股权溢价：股票和债券的回报_COURSEWORK_ukassignment,英国作业|留学生作业网

股权溢价：股票和债券的回报

Selection:选择：

我选择这个文件作为我的参考是由于两个原因。本文首先回顾了股票和债券的回报历史美国发展，这可能是一个很大的反思意义的中国金融市场，金融业只是在最近几年开始。其次，作者Jeremy J.西格尔是宾夕法尼亚大学金融学教授。此外，本文收集到JSTOR，这是一个数字图书馆，含学术期刊问题。所以，我选择了参考的学术资格。第三，不是建议的新思路，本文通过历史回顾，这是更易于阅读和理解非金融专业的学生，像我这样给人的基本概念和数字。

I select this paper as my reference is due to 2 reasons. Firstly, the paper reviews the development of stock and bond return history in US, and this could be a great reflective meaning to the Chinese financial market where the financial industry just started in recent couple of years. Secondly, the author Jeremy J. Siegel is a professor of finance at University of Pennsylvania. Besides, this paper was collected into JSTOR, which is a digital library, containing issues of academic journals. So the reference that I have chosen is academic qualified. Thirdly, instead of proposal new ideas, this paper gives fundamental concepts and figures through historical review, which is more readable and understandable for non-financial professional students, like me.

Summary:概要：

本文由上世纪70年代后，这些分类资产注入长/短线股票和债券，以及金的条件和商品比较了不同资产的收益。在本节中，涉及到一些回报词汇的解释，使用可靠的表格和数字来支持在一起。在下面的部分，进一步在那里，当时（19世纪）解释了英国伦敦的趋势仅仅是世界的金融中心。最后，笔者解释了其他几个原因，可能对收益的影响，如增加了战后的通货膨胀率，经济增长，投资者的恐惧1929-1932萧条。

This paper compares returns of different assets, by categorizing these assets into long/short-term stock and bonds, as well as the condition of gold and commodities after the 1970s. In this section, several glossaries related to returns are explained, together using reliable table and figures to support. In the following part, it further explains trends in UK where at that time (19th century) London is only world’s financial center. In the end, the author explained several other reasons could have influence on return, such as postwar increased inflation rate, economic growth, and investors’ fear of 1929-1932 Depression.

Evaluation:评价：

在我的研究，我研究如何以及为什么成都人选择不同类型的理财产品，并以我的观察，他们最关心的回报，他们投入的钱。因此，在各种方式的股票和债券的历史收益的分析将在我自己的学习显著支持的任务。例如，在折线图（图A和B），它表明在所有的投资回报率和利率的向上增长的趋势，意味着尽管有一些波动。这可能是我的重要论证，目前有前途的中国经济环境将可能是重复的美国战后的局面，带来的回报，从长远来看。其次，图C（短期利率1900至90年），显示了更违反短期投资，支持我的观点，即老一代有可能少购买这类产品的特征，年轻投资者是相反的。最显著，笔者划分了研究的周期为3 - 早期，中期和大萧条时期，战后至20世纪。所以，如果历史重演，哪里是中国现在？难道中国投资者遭受蓬勃发展的厄运还是未来？在我的研究论文，虽然我不能回答这些问题（所以做许多教授），相应的限制，也可能是我的启发进一步的研究领域。本文提供了基本的数字和概念在我的文章使用，但一点点外的日期。金融世界在变化每秒，尤其是在全球化比以往任何时候都更加频繁等因素外汇市场和不同市场的相关性不能兼顾。

In my research, I studied how and why people in Chengdu choose different kind of financial products, and in my observation, they are mostly concerned the return the money they invested. Therefore, the analysis of historical returns of stock and bond in various ways would have significant supporting task in my own study. For instance, in the line graphs (Figure A and B), it demonstrates the up-growing tendency of return and interest rate in all investment means despite some fluctuations. This can be my important argumentation that the current promising Chinese economy environment would possibly be a repeating of American postwar situation, bringing in returns in the long run. Secondly, the figure C (short-term Interest Rate 1800-1990) shows a more violate feature of short term investment, which support my view that the older generation are less likely to purchase such kind of product, younger investors are in the contrary. Most significantly, the author divided the studied period into 3-early stage, mid and the Great Depression period, and postwar till the 20th century. So, if history repeats, where is China now? Could Chinese investors suffer a booming or doom future? In my research paper, although I fail to answer these questions (so do many professors), as limitations, it could be enlighten my further research area. This paper provides basic figures and concept for me to use in my essay, but a little bit out-of-date. The financial world changes in every second, especially when globalization is more frequent than ever before, factors such as foreign exchange market and correlation of different markets fail to take into account.