【摘要】：“信”乃個(gè)人的立身之本,是企業(yè)的立業(yè)之本,也是國(guó)家政府的立國(guó)之本。我國(guó)古代商道提倡“誠(chéng)信為本,以義取利”,“義、信、利”等。誠(chéng)信是社會(huì)正常運(yùn)行的道德基礎(chǔ),更是我國(guó)市場(chǎng)經(jīng)濟(jì)持續(xù)健康發(fā)展的一個(gè)不可忽視的軟條件與軟約束。市場(chǎng)經(jīng)濟(jì)體制有利于我國(guó)經(jīng)濟(jì)的發(fā)展,但同時(shí)在這競(jìng)爭(zhēng)激烈甚至殘酷的當(dāng)代,容易誘發(fā)部分企業(yè)尤其是成長(zhǎng)環(huán)境艱苦的企業(yè)過(guò)分重利等觀念和風(fēng)氣,甚至在企業(yè)之間盛行著“不走尋常路,才能活下來(lái)。走正常途徑,反而辦不了事”的觀念。創(chuàng)新本身是好的,合理規(guī)避法律法規(guī),也是可以的,但這所謂的“不尋常路”觀念亦滋生了一種不好的風(fēng)氣,那就是挑戰(zhàn)法律與道德底線,從而出現(xiàn)不誠(chéng)信,甚至造假等問(wèn)題。這種風(fēng)氣不僅體現(xiàn)在了我國(guó)企業(yè)的實(shí)體發(fā)展運(yùn)營(yíng)中,亦蔓延至了資本市場(chǎng)。 2010年11月10日,在美上市中國(guó)企業(yè)大連綠諾被美國(guó)做空機(jī)構(gòu)Muddy Water指控財(cái)務(wù)造假、信息披露不實(shí)、高管貪污,并被評(píng)級(jí)為“強(qiáng)力賣出”。以此為標(biāo)志拉開(kāi)序幕,美國(guó)資本市場(chǎng)中國(guó)概念股在美國(guó)做空機(jī)構(gòu)的瘋狂“獵殺”下,上演了有史以來(lái)中國(guó)企業(yè)在美國(guó)資本市場(chǎng)上最為嚴(yán)重的信任危機(jī)事件。此次事件中,中國(guó)高速頻道、中國(guó)東方紙業(yè)等多家公司遭遇集體訴訟,美國(guó)市場(chǎng)投資者則對(duì)諸多中國(guó)概念股以腳投票,美國(guó)證監(jiān)會(huì)SEC展開(kāi)對(duì)中國(guó)企業(yè)尤其是以借殼方式上市的中國(guó)企業(yè)的調(diào)查,132家中國(guó)企業(yè)被美國(guó)最大的非銀行券商盈透拉入黑名單,美國(guó)龍昌會(huì)計(jì)師事務(wù)所甚至做出了審計(jì)界罕見(jiàn)的事情,舉報(bào)納偉仕、岳鵬成電機(jī)等4家中國(guó)客戶涉嫌財(cái)務(wù)造假,多家赴美上市中國(guó)企業(yè)受牽連IP0遭遇破發(fā),西安寶潤(rùn)、大連綠諾、中國(guó)高速頻道、盛大科技、江波制藥等多家公司被勒令退市或停牌,泰富電氣、大連傅氏、中能集團(tuán)(SNEN)、同濟(jì)堂等企業(yè)則選擇主動(dòng)私有化退市。 這次信任危機(jī)事件,不僅重創(chuàng)了確有財(cái)務(wù)造假、信息披露不實(shí)等情況的“原罪”企業(yè),逼迫其市值縮水、接受調(diào)查、退市、停牌、也嚴(yán)重影響了絕大多數(shù)在美國(guó)上市的其他中國(guó)企業(yè),中國(guó)企業(yè)股價(jià)紛紛下跌,市值遭到嚴(yán)重縮水。再者,此次信任危機(jī)事件,也很可能波及到整個(gè)美國(guó)資本市場(chǎng),甚至其他地區(qū)資本市場(chǎng)中國(guó)概念股,比如香港中國(guó)概念股。因此,本文以該次信任危機(jī)事件為著眼點(diǎn)進(jìn)行研究,并論證“信任”的系統(tǒng)性影響力,以引起個(gè)人、企業(yè)、乃至國(guó)家政府對(duì)“誠(chéng)信”、“信用”建設(shè)的高度重視。 本文第二章,首先從中國(guó)概念股定義開(kāi)始,介紹了近年來(lái)我國(guó)企業(yè)赴海外上市數(shù)量、融資額、上市企業(yè)總量以及在全球各國(guó)資本市場(chǎng)上市的數(shù)量分布情況,從而對(duì)中國(guó)企業(yè)海外上市有了概覽性認(rèn)識(shí),同時(shí),我們也了解到,香港市場(chǎng)與美國(guó)市場(chǎng)是我國(guó)企業(yè)赴海外上市的最主要兩大資本市場(chǎng)。其次,本文介紹了在美中國(guó)概念股基本情況,總結(jié)了美國(guó)資本市場(chǎng)層次、美國(guó)主要資本市場(chǎng)上市條件,中國(guó)概念股在美國(guó)資本市場(chǎng)的歷史淵源與四波上市浪潮、中國(guó)企業(yè)在美上市方式以及中國(guó)企業(yè)在美國(guó)各大資本市場(chǎng)分布等。 第三章中,在大量閱讀期刊雜志的基礎(chǔ)上整理歸納,首先按照時(shí)間順序描述了信任危機(jī)事件的起源與開(kāi)端、危機(jī)步步蔓延直至全面爆發(fā)的過(guò)程,其次描述了此次危機(jī)事件中美國(guó)證監(jiān)會(huì)SEC、各大交易所、會(huì)計(jì)師事務(wù)所等中介機(jī)構(gòu)、做空機(jī)構(gòu)等各方的反應(yīng)與行動(dòng)。之后,本文分析了此次信任危機(jī)事件發(fā)生的原因。進(jìn)一步地,從四個(gè)層面上分析了此次信任危機(jī)事件的“系統(tǒng)性”影響沖擊力：第一層面：信任危機(jī)在企業(yè)個(gè)體層面的系統(tǒng)性擴(kuò)散；第二層面：在美國(guó)資本市場(chǎng)中國(guó)概念股范圍層面上的系統(tǒng)性擴(kuò)散；第三層面：在美國(guó)資本市場(chǎng)層面上的系統(tǒng)性擴(kuò)散；第四層面：在全球資本市場(chǎng)范圍層面上的擴(kuò)散,重點(diǎn)討論對(duì)香港資本市場(chǎng)中國(guó)概念股產(chǎn)生影響。其中第三層面與第四層面的系統(tǒng)性擴(kuò)散作為遺留問(wèn)題,在后面逐步解決。 在第四章、第五章,通過(guò)單位根檢驗(yàn)、格蘭杰因果檢驗(yàn)、VAR模型建立、脈沖響應(yīng)函數(shù)以及方差分解等實(shí)證研究及實(shí)證分析,著重論證了前述遺留問(wèn)題：一是論證了在2010年11月10日至2012年2月24日期間,即美國(guó)信任危機(jī)事件發(fā)生后的一年多時(shí)間里,美國(guó)市場(chǎng)中國(guó)概念股對(duì)美國(guó)市場(chǎng)具有較強(qiáng)的格蘭杰領(lǐng)先影響關(guān)系,其對(duì)美國(guó)市場(chǎng)大盤指數(shù)的脈沖響應(yīng)沖擊均較為明顯。換句話說(shuō),中國(guó)概念股的信任危機(jī),也通過(guò)股市的這種傳遞機(jī)制,波及到了整個(gè)美國(guó)資本市場(chǎng)。二是論證了在2010年11月10日至2012年2月24日期間,即美國(guó)信任危機(jī)事件發(fā)生后的一年多時(shí)間里,美國(guó)市場(chǎng)中國(guó)概念股對(duì)香港市場(chǎng)中國(guó)概念股,包括香港H股指數(shù)HSCEI與香港紅籌股指數(shù)HSCCI均有顯著的格蘭杰領(lǐng)先影響關(guān)系,其對(duì)香港市場(chǎng)中國(guó)概念股的脈沖響應(yīng)沖擊均較為明顯。中國(guó)概念股的信任危機(jī),通過(guò)跨市場(chǎng)的這種傳遞機(jī)制,波及到了香港市場(chǎng)中國(guó)概念股。 綜上所述,得出了本文的結(jié)論： 一、“信”乃企業(yè)立業(yè)之根本,是資本市場(chǎng)機(jī)制有效運(yùn)行之基石,應(yīng)引起所有企業(yè),資本市場(chǎng)監(jiān)管機(jī)構(gòu),乃至國(guó)家政府高度重視。 二、此次信任危機(jī)事件有力體現(xiàn)了美國(guó)資本市場(chǎng)的自發(fā)性監(jiān)管機(jī)制。 三、“誠(chéng)信”“信任”出現(xiàn)問(wèn)題,容易引起系統(tǒng)性的影響沖擊力,本次美國(guó)市場(chǎng)中國(guó)概念股信任危機(jī)事件,體現(xiàn)了四個(gè)層面上的系統(tǒng)性沖擊力： 第一層面：在企業(yè)個(gè)體層面的系統(tǒng)性擴(kuò)散 事發(fā)企業(yè)由于財(cái)務(wù)造假、信息披露不實(shí)等局部原因,受做空機(jī)構(gòu)指控,引發(fā)市場(chǎng)投資者對(duì)該企業(yè)的整體“誠(chéng)信”“信譽(yù)”產(chǎn)生懷疑,尤其在企業(yè)態(tài)度不端正或不明朗的情況下,更容易導(dǎo)致系統(tǒng)性崩潰,企業(yè)股價(jià)與市值迅速蒸發(fā)無(wú)幾,最后走上退市之路。 第二層面：在美國(guó)資本市場(chǎng)中國(guó)概念股范圍層面上的系統(tǒng)性擴(kuò)散。 2007年5月8日至2010年11月9日期間,美國(guó)市場(chǎng)中國(guó)概念股指數(shù)CHXN比率(注：與其基點(diǎn)的比率)走勢(shì)圖均在標(biāo)準(zhǔn)普爾500、納斯達(dá)克指數(shù)以及道瓊斯工業(yè)指數(shù)比率走勢(shì)圖上方。而在信任危機(jī)事件發(fā)生后,2010年11月10日至今2012年2月24日期間,尤其是2011年5月份開(kāi)始,美國(guó)市場(chǎng)中國(guó)概念股指數(shù)CHXN比率走勢(shì)圖在納斯達(dá)克指數(shù)以及道瓊斯工業(yè)指數(shù)比率走勢(shì)圖下萬(wàn)。 第三層面：在美國(guó)資本市場(chǎng)范圍層面上的系統(tǒng)性擴(kuò)散。 在2011年11月10日至2012年2月24日期間,即美國(guó)信任危機(jī)事件發(fā)生后的一年多時(shí)間里,美國(guó)市場(chǎng)中國(guó)概念股對(duì)美國(guó)市場(chǎng)具有較強(qiáng)的領(lǐng)先影響關(guān)系,其對(duì)美國(guó)市場(chǎng)的脈沖響應(yīng)沖擊均較為明顯,且隨著期數(shù)往前推移,CHXN對(duì)納斯達(dá)克指數(shù)的可解釋變異比率維持在68%的水平,對(duì)道瓊斯工業(yè)指數(shù)DOWJ的可解釋變異比率維持在約54%水平。中國(guó)概念股的信任危機(jī),也通過(guò)股市的這種傳遞機(jī)制,波及到了整個(gè)美國(guó)資本市場(chǎng)。 第四層面：在香港資本市場(chǎng)中國(guó)概念股范圍層面上的系統(tǒng)性擴(kuò)散。 在2010年11月10日至2012年2月24日期間,即美國(guó)信任危機(jī)事件發(fā)生后的一年多時(shí)間里,美國(guó)市場(chǎng)中國(guó)概念股對(duì)香港市場(chǎng)中國(guó)概念股,包括香港H股指數(shù)HSCEI與香港紅籌股指數(shù)HSCCI均有較強(qiáng)的格蘭杰領(lǐng)先影響關(guān)系,其對(duì)香港市場(chǎng)中國(guó)概念股的脈沖響應(yīng)沖擊均較為明顯,且隨著期數(shù)的往前推移CHXN對(duì)HSCEI、HSCCI的可解釋變異比率均維持在30%左右。中國(guó)概念股的信任危機(jī),通過(guò)跨市場(chǎng)的這種傳遞機(jī)制,影響到了香港市場(chǎng)中國(guó)概念股。 四、對(duì)于非上市公司,尤其是跨國(guó)公司、多元化集團(tuán),“誠(chéng)信”“信任”體系建設(shè)亦尤其重要,應(yīng)高度重視。 在結(jié)論基礎(chǔ)上,本文給出建議：一是建議無(wú)論非上市公司層面、上市公司層面、跨國(guó)公司、多元化集團(tuán)公司層面,還是行業(yè)自律組織、監(jiān)管機(jī)構(gòu),直至國(guó)家政府層面,均應(yīng)高度重視對(duì)“誠(chéng)信”“信用”的精心維護(hù),謹(jǐn)防個(gè)體信任問(wèn)題引發(fā)系統(tǒng)性的危機(jī)。二是呼吁國(guó)民對(duì)企業(yè)“不誠(chéng)信”行為給予道德與行動(dòng)上的嚴(yán)厲懲戒,應(yīng)避免麻木、被動(dòng)的心態(tài)對(duì)待,首先從態(tài)度上拒絕輕易原諒“犯錯(cuò)主體”,其次以自身行動(dòng)拒絕向“犯錯(cuò)主體”貢獻(xiàn)利潤(rùn)。此外,政府應(yīng)重視媒體誠(chéng)信建設(shè),盡量減少對(duì)博客、微博等具有大眾媒體的干預(yù),從而加強(qiáng)公眾道德約束的力度。 本文創(chuàng)新在于：在描述信任危機(jī)事件過(guò)程、分析發(fā)生原因的基礎(chǔ)上,從企業(yè)個(gè)體范圍層面、美國(guó)市場(chǎng)中國(guó)概念股范圍層面、所在資本市場(chǎng)范圍層面、全球資本市場(chǎng)中國(guó)概念股范圍層面,采用數(shù)量分析與實(shí)證研究結(jié)合的方法,剖析了“信任”的層層系統(tǒng)性擴(kuò)散與系統(tǒng)性影響沖擊力,從而引起人們高度重視誠(chéng)信建設(shè),謹(jǐn)防系統(tǒng)性信任危機(jī)發(fā)生。 本文缺陷在于：未對(duì)此次美國(guó)市場(chǎng)中國(guó)概念股信任危機(jī),是否波及到香港市場(chǎng)以外的其他資本市場(chǎng)中國(guó)概念股,予以實(shí)證研究與論證,在第四層面的結(jié)論上,缺乏完整性。
[Abstract]:"Letter" is the foundation of the individual, the foundation of the enterprise and the foundation of the state government. The ancient commercial road of our country advocates "honesty, righteousness, faith, profit". Honesty is the moral foundation of the normal operation of the society, and it is also a soft and soft contract which can not be ignored in the sustainable development of our market economy. The market economic system is conducive to the development of our country's economy, but at the same time, in the fierce and even cruel contemporary era, it is easy to induce some enterprises, especially the enterprises with hard growth environment, to overprofit and so on. Concept. Innovation itself is good, it is also possible to reasonably circumvent laws and regulations, but the so-called "unusual road" concept also creates a bad atmosphere, which is the challenge of the bottom line of law and morality, and thus the emergence of dishonesty and even counterfeiting, which is not only reflected in the entity development and operation of Chinese enterprises, but also tendril. It has been extended to the capital market.
In November 10, 2010, Dalian Rino, a Chinese listed Chinese company, was launched by the American capital market China concept stock in the history of "hunting" in the United States under the crazy "hunting" of the American capital market, Dalian Lindo, the American empty agency, accused of fraudulent financial fraud by the American shorting agency, Muddy Water, and was rated as "strong selling". In the event of the most serious crisis of trust crisis in the US capital market, many companies such as China's high speed channel, China Oriental paper industry encountered collective action, and American market investors voted for many Chinese concept stocks, and the US Securities Regulatory Commission SEC launched a Chinese enterprise, especially a Chinese enterprise listed on a shell way. A survey of 132 Chinese companies has been blacklisted by the largest non bank securities firms in the United States. The American public accounting firm has even made a rare event in the audit field. 4 Chinese customers, such as Yue Pengcheng motor, were reported to have been suspected of financial fraud, and many Chinese companies listed in the United States have been affected by IP0, Xi'an, Dalian and Dalian. Many companies, such as Rino, China high-speed channel, Shanda technology, Jiang Bo pharmaceutical and other companies were ordered to go out of the market or discontinuation of the market. Tai Fu electric, Dalian Fu, Zhong Neng group (SNEN), Tongji hall and other enterprises chose to take the initiative to privatize the market.
The trust crisis has not only created a "original sin" enterprise that has a real financial fraud and information disclosure, forcing its market value to shrink, accepting investigation, delisting and discontinuation. It has also seriously affected the vast majority of other Chinese companies listed in the United States, the price of Chinese enterprises has fallen and the market value has been severely shrinking. The crisis is also likely to spread to the entire American capital market, and even the other regional capital markets, such as the Chinese concept stock in Hongkong, such as the Chinese concept stock. Therefore, this article takes this trust crisis as the focus of the study and demonstrates the systematic influence of "trust" in order to cause the "integrity" of individuals, enterprises and even the government. The construction of "credit" is highly valued.
In the second chapter, first of all, from the definition of the Chinese concept stock, we introduce the number of overseas listed companies, the amount of financing, the amount of the listed companies and the distribution of the number of Listed Companies in the world's capital markets in recent years, so as to have a general understanding of the overseas listing of Chinese enterprises. At the same time, we also know that the Hongkong market and the United States are also known. The field is the most important two largest capital market for Chinese enterprises to go to the overseas market. Secondly, this paper introduces the basic situation of Chinese concept stocks in the United States, summarizes the level of the American capital market, the listed conditions of the major capital markets in the United States, the historical origin of the Chinese concept stock in the US capital market and the four wave of the wave of listing in the United States, and the way Chinese enterprises are listed in the United States. And the distribution of Chinese enterprises' major capital markets in the US.
In the third chapter, on the basis of a large number of reading periodicals and magazines, the origin and the beginning of the crisis of trust crisis are described in accordance with the time sequence, and the crisis is spreading to the whole. Secondly, it describes the United States Securities Regulatory Commission (SEC), the agency of the CSRC, the accounting firms and other intermediaries, and the empty institutions. After the response and action of the parties, this paper analyzes the causes of the crisis, and further analyzes the impact of the "systematic" impact of the trust crisis from four levels: the first level: the systemic diffusion of the trust crisis at the individual level of the enterprise; the second level: in the American capital market Systematic diffusion on the level of the country's conceptual share; the third level: systematic diffusion in the level of American capital market; the fourth level: the diffusion in the scope of the global capital market, the emphasis on the influence of the Chinese concept stock in the capital market of Hongkong. The systematic diffusion of the third level and the fourth level is a legacy. The problem is solved in the back.
In the fourth chapter and the fifth chapter, through the unit root test, the Grainger causality test, the VAR model establishment, the impulse response function and the variance decomposition, the empirical study and the empirical analysis are carried out. The first is to demonstrate the previous problems, one is to demonstrate the time of more than a year between November 10, 2010 and February 2012 24, that is, the crisis of the American trust crisis. In the meantime, the US market China concept stock has a strong Grainger lead influence on the US market, and its impulse response to the American market index is more obvious. In other words, the trust crisis of the Chinese concept stock is also passed through the transfer mechanism of the stock market, and the wave and the whole American capital market. Two is 2010. From November 10th to February 24, 2012, the American market China concept stock has a significant Grainger lead influence on the Hongkong market China concept stock, including the Hongkong H-share index HSCEI and the Hongkong red chip index HSCCI, and its impulse response to the Chinese concept stock market in Hongkong market. The trust crisis of China's concept stocks has spread to the Hongkong concept market through the cross market transmission mechanism.
To sum up, the conclusion of this paper is drawn.
First, "letter" is the foundation of enterprise establishment and the cornerstone of the effective operation of the capital market mechanism. It should be highly valued by all enterprises, capital market regulators and even the national government.
Two, this trust crisis has strongly reflected the spontaneous regulatory mechanism of the US capital market.
Three, the problem of "trust" and "trust" can cause the impact of systematic impact. The crisis of trust crisis in the Chinese concept stock market of the United States embodies the systematic impact on the four levels.
First level: systemic diffusion at the individual level of enterprises
Because of the local reasons such as false financial fraud and false information disclosure, the market investors are doubtful of the overall "credibility" and "credibility" of the enterprise, especially in the case of inaccurate or uncertain enterprise attitude, which will lead to a rapid evaporation of the stock price and market value. Walk on the way out of the market.
The second level: systematic diffusion in the scope of China's concept stocks in the US capital market.
From May 8, 2007 to November 9, 2010, the CHXN ratio of the U. S. market China concept stock index (the ratio of its base points) was above the standard & Poor's 500, the NASDAQ index and the Dow Jones industrial index ratio chart. And after the crisis of trust, from November 10, 2010 to February 24, 2012, especially in February 24, 2012. Starting in May 2011, the US stock market index of China's index CHXN ratio charts under the NASDAQ index and the Dow Jones industrial index ratio chart.
The third level: systemic diffusion in the scope of US capital market.
During the period of November 10, 2011 to February 24, 2012, the American market Chinese concept shares have a strong leading influence on the American market in more than a year after the American trust crisis, and the impulse response to the American market is more obvious. And the CHXN's solvability to the NASDAQ index has gone on as the period goes on. The rate of variability is maintained at the level of 68%, and the interpretable variation ratio of the Dow Jones industrial index DOWJ is maintained at about 54% levels. The trust crisis of the Chinese concept stock has also reached the whole American capital market through the transfer mechanism of the stock market.
The fourth level: systematic diffusion in the scope of China's concept stocks in Hongkong capital market.
During the period of more than a year from November 10, 2010 to February 24, 2012, the American market China concept stock has a strong Grainger leading influence on the Hongkong market China concept stock, including the Hongkong H-share index HSCEI and the Hongkong red chip index HSCCI, and the Chinese concept stock of the Hongkong market. The impulse response impact is more obvious, and the interpretable variation ratio of CHXN to HSCEI and HSCCI is about 30% as the period goes on. The trust crisis of the Chinese concept stock has influenced the Chinese concept stock in Hongkong market through this transfer mechanism across the market.
Four, for Non-listed Company, especially multinational corporations, the construction of "integrity" and "trust" system is also important, and we should attach great importance to it.
On the basis of the conclusion, this paper gives suggestions: first, it is suggested that no matter the non-listed company level, the listed company level, the multinational corporation, the diversified group company level, the industry self-discipline organization, the regulatory agency, and the national government level, we should attach great importance to the careful maintenance of "credit" and "credit", and beware of the individual trust issue. The two is to call on the people to give strict moral and action to the "dishonest" behavior of the enterprise. It should avoid numbness and passive attitude. First, it refuses to forgive the "main body" from the attitude, and then refuses to make a profit to the "wrong subject" by its own action. In addition, the government should attach importance to the construction of media integrity. We should minimize the intervention of mass media such as blogs, micro-blog and so on, so as to enhance the public's moral restraint.
The innovation of this paper is: on the basis of describing the process of trust crisis events and analyzing the causes, from the individual scope of the enterprise, the scope level of the Chinese concept stock market in the United States market, the scope of the capital market, the scope of the global capital market China concept share, the combination of quantitative analysis and empirical research, and the analysis of the "trust". "Systematic diffusion and systemic impact impact", which causes people to attach great importance to the building of integrity and guard against the occurrence of systemic trust crisis.
The defects of this paper are: no trust crisis in the Chinese concept stock market in the US market, or whether it has affected the Chinese concept shares of other capital markets outside Hongkong market, and gives an empirical study and demonstration, and the conclusion of the fourth level is lack of integrity.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F831.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前5條

1 王峰娟;代英昌;;為何在美中國(guó)概念股頻遭做空?[J];財(cái)務(wù)與會(huì)計(jì)(理財(cái)版);2011年09期

2 陳收;李雙飛;李小曉;;中國(guó)概念股與國(guó)內(nèi)外股市的聯(lián)動(dòng)效應(yīng)研究[J];管理科學(xué);2008年04期

3 麥鳴;中國(guó)概念股在華爾街掀起的四波浪潮[J];華東科技;2001年12期

4 余灝源;;誰(shuí)決定H股的趨勢(shì)——基于中企指數(shù)與香港、大陸市場(chǎng)指數(shù)的協(xié)整分析[J];陜西教育(高教版);2008年11期

5 傅健;;NYSE和NASDAQ上市的中國(guó)概念股的現(xiàn)狀與對(duì)策分析[J];中國(guó)證券期貨;2011年07期

相關(guān)碩士學(xué)位論文 前1條

1 賴以容;中國(guó)概念股研究[D];復(fù)旦大學(xué);2010年

，

本文編號(hào)：2120834