汽车制造业税负及其影响因素的实证研究——基于上市公司财务数据

以45家汽车制造行业上市公司2010～2011年财务数据为样本,研究发现汽车制造业的流转税税负分别为0.018、0.0075,所得税税负分别为0.1951、0.2079,且所得税税负变化很异常。对税负的影响因素进行实证分析表明:主营业务收入、净资产收益率对流转税税负的影响为正向的,主营业务成本和存货变动率对流转税税负的影响是负向的;资产负债率对所得税税负的影响是负向的,企业的规模、固定资产密度、净资产收益率对所得税税负的影响是正向的。     

Change in Inventory and Firm Valuation

This study examines the effect of the informativeness of change in inventory on firm valuation. A firm's change in inventory is informative if its percentage change in cost of goods sold is positively and significantly associated with its lag one percentage of production added to inventory (a measure of change in inventory). Sample firms are divided into two groups: firms with informative change in inventory, and other firms. Analyses then are performed to examine the association between stock price and earnings. Results consistently show that the association is higher for firms with informative change in inventory. Thus, knowledge on the informativeness of change in inventory is useful for firm valuation.     

库存控制在超市管理中的应用(英文)

超市和便利店的经营模式是常用的零售企业。为方便起见,我们选择超市作为研究对象,研究在超市管理库存应用程序的发明者,控制理论。为了保证正常的经营活动,超市需要一定的库存。因此,库存管理,成为超市配送中心的一个至关重要的问题。和合理的库存,确保供应和需求的超市管理。以加快资本的考虑,减少资本占用的库存,尽一切努力,以保持库存形式之间关系的合理比例,从而进一步使库存最小的成本。然而,所有的货物存储的库存策略需要大量的时间和金钱,这显然是不实际的经济建议。研究财务管理上,选择几个典型的文章,为居民的日常使用上正在工作的存储解决方案的代表。在此只对几种特殊商品库存管理,5月,根据ABC控制理论的文章,各种商品的分类,利用库存的各种存货策略。     

空间变异特征下金融发展结构对房地产库存的影响研究

利用2004-2018年我国房地产库存和金融发展结构的省际面板数据建立GWR模型,考量空间变异特征下金融发展结构对房地产库存的影响。结果表明：金融发展结构对房地产库存的影响呈现出显著的动态市场异质性特征,即不同经济发展阶段、不同的经济发展区域、金融发展结构对房地产库存的影响不同;房地产开发企业国内贷款和商品房房价对房地产库存的影响具有典型的市场异质性,且表现出非线性特征;房地产开发企业自筹资金、房地产开发企业利用外资、房地产开发企业其他资金对房地产库存具有抑制作用;房地产开发投资额对房地产库存具有促进作用。     

Life in the pits: competitive market making and inventory control

We use futures transaction data to investigate cross-sectionalrelationships between market-maker inventory positions and tradeactivity. The investigating documents strongly that traderscontrol inventory throughout the trading day. Despite this evidenceof inventory management, typical inventory control models predictthat market-maker reservation prices are negatively influencedby inventory. Surprisingly, our evidence shows, as a strongand consistent empirical regularity, that correlations betweeninventory and reservation prices are positive. We interpretthe evidence as consistent with active position takeing by futuresmarket floor traders.     

Inventory investment & control: How have UK companies been doing?

Since the 1980s UK manufacturers have been exposed to the strong promotion of inventory control and reduction as a component of Just-in-Time (JIT), World Class Manufacturing (WCM) and Supply Chain Management (SCM) supported by a range of Enterprise Resource Planning System (ERPS) software packages. There is evidence that these ideas have found extensive favour in practice although existing research studies have also shown that inventory control and reduction is challenging and its impact on performance appears mixed. However, the questions of whether inventory reduction has been achieved and whether it has been beneficial to corporate performance have not been subject to systematic investigation in the UK setting. This study rectifies this deficiency by providing evidence on inventory and inventory turnover levels and trends in UK manufacturers over the two decades ending in 2005. This is supplemented, by benchmarking UK companies against those of Japan, USA and Germany, by investigating possible factors that can explain variation in inventory levels, and by exploring the association between high standards of inventory control and the financial performance of companies.     

Do Key Audit Matters Affect Operating Activities? Evidence from Inventory Management

We investigate whether and how the disclosure of key audit matters (KAMs) affects firms' real operating decisions by examining the association between inventory-related KAMs and firms' inventory management. Exploiting China's recent audit report reform, our difference-in-difference analysis reveals that after the reform, inventory management efficiency increases more for firms subject to inventory-related KAMs than for other firms and the effect is more pronounced for industries in which inventory is material. Further analyses show that inventory-related KAMs positively affect inventory management by attracting external attention and increasing auditor monitoring, which in turn improves inventory management efficiency and operating performance. Our findings suggest that KAM disclosure changes firms’ managerial behaviours and generates a positive externality on real operations.     

基于收益视角的地方国库现金管理最优库存模式探讨

本文采用理论研究和实证分析相结合的方法,从阐述西方财务管理中最佳货币资金持有量模型入手,通过比较分析选择地方国库最优库存模型;然后,结合近年来A市地方国库库存实际情况,通过Miller-Orr模型定量分析测算市级国库最优库存;最后,根据库存现金预测数据测算最优库存下的投资组合收益情况,并提出开展地方国库现金管理的思路和建议。     

Does Risk Sharing Motivate Interdealer Trading?

We use unique data from the London Stock Exchange to test whether interdealer trade facilitates inventory risk sharing among dealers. We develop a methodology that focuses on periods of "extreme" inventories—inventory cycles. We further distinguish between inventory cycles that are unanticipated and those that are anticipated because of "worked" orders. The pattern of interdealer trade during inventory cycles matches theoretical predictions for the direction of trade and the inventories of trade counterparts. We also show that London dealers receive higher trading revenues for taking larger positions.     

Inventory Dynamics and Business Cycles: What Has Changed?

To what extent can information-technology led improvements in inventory management account for the apparent moderation of economic fluctuations in the United States since the mid-1980s? We argue that changes in inventory dynamics played a reinforcing—rather than a leading—role in the reduction of output volatility. Since the mid-1980s, inventory dynamics have changed in a manner consistent with a faster resolution of inventory imbalances. However, these changes appear to be a consequence of changes in the response of industry-level sales and aggregate economic activity to monetary policy shocks. Our results suggest that it is the interaction between the changes in inventory behavior at the industry level and the macroeconomic environment—where the latter likely includes changes in the conduct of monetary policy and the responses of the economy to policy disturbances—rather than any single factor, that has contributed importantly to the observed decline in economic volatility.     

Inventory,fixed capital,and the cross-section of corporate investment

Low adjustment cost for inventory implies that firms can optimally substitute inventory investment for fixed investment by weighing incremental gains against total costs of adjusting the two types of capital. I empirically show that such inventory dependence—arising due to adjustment-cost difference and substitutability—renders firms’ fixed investment significantly less responsive to various measures of investment demand. An analysis from the allocation-of-funds standpoint reveals that in response to one additional dollar available, a high inventory-dependence firm spends 14 cents more (8 cents less) on inventory investment (fixed investment) than does a low dependence firm although the total allocation to investing activities is similar across the two types of firms. Overall, this article uncovers substantial firm heterogeneity in inventory dependence and its impact, there providing empirical guidance for accounting for it in one’s analysis of corporate policy.     

Business cycle,storage, and energy prices

This study examines the effect of the state of the economy and inventory on interest-adjusted bases and expected returns for five energy commodities. We find that interest-adjusted bases and returns have a business cycle pattern. Consistent with the theory of storage, demand shocks near business cycle peaks generate negative interest-adjusted bases and positive returns. In recessions, the bases become positive, and the average returns are negative. Our regression results also show that the interest-adjusted bases of energy commodities are counter-cyclical and the expected returns are pro-cyclical. For petroleum commodities, inventory has a significant effect on interest-adjusted bases at low levels of inventory, whereas at high inventory levels the effect of inventory on the bases is weak. Finally, we find that the bases and economic conditions predict spot returns in energy commodity markets.     

Order Flow and Expected Option Returns

I show that the inventory risk faced by market‐makers has a first‐order effect on option prices. I introduce a simple approach that decomposes the price impact of trades into inventory risk and asymmetric information components. While both components are large for option trades, the inventory risk component is larger. Using the full panel of daily option returns, I find that option order imbalances attributable to inventory risk have five times larger impact on option prices than previously thought. Finally, I find that past order imbalances have greater predictive power than any other commonly used predictor of option returns.     

An Analysis of Changes in Specialist Inventories and Quotations

We develop a dynamic model of market making incorporating inventory and information effects. The market maker is both a dealer and an investor, quoting prices that induce mean reversion in inventory toward targets determined by portfolio considerations. We test the model with inventory data from a New York Stock Exchange specialist. Specialist inventories exhibit slow mean reversion, with a half-life of over 49 days, suggesting weak inventory effects. However, after controlling for shifts in desired inventories, the half-life falls to 7.3 days. Further, quote revisions are negatively related to specialist trades and are positively related to the information conveyed by order imbalances.     

Should we Fear the Shadow? House Prices,Shadow Inventory,and the Nascent Housing Recovery

Although a broad-based increase in house prices has been observed over the past year, not everyone is convinced the rise of house prices will persist and lead to a steady recovery of the economy. The main reason for this skepticism is uncertainty about the “shadow inventory”: foreclosed homes held by investors or as REOs, which have not yet hit the market but likely will as market prices rise. The volume of shadow inventory itself in local markets is largely unknown, as is its impact on the housing market. This study quantifies the size of the shadow inventory and investigates the spatial impact of the out-flow of shadow inventory. The scope of our study is a set of housing markets (AZ, CA, and FL) that vary in both their historic housing price volatility as well as institutional factors - such as foreclosure law statutes - that may influence the relationship between the shadow inventory and house price dynamics. To address the endogeneity that characterizes the spatial interaction of house prices and the out-flow of the shadow inventory, we utilize a simultaneous equation system of spatial autoregressions (SESSAR). The model is estimated using measures of the shadow inventory derived from DataQuick’s national transaction history database and county-level house price indices provided by Black Knight. Lastly, because our estimate - as well as all other existing estimates - of the shadow inventory relies upon string matching algorithms to identify entry into and exit out of REO status, we validate the accuracy of our measures of REOs using loss mitigation data from the OCC Mortgage Metrics database.     

Do Inventories Matter in Dealership Markets? Evidence from the London Stock Exchange

Using London Stock Exchange data, we test the central implication of the canonical model of Ho and Stoll (1983) that relative inventory differences determine dealer behavior. We find that relative inventories explain which dealers obtain large trades and show that movements between best ask, best bid, and straddle are highly correlated with both standardized and relative inventory changes. We show that the mean reversion in inventories is highly nonlinear and increasing in inventory levels. We show that a key determinant of variations in interdealer trading is inventories and that interdealer trading plays an important role in managing large inventory positions.     

Business Cycles and the Behavior of Metals Prices

The theory of storage says that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases. The authors test this hypothesis by examining the relative variation of spot and futures prices for metals. As the hypothesis implies, futures prices are less variable than spot prices when inventory is low, but spot and futures prices have similar variability when inventory is high. The theory of storage also explains inversions of “normal” futures-spot price relations around business-cycle peaks. Positive demand shocks around peaks reduce metal inventories and, as the theory predicts, generate large convenience yields and price inversions.     

新存货准则对企业纳税的影响

新存货准则与原有的存货准则相比,有了很大变化。这些变化集中体现在存货入账环节、发出环节和期末结存环节。不同环节的存货计价方式对企业纳税会产生不同的影响。     

Determinants of the crude oil futures curve: Inventory,consumption and volatility

Since 2008, the WTI oil futures curve has been positively sloped for extended periods. We test whether changes in inventory alone can explain this atypically long contango. To do this, we estimate monthly VARs of the CME WTI oil futures spread and OECD and U.S. inventory in line with standard theory, and add petroleum consumption and implied volatility to the vector of endogenous variables. When we model the futures spread as one continuous series, results confirm two-way causation between inventory and the futures curve, as predicted by the theory of storage. However when we separate negative and positive futures spreads we find that: two-way causation between the futures spread and U.S. inventory breaks down; shocks to OECD petroleum consumption cause more negative spreads and shocks to U.S. consumption cause more positive spreads in addition to inventory-driven changes; and increases in volatility directly raise positive spreads. These new causal channels have become significant since 2008 and can be related to higher inventory, inelastic supply of oil and uncertainty about global economic conditions.     

石油企业存货管理研究

文章针对目前石油企业存货存量的结构和管理现状、增量的结构和变动中存在的问题进行了探讨研究,对其形成原因从管理理念、手段、主体和制度建立及执行监督层面进行了剖析,最后提出了加强石油企业存货管理的具体建议,希望能为石油企业加强和改善存货管理提供有益的启示。