摘要
通常认为,加息会对股票投资产生极为不利的影响。但是,通过对美国和中国的历史数据的实证分析发现,利率高低对股市涨跌没有明显的影响。这样的结果与流行的结论不太一致,为此,通过深入分析后发现,利率变动时公司盈利的起点不同以及利率变动后长短期资产收益变动的不一致性是出现这种现象的重要原因。
It is widely accepted that interest rate increase may harm stock investment.But this paper refutes this idea by analyzing the historical data concerned in America and China.Though the result of this analysis is different from popular views, the paper probes finds out that this result is mainly caused by different starting points of profit changes and inconsistent return changes between long-and short-term assets influenced by interest rote changes.
出处
《商业研究》
北大核心
2005年第19期46-50,共5页
Commercial Research
关键词
利率
收益
股票
投资
interest rate
return
stock
investment
