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Abstract: It's very difficult for stockholders to have a good command of the stock investment risk, though many qualitative analysis and stock price tendency analysis have been made.By mean of a combination of qualitative and quantitative analysis, the author, will in this article, quantify the risk by advancing a numerical value of the stock investment risk, and thereby provide the risk control method. 股票投资风险的度量与控制傅志超(湖南财经学院410079)随着我国经济体制改革的深入发展,人们的投资趋向也发生了巨大的变化,昔日还不知为何物的股票,今大成了热门话题,尤其是中小投资者对于股票投资发生了浓厚的兴趣,希望能从股票的买与卖的差价中获取丰厚的... The devolopment of a stock market can be divided into five periods: prelimenary, manipulatable, speculative , consolidating and mature Period. Each period has its own characteristics.The prerequisite of a mature market is to accomplish centralized trading, active OTC market, large scale bond market, sound regulations and rules, substantial market practioners, sound managerial construction and effective regulation execution.The strategies for an emerging market is to set up a complete and sound regulatory rules... The devolopment of a stock market can be divided into five periods: prelimenary, manipulatable, speculative , consolidating and mature Period. Each period has its own characteristics.The prerequisite of a mature market is to accomplish centralized trading, active OTC market, large scale bond market, sound regulations and rules, substantial market practioners, sound managerial construction and effective regulation execution.The strategies for an emerging market is to set up a complete and sound regulatory rules and market system, cultivate and train practioners, enlarge market scale, develop institutional investors, set up a good recycle function of the market, pilot correct investment motives. 证券市场的发展阶段一般可分为:潜伏期、操纵期、投机期、整理(崩盘)期及成熟期五个阶段,各阶段有其自身的特征。 成熟市场的必要条件:能充分发挥功能的集中交易市场;活络的店头市场(OTC);规模较大的债券市场;完备的法律规范;众多的参与者;完善的管理构架,有效地执行法规等。 新兴证券市场的发展对策:建立完整的管理法规以及完善的市场制度;培养训练人才;扩大市场规模,发展机构投资者;建立市场良性循环机能;宣导正确投资观念,使投资人了解证券投资风险。 The share—holding system of Foshan enterprises is divided into four mod- els:(1)transforming state enterprises into share—holding companies;(2)transforming state and collective combined enterprises into share—holding companies;(3)transforming township enterprises into share—holding companies;(4)some enterprises constitute a share-holding company.The success of this reformation results in collecting the investment funds and chang- ing the operation mechanism of the enterprise.The stock of Foshan's enterprises... The share—holding system of Foshan enterprises is divided into four mod- els:(1)transforming state enterprises into share—holding companies;(2)transforming state and collective combined enterprises into share—holding companies;(3)transforming township enterprises into share—holding companies;(4)some enterprises constitute a share-holding company.The success of this reformation results in collecting the investment funds and chang- ing the operation mechanism of the enterprise.The stock of Foshan's enterprises will be listed on the Shenzhen Stock Exchange.It is important to improve the distribution of stockholder eq- uity and to Control the risk of stock issuance and transaction. 佛山企业股份制分为四种模式:(1)国有企业转换为股份公司;(2)国有与集体联合企业转换为股份公司;(3)乡镇企业转换为股份公司;(4)几家企业组建为股份公司。这项改革的成功在于筹集了投资资金和改变了企业经营机制。佛山企业的股票将在深圳证券交易所上市,重要的是改进股权分配和控制股票发行与交易的风险。
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