已有文献认为中国的高投资率伴随着高的资本回报率。本文从宏观经济学关于投资的q理论出发,借鉴金融经济学中基于生产的资产定价模型,构造出包含实物资本调整成本的资本回报率模型,再结合中国的宏观总量数据测算国内的资本回报率。在基...已有文献认为中国的高投资率伴随着高的资本回报率。本文从宏观经济学关于投资的q理论出发,借鉴金融经济学中基于生产的资产定价模型,构造出包含实物资本调整成本的资本回报率模型,再结合中国的宏观总量数据测算国内的资本回报率。在基本模型、剔除生产税以及剔除生产税和所得税三种情形下,本文加入资本调整成本的宏观资本回报率,分别比Bai et al.(2006)方法得到的资本回报率显著下降约61.73%、35.67%和24.83%。从全球来看,中国的资本回报率可能没有明显高于其他经济体。值得指出的是,在剔除生产税和企业所得税的情形下,考虑调整成本的资本回报率从2008年的9.82%逐年下降到2014年的3.02%。近年国内企业投资回报的大幅下降,值得高度关注。展开更多
Assuming a two-component, positive and negative mass, superfluid/supersolid for space (the Winterberg model), we model the Higgs field as a condensate made up of a positive and a negative mass, planckion pair. The con...Assuming a two-component, positive and negative mass, superfluid/supersolid for space (the Winterberg model), we model the Higgs field as a condensate made up of a positive and a negative mass, planckion pair. The connection is shown to be consistent (compatible) with the underlying field equations for each field, and the continuity equation is satisfied for both species of planckions, as well as for the Higgs field. An inherent length scale for space (the vacuum) emerges, which we estimate from previous work to be of the order of, l<sub>+</sub> (0) = l<sub>-</sub> (0) = 5.032E-19 meters, for an undisturbed (unperturbed) vacuum. Thus we assume a lattice structure for space, made up of overlapping positive and negative mass wave functions, ψ<sub>+</sub>, and, ψ<sub>-</sub>, which together bind to form the Higgs field, giving it its rest mass of 125.35 Gev/c<sup>2</sup> with a coherence length equal to its Compton wavelength. If the vacuum experiences an extreme disturbance, such as in a LHC pp collision, it is conjectured that severe dark energy results, on a localized level, with a partial disintegration of the Higgs force field in the surrounding space. The Higgs boson as a quantum excitation in this field results when the vacuum reestablishes itself, within 10<sup>-22</sup> seconds, with positive and negative planckion mass number densities equalizing in the disturbed region. Using our fundamental equation relating the Higgs field, φ, to the planckion ψ<sub>+</sub> and ψ<sub>-</sub> wave functions, we calculate the overall vacuum pressure (equal to vacuum energy density), as well as typical ψ<sub>+</sub> and ψ<sub>-</sub> displacements from equilibrium within the vacuum.展开更多
In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We ...In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We find that the predictive information for short-term changes in profitability is not subsumed by the profitability level in the Chinese stock market.We also find that short-term profitability changes generate an asymmetrical premium across different market states.Furthermore,we find that the beta anomaly is embedded in the premium generated by a short-term change in profitability.In addition,we explore the underlying mechanisms of the profitability premium and propose a heterogeneous investor belief channel to explain the profitability premium.We find that riskbased q-theory also helps explain the profitability premium.Therefore,the profitability premium comes from a mixed source and cannot be entirely explained by a single theory.展开更多
文摘已有文献认为中国的高投资率伴随着高的资本回报率。本文从宏观经济学关于投资的q理论出发,借鉴金融经济学中基于生产的资产定价模型,构造出包含实物资本调整成本的资本回报率模型,再结合中国的宏观总量数据测算国内的资本回报率。在基本模型、剔除生产税以及剔除生产税和所得税三种情形下,本文加入资本调整成本的宏观资本回报率,分别比Bai et al.(2006)方法得到的资本回报率显著下降约61.73%、35.67%和24.83%。从全球来看,中国的资本回报率可能没有明显高于其他经济体。值得指出的是,在剔除生产税和企业所得税的情形下,考虑调整成本的资本回报率从2008年的9.82%逐年下降到2014年的3.02%。近年国内企业投资回报的大幅下降,值得高度关注。
文摘Assuming a two-component, positive and negative mass, superfluid/supersolid for space (the Winterberg model), we model the Higgs field as a condensate made up of a positive and a negative mass, planckion pair. The connection is shown to be consistent (compatible) with the underlying field equations for each field, and the continuity equation is satisfied for both species of planckions, as well as for the Higgs field. An inherent length scale for space (the vacuum) emerges, which we estimate from previous work to be of the order of, l<sub>+</sub> (0) = l<sub>-</sub> (0) = 5.032E-19 meters, for an undisturbed (unperturbed) vacuum. Thus we assume a lattice structure for space, made up of overlapping positive and negative mass wave functions, ψ<sub>+</sub>, and, ψ<sub>-</sub>, which together bind to form the Higgs field, giving it its rest mass of 125.35 Gev/c<sup>2</sup> with a coherence length equal to its Compton wavelength. If the vacuum experiences an extreme disturbance, such as in a LHC pp collision, it is conjectured that severe dark energy results, on a localized level, with a partial disintegration of the Higgs force field in the surrounding space. The Higgs boson as a quantum excitation in this field results when the vacuum reestablishes itself, within 10<sup>-22</sup> seconds, with positive and negative planckion mass number densities equalizing in the disturbed region. Using our fundamental equation relating the Higgs field, φ, to the planckion ψ<sub>+</sub> and ψ<sub>-</sub> wave functions, we calculate the overall vacuum pressure (equal to vacuum energy density), as well as typical ψ<sub>+</sub> and ψ<sub>-</sub> displacements from equilibrium within the vacuum.
基金funded by the National Natural Science Foundation of China.(grant numbers:72171167,71532009,71471129,71501140).
文摘In this study,we show that changes in profitability predict a firm's stock returns and future profitability.We construct three horizon-based profitability changes,including short-,medium-,and long-term changes.We find that the predictive information for short-term changes in profitability is not subsumed by the profitability level in the Chinese stock market.We also find that short-term profitability changes generate an asymmetrical premium across different market states.Furthermore,we find that the beta anomaly is embedded in the premium generated by a short-term change in profitability.In addition,we explore the underlying mechanisms of the profitability premium and propose a heterogeneous investor belief channel to explain the profitability premium.We find that riskbased q-theory also helps explain the profitability premium.Therefore,the profitability premium comes from a mixed source and cannot be entirely explained by a single theory.
