5.8.1 Stock Price Index: Big Family 股票价格指数：大家庭在线视频

同学们大家好
Hello, everyone

欢迎回到课堂
Welcome back to class

今天我们要讲的是指数的第七讲
Today let's begin the seventh lesson about indexes

股票价格指数
-- Stock Market Indexes

在日常的生活里边
In daily life

如果我们经常会听一些经济新闻的话
If we always listen to some economic news

那么我想在经济新闻里边
I think in economic news

我们时不时地可能会听到
We may hear from time to time

比如道琼斯工业股票价格指数
reports on such indexes

比如上证综合指数
as Dow Jones Industrial Average

比如深证成份指数
Shanghai Composite Index

这样的一些指数的播报了
ShenZhen Stock Exchange Component Index

所以接下来的这一讲
So in this lesson

我准备简单地把股票价格指数
I will simply introduce stock price indexes

以及一些常用的股票价格指数
and some common stock price indexes

给大家做一个介绍
to you

首先我们来看一下
First of all, let's take a look at

股票价格指数的概念
the concept of stock price indexes

股票价格指数是指运用统计学中
An stock price index means

指数方法编制而成的
an index compiled by an index method in statistics

反映股市中总体价格或者某类股票
to reflect the trend of the overall price

价格变动的走势的指标
or price change of a certain stock in the stock market

通常它的公式是用报告期股价水平
Usually, its formula is Stock Price Level in the Report Period

除以基期股价水平
÷ Stock Price Level in the Base Period

来乘以基期指数值
×Base Period Index Value

通常这个基期指数值
Usually we may set this base period index value

我们可能会设定为一百或者是一千点
to 100 points or 1000 points

我们通常说股票价格指数的时候
When we mention a stock price index

我们都不是说百分之多少多少
we do not refer to a percentage usually

我们都说多少点
but mean a certain number of points

所以其实是把百分数是去掉了的
So the percentage is removed

它表明的是股票市场价格水平
It shows the relative number of

变动的相对数
price change in the stock market

那股票价格指数如果按照
According to

股市涵盖股票数量
the number and categories of

和类别的不同
stocks covered by stock markets

我们可以把它分为这么三种
stock price indexes can be classified into three types

一 综合指数
1. Composite indexes

二 成份指数
2. Component indexes

三 分类指数
3. Sub-indexes

比如我们的上海证券交易所
For example, composite indexes

编制的叫综合指数
are compiled by Shanghai Stock Exchange

而常用的深证证券交易所的
while common component indexes

叫成份指数
are compiled by Shenzhen Stock Exchange

还有一些是分类指数
In addition

比如我们说道琼斯工业股票价格指数
There are sub-indexes

那么它就是分类了
such as the Dow Jones Industrial Average

它只包含工业所对应的股票了
They only contain the stocks corresponding to industries

它的编制方法
Their compilation

一般有下面这么几种
are generally made in the following methods

第一种 简单算数平均法
The first method is the simple arithmetic average

简单算术平均法是指先对
simple arithmetic average are based on

每一种股票的波动计算出来
the fluctuations of various stocks

然后对它进行简单算术平均
that has been calculated first

所以它是先算个体的价格指数
So individual price indexes should be calculated first

然后再将它简单算术进行平均
and then are averaged by the simple arithmetic method

第二 可以使用综合平均法
The second method is the compound average

从式子上来看它是（公式如上）
From the formula (as above), it is

那这种情况
In this case

这个式子看起来非常类似于
this formula looks very similar to

综合指数的算法
the calculation formula of composite indexes

只不过它没有权数
Because it has no weight

所以我们把它称之为一个综合平均法
We call it compound average

第三 加权综合法
The third method is weighted integration

加权综合法里边具体地
Weighted integration specifically includes

又可以分解为四个不同的算法
four different algorithms

第一个算法我们可以看一下
First of all, let's take a look at the first algorithm

∑p{\fs8}1{\r}q{\fs8}0{\r}除以∑p{\fs8}0{\r}q{\fs8}0{\r}
∑p{\fs8}1{\r}q{\fs8}0{\r} ÷ ∑p{\fs8}0{\r}q{\fs8}0{\r}

这不就是拉氏指数吗
Isn't that the Laspeyres index

对不对
is it

那q{\fs8}0{\r}代表的是基期的交易量
Then q{\fs8}0{\r} represents the trading volume in the base period

第二 也可以用帕氏指数的形式来计算
Second, we can use the Paasche index for calculation

∑p{\fs8}1{\r}q{\fs8}1{\r}除以∑p{\fs8}0{\r}q{\fs8}1{\r}
∑p{\fs8}1{\r}q{\fs8}1{\r} ÷ ∑p{\fs8}0{\r}q{\fs8}1{\r}

q{\fs8}1{\r}此刻代表报告期的交易量
q{\fs8}1{\r} here represents the trading volume in the report period

那它就是一个帕氏指数的算法了
so it's the algorithm of Paasche index

第三 我也可以利用∑p{\fs8}1{\r}w{\fs8}1{\r}
Third, we can use the following formula

除以∑p{\fs8}0{\r}w{\fs8}1{\r}的形式来计算
∑p{\fs8}1{\r}w{\fs8}1{\r} ÷∑p{\fs8}0{\r}w{\fs8}1{\r}

此刻w充当权数
Here w acts as weight

代表的是报告期的发行量
representing the circulation in the report period

注意刚才前面是报告期的交易量
Please note the trading volume in the report period we mentioned just now

所以在我们选择权数的时候
So when we choose the weight

可以是交易量也可以是发行量
it can be trading volume or circulation

第四 还可以使用几何平均的方法
Fourth, we can use the geometric average

那么这个几何平均注意
Here we should pay attention to

它被平均的对象
the object on which the geometric average is based

一个是拉氏指数 一个是帕氏指数
One is Laspeyres index and the other is Paasche index

它就相当于是拉氏指数
It's equivalent to the mean of Laspeyres index

和帕氏指数的平均
and Paasche index

那这个式子的话它算出来的数字
In this way, the number calculated according to this formula

就既不会很大也不会很小
will not be very big or small

有一个折中的作用
It has a compromise effect

这是四种常用的加权综合法
These are four commonly used weighted integration methods

目前在全球各个地区的
At present

证券交易市场上面
The methods adopted by stock exchanges in all regions of the world

采用的方法各不相同
are different

它们所对应的基期也各不相同
So their corresponding base periods are also different

同学们 刚才我们简单地把股票价格指数的
Students, just now I simply introduced

计算公式介绍给大家了
the calculation formulas for stock price indexes to you

目前 在世界各地有许多著名的股票价格指数
There are many famous stock price indexes around the world

如果大家经常看
If you often watch

中央电视台财经频道的节目
the programs shown on CCTV financial channel

就会在财经新闻中听到
then you will hear from financial news

比如道琼斯工业股票价格指数
such names as

标普500指数 纳斯达克综合指数
Dow Jones Industrial Average

英国金融时报股价指数
S&P 500 Index, Nasdaq Composite Index

日经股价指数 香港恒生指数等等
FTSE-100

这样的一些名字
Nikkei Stock Average, HSI, etc.

在我国大陆
In mainland China

也有几个大家耳熟能详的股价指数
several stock price indexes are familiar to everyone

如上证综合指数 深证成份指数
such as the Shanghai Composite Index and Shenzhen Stock Exchange Component Index

沪深300指数等
Shanghai and Shenzhen 300 Index, etc

这些指数的计算方法
The calculation methods for these indexes

和对比的基期都各不相同
and their corresponding base periods are different

同学们对股票价格指数的内容感兴趣的话
If you are interested in stock price indexes

可以在本讲的知识拓展中
You can read about them

阅读相关内容
in the knowledge extension of this lesson

对股价指数有一个更加详细的了解
to have a more detailed understanding of stock indexes

我们这里就不再一一介绍它们的内容
Here I will not introduce them more

同学们 到这里为止
Students, so far

指数的知识我们就学习的差不多了
we've learned almost all about indexes

我们稍微来总结一下
Let's summarize

通过这一章的学习
the knowledge points we have learned

我们都学到了哪一些知识点
from this chapter

第一 我们学习了指数的概念
First of all, we have learned the concept of indexes

有广义的 有狭义的
both in broad sense and in narrow sense

第二 我们学习了指数的分类
Second, we have learned the classification of indexes

有很多不同的分类标准
Different standards of classification

产生了不同的指数
lead to different indexes

我们学习了指数的编制方法
Besides, we have learned the compilation of indexes

总指数的编制方法
General indexes

分为综合指数和平均数指数两种形式
can be divided into composite indexes and average number indexes

综合指数的特点是先综合后对比
The characteristic of composite indexes is synthesis before comparison

它是我们编制指数的基本原理
which is the basic principle of index compilation

那一定要记住的是数量指标指数
Unforgettably, quantity index numbers

用拉氏指数来编制
are compiled through Laspeyres index

它的同度量因素被固定在基期
and their isometric factors are fixed at the base period

而质量指标指数用帕氏指数来编制
while quality index numbers are compiled through Paasche index

它的同度量因素被固定在报告期
and their isometric factors are fixed at the report period

这是我们要注意的核心的原则
This is the core principle we should pay attention to

平均数指数主要是由综合指数
Average number indexes are mainly transformed from

变形来得到的
composite indexes

数量指标指数拉氏指数变形以后
Quantity index numbers are transformed through Laspeyres index

是加权算术平均数指数
into weighted arithmetic average indexes

质量指标指数 帕氏指数
Quality index numbers are transformed through Paasche index

变形以后得到的是加权调和
into weighted

平均数指数
harmonic mean number indexes

第三 我们还学习了质量
Third, we have also learned

平均指标指数
quality average index numbers

最后我们还学习了平均指标指数
Finally, we have learned average index numbers

它反映的是平均水平的变动
They reflect changes in the average

在平均指标指数里边我们学了
We learned in average index numbers

可变构成指数
variable composition indexes

结构影响指数和固定构成指数
structural impact indexes and invariable composition indexes

通过前面的学习
Through the previous study

我们也可以把这三个指数
we can also regard these three indexes

看成是综合指数里边三个指数的变形
as the transformed forms of three indexes consisting of composite indexes

当然最后这些指数之间
Of course, in the end

都具有某种的数量关系
these indexes all are quantitatively related

可以形成指数体系
and can form index systems

可以进行因素分析
and be decomposed for factor analysis

这就是从头到尾我们所学习的
That's all about indexes

指数的内容
we have learned from beginning to end

希望这些内容对大家有所帮助
I hope these contents can help you

谢谢
Thanks