第五，市场换手率对我国股票收益率解释力较弱。
Fifth, the market turnover on the explanatory power of stock returns is weak.
股票收益率和通货膨胀率之间既可以正相关，也可以负相关。
The relationship between stock returns and inflation can be either negative or positive.
本文讨论了股票价格过程期望收益率的估计问题。
This paper discusses the estimation of the expected rate of return of stock price process.
公司规模越大，则股票的累计超额收益率越大；
股票的平均收益率与股票的系统风险存在正相关关系；
The average stock income rate is proportional to the stock systematic risk.
股票的平均收益率与股票的系统风险存在正相关关系；
The average stock income rate is proportional to the stock systematic risk.
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