2003୍6ᄅဝഽٓ࿐ჽ࿐БJun.,2003 ֻ22ज ֻ3௹ 马克思股票市场价值理论探析赵春学(ဝഽٓ࿐ჽࣜ࠶༢,ඹԫဝ 621000) ᅋ ေ:本文概述了马克思对股票市场价值的理论分析,并选择股票上市价格对该分析进行实证检验b检验结论是,股票上市价格与公司预期收益a预期收益可靠度和股票需求量呈显著正相关关系,与其供给量和市场利息率呈显著负相关关系,这一结论验证了马克思的理论分析bܱՍ:股票;股票市场价值;股票上市价格ᇏٳোݼ:F830 91;A81 ໓ངѓ്:A ໓ᅣщݼ:1672 612x(2003)03 0043 04ሧЧ൞ିܔջটഺჅࡎᆴ֥ࡎᆴ,൞൧ӆࣜ࠶ቋࠢᇏ֥іགྷ,ఃቋࠎЧ֥ܿקྟ൞ॖэሧЧ(ФᅝႵ֥স৯)ିܔᄝႨݖӱᇏ๙ݖഺჅসളӁഺჅࡎᆴbቋԚၩၬഈ֥ሧЧ൞ਆಃކ၂֥ሧЧ,ෛሢഠ߶ളӁٚൔ֥ࣉ҄ၛࠣഠ߶ٳ۽֥ࣉ၂҄ؿᅚ,ᆯିሧЧࡅაࠊлሧЧࡅᆭࡗກսࣜႏ֥གྷའсಖ߶ؿള,ѩྙӮ௴ђགྷའ,ࣉطሧЧଽ҆ؿളᇗေਚэ,གྷսၩၬ֥ܢಃሧЧՖᆯିሧЧᇏ৫ԛট,ՖطӁളྍ֥ሧЧਆಃٳ,ቋԚၩၬഈ֥၂ሧЧႵਔਆᇕཌྷؓؓ৫֥Ӂಃྙ:၂ᇕӁಃྙ൞ᄝഠ߶ളӁބੀ๙ᆭຓቔູ෮ႵಃሧЧ,ᆃᇕྍྙ֥ሧЧૌᄵӫᆭູܢௐሧЧ;ਸ਼၂ᇕӁಃྙ၇ಖ൞ᄝഠ߶ളӁބੀ๙ᆭଽቔູႨಃሧЧ,ᆃᇕྙ֥ሧЧૌಯಖӫᆭູᆯିሧЧbܢಃሧЧބܢௐ֏ള,ᄝሧЧؿᅚൎഈऎႵӱЗൔ֥ᇗေၩၬbࣴൗࡀު϶௹,ܢٺ܄ඳၘᇯࡶӮູ൧ӆࣜ࠶֥ັܴᇶุ,აᆭཌྷؓႋ,ܢௐ္ޓॹӮູࢌၞ෮ᆣಊ֥ᇶေ҆ٳ,ᇀՎၛު,ܢௐ൧ӆࡎᆴэ߄္ьӮູ႕ཙݓࣜ࠶֥ᇗေၹ,๙֥ඪم൞ ܢ൧൞ݓࣜ࠶֥і bᆌؓܢௐ൧ӆᆃ၂ᇗնࣜ࠶གྷའหљ൞ܢௐ൧ӆࡎᆴ,ઔक़නᄝ ሧЧં ֻजᇏࣉྛਔંඍ,Ч໓Ϝิູઔक़න֥ܢௐ൧ӆࡎᆴં,ѩࣉྛൌᆣဒb၂aઔक़නؓܢௐ൧ӆࡎᆴ֥ંٳ༅ઔक़නᄝ ሧЧં ᇏؓܢௐ൧ӆࡎᆴ֥ંٳ༅ᇶေႵਆٚ૫ଽಸ:၂൞ܢௐaܢௐࡎᆴaܢௐ൧ӆࡎᆴ֥ࢸק;ؽ൞ܢௐ൧ӆࡎᆴथק֥ંٳ༅b1aܢௐaܢௐࡎᆴaܢௐ൧ӆࡎᆴ֥ࢸק(1)股票 ࠧ܄ඳሧЧ֥෮Ⴕಃսі,൞ᆷሧЧ෮ႵᆀႚႵ֥,၇م෬౼ࡎᆴᄹᆲ൬ၭ֥ሧЧᆣb Ⴕਔᆃᇕᆣ,ᆺ൞ᄝمੰഈႵಃ෬౼ᆃ۱ሧЧႋھࠆ֤֥၂҆ٳഺჅࡎᆴ ᆃᇕᆣ္ࣼӮູགྷൌሧЧ֥ᆼᇅگЧ [1]bܢௐЧᇉ൞ሧЧ൬ၭ(ܢ༏)ੀਈ֥ሧЧ߄ྙൔ,൞ՖགྷൌሧЧᇏ৫ԛট֥ྙൔၩၬބܴၩၬഈ֥ྴሧЧ,൞ሧЧֻ֥ؽᇗࠇ؟ᇗթᄝb ࠊлሧЧ൮༵ሇ߄ູ০༏,ಖު֤ԛӁളᆃ۱ࠊл൬ೆ֥ሧЧb ૄ۱ࡎᆴحᆺေ҂ቔູ൬ೆ߄ו,߶іགྷູሧЧ,္ࣼ൞߶іགྷູЧࣁ,طބିܔളԛ֥ॖି֥ࠇགྷൌ֥০༏ཌྷؓ৫ [2],ൈ ದૌϜྴሧЧ֥ྙӮࢡሧЧ߄ [3]bܢௐ֥ᇶุ൞ሧЧ෮Ⴕᆀ,ఃग़ุ൞ሧЧ൬ၭᆣ,ّ႘֥൞ሧЧൗࢸหႵ֥ളӁܱ༢b(2)股票价值 ࠧܢௐሧЧ߄֥൬ၭ,൞ሧЧໃটყ௹൬ၭ֥གྷᄝࡎᆴbܢௐࡎᆴնཬႮሧЧყ௹൬ၭބ൧ӆ০ੱथקb ֥ࡎᆴᇔᆺ൞ሧЧ߄֥൬ၭ,္ࣼ൞၂۱ߘམሧЧοགྷႵ০༏ੱ࠹ෘॖ֤֥֞൬ၭ [4]bܢௐࡎᆴ҂Ⴟഅࡎᆴ,അࡎᆴ൞ୠࢲᄝഅᇏ֥၂Ϯದোস,ܢௐЧദቔູসӁࡎᆴࠫެູਬ,ၹՎ,ܢௐࡎ൬۠ರ௹:2003 01 11ቔᆀࡥࢺ:ᅵԽ࿐(1970~),ଳ,ࣜ࠶࿐Ѱൖ,ڬ࢝൱,ဝഽٓ࿐ჽࣜ࠶༢ᇶbᇶေՖ൙ྴࣜ࠶aሧЧႏᄎaఒြؿᅚaӁြؿᅚ࣮֩b 43
ᆴЧᇉഈ൞սіགྷൌሧЧ႓০ି৯֥൬ၭࡎᆴbླေᆷԛ֥൞,ܢௐࡎᆴაૌ෮սі֥གྷൌሧЧ֥ࡎᆴܱ, ᆃུᆣಊᆺ൞ߘམ,֥ૌ֥ࡎᆴح֥ᅨઋ,ބૌႵಃսі֥གྷൌሧЧ֥ࡎᆴэປಆܱ[5] b(3)股票市场价值 ࠧܢࡎ,൞ܢௐࡎᆴ֥ຓᄝіགྷྙൔbܢࡎ֥նཬႮܢௐࡎᆴބ൧ӆၹ܋थק,ၹՎᆺႵᄝܢௐ൧ӆ൞Ⴕི൧ӆ่֥ࡱ༯,ܢࡎҌିᆞಒّ႘ܢௐࡎᆴb2aઔक़නؓܢௐ൧ӆࡎᆴथק֥ંٳ༅ઔक़නಪູ,ܢௐቔູཌྷؓ৫֥ࣜ࠶ٓԐ,ః൧ӆࡎᆴ֥थקႵఃཌྷؓ৫֥ᄎྛܿੰ,ܢௐ൧ӆࡎᆴაགྷൌሧЧࡎᆴႵ҂֥थקٚم, ૌၘӮູഅ,طᆃུഅ֥ࡎ۬Ⴕห֥ᄎބथקٚمbૌ֥൧ӆࡎᆴ,ᄝགྷൌሧЧ֥ࡎᆴ҂ؿളэ߄(֥ࠧࡎᆴၘᄹᆲ)ൈ,߶ބૌ֥ၬࡎᆴႵ҂֥थקٚم [6]b۴ऌ ሧЧં ֻजᇏ֥Ⴕܱંඍ,Ч໓Ϝઔक़නܱႿܢௐ൧ӆࡎᆴथק֥ંٳ༅,Ⴈܢࡎ܄ൔۀওೂ༯:ܢࡎ=܄ඳყ௹൬ၭ ყ௹൬ၭॖौ؇ ൧ӆ০༏ੱ ܢௐ܂۳ਈ ൧ӆླਈ(1)公司预期收益൞थקܢࡎ֥ᇗေၹ,ᄝࡌקఃၹ҂э่֥ࡱ༯,აܢࡎӯᆞཌྷܱܱ༢,ࠧ܄ඳყ௹൬ၭᄀۚᄵܢௐࡎ۬ᄀ,ّۚᆭᄵᄀ֮b ᆃᇕᆣಊ֥൧ӆࡎᆴ ҂൞Ⴎགྷൌ֥൬ೆथק֥,ط൞Ⴎყ௹֤֥֞aყ༵࠹ෘ֥൬ೆथק֥ [7]b(2)预期收益可靠度൞थקܢࡎ֥ᇗေၹ,ᄝࡌקఃၹ҂э่֥ࡱ༯,აܢௐࡎ۬ӯᆞཌྷܱܱ༢,ࠧ൬ၭ֥ॖौ؇ᄀۚᄵܢௐࡎ۬ᄀ,ّۚᆭᄵᄀ֮b ૌ֥൧ӆࡎᆴ,߶ෛሢૌႵಃ෬౼֥൬ၭ֥նཬބॖौӱ؇֥նཬطؿളэ߄ [8]b(3)市场利息率൞थקܢࡎ֥ᇗေၹ,ࡌקఃၹ҂э่ࡱ༯,აܢࡎӯڵཌྷܱܱ༢,ࠧ൧ӆ০༏ੱᄀۚᄵܢௐࡎ֮۬ᄀ,ّᆭᄀۚb ࡌקགྷൌሧЧ֥ᄹᆲ҂э,ࠇᆀࡌקཞݓᅏପဢ,ሧЧၘ҂թᄝ,୍൬ၭၘࣜႮمੰܿק,ѩႻႵԉٳЌᆣ,ପહ,ᆃᇕᆣಊ֥ࡎ֥۬ᅨઋࣼބ০༏ੱӮّб[9] b(4)股票供给量൞थקܢࡎ֥ᇗေၹ,ᄝࡌקఃၹ҂э่֥ࡱ༯,აܢௐࡎ۬Ӯڵཌྷܱܱ༢,ࠧܢௐ܂۳ਈᄀཬᄵܢࡎᄀۚ,ّᆭᄵᄀ֮b ᆃᇕᆣಊ֥ࡎ۬߶චᇗיઋ ൞ၹູᆃᇕႵࡎᆣಊնਈೆ൧ӆ,ၛьൌགྷູࠊл [10]b(5)市场需求量൞थקܢࡎ֥ᇗေၹ,ᄝࡌקఃၹ҂э่֥ࡱ༯,აܢௐࡎ۬Ӯᆞཌྷܱܱ༢,ࠧܢௐ൧ӆླਈᄀնᄵܢࡎᄀ,ّۚᆭᄵᄀ֮b ࠊл൧ӆࣅ௧֥ൈީ,ᆃᇕᆣಊ֥ࡎ۬߶චᇗיઋ [11]bؽaؓઔक़නܢௐ൧ӆࡎᆴંٳ༅֥ൌᆣဒႮႿݓܢௐؽࠩ൧ӆ֥ܢௐܢࡎФ ሌࡅ ದູҠሺགྷའࢠູᇗ,ၹط҂ऎСൌᆣဒၩၬbࠎႿՎ,Ч໓Ⴈྍܢௐഈ൧ࡎ۬ؓઔक़නܢௐ൧ӆࡎᆴथקંࣉྛൌᆣဒbൌᆣဒٳູܢௐഈ൧ࡎ۬ଆэਈ࿊౼aܢௐഈ൧ࡎ۬ଆܒᄯaဒဢЧඔऌ࿊ᄴࠣটჷaܢௐഈ൧ࡎ۬ଆ֥ҕඔܙ࠹ބဒaܢௐഈ൧ࡎ۬ଆ݂߭ဒࢲݔ֥ٳ༅აࢲં҆ٳb1aܢௐഈ൧ࡎ۬ଆэਈ࿊౼(1)内生被解释变量的选取bܢௐഈ൧ࡎ۬ଆ֥ଽളэਈູܢௐഈ൧ರ֥൬ࡎb(2)外生解释变量的选取bܢௐഈ൧ࡎ۬ଆ֥ຓളэਈႵ4۱:эਈ1:܄ඳყҩૄܢ൬ၭ,սі܄ඳყ௹൬ၭbэਈ2:োරၘഈ൧܄ඳܢௐഈ൧భರ൧႔,ੱھ൧႔ੱ֩Ⴟܢௐࡎ۬აૄܢყ௹൬ၭᆭб,۴ऌઔक़න֥ܢࡎ܄ൔ,൧႔ੱթᄝೂ༯ܱ༢:൧႔ੱ=ܢࡎ ܄ඳყ௹൬ၭ=ყ௹൬ၭॖौ؇ ൧ӆ০༏ੱ ܢௐ܂۳ਈ ൧ӆླਈᆃіૼ,ᄝ֒భ܂۳ބླ၂ק,ሧದϜোරၘഈ൧܄ඳ֥ყ௹൬ၭॖौ؇൪ູྍഈ൧܄ඳყ௹൬ၭॖौ؇่֥ࡱ༯,ھ൧႔ੱսіྍഈ൧܄ඳ֥ყ௹൬ၭॖौ؇ა൧ӆ০༏ੱᆭб,ھэਈაྍഈ൧܄ඳყ௹൬ၭॖौ؇ӯᆞཌྷܱܱ༢,ა൧ӆ০༏ੱᄵӯڵཌྷܱܱ༢b࿊ᄴোරၘഈ൧܄ඳ֥ჰᄵႵ:၂൞ྛြཌྷ;ؽ൞ૄܢ൬ၭնᇁཌྷ࣍;൞ሹܢЧބੀ๙Aնᇁཌྷ࣍bэਈ3:ܢௐഈ൧ರੀ๙Aܢܢඔ,սіܢௐ֥܂۳ਈ,ੀ๙ܢᄀնᄵ܂۳ਈᄀնbэਈ4:ܢௐഈ൧భರ൧ሸކᆷඔ,ّཟսіܢ൧֥ӆຓሧࣁؓഈ൧ܢௐ֥ླਈbܢௐࡎ۬ᆷඔᄀ֮,іૼӆຓିؓྍഈ൧ܢௐӁളླ֥ሧࣁᄀྦި,ၹطؓྍഈ൧ܢௐ֥ླਈ္ࣼᄀն,ّࠧཟսіഈ൧ܢௐླਈb2aܢௐഈ൧ࡎ۬ଆܒᄯ۴ऌ࠹ਈࣜ࠶࿐֥ࠎЧٳ༅ٚم,ࢲކഈ໓֥࿊ᄴэਈ,ૌϜઔक़න֥ܢࡎ܄ൔᇏ֥ཌྷܱэਈ,ކӮטᆜ౼ሱ 44
ಖؓඔ,ު֤֞ܢௐഈ൧ࡎ۬ଆ:ln(ܢௐഈ൧൬ࡎ)=b0+b1ln(ૄܢყ௹൬ၭ)+b2ln(োරܢௐഈ൧భರ൧႔ੱ)+b3ln(ഈ൧ರੀ๙Aܢܢඔ)+b4ln(ഈ൧భರ൧ሸކᆷඔ)3aဢЧඔऌ࿊ᄴࠣটჷࠎႿඔऌ֥ॖ֤ྟ,Ч໓ෛࠏՖऍਲᆣಊྐ༏༢ބఫٳ༅༢ᇏ,Ԏ౼1999୍7ᄅ1ರᇀ11ᄅ9ರࡗ֥34ࡅܢௐഈ൧ඔऌቔູဢЧඔऌ,ఃႵܱэਈඔऌ࠹ෘᆜުਙіೂ༯:1999୍7ᄅ1ರ-11ᄅ9ರࡗဢЧэਈඔऌіэ܄ඳყ௹܄ඳყ௹൬ၭॖौ؇ܢௐਈ൬ၭэਈა൧ӆ০ੱކӮэਈܢௐഈ൧܂ܱ༢эਈܢௐഈ൧ࡎ۬эਈࡥӫૄܢყ௹൬ၭোරܢௐ൧႔ੱੀ๙Aܢඔ(తຣܢ)൧భರሸᆷഈ൧൬ࡎ(ჭ)ധ฿ࡲଲٚࡹҋКۚᇕြ॓ఖފК࿆۽฿ࣃచӚپჰള߄ਫܵཌപࠅܢٺඹԫචઔ༆ըࣁିჷౢሬܻऺְ৯ଲ฿ྐ༏ྍཔ߄༸پ୪߄תКۚۑܢٺתڄచӚඹົՌြնჭܢٺྚᅁݎ၈৯หνґۚ॓ሬࡾఒြ༆ҟူြࡾಅൌြྒग़ӚӉԽࣜषᆄࡾ၄ူࡾ්ဝܻᇙളᇅူ 资料来源: 巨灵证券信息系统 (1999/7/1-1999/11/9)和 钱龙动态分析系统 (1999/7/1-1999/11/9)有关资料计算整理而成b4aܢௐഈ൧ࡎ۬ଆ֥ҕඔܙ࠹აဒࢲݔ 45
ૌᄎႨ࠹ೈࡱؓၛഈဢЧඔऌࣉྛ݂߭ဒ,ܢௐഈ൧ࡎ۬ଆҕඔܙ࠹აဒࢲݔೂ༯:ܢௐഈ൧ࡎ۬ଆҕඔܙ࠹აဒࢲݔ(ᇂྐ؇95%;n=34)эਈაဒ༢ඔაဒࢲݔӈඔཛ(t-ဒᆴ)(ૄܢყ௹൬ၭ)(t-ဒᆴ)(োරܢഈ൧భರ൧႔ੱ)(t-ဒᆴ)(ഈ൧ರੀ๙Aܢܢඔ)(t-ဒᆴ)(ഈ൧భರ൧ሸᆷ)(t-ဒᆴ)ཌྷܱ༢ඔטᆜުཌྷܱ༢ඔ (样本量:34个;资料来源:本文样本变量数据表)5aܢௐഈ൧ࡎ۬ଆ݂߭ဒࢲݔ֥ٳ༅აࢲંᄝၛഈ݂߭ဒࢲݔᇏ,Чଆ֥෮Ⴕt-ဒᆴۚႿ2 73֥ਢࢸᆴ,טᆜުཌྷܱ༢ඔR2=0 98,ᆃඪૼଆ֥ဒӮ৫bܢௐഈ൧ࡎ۬ଆіൕೂ༯:ln(ܢௐഈ൧൬ࡎ)=+(ૄܢყ௹൬ၭ)+(োරܢഈ൧భರ൧႔ੱ)(ഈ൧ರੀ๙Aܢඔ)(൧ഈ൧భರሸކᆷඔ)ھଆ֥݂߭ࢲݔіૼ:(1)ᄝఃၹ҂э่֥ࡱ༯,ૄܢყ௹൬ၭაܢௐഈ൧ࡎ۬ӯཁᇷᆞཌྷܱܱ༢,ೂݔૄܢყ௹൬ၭэ߄1%ᄵܢௐഈ൧ࡎ۬ཟэ߄0 943%,ඪૼ܄ඳყ௹൬ၭ൞थקఃഈ൧ࡎ֥۬ᇗေᆞཌྷܱၹb(2)ᄝఃၹ҂э่֥ࡱ༯,োරܢௐഈ൧భರ൧႔ੱაܢௐഈ൧ࡎ۬ӯཁᇷᆞཌྷܱܱ༢,ೂݔোරܢௐഈ൧భರ൧႔ੱэ߄1%ᄵܢௐഈ൧ࡎ۬ཟэ߄1 007%bႮႿᄝЧ໓֥ଆᇏ,ھ൧႔ੱ൞սіؽࠩ൧ӆಪॖ֥܄ඳყ௹൬ၭॖौ؇ა൧ӆ০༏ੱ֥ކӮэਈ,ა܄ඳყ௹൬ၭॖौ؇ӯᆞཌྷܱܱ༢,ა൧ӆ০༏ੱӯڵཌྷܱܱ༢bၹՎ,ඪૼ܄ඳყ௹൬ၭॖौ؇൞थקܢௐഈ൧ࡎ֥۬ᇗေᆞཌྷܱၹ,൧ӆ০༏ੱᄵ൞थקఃഈ൧ࡎ֥۬ᇗေڵཌྷܱၹb(3)ᄝఃၹ҂э่֥ࡱ༯,ܢௐഈ൧ࡎ۬აഈ൧ರੀ๙Aܢඔӯཁᇷڵཌྷܱܱ༢,ೂݔഈ൧ರੀ๙Aܢඔэ߄1%ᄵܢௐഈ൧ࡎّ۬ཟэ߄0 097%,ႮႿః႕ཙ৯նჿ൞܄ඳყ௹൬ၭࠇোරܢௐഈ൧భರ൧႔ੱ႕ཙ৯֥ٳᆭ၂,ᆃඪૼܢௐ܂۳ਈෙ൞थקఃഈ൧ࡎ֥۬၂۱ᇗေڵཌྷܱၹ,ఃቔႨಏٳႵཋb(4)ᄝఃၹ҂э่֥ࡱ༯,ܢௐഈ൧ࡎ۬ა൧ഈ൧భರ֥ሸކᆷඔӯཁᇷڵཌྷܱܱ༢,ೂݔ൧ሸކᆷඔэ߄1%ᄵܢௐഈ൧ࡎّ۬ཟэ߄%bᄝЧ໓֥ଆᇏ,ܢࡎᆷඔّཟսіؓྍഈ൧ܢௐ֥ླਈ,ၹՎ,ඪૼ܄ඳܢௐླਈ൞थקఃഈ൧ࡎ֥۬ᇗေᆞཌྷܱၹbሹᆭ,ൌᆣဒ֥ࢲݔіૼ,ݓܢௐഈ൧ࡎ۬൞Ⴎ܄ඳყ௹൬ၭaყ௹൬ၭॖौ؇aܢௐ൧ӆླਈa܂۳ਈࠣ൧ӆ০ੱ܋ቔႨ֥ࢲݔ,ఃᇏ܄ඳყ௹൬ၭaყ௹൬ၭॖौ؇aܢௐ൧ӆླਈაܢௐഈ൧ࡎ۬ӯཁᇷ֥ᆞཌྷܱܱ༢,ط܂۳ਈބ൧ӆ০ੱᄵაᆭӯཁᇷ֥ڵཌྷܱܱ༢,ᆃ၂ဒࢲݔဒᆣਔઔक़නܢௐ൧ӆࡎᆴંӮ৫bҕॉ໓ང:[1] ઔक़න ሧЧં(ֻ3ज)[M] Кࣘ:ದԛϱഠ,1974 [2] ᅦᒣ ሧЧ ંઝ[M] ഈݚ:گ֊ն࿐ದԛϱഠ,1999 [3] ᇛᆞ౩ ᆣಊᆩ്Ч[M] Кࣘ:ᇏݓࣁವԛϱഠ,1998 [4] ౮ᅸབ ઔक़න֥ࠊлaྐႨބၿྛં[M] Кࣘ:ᇏݓࣁವԛϱഠ,1993 [5] ᅵԽ࿐ ંྴൌሧЧࠎЧܱ༢[J] ֒սҍࣜ 2000,(8):14~37 (༯ሇֻ58်) 46
ҕॉ໓ང:[1] ੧༌,౮ٚࡾщᇷ ۚ֩࿐ܵ࿐[M] ࠶ଲ:ת࢝ტԛϱഠ,1993 [2] ࢝ტ҆ ࢝ტܱ҆Ⴟ൫ྛۚ֩࿐࢝ഽ۽ቔਈᇅ؇֥๙ᆩ[Z] (1981୍4ᄅ20ರؿ҃) [3] ߛะᄉᇶщ ܵྐ༏༢[M] Кࣘ:ࣜ࠶॓࿐ԛϱഠ,1997 [4] ᅦࡴ֩щᇷ ࿐ܵྐ༏༢[M] Кࣘ:ᇏݓํ֡ԛϱഠ,1996 [5] ဗඎ࿔,ઔ৵ནᇶщ ۚ࢝࿐ა࢝ༀܵ[M] Кࣘ:߄࿐۽ြԛϱഠ,1995 [6] ࢝ტ҆ ܱႿ֒భۚ֩࿐࢝ഽ۽ቔਈ໙ี֥ၩ[Z] (1985୍4ᄅ15ರؿ҃) [7] ࢝ტ҆ ௴๙ۚ֩࿐ದჴщᇅ֥൫ྛϷم[Z] (1985୍7ᄅ31ರؿ)҃ AnAdministrativeModelonTeachingWorkloadandSubsidiesinUniversitiesZhongRui fen, YangXu sheng, YangKe(TeachingAdministration,MianyangNormalUniversity,MianyangSichuan 621000)Abstract:Inmanagementofuniversityteachers,themanagementoftheirteachingworkloadandsubsidiesisareg ularprocedureofgreatimportance, enthusiasmeffi ciently,,theauthorhaspro posedatwo-leveladministrativemodel,steady,openandfair,whichaimstomacro-controlthemanagementofteach ,thetotalenrollmentofstudentsandtheteachingworkloadregulatedbytheteachingsyllabusaretreatedastwobasiccoefficients,andthenumberofstudentsinaregularteachingclassisusedasacriteriontocalculatetheteacher ,theuniversityinvestmentistreadedasthefirstlevel,andthesecondlevelisthedepartment,whichisresponsibleforconfirmationofteachingworkloadbesidesdistribu ,:teachingadministration;teachingworkload;teachingsubsidies;managementofteachers;model(ഈࢤֻ46်)[6] ਟၪڏ֩ ᇏݓࣁವุᇅڿ۪֥߭ܤބᅚຬ[J] Кնᇏݓࣜ࠶࣮ᇏྏษં,۠2000 [7] ROSSLEVINE: FinancialDevelopmentandEconomicGrowth:ViewsandAgenda [J],JournalofEconomicLiter (June1997),PP,688~726.[8] JosephT.,1999: AreStocksOvertakingRealEstateinHouseholdPortfolios ,FederalReserveBankofNewYorkDiscussionPaper.[9] Lewis,.,1995, PuzzlesinInternationalFinancialMarkets ,in:,Eds.,HandbookofInternationalEconomics,.,~1971 AnApproachtoMarx sTheoryonStockMarketValueZhaoChun xue(DepartmentofEconomics,MianyangNormalUniversity,MianyangSichuan 621000)Abstract:ThispapersystematicallysumsupMarx shipwithcompanyexpectativeprofit,, :stock;stockmarketvalue;stockmarketprice 58
