英文文献：Turnover And Market Value In Capital Markets From European Union-欧盟资本市场的营业额和市场价值
英文文献作者：Diana Mure?an,Monica Pop Silaghi
英文文献摘要：
This paper seeks to see if there is a relationship between market liquidity approximated by turnover and market capitalization, both expressed as percentages in GDP for European Union (EU) countries. Turnover represents the total value of shares traded while market capitalization, also known as market value, represents the share price times the number of shares outstanding. We employ a panel data structure with unobserved characteristics for each country modelled as fixed effects. Our data set comprises all 27 EU countries over the period 2001-2011. Our results prove that market capitalization, which in fact can be considered as a size variable is significant for capital market liquidity and implicitly for market performance of the EU countries. This implies as policy recommendation for these countries to enhance their market performance in order to attain a greater turnover as a percentage of their gross domestic product. We thus strengthen the view that capital market liquidity has a vital role for the investment process and for economic growth of countries.

本文试图研究欧盟(EU)国家的市场流动性(以周转率逼近)与市场资本(均以占GDP的百分比表示)之间是否存在关系。成交量代表股票交易的总价值，而市值，也称为市场价值，代表股票价格乘以流通在外的股票数量。我们为每个国家采用了一种未观察到的特征的面板数据结构，并将其建模为固定效应。我们的数据集包括2001-2011年期间的所有27个欧盟国家。我们的结果证明，市场资本化实际上可以被认为是一个规模变量，对资本市场流动性显著，对欧盟国家的市场绩效隐含着显著的影响。这意味着政策建议这些国家提高其市场表现，以实现更大的营业额占其国内生产总值的百分比。因此，我们加强了这样一种观点，即资本市场流动性对各国的投资进程和经济增长具有至关重要的作用。