多元化折价与控股股东多元化动机

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2 Briso Briso

3 BRINSON Briso

4 2 3 4 AA() AA

5 Bechmark CAPM HM TM Fama ad Frech Carhart Fama972 CAPM Briso

6 Briso % Jahke,997 Briso Briso Briso Karosky ad Siger 994KS Davies ad Laker200 Ararso 2003 Fog, Pearso, ad Vasicek983; Ramaswamy200 3

7 CAPM 3 BRINSON 3. Briso Briso Briso Q : Q 2 : Q 3 : Q 4 : 4

8 i r pi, i r bi, i i w pi, w bi, 4 = pi, pi, Q2 = wpi, rbi, i= i= Q w r 3 = bi, pi, bi, i= i= Q w r Q = w r bi, pi, bi i i i bi, r w w, r pi, rb = Q : i AR = Q Q = w r w r = ( w w ) r 2 pi, bi, bi, bi, pi, bi, bi, i= i= i= : SR = Q Q = w r w r = w ( r r ) : 3 bi, pi, bi, bi, bi, pi, bi, i= i= i= ; 2 IR = Q Q Q + Q = ( w w ) ( r r pi, bi, pi, bi, i= ) 3 TR = r r = Q Q = SR + AR + IR p b 4 wpi, = i= i= w r = r pi, pi, p 5

9 Briso, Hood, Beebower,986 ( pi, bi, ) ( bi, r b) 4 i= AR = w w r r b r b AR AR = ( w w ) ( r r ) = AR ( w w ) r = pi, bi, bi, b pi, bi, b i= i= AR i AR AR AR Mechero Briso 6

10 R t R t t R = ( + r )( + r )...( + r ) p p, p,2 p, t, R = ( + r )( + r )...( + r ) b b, b,2 b, t R p R b R pt R bt, R R r r r r r r (,,) + ( p b p b p,2 b,2 ) ( ) p, T b, T Trasactio Based 7

11 Briso Burie, Kowles, ad Teder (BKT,998) + r + r pt, bt, = ( + At)( + St)( + I t ),,, AE = {( w w ) [( + r ) /( + r ) ]} i= pi bi bi b bi, pi, bi, b)] i= SE = [ w ( r r )/(+ r ; = ( + ) ( + ) /[( + ) ( + )] IE rpi, rbi, wpi, rbi, wbi, rpi, i i David(999) BKT Russell/Mello l( + R ) = l( + r ) + l( + r ) l( +r ) p p, p,2 p, t 8

12 T l( + R ) l( + R ) = ( k AE + k SE + k IE ) p b t t t t t t= k t T Rp Rb = ( AEt + SEt + IEt) t= t k t l( + rpt, ) l( + rbt, ) = r r pt, bt. R t R t k t = /( + R t ) AE = ( k AE / k) i= SE = ( ktset / k) i= ; i= IE = ( k IE / k) t t t t David(200) BKT ( + Rpt, ) /( + Rbt, ) = R R + R, pt, bt, bt BKT + Rbt, Davies ad Laker200 Brisio 9

13 Ararso 2003 Davies ad Laker 200 M i a = w i i,0 ri, w i,0 r i, 2 a = a + w r ( + R ) i i i, i,2 p,() N a = a + w r ( + R ) = w r ( + R ) i, i, i, i, p, mk, ik, + pk, k = 0 () R ( + R pk, ) i Briso 0

14 i i i r i m pi, k k+ k Q = w r ( + R ) Q2 = wpi, rbi, ( + Raa) k k+ k 4 pi, w pi, p pi, i= k= 0 m k k+ k 3 bi, w pi, ss bi, i= k= 0 m i= k= 0 k k+ k Q = w r ( + R ) Q = wbi, rbi, ( + Rb) m i= k= 0 R k, R k, R k, R k p aa ss B k r bi, k k k k k p, i aa b, i b k = 0 AR = w ( + R ) w ( + R ) r k+ b, i k+ k k+ k k k = p, i ( + ss) b, i ( + b) b, i k = 0 SR r R r R w k k+ k k k+ k k k+ k k+ k k k = p, i p, i + p + b, i b + b p, i b + aa p, i b, i + ss k = 0 IR w r ( R ) w r ( R ) w r ( R ) r w ( R ) Briso 4

15 4. 3 i buy r = ( M M + C )/( M + C ) it, it, it, it, it, it, rit, i M it, i C it, i M it, i 2 buy C C it, buy 0 it, C C it, it, 0 C buy it, i i 2 2

16 0 w = it, ( M + it, Cit, )/( M ) pt, M pt, t- M pt, Briso 4.2 3

17 0 0 4

18 AA AA 4.3. AA AA % ( 3.02%) %

19 4.68, AA 2006 AA 30% 6

20 ,000.00,000.00, , , ,000.00,000.00, AA % AA % % % 49% %

21 3 AA Briso 300 Briso AA %+45.52%-8.39% 36.43% 50% 30045%5% % 8

22 % AA AA 9

23 AA AA 50% 4.88%5.50%

24 4.3.3 Briso Briso BHB Briso 2

25 0 BHB // 5 Briso Briso Briso 22

26 Ararso, B. O., Karaso,S., Haraldsso,H.O., ad Karaso H., Retur Attributio of Actively Maaged or Time-Varyig Portfolios, Volume 7(4)The Joural of Performace Measuremet, Summer Briso G P Measurig o-us equity portfolio performacejoural of Portfolio Maagemet,985, p Briso, G. P., L. R. Hood, ad G. L. Beebower, Determiatsof Portfolio Performace, Fiacial Aalysts Joural, July/August 986. Briso, G. P., B. D. Siger, ad G.L. Beebower, Determiats of Portfolio Performace II: A Update,Fiacial Aalysts Joural, May/Jue 99. Burie, J. Stephe, James A. Kowles, ad Toomas J. Teder Arithmetic ad Geometric Attributio. Joural of Performace Measuremet 3 (No., fall): David, C., Combiig Attributio Effects Over Time, Joural of Performace Measuremet Summer 999, pp Davies, Owe ad Laker, Damie, Multiple-Period Performace Attributio Usig the Briso Model, Joural of Performace Measuremet, Fall 200 pp Fama,E. F., Compoets of Ivestmet Performace, Joural of Fiace 972,27, Frogello, A., Attributio Likig: Proofed ad Clarified, The Joural of Performace Measuremet, Fall2002. Ibbotso,R.G., ad Kapla, P.D., Does asset allocatio policy explai 40, 90, or 00 percet of performace?, Fiacial Aalysts Joural ; Ja/Feb, Jahke,W.W., The Asset Allocatio Hoax, The Joural of Fiacial Plaig,, February,997. Mechero, Jose G. A Optimized Approach to Likig Attributio Effects over Time, Joural of Performace Measuremet, Fall 2000, pp Karosky, Deis S. ad Bria D. Siger, Global Asset Maagemet ad Performace Attributio, The Research Foudatio of the Istitute of Chartered Fiacial Aalysts,994. Ramaswamy, S., Fixed icome portfolio maagemet : risk modellig, portfolio costructio ad performace attributio Joural of Performace Measuremet, Vol.5, No 4, summer 200, pp Surz, R. J., Steves, D., ad Wimer, M., The importace of ivestmet policy, Joural of Ivestig, Witer 999. Warre,B.,The ew sciece of asset allocatio, McGraw-Hill Compaies,997..,, AA No.0 P

26 头孢他啶注射剂 27 头孢他美酯口服常释剂型 28 头孢吡肟注射剂 29 头孢硫脒注射剂 30 头孢唑肟注射剂 31 头孢替安注射剂 32 头孢哌酮注射剂 33 头孢哌酮舒巴坦注射剂

26 头孢他啶注射剂 27 头孢他美酯口服常释剂型 28 头孢吡肟注射剂 29 头孢硫脒注射剂 30 头孢唑肟注射剂 31 头孢替安注射剂 32 头孢哌酮注射剂 33 头孢哌酮舒巴坦注射剂江西省新农合基本用药目录第一部分西药部分序号药品名称剂型备注一抗微生物 1. 抗生素类 1 青霉素注射剂 2 普鲁卡因青毒素注射剂 3 苯唑西林注射剂 4 氨苄西林口服常释剂型注射剂 5 氨苄西林丙磺舒口服常释剂型 6 青霉素 V 口