stock-sales ratio

Base on the models of M1 and M2, the stock market can influence money supply through the currency rate, the excess reserve rate, the required reserves rate, the ratio of quasi money to deposits by enterprises and the base money.

根据M1和M2的供给模型，股票市场可以通过通货比率、超额准备金率、法定准备金率、存款结构比、基础货币5条途径影响货币供给。

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The latter sensitivity shows that China stock market is not efficient, and market-to-book ratio can reflect investor irrational valuation psychology.

短期投资决策对市值账面比的强敏感性说明中国市场尚属非有效市场，市值账面比在很大程度上反映了投资者的非理性估价心理。

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Chapter ⅲ describes the adjustment of deposit reserve ratio and the status of the stock market in recent years.

第三章分别介绍了目前存款准备金率调整的现状和股票市场近年来的现状。

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In the short term, event study method is adopted. The result confirms the signaling effect, and the higher the ratio of stock dividend, the stronger the effect is.

短期采用事件研究法，结果证实了股票股利的信号作用，认为股票股利行为能够带来短期的超额投资回报，并且送股比例越高，信号作用越明显。

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Among various macroeconomic variables, only Fixed Asset Investment Completeness Ratio, Consumer Price Index, Monetary Policy Indicator M1, and Open Market Operation have significant long term effects on Shanghai and Shenzhen stock market return.

在考察的众多的宏观经济变量当中，只有固定资产投资完成率、消费价格指数、货币政策变量指标M1和公开市场操作对我国沪深两市股票市场长期收益有显著影响。

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