资本定价是一门科学，也是一门艺术，具有相对性、时效性、模糊性和主观性等特征，并受到反馈效应和制度性缺陷的影响。
Capital pricing is both scientific and artistic, with the characteristics of relativity, timeliness, opaque and subjective, and is influenced by feedback effect and institutional defect.
在中国股票市场，账面市场效应并不存在，但与规模相关的某种系统风险因素在股票定价中起到了重要作用。
In China's stock market, there is no book market effect, but a certain system risk factor relevant to the scale plays an important role in the stock pricing.
作为有效市场理论的重要异象，动量效应是基于风险的传统资产定价理论的最严重挑战之一。
As an important anomaly of the effective market theory, the momentum effect is one of the most serious challenges to the classical models of rational price formation.
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