共查询到19条相似文献,搜索用时 203 毫秒
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我国期货市场发展已近10年,但对期货会计理论及实务缺乏系统的研究,现行业务会计处理呈无序状态。为此,建立适应期货运行机制的会计方法体系尤显迫切。 一、商品期货交易主要业务协会计处理现状 商品期货交易有自身专门化业务,主要是:会员资格费或席位占用费的收取、交纳、转让等;保证金的收取、交纳等;浮动盈亏的计算与处理;以质押品融资;风险准备金的提取与使用;期货投资企业的套期保值与投机套利业务等等。这些业务在商品期货交易中有明确规则。然而,会计核算现状是:各参与主 相似文献
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期货市场的事实表明,绝大多数人是在投机。股指期货原则上可以实现套利,通过对冲锁定风险,这个目标只有在机构之间才有可能实现,为了保护个人投资者,严格限制散户参与股指期货交易是必要的 相似文献
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我国从1990年10月建立郑州粮食市场并引入期货机制开始,虽然不过短短三年多历史,但期货市场已经得到迅速发展。据目前粗略统计到1993年底全国各地已有各种形式的期货交易所30多家、参加期货交易的企业和金融机构达3万家,期货交易商品近百种,1993年底成交的交易合约由1992年的20万张,猛增至100多万张,现有期货经纪商100多家,期货从业人员达13.5万人左右。期货市场的迅速发展,是我国社会主义市场经济发展的客观需要,对健 相似文献
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深入分析了现货、中长期合同和期货定价的优劣势,并对国外期现结合的典型案例进行了剖析,进一步采用向量误差修正模型、状态空间模型和永久暂存(PT)模型研究煤炭期货和现货市场联动关系和期货对现货的价格发现能力。研究结果表明,国内外大宗商品已经在期现结合定价方面已有成功经验,我国煤炭期现价格间存在很强的相关性,期货与CCI价格指数间相关性更强,期货的价格发现率处于较高水平。推动期现结合的定价方式需要持续完善期货市场建设,推动大型煤炭生产和消费企业进入期货交易市场、引导企业构建期货业务管理体系、探索“煤炭期货+商业储备”新模式、建立基于期货价格波动的动态供需调整机制、研究制定具体的期现结合定价公式。 相似文献
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国务院今年3月16日发布的《期货交易管理条例》以及中国证监会12日颁布的《期货交易所管理办法》和《期货公司管理办法》从4月15日起施行。这些法规的施行意味着我国期货市场的法制体系和环境更加完善,法制基础更加牢固,标志着我国期货市场进入了一个新的发展时期,对促进我国资本市场的发展将产生深远影响。同原有的《期货交易管理暂行条例》相比,新的条例将规范的内容由商品期货扩展到金融期货和期权交易.为中国推出股指期货、 相似文献
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分析了我国动力煤期货市场发展情况,重点分析了动力煤期货对现货市场、大型煤炭企业的影响,并为大型煤炭企业积极参与动力煤期货交易提出了若干应对策略。 相似文献
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Warren W. Lebeck 《Food Policy》1978,3(1):29-35
In this article, Warren Lebeck, a leading advocate for the use and value of the futures markets, outlines the scope of the futures trading industry and explains some of the reasons for its rapid growth. He discusses hedging and its benefits, speculation, and their relation to international commodity agreements. 相似文献
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This paper investigates the role of speculators in the housing market, specifically their contribution to price overreaction through positive feedback trading (or momentum trading). We exploit a unique data set of condominium transactions in a residential real estate market where transaction traits associated with short‐term speculation can be identified. In the cross‐section of housing projects, a 10‐percentage‐point increase in trading activity following a strong short‐run market price rise predicts a negative subsequent monthly price change of 0.5% at the project level. Moreover, the price reversal effect associated with the momentum trading by short‐term speculators is two to three times stronger, and holding such trading constant, momentum trading in general has little additional impact. Our findings further suggest that momentum trading by short‐term speculators contributes to price overreaction largely in submarkets with lower information efficiency. 相似文献
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This article examines the relationship between corporate governance and corporate sustainability by focusing on an essential component of companies' governance structure: executive compensation programs. We propose an original empirical strategy based on a large set of the biggest capitalizations in Organization for Economic Cooperation and Development (OECD) countries over the period 2004–2018, with explicit measures of how companies integrate into executive managers' remuneration precise criteria of corporate social responsibility, an incentive scheme called corporate social responsibility (CSR) contracting. Our results show that proposing executive compensation programs including CSR criteria has a negative impact on financial performance, and a large positive impact on extra-financial performance based on the following dimensions: relationship with customers and suppliers, and community involvement. Second, we explore the moderating role of the corporate governance model by distinguishing the impact between firms with a shareholder or stakeholder corporate governance model and reveal significant differences in the impact of CSR contracting. For firms with a stakeholder corporate governance model, CSR contracting is no longer associated with a fall of financial performance and has a large positive impact on human resources, environmental, and human rights performance. On the other hand, CSR contracting has a negative impact on financial performance but no impact on extra-financial performance for firms with a shareholder corporate governance model. 相似文献
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企业社会资本与技术创新:基于吸收能力的实证研究 总被引:10,自引:0,他引:10
本文针对我国企业社会资本影响技术创新的机制问题展开分析,从企业社会资本的特征维度出发,引入吸收能力的视角,提出了基于吸收能力的企业社会资本与技术创新绩效的概念模型。在问卷调查的基础上,通过多元线性回归分析和结构方程模型分析,对我国企业社会资本如何影响技术创新的问题进行了实证研究。研究结果表明,在不考虑吸收能力作用的情况下,企业社会资本的结构、关系和认知等三个维度的水平对于我国企业技术创新绩效的提升均具有积极显著的作用;企业社会资本三个特征维度的水平通过提高吸收能力进而正向影响技术创新绩效;其中,认知维度在结构维度和关系维度发挥效应中承担中介变量的作用。为提高企业技术创新绩效,建议以知识的获取和利用为导向,注重企业社会资本三个维度水平的均衡提高。 相似文献
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Based on a sample of 62 multinationals, this paper examines the impact of global diversification strategy on corporate profit performance by integrating the product and the international market dimensions of diversification. The results suggest that the corporate profit performance impact of related and unrelated diversification varies contingent upon the extent of a firm's international market diversification. One important lesson of this work is that both business strategy researchers and managers should review corporate diversification as having distinct yet interactive strategic dimensions—product and international market—and they would do well to recognize both the different and the joint effect of these dimensions on corporate profit performance. 相似文献
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货币传导机制对价格和产出的影响(用货币数量论的观点来说,就是PY如何分争成P和Y),这取决于总需求和总供给的共同作用,本文就是研究共同作用曲线移动的分布状态和预期货币效应走向。 相似文献
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Researchers have reported a positive, negative, and neutral impact of corporate social responsibility (CSR) on financial performance. This inconsistency may be due to flawed empirical analysis. In this paper, we demonstrate a particular flaw in existing econometric studies of the relationship between social and financial performance. These studies estimate the effect of CSR by regressing firm performance on corporate social performance, and several control variables. This model is misspecified because it does not control for investment in R&D, which has been shown to be an important determinant of firm performance. This misspecification results in upwardly biased estimates of the financial impact of CSR. When the model is properly specified, we find that CSR has a neutral impact on financial performance. Copyright © 2000 John Wiley & Sons, Ltd. 相似文献