This paper includes five parts . the first is to review the study on the subject ; the second is to discuss the characteristic of chian ' s stock market . . the change of money - admitted policy and the questions on the study . the third is to verify the size effect in china ' s stock market by using correlation test and regression test on the bases of four different criterions , each criterion will be applied with two time - series methods . the fourth is to summary the main character of four different criterions , and apply joint test to the criterions that were proved the best concerning the size effect . the illiquidity risk was introduced to the study , the indexes of turn - over rate and the fluctuation of turn - over were used here . however , other factors that may influence the invest return rate as circulating rate and size were also included . according to the result , the size effect will be interpreted . the fifth is to summary the size effect and its explaination , and then to provide some useful invest strategies based on the conc lusion above 论文分五部分，第一部分对小公司效应的有关研究文献进行回顾;第二部分我国股票市场的状况、资金供给政策的变化和我国股票市场实证的相关问题进行论述;第三部分对我国股票市场的小公司效应按照四种不同的规模标准分类，每一种标准均分两种不同的统计周期分段标准进行实证分析;第四部分小结不同的规模分类、不同统计周期分段的统计结果特征，然后对小公司效应最明显的规模分类标准进行多因子联合回归分析，这里引入了流动性风险因素，其用换手率和换手率波动指标来衡量，还分别引入了其它影响投资收益率的因子，分别是规模、流通比例。
On the base of these theories , we combine with the existed amount of human capital and the concrete things of education investment in western area , and find the difference between western area and eastern area , analyze the existed problems , that is the infection factors about the form of human capital . at the same time , we calculate the yield of higher education in western area 在这些理论基础上，结合西部地区人力资本存量及教育投资的具体情况，找出西部地区与东部地区的差距及其原因，分析其存在的问题，即对人力资本形成所产生的影响，其中还运用前面章节介绍的计算教育投资收益率的方法来计算西部地区的高等教育投资收益率。
Through the regression analysis between investors " psychology and history investment return , we found that during the short - term investors expect continuation of past stock returns , high returns for the longer periods are associated with nervouse bullishness and investors framing depend on the valotility of history investment return when the return is certain 论文通过量化投资者心理，并对心理指标与历史投资收益率及其变动进行回归分析，发现我国投资者在短期内的预期模式是持续型的，长时间的高收益将导致其谨慎的看涨情绪，而当投资收益率一定的情况下框定依赖于收益率的变动，得出我国投资者是非理性的结论。
Finally , with the experience data of auto - policies , using this model for determining the pricing profit margin and taking the statistical analysis tools ( matlab software ) to carefully perform the empirical research , pricing profit margins were simulated . theoretically speaking , this model contain the two factors , which provided the basic reference for determine pricing profits margins 从理论上来讲,此模型将承保利润率和投资收益率这两个随机影响因素结合了起来,考虑它们对定价利润因子的影响,这就为确定定价利润因子提供了可供参考的依据。
Investors may focus on guaranteed fund issued by bank , it is new style of financing product which is welcomed in the international market , it is not only shows the safety like bank deposit , but also make higher return with the interest rate arise , at the same time , rising interest rates will lead to fall of the bond price , and make higher return of guaranteed fund which will be issued by banks 投资者可把目光聚焦到正在发售的银行保本基金上，这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感，而且可以利用此次利率上升的机会创造更高的收益；同时，加息导致债券价格下跌，实际上提高了即将入市的银行保本基金的债券投资收益率。
Using the net assets per capital , the investment return rate , the t - m model , the h - m model , the single factor evaluating model which consists of the treynor index , the jensen index , the sharpe index and the square m index , we evaluate the performance of the twelve mutual funds . and we come to the following conclusions : ( 1 ) after the modification of the risk factor , our mutual funds in the recent one year outguess the market ; ( 2 ) better performance comes from the aid of the government , the improvement of the investment environment and the hard , smart work of the managers especially in the way of selecting some securities in the capital market . ( 3 ) though we make progress , there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds , all of them divided into the subjective ones and the objective ones 通过使用投资基金单位净资产和投资收益率指标、单因素整体绩效评估模型，包括treynor指数、 jensen指数、 sharpe指数和业绩的m ~ 2测度以及t - m 、 h - m模型对12只样本基金进行实证研究，实证研究表明： ( 1 )经过风险调整后，在最近的一年中，我国证券投资基金的业绩总体上优于市场基准组合； ( 2 )基金业绩的提高得益于管理层的重视、投资环境的改善和基金经理的经营，而基金经理的良好业绩是通过一定的证券选择来获得的； ( 3 )已成为证券市场上举足轻重力量的基金在发展过程中虽然取得了一定的成绩但其进一步发展还面临着许多问题，有主观存在的诸如管理费率的设定、基金风格方面的问题等等，也有客观存在的诸如证券市场现阶段的不完善等等，所以，我们应该抓住《证券投资基金法》问世带给基金业发展的契机，大力促进证券投资基金规范发展，采取各种措施做大、做优和做强基金业。
In this paper , the author compares the financing tactics of listed companies in the split share structure age and the all - floating age , and come to the following conclusions : in the split share structure age , listed companies could do equity financing for all irr projects at the price higher than book value of net asset . non - floating shareholders benefited from this financing tactics and would vote it to make it executed . but in the all - floating age , only those equity financing decisions for the projects with irr higher than the market rate is favorable to all shareholders and will get approval to execute 本文通过对股权分置时期和全流通时期上市公司再融资行为建立模型进行分析和比较,得出在股权分置时期上市公司以高于净资产价格为任何投资收益率的项目进行股权融资,都是符合非流通股股东利益的,都会得到非流通股股东的支持而通过实施;在全流通时期,上市公司只有为投资收益率水平大于投资者目前在市场上要求的投资回报率的再融资项目进行股权融资,才是对全体股东有利的,才能得到股东的支持并实施。
The whole essay is divided into three chapters : the first chapter summarizes the present conditions , the prospect , the construction pattern and also the social significance of the flat construction . the following part briefs the general procedures and steps of the investment evaluation by using engineering economic principle , and indicates some common methods , such as investment revenue rate , net present value ( npv ) , inner revenue rate ( irr ) and so on . in chapter three , we set dalian vacational technical college as an example , and declare clearly its economic evaluation 全文分为三章：第一章概括介绍了我国高校学生公寓建设的现状、发展前景、建设模式以及社会意义等；第二章运用经济学原理概述了投资项目经济评价的一般程序和步骤，并介绍了投资收益率法、净现值法( npv ) 、内部收益率法( irr )等经济评价的一般方法；第三章以大连职业技术学院学生公寓建设项目为例对其经济评价作了详尽阐述。
Through the empirical analysis , on one hand , we find there is no regression relation between p / e ( market price to earnings ratio ) and market return ratio , so the lower p / e cannot guide investors , on the other hand , we find there is negative regression relation between p / bv ( market price to book value ratio ) and market return ratio , so we conclude that the lower p / bv is significant for investors 在分析中国证券市场上投资心理状况的前提下，对沪深两市上市公司相关指标进行研究和实证分析，发现在中国证券市场上，市盈率与投资收益率之间不存在线性相关性；而市净率与投资收益率之间存在负相关关系，以低市净率作为逆向投资策略的选股方法能够有效地指导投资者。
