股票溢价的缩水可能还有另一个理由。
这就是所谓的股票溢价现象。
由于税收收入高度依赖股票溢价，加州或许是最极端的例子。
California is perhaps the most extreme example, because its state tax revenues depend so heavily on the equity premium.
从1901年开始，每个这些国家，都有个相当高的股票溢价。
In every one of these countries, since 1901, there has been a very high equity premium.
第二种是CCAPM异象，主要是指股票溢价之谜。
The other is CCAPM anomaly, especially the equity premium puzzle.
其中只有一小部分来自债券利息，股票溢价及汇率变动。
A small part of the increase reflected interest on bonds, the appreciation of stocks and currency fluctuations.
研究结论显示：使用标准的校准模型，我国证券市场的股票溢价水平为14.163%。
The conclusion of the study shows that: with the standard calibration model, the equity premium level on the Chinese security market is 14.163%.
可转换公司债对于公司低成本筹集资金、获取高股票溢价、改善公司的财务结构等方面有着积极的作用。
The Convertible Company Bond plays positive function for companies in financing with low cost, getting high stock premium, improving finance structure, etc.
第十七条对投资者实际缴付的出资超出注册资本的差额(包括股票溢价)，企业应当作为资本公积管理。
Article 17 in case capital actually paid by the investors exceeds the registered capital (including stock premiums), an enterprise shall manage the surplus as capital reserve.
论文中收集到的数据是基于2001年发生的相同交易，估计每年的股票溢价范围在0到7个百分点之间。
The collection is a follow-up to a similar exercise undertaken in 2001, where the range of estimates of the premium varied from zero to seven percentage points a year.
这就是…我在这展示的是美国的数据，但是西格尔在他最新出版的书中讨论道，在世界范围内许多发达国家的，股票溢价同样很高。
This is — I'm showing here U.S. data, but Siegel also argues in the latest edition that the equity premium is also high for advanced countries over the whole world.
考虑到是否持有股票对消费行为的影响，使用城镇居民人均消费增长率后，我国证券市场的股票溢价水平为8.247%。
Considering whether the stockholding can impact consume behavior, with per capita consumption growth rate of urban residents, the equity premium level on the security market is 8.247%.
然而证券市场中存在的股票溢价之谜、股价的过度波动等实证研究对其形成了极大的挑战，并且，其理论基础也存在诸多的缺陷。
However empirical researches such as the riddle of equity premium and the acute fluctuation of stock price bring great challenge to it, and there are many defects on its fundamental theory, too.
一个公司需要两到三个季度超过利润预测，才能使得市场愿意给这个股票以估值溢价。
A company may need to beat profits forecasts for two or three quarters before the market is willing to give the stock a premium valuation.
很多人没有想到的是，股票相比短期债券而言，存在一个巨大的溢价。
It surprises many people that stocks have paid such an enormous premium over the return on short-term debt.
公司的净资产完全由溢价出售股票筹得。
The company's net worth consisted entirely of the premium obtained from selling shares at more than face value.
这个价钱比摩托罗拉移动上周五股票闭盘价溢价了百分之六十三。
The price represents a premium of 63 percent to the closing price of Motorola Mobility shares last Friday.
对那些以股息形式可靠地提供稀有现金的股票，投资者愿意支付什么样的溢价水平？
What kind of a premium will investors pay for stocks that reliably churn out scarce cash in the form of dividends?
另外，同时在上海和香港股市上市的股票目前平均以相同价格交易，而在过去四年中，在上海证交所交易的股票通常溢价较高。
Moreover, shares of companies listed both there and in Hong Kong now trade at the same price level, on average. For the past four years Shanghai's typically fetched a noticeable premium.
一个更为严密的论证考虑了证券的风险溢价，即投资者对持有股票所应要求的额外回报。
A more sophisticated argument revolves around the equity risk-premium, the extra return investors should demand for holding shares.
目前以微软“现金+股票”的方案，雅虎的股票正以2％的溢价进行交易，这也意味着投资者们希望微软提高收购价格。
Yahoo shares are trading at a 2 percent premium to Microsoft's cash-and-stock deal, indicating investors expect Microsoft to raise its bid.
投资者再也不用为优质股票支付如此高的溢价了。
No longer do investors have to pay such a big premium for quality.
Berkshire的优先股在高盛将支付10%，并且在未来任何时间内可以以10%的溢价回购股票。
Berkshire's preferred stock in Goldman will pay 10 percent and can be bought back any time at 10 percent premium.
从风险溢价的历史来看，股票投资者未来的收益将会是什么呢？
Given the history of the risk premium, what will the future reward for equity investors be?
信用利差(即高于无风险利率的风险溢价)被放大到前所未有的程度，并且导致股票市场充斥着恐慌情绪。
Credit spreads-that is to say, the risk premium over and above the riskless rate of interest-widened to unprecedented levels and eventually the stock market also was overwhelmed by panic.
尽管这一数据低于历史平均水平，但仍意味着股票投资者能获得风险溢价。
Although this figure is lower than the historical average, it still means that equity investors will earn a risk premium.
尽管这一数据低于历史平均水平，但仍意味着股票投资者能获得风险溢价。
Although this figure is lower than the historical average, it still means that equity investors will earn a risk premium.
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