『壹』 有没有关于中国股市的英文文章或者网站。。。。。。好着急啊
这里有很多中国股市英文文章:
http://www.sse.com.cn/sseportal/en_us/ps/home.shtml
『贰』 求一篇有关股票市场的文章或者新闻,最好是英语的,谢谢
您好
您可以看看这些文章都是原创的希望可以帮助您。希望您采纳。下面是我朋友的原创的网络经验一共十六期,您的所有问题都在里面了。
http://jingyan..com/article/066074d67e1651c3c21cb0cd.html
http://jingyan..com/magazine/4329
http://jingyan..com/magazine/5582
『叁』 关于中国股市制度缺陷及纠正的外文文献
这方面我基本上是空白,所以找了一下,看看能能否帮上你,二、中国股票市场存在的问题
市场经济需要经济自由、明确的财产权和保护产权的法律条件。在提供市场经济的基础条件方面,政府有着巨大的规模优势。但是这种优势只是理论上的。事实表明,政府与其说建设性地提供了这些基础条件,倒不如说常常破坏性地摧毁市场经济的基础条件。中国股票市场一直没有解决好政府与市场的关系问题。
1、经济自由受到限制。中国股票市场上的股票发行方式行政色彩十分明显,政府对股票发行实行了额度限制,上市指标成为稀缺“资源”。这使得拟上市公司向地方政府及主管部门争取额度,地方政府和主管部门向国家证券管理部门争取额度的行为愈演愈烈。政府对上市公司挑选程序的过深介入与市场经济原则相背,因为政府挑选所采用的是一套行政机制,其核心是运用行政关系来推荐,缺乏市场选择的效率,容易产生寻租腐败。许多企业上市后把股票市场当作“提款机”,而没有通过资本市场上的运作来解决企业亟待解决的问题,如转换经营机制,建立良好的公司治理结构,优化资源配置和进行产业调整,反而使企业因缺乏有效的股东制衡机制和合理的股权结构而出现质量滑坡,许多公司在上市不久即告业绩下降甚至亏损。
当上市公司不能正常经营时,政府又对上市公司资产重组和退市进行干预。中国股票市场一直没有形成一种有效的退市制度。在连续亏损上市公司数量不断增多的情况下,证券管理部门推出了ST、PT制度作为退市制度的过渡。由于对公司市场准入的控制,上市公司的“壳”成为稀缺资源,成为市场上兼并、收购和重组的首选对象。在发达国家,股票市场上上市公司的兼并、收购和重组完全是一种以市场为基础的纯企业行为,政府很少会介入到这一活动中去。而在我国,上市公司中国有股占据控制地位的产权结构特征和资本市场以为国有企业筹集资金和“解困”为目的的定位,决定了政府必然是上市公司资产重组的内在构成要素。政府在介入关系公司资本结构变化与经营战略调整的资产重组时,不可避免地会有行政管理者的色彩,很难将其所有者权能与社会管理者权能做出清晰地界定。同时,作为资产所有者,政府在重组中追求利益最大化的行为是市场化财产属性所要求的结果,但它在行使其社会权能时,其行为更主要的是一种行政行为。角色的双重性,导致政府在上市公司重组中的行为常出现市场化与行政化的混淆。
2、中国上市公司没有形成明晰的产权。中国股票市场是官办的,设立之初就是为国有企业解困、卸包袱的。因此,在现有的上市公司中超过60%的是从国有企业转制而来的。全民所有权本身是一种不明确的所有权关系,全民所有权虽然在静态意义上是明确的,但其收益与损失由谁负责却不甚清楚。
公司治理是在产权诸项权能的基础上形成的,合理的产权制度安排是有效公司治理的必要前提。在国有股控股的公司中,由于国有股的有效持有主体缺位,致使国有产权虚置,没有形成人格化的产权主体,股东对企业的监控机制难以建立。这种制度缺陷容易衍生经营者道德风险,产生“内部人”控制。国有股东对公司的控制在产权上趋于超弱控制,在行政上则趋于超强控制。经理人员与政府博弈的结果是一部分经理人利用政府产权上的超弱控制形成对企业的内部控制,同时又利用行政上的超强控制转嫁经营风险,将经济性亏损推诿为体制性因素。
股权分置的制度安排也导致了公司外部治理机制不能正常运转。正常情况下,股票在市场流通所表现的估价是对上市公司经营管理水平的直接反映,流通股比例越高,通过证券市场监督上市公司经营状况的力度就越强。若公司业绩差,投资者就会抛售股票,股价下跌,从而为收购者创造出收购机会,而一旦收购成功,被收购公司的原有经营管理者将处于十分不利的境地。因此,提升企业经营管理水平与经营业绩来防止公司被恶意收购,就成为上市公司经营者恪尽职守、勤勉尽责的外在压力与约束。但是在国有股不流通情况下,上述市场压力传导机制对经营者的作用非常有限。
3、缺乏完善的法制。资本市场正常有效运行的一个重要前提是必须有一套反映市场经济本质要求和资本市场内在规律的完善的法律制度和健全的法律体系。但在我国这样一套法律制度和法律体系还远没有建立起来。
在立法方面,调节资本运行的《公司法》和《证券法》都带有比较明显的制度缺陷。目前正在实施的《公司法》是从20世纪80年代后期开始制定,于1994年7月1日正式实施的。在制定《公司法》时,由于社会主义市场经济理论还未正式确定,资本、资本市场和资本机制等都还未取得合法地位,人们对股票、股票市场和股份公司的地位和作用在认识上比较肤浅,在这种背景下制订的《公司法》与现实越来越不适应。正在实施的《证券法》是在亚洲金融危机期间出台的,为有效防范风险,有些内容规定较严,已经不能满足证券市场的发展需要,其中在混业经营,股指期货、社保资金入市,加入WTO后的证券市场发展以及证券监管机构执法权限等方面都亟须进一步改进。“法不好依”成为我国证券市场运行中的一个突出问题。
在执法方面,证监会是中国证券市场主要的执法机关,由于隶属国务院具有行政管理职能,所以具有行政机关的色彩。证监会的监管很多时候是为了调控市场的价格和指数,缺乏预期性和一致性;执法过程中查处侵害投资者利益案件比较少,查处违反市场管理政策性法律案件比较多。在执法过程中存在不公平、不及时、不透明,缺乏连贯性,纵容违法行为,监管机构内部人员违法犯罪等问题。
在司法方面,存在重行政轻刑事、民事责任的问题,缺少民事赔偿制度等。
三、中国股票市场制度的变革
基于上述分析,中国股票市场要成长为一个集融资、投资、资源配置功能于一体的成熟市场,必须进行基础制度的变革,走市场化、法制化、国际化的道路。
1、市场化改革。按市场原则决定谁有权进入股票市场,明确监管范围和责任,强化政府依法对股票市场进行监管,从各个方面放松政府管制,疏通股票市场的进出通道,实现发行上市和投资完全由市场来选择,建立和完善退市机制。同时实行股票全流通,股权多样化,大力发展产权交易市场,建立一个包括创业板市场、主板市场和场外交易市场的多层次市场体系,适时推出股票指数期货、国债期货等国外比较成熟,国内已初步具备条件的新型交易工具,积极探索期权、卖空机制、做市商制度、市价单与止损单等新型交易模式。
2、法制化改革。在立法方面:确立正确的立法指导思想,对《证券法》、《公司法》进行修改,使其具有前瞻性和可操作性;加强《证券法》、《公司法》的商事性,使其不仅仅是一部管理法;制订颁布新的法律,完善现有的法律体系,如《投资者权益保护法》、《兼并与收购法》;修改《证券法》、《刑法》,使两法对证券犯罪规定相互一致,相互衔接;增加《证券法》中有关欺诈民事责任的规定;修改《证券法》,增加对中国证监会司法审查的规定,推动中国证监会依法行政。
执法方面:形成科学的执法方式,避免证监会阶段性查处一批违法案件的“运动式”监管,形成经常性监管,日常性监管和事件监管相结合,动态监管与静态监管相呼应的监管方式;查处证券欺诈行为,保护投资者利益;证监会加强自律。
司法方面:法院以积极的态度对待投资者,对为了维护合法权益而对证券欺诈行为提起的诉讼,不得以没有法律依据为由拒绝审理。
3、国际化改革。我们的市场规则、行为模式要和国际的最佳规则、最佳模式接轨,按照WTO的协议开放证券服务业。中长期应该实现股票市场,包括二级市场双向自由开放,让国外的蓝筹股在上海的证券交易所自由上市,交叉挂牌。适时修改法规,允许存托凭证的实施,国内基金、国外资本的自由出入。■ 全科论文中心http://www.issncn.net 全科论文中心http://www.issncn.net
『肆』 谁可以帮我写份关于股票与股票市场的英文论文啊
建议你写好了然后找高人翻译成 英文的嘿嘿
『伍』 有没有什么关于中国股市的英语文章
一篇转自今天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.
『陆』 毕业论文摘要翻译成英文 内容是中美两国股票市场内容
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』 求有关证券市场信息披露或内幕交易或监管方面的英语文章一篇,字数1000就可以了,要有文章出处和中文译文
Shame fills a vacuum in China's financial law enforcement
中国金融法律执行力度的空缺由名誉惩罚来弥补
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.
中国金融市场监管制度的巨大漏洞早已不是什么秘密。在呈现给西方投资者的中国股票计划书中,所有对风险细节的描述都让人大脑短路。这些风险从标准的共产主义式没收的可能性开始,一直到糟糕的会计,内部交易,市场交易和欺诈行为。
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.
虽然足够多的说明书显示这些问题还在继续,但法律的执行力度却远远不够。即使是有相应的条文,其在可接受和不可接受行为之间的界线也通常不清晰,而且一些法律明显就不公平。比方说,中国没有和美国《反选择性披露法》类似的要求“全部”披露的法律。公司频繁地有选择性地为投资者提供信息。有些信息因为涉及到公司高层的变动——从而影响公司战略——而有很高的价值。在更加发达的市场上,那些被蒙蔽而愤懑的股东们可以发起私人诉讼;但在中国,只有政府认定了错误之后,私人的起诉程序才能启动。
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.
按理说,有这样大的缺陷,投资者应该尽量避开中国,但事实并非如此。上海和深圳的股市,尽管今年大幅下挫,但在1月底之前总共融资了3.9万亿美元,在所有的国家中仅此于美国和日本。然而,它的效率却和它的规模不合拍。一些研究表明,中国的股票价格波动与其他大型市场不同,和其财务状况没有紧密地相关性。这不仅不利于投资者,同样从根本上损害了股市所肩负的经济任务,即把资本引导到能发挥最佳效用的地方。
Name and shame 美名与恶名
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.
许多研究都证实了良好的法治环境在金融市场中的重要角色。但是Benjamin Liebman和Curtis Milhaupt,两位哥伦比亚法律学校的教授,在即将发表的论文上,将论证无论中国法律的限制范围和执行度如何,另一种管制方式已经悄然兴起。它源于一种中国传统,即权威机关正使用舆论批评来约束过错方。
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,金融市场的管制是通过高效执行的证券法来实现,比如美国在大萧条时期所展示的那样;或者通过市场自律来实现,比如美国在大萧条之前和在今日伦敦的可替换投资市场。许多年来,学术上把注意力更多的集中在法律上。但在10年前,来自维吉尼亚大学的Paul Mahoney的一项里程碑式的研究,却把支持力量转向了自律。当交易所由私人经营时,捍卫投资者就是它的一项自身利益,因为这样是最好方法以增加注册公司和交易额,并因此获得产生更多的收费。而当交易所由政府经营的时候,其自身利益是否能产生这样的效果就很难确定了。
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.
当中国的两家股票交易所在1990年成立时,其主要的目的是利用私人存款以改建国有企业。投资者仅能得到很小的股权且对公司的运营的影响非常有限。同样重要的是,两家交易所均由政府机关运营,因而他们吸引公司和投机者以实现自身增殖的动机小得多。他们之间也几乎没有有效的竞争。
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.
过去的18年间,中国颁布了许多禁止市场操纵,欺诈和内部交易的法律,但执行度始终都不足。中国证监会表面上是合格的,但实际上基本是摆设。有时候它得花上几年的调查时间才能公布处罚,随着时间的流逝,这些案件都失去了相关性。
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.
就在同一时间,证交所已经悄悄地开始获取威权。他们能实现的最严重的处罚是斥责公司和个人并引起公众的注意,看起来是个很脆弱的权力。但对于一个历史上长期将羞辱当作惩罚的国家,它非常的有效——想想共产主义之前的刑枷,把脖子围住的矩形木板和文化大革命时期的愚蠢的“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写到,在2001和2006年之间证交所公开批评了205家公司和近1700个人。他们观察目标公司的股票价格变化,包括它们披露其受到批评的行动的时候和针对他们的批评被发布的时候。正常情况下是公司承认在先,随后的几周内这家公司的股票价格平均低于上海市场近6%(见左图)。而随后的公共批评,在一定的延迟下又可以让它继续下跌平均3%(见右图)。
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.
更广泛地调查取证后,Messrs Liebman和Milhaupt指出还存在着其他的损失。因为公司被批评,它从银行和股市融资将变得更加困难,有时候甚至无法融资。供应商和消费者也会更加决绝。有些人将失去成为总裁或高管的机会,还会在这个对失败者没有同情心的国家承受千夫所指的痛苦。批评有时候甚至是监管机关正式调查的前奏。
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,批评有如此威力是出于几个原因。在中国,因为信息空缺,任何一个关于坏消息的暗示都可能引起巨大的关注。而且,在政府经营的经济体里,得罪权威部门在任何情况下都不是好事。
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.
从一个学术的观点来看,更加有趣的是,尽管证交所并非私人经营,但也开始约束自身。这显示,即使在威权主义政府的国家,当法律无从施力时,同样有空间让新的管理方式兴起。我们完全可以相信,相比起政府机关来,证交所将是更优秀的监管者。
『捌』 有篇关于股市方面的英语文章翻译!(不要是网上和有道那里的翻译,请英语高手帮忙)
令人紧张的牛市,令人沮丧的熊市(不对么?我觉得就这意思啊)
对于股市投资者来说,行情看涨的时候令人恐惧,几乎不可能下跌,让悲观的预言家预测落空。
股市忽涨忽跌的不稳定性,使投资者面临两个伤脑筋的选择:或者继续向股市注入资金,这样就要冒另一次反转的风险,或者抽出资金,这么做的风险是,把未来可能的收益全部扔到了桌子上。(这里应该是个隐喻,意思是放弃了未来可能的收益。)
“我们正在那些中等规模的公司中寻找收益,那些市值在100亿美元或类似的公司。”Yee说,“比如,在固定资产部分,我们看到有很多公司的交易值是他们年收益的12到13倍,总体上相对于股市来说就是25倍。”
就像大股票优于小股票,股票的“增长率”要优于它们的“价值”。而有些方面的股票,也就是说科技股,似乎一直在狂热地上涨。
但像1998年的三季度充分证明了,即使是一个上涨年,也会伴随着波动。所以现在不要把你对投资组合的控制变成自动控制。
『玖』 急求!一篇关于股票价值投资或投资风险方面的外文文献翻译!要中英文对照的,中文3000字以上外文10000字符
追加多少?