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本文对沪深股市的长期水平规律进行了研究,发现我国股市的长期预期收益不能认为是常数,并建立了两股市的预期收益、股价和股利三者之间的长期水平线性模型,并给出了实证分析。
This paper studies the long-run horizontal rule of the Shanghai and Shenzhen stock markets and finds that the long-term expected return of the stock market in our country can not be considered as a constant, and establishes a long-term horizontal linear model between the expected return, stock price and dividend in the two markets. Empirical analysis.