的最嚴重的處罰是斥責公司和個人並引起公眾的注意,看起來是個很脆弱的權力。但對於一個歷史上長期將羞辱當作懲罰的國家,它非常的有效——想想共產主義之前的刑枷,把脖子圍住的矩形木板和文化大革命時期的愚蠢的「高帽子」。
Messrs Liebman and Milhaupt write that between 2001 and 2006 the exchangespublicly criticised 205 companies and almost 1,700 people. They looked at theshare prices of the targeted firms both when they disclosed the conct forwhich they were being criticised and when the criticism was published. Theadmissions typically preceded the rebukes, and in the few weeks that followedthe firms' share prices underperformed the Shanghai stockmarket by an average of up to6% (see left-hand chart). After the criticism, there was a further lag of up to3% on average (see right-hand chart).
Messrs Liebman和Milhaupt寫到,在2001和2006年之間證交所公開批評了205家公司和近1700個人。他們觀察目標公司的股票價格變化,包括它們披露其受到批評的行動的時候和針對他們的批評被發布的時候。正常情況下是公司承認在先,隨後的幾周內這家公司的股票價格平均低於上海市場近6%(見左圖)。而隨後的公共批評,在一定的延遲下又可以讓它繼續下跌平均3%(見右圖)。
Using evidence from extensive interviews, Messrs Liebman and Milhauptpoint to other damage too. Raising money through equity markets and banksbecame more costly, and sometimes impossible, for companies that had beencriticised. Suppliers and customers also took a tougher line. Some people lost theright to be a director or senior manager, and suffered from pariah status in acountry where there is little pity for failure. The criticisms were sometimeseven a prelude to formal investigations by the regulatory authorities.
更廣泛地調查取證後,Messrs Liebman和Milhaupt指出還存在著其他的損失。因為公司被批評,它從銀行和股市融資將變得更加困難,有時候甚至無法融資。供應商和消費者也會更加決絕。有些人將失去成為總裁或高管的機會,還會在這個對失敗者沒有同情心的國家承受千夫所指的痛苦。批評有時候甚至是監管機關正式調查的前奏。
Criticism may count for a couple of reasons, the authors suggest. Amid thevacuum of information in China,any hint of bad news is likely to be seized upon. And, in a state-run economy,it is never good to be unpopular with the authorities.
作者表示,批評有如此威力是出於幾個原因。在中國,因為信息空缺,任何一個關於壞消息的暗示都可能引起巨大的關注。而且,在政府經營的經濟體里,得罪權威部門在任何情況下都不是好事。
From an academic point of view, more intriguing is that the exchanges havebegun to regulate themselves even though they are not private. This suggeststhat there is room, even in countries with authoritarian governments, for newforms of governance to emerge when laws fail. It is quite conceivable that theexchanges may become better regulators than the official ones.
從一個學術的觀點來看,更加有趣的是,盡管證交所並非私人經營,但也開始約束自身。這顯示,即使在威權主義政府的國家,當法律無從施力時,同樣有空間讓新的管理方式興起。我們完全可以相信,相比起政府機關來,證交所將是更優秀的監管者。
『捌』 有篇關於股市方面的英語文章翻譯!(不要是網上和有道那裡的翻譯,請英語高手幫忙)
令人緊張的牛市,令人沮喪的熊市(不對么?我覺得就這意思啊)
對於股市投資者來說,行情看漲的時候令人恐懼,幾乎不可能下跌,讓悲觀的預言家預測落空。
股市忽漲忽跌的不穩定性,使投資者面臨兩個傷腦筋的選擇:或者繼續向股市注入資金,這樣就要冒另一次反轉的風險,或者抽出資金,這么做的風險是,把未來可能的收益全部扔到了桌子上。(這里應該是個隱喻,意思是放棄了未來可能的收益。)
「我們正在那些中等規模的公司中尋找收益,那些市值在100億美元或類似的公司。」Yee說,「比如,在固定資產部分,我們看到有很多公司的交易值是他們年收益的12到13倍,總體上相對於股市來說就是25倍。」
就像大股票優於小股票,股票的「增長率」要優於它們的「價值」。而有些方面的股票,也就是說科技股,似乎一直在狂熱地上漲。
但像1998年的三季度充分證明了,即使是一個上漲年,也會伴隨著波動。所以現在不要把你對投資組合的控制變成自動控制。
『玖』 急求!一篇關於股票價值投資或投資風險方面的外文文獻翻譯!要中英文對照的,中文3000字以上外文10000字元
追加多少?