浅谈资金时间价值在工程投资决策中的应用

<正>一、引言资金时间价值理论是技术经济学科比较重要的理论(明确资金时间价值的概念具有重要的意义。如今(资金时间价值在企业精细化管理中的作用日益突出(企业需要运用资金时间价值原理对企业经营状况、投     

资金时间价值与时空二维价值研判

传统财务管理理论在投资决策及资金管理等方面推崇资金的时间价值．要研究投资决策．就要研究并确认资金的时间价值。笔者长期从事施工企业财务管理工作．在实践中深刻认识到．资金除具有时间价值属性外还具有空间价值．作为经营领域分散的大型集团公司尤其如此。这就使得研究资金的时空二维价值对施工企业等跨区域经营企业具有不可低估的意义。     

资金时间价值理论在招标工作中的运用分析——以建筑工程采购为例

文章从资金时间价值理论研究角度出发，分析招标采购过程中所采用的资金时间价值理论，结合具体的案例，研究影响招标的经济因素，为采纳合理的招标方案，获得最大的经济效益提供理论研究。     

论“资金时间价值”观念

论“资金时间价值”观念军事经济学院杨仕鹏在当前理论研究中，人们通常将＂资金时间价值＂与＂货币时间价值＂相提并论或相等同，因而导致观念上的偏差。本文试图就＂资金与货币＂、＂资金时间价值＂与＂货币时间价值＂、＂资金时间价值＂观念的内容等问题发表意见。一、...     

对资金时间价值本质问题的思考与探索

本文探索了资金时间价值的概念,指出了理解资金时间价值需要注意的事项。通过对资金时间价值形成过程的分析,研究了产生资金时间价值的根源问题,进而提出了资本的价值补偿和社会生产力进步是资金时间价值的本质之论点,并根据事实进行论证。     

应用货币资金的时间价值进行投资效益分析

货币资金的时间价值也称货币或资金的时间价值,它是西方经济学的一种理沦。这种理论的实质是“钱能生钱”,它对我们搞经济工作的同志来说,具有一定的指导意义。了解和掌握西方经济学中货币资金的时间价值理论,并应用它来核算投资效益,这在开展项目评估这一活动中,显的十分重要。一、什么叫货币资金的时间价值货币资金的时间价值,是指货币转化为资金后,进入了资金的循环和周转,其绝对金额将随时间的推移,发生了增额和减额的变化,其增加和减少的金额部分为     

资金时间价值的自然源泉及其应用方式探讨

资金时间价值是重要的经济学概念,至今为止对其的研究主要从经济社会角度出发而展开。本文从自然存在的角度,采用描述性分析法和定性分析法进行研究,考察了太阳向地球进行能量传送的过程和各种能源的利用方式,认为资金时间价值的自然源泉为太阳能,直接来源是那些于人类有益且人类有能力进行加工的广义太阳能集热器中储存的太阳能。此外,还从资金时间价值存在所依赖的两个基本条件出发,提出资金时间价值应用方式的主要发展方向。     

考虑资金时间价值对房地产销售代理双方的影响

本文将经济生活中客观存在的资金时间价值引入房地产销售代理活动,分析资金时间价值对房地产销售代理双方的影响。研究结果表明,考虑资金时间价值情况下比不考虑资金时间价值情况下,销售代理商工作更努力,房地产项目能在前期实现更多的销售,各方收益更高,并且销售代理商的工作努力程度与资金折现率和其得到的佣金比例正相关。     

建造合同中的资金时间价值问题分析

资金时间价值是建造合同成本的重要组成部分,本文从利息方面和物价变动方面对一定付款方式及不同付款方式的建造合同中的资金时间价值进行了预测分析。     

医学网络教学评价体系的构建价值与实践

目的:结合项目实践对医学网络教学评价的体系构建价值进行理论探讨。方法:通过理论分析和实践结果研究其对教学及学科发展的促进作用。结果:网络教学体系的构建对教学有积极的促进作用,同时促进了学科的发展。结论:网络教学评价体系构建是重要的网络教学与网络教育发展的工程之一,极具价值。     

Monetary Policy and the Stock Market: Theory and Empirical Evidence

This paper gives a comprehensive review of the literature on the interaction between real stock returns, inflation, and money growth, with a special emphasis on the role of monetary policy. This is an area of research that has interested monetary and financial economists for a long time. Monetary economists have been interested in the question whether money has any effect on real stock prices, while financial economists have investigated whether equity is a good hedge against inflation. Empirical studies show that money can be helpful in predicting future stock returns. Empirical evidence also suggest that equity is not a good hedge against inflation in the short run but may be so in the long run. The short-run negative relation between stock returns and inflation can easily be explained by theoretical models. If the central bank conducts a countercyclical monetary policy this will result in a negative relation between inflation and stock returns, while if it conducts a procyclical policy we could observe a positive relation. According to both theoretical and empirical studies investors receive an inflation risk premium for holding equity.     

基于索洛经济增长模型浅析金融科技的机遇与挑战

未来的金融服务将会以数据为根本,与消费场景相融合,通过构建智能化、多元化和场景化的综合金融服务生态,使金融全方位、无接触地服务于广大消费者.金融机构通过远程智慧云平台实现线上响应,并满足客户的服务需求,进行无障碍沟通,既不影响工作进程,也节约了人力成本,保障了金融机构的平稳与有序运行.由此可见,金融科技在支撑金融体系乃至经济体系方面的重要性.文章基于索洛经济增长模型,分析了金融科技的重要性,并从金融机构角度分析了金融科技创新面对的机遇和挑战,对金融科技在未来金融市场上的发展趋势提出了合理预期,认为未来区域链经济的加入有望进一步提升金融科技的经济效益;同时,开辟金融科技与商业银行产业融合的新产物,通过央行币开拓全方位、多层次、跨领域的流通机制,实时监管资金流向,并积极探索监管科技,以形成完善、高效的监管机制,优化和规范金融投融资环境,进而助力商业银行借助金融科技构建"去中心化"的智能金融价值网.     

The effect of investors’ confidence on monetary policy transmission mechanism: A Multivariate GARCH approach

This paper investigates the financial stability’s effect on the monetary policy transmission mechanisms. The correlations between investors’ confidence in the markets, money growth and economic growth are analyzed along with the correlations within their volatilities. Specifically, the heteroskedasticity of the errors is exploited in a Multivariate GARCH framework to obtain endogenously estimated measures of uncertainty. By a two-step estimator, the indirect interplay of money growth and financial markets is highlighted at different time horizons. The results contrast previous literature supportive of the “Great Moderation” as causing the recent financial crisis. Effectively, by accounting for the breaks in volatility series due to structural shifts in monetary policy, a low period of macroeconomic volatility is found not to drive directly low financial stability.     

大型工程项目资本运营模式创新

企业的经营活动可以根据企业经营价值的影响分成若干个小的活动,这些活动被称为价值活动.大型工程项目资金占用规模大、时间长,容易发生财务风险,传统的工程项目实施中一般只考虑工程技术细节.随着我国市场化不断深入,资金的时间价值成为大型工程项目实施中的难点,采用资本运营模式创新可以有效地解决该问题.     

Interbank credit and the money manufacturing process: a systemic perspective on financial stability

Interbank lending and borrowing occur when financial institutions seek to settle and refinance their mutual positions over time and circumstances. This interactive process involves money creation at the aggregate level. Coordination mismatch on interbank credit may trigger systemic crises. This happened when, since summer 2007, interbank credit coordination did not longer work smoothly across financial institutions, eventually requiring exceptional monetary policies by central banks, and guarantee and bailout interventions by governments. Our article develops an interacting heterogeneous agent-based model of interbank credit coordination under minimal institutions. First, we explore the link between interbank credit coordination and the money generation process. Contrary to received wisdom, interbank credit has the capacity to remove the inner limits of monetary system capacitance. Second, we develop simulation analysis on imperfect interbank credit coordination, studying impact of interbank dynamics on financial stability and resilience at individual and aggregate levels. Systemically destabilizing forces prove to be related to the working of the banking system over time, especially interbank coordination conditions and circumstances.

     

Unearthing antecedents to financial inclusion through FinTech innovations

Fintech innovations are enabling access to financial services through mobile devices for many unbanked in the world. Though fintech innovations are touted as game changers in deepening financial inclusion, their wide acceptance and use still remain limited. In the extant literature, technological and behavioural antecedents that influence users’ behaviour toward financial technologies are not fully understood. This study argues that understanding antecedents to the actual use of fintech innovations will lead to deepening financial inclusion. Using mobile money—a type of fintech innovation, this study adopts the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and the Prospect theory. Drawing on survey data collected from 294 respondents, this study applies the partial least square structural equation modelling technique. The findings show that performance and effort expectancy have significant relationship with the intention to use mobile money services. However, contrary to well-established positions, price value, hedonic motivation, social influence and perceived risk do not influence intention and use of mobile money services. The study makes significant theoretical contributions and offers practical and policy implications for deepening financial inclusion.     

Equity market and money supply spillovers and economic growth in BRICS economies: A global vector autoregressive approach

Previous studies report that private credit as a proxy of financial development contributes to economic growth in BRICS economies. This paper employs three additional measures of financial development, namely equity market, money supply and market capitalization, and further investigates cross-country evidence on the impact of equity market and money supply spillovers on economic growth in BRICS economies. Utilizing a Global Vector Autoregressive (GVAR) framework and quarterly data from 1989Q1 and to 2012Q4 from BRICS economies, we find that equity market and money supply variables do not predict the contributions of financial development in each BRICS member in boosting economic growth in the other member countries. However, market capitalization significantly influences economic growth. These results suggest that, besides private credit, market capitalization is another key channel of promoting growth in individual economies and the region. Policy implications of the findings are discussed.     

货币供应量变动对家庭风险资产持有比例的影响研究——基于利率渠道视角

构建跨期投资决策模型,运用CHFS微观数据和相关的宏观数据,基于利率渠道研究了货币供应量变动对家庭金融参与及风险资产持有比例的影响。理论分析表明,货币供应量增加导致货币市场利率降低时,各类风险偏好家庭的金融参与及风险资产持有比例均会提高。实证结果表明：货币供应量变动对货币市场利率的影响较弱,利率渠道可能存在堵塞;货币供应量变动通过利率渠道对风险喜好家庭的金融参与及风险资产持有比例有部分中介效应,但对风险规避家庭有完全中介效应。     

政府在国有企业退出中的角色研究

针对国有企业改革的现状,在进行相关文献回顾的基础上,从所有权、历史包袱、退出平稳性三方面阐述政府主导国企退出的客观必然性与合理性。政府作为国有企业改革的主导者,应制定有效的退出援助政策与措施,并通过财政拨款、国有资产变现、建立健全各项社会保障等途径来筹措退出资金,为国有企业的顺利退出创造条件。