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股票价格对利率的调整当然会有即时的反应,对这一反应的分析除了注意调整后的利率水平对上市公司增量财务成本与收益的影响外,还应注意新利率预期对股票二级市场交易的影响。原因是,尽管基本面是决定股价的最根本因素,但包含着相当程度投机因素在内的股市交易仍是决定股价的最直接因素。即便是针对财务成本的分析,也应注意财务成本中来自资本品成本的份额,因为这一份
Of course, the adjustment of the stock price to the interest rate will have an immediate response. The analysis of this reaction, besides paying attention to the effect of the adjusted interest rate on the incremental financial cost and return of the listed company, should also pay attention to the effect of the new interest rate on the stock secondary market The impact of the transaction. The reason is that while fundamentals are the most fundamental determinant of stock prices, stock market trading, which includes a fair amount of speculation, remains the most direct factor in determining stock prices. Even for the analysis of financial costs, attention should also be paid to the share of financial costs from the cost of capital goods, because this one