对企业国有资产流失相关问题的探讨

企业国有资产流失即为企业的国有资产经营者在对企业进行经营管理的活动中,由于各种原因,通过各种途径造成国有资产非正常损失,国家因此而使其在企业的权益减少。本文通过对企业国有资产流失的概念剖析,分析了我国企业国有资产流失的途径和原因,探讨防止企业国有资产流失的对策。     

对企业国有资产流失相关问题的探讨

企业国有资产流失即为企业的国有资产经营者在对企业进行经营管理的活动中,由于各种原因,通过各种途径造成国有资产非正常损失,国家因此而使其在企业的权益减少.本文通过对企业国有资产流失的概念剖析,分析了我国企业国有资产流失的途径和原因,探讨防止企业国有资产流失的对策.     

国有资产流失的防治措施刍议

国有资产是指国家依据法律、主权取得或认定的资产,以及国家以各种形式对企业投资和投资收益形成的资产。本文试图从以下几个方面对国有资产流失的现象进行探讨,以引起有关决策部门和人士对此问题的深度关注。首先就国有资产流失的表现形式和原因进行了分析,其次提出了对国有资产的监督管理的必要性,最后提出国有资产流失的防治措施。     

经营性国有资产的流失风险与防范策略

近年来,我国正在有步骤地推进国有企业的混合所有制改革,其目的是为了增强国有企业的活力,提高国有企业的核心竞争力。但是,由于种种原因,在推进国有企业混合所有制改革过程中,各种违规操作和非法行为频繁发生,导致经营性国有资产流失现象屡禁不止。因此,为了防止国有资产流失,引导国有企业持续、健康、稳定发展,有必要深入分析和总结导致经营性国有资产流失问题发生的深层次原因,并有针对性地提出相应的防范措施。     

关于国有资产流失的原因和治理分析

国有资产流失,主要指运用各种手段将国有产权、国有资产权益以及由此而产生出来的国有收益转化成非国有产权、非国有资产权益和非国有收益.本文分析了国有资产流失的原因,并提出了防止国有资产流失的对策.     

高校资产管理问题及建议

高校国有资产是高校完成各项教学和科研任务的物质基础,也是衡量高校办学实力的重要标准。如何正确分析高校国有资产管理过程中存在的各种问题,加强国有资产管理,提高资产使用效益,促使其保值增值,防止国有资产流失是当前摆在高校资产管理者面前的一项非常重要的任务。     

非经营性国有资产管理存在问题及对策研究

党的“十六大”把深化国有资产管理体制改革列为经济建设和经济体制改革的八大任务之一,可见国有资产管理体制改革的重要性、紧迫性。但长期以来,由于诸多原因,人们偏重于对经营性国有资产的管理,而忽略了对非经营性国有资产的监管。随着非经营性国有资产比重的增加,其管理问题日益突出,如闲置积压、使用效率低下、产权混乱、国有资产大量流失等。本文通过对这些问题产生的原因进行分析,提出了转变观念、提高立法层次、建立健全管理机构、加强“非转经”管理等建议。     

企业改制中国有资产流失的原因及对策

进入20世纪90年代以来,国有资产流失呈快速递增态势.本文的研究对象就是企业改制过程中国有资产的流失问题,全文共分为四个部分.第一部分分析了国有资产流失的危害,即对经济,政治以及社会生活的影响.第二部分分析了在企业改制的过程中,国有资产流失的具体原因.第三部分则针对企业改制过程中国有资产流失的原因及表现,提出了各种相应的具体对策.全文就企业改制过程中国有资产流失的问题进行了较为全面地论述,并就如何防止企业改制中国有资产的流失,提出了自己的一些观点和看法.     

研究推进行政单位等国有资产改革的途径

随着我国社会经济的快速发展，行政单位的国有资产总量越来越多，资产损失、浪费等问题不断发生，严重影响了国有资产的使用效益。因此，加强对行政单位等国有资产存在问题的研究，分析其发生原因，提出相应的改革措施，对于提高国有资产管理水平、提升国有资产使用效益有着十分重要的意义。     

高职院校国有资产管理问题及对策

高校国有资产是国有资产的重要组成部分,也是我国高等教育发展的物质基础。高职院校国有资产是完成其教学和科研工作的物质保障,也是衡量一个学校办学规模、教学质量、科研实力等的重要指标之一。文章就是以温州某高职院校为例针对当前高职院校,就国有资产管理中存在的管理意识淡薄、管理制度不完善、管理手段不科学,国有资产流失和浪费现象严重等问题及产生的原因进行分析,并提出解决问题的相关对策。     

对上市公司MBO的实证分析

MBO是当今中国最为热门的话题之一 ,是目前国有资产退出方式的又一新尝试。在中国上市公司MBO中选取了 7家典型性样本公司 ,并从转让方式、定价、资金来源、业绩等方面进行实证分析 ,同时结合国外相关实践进行对比探讨 ,指出中国的MBO与国外盛行的MBO有着本质区别 ,因相应配套环境与措施的不健全 ,上市公司应慎行MBO ,应建设具有中国特色的MBO。     

针对实物资产价值漏损的期权定价模型的调整

价值漏损是实物资产定价中经常会出现的现象。实物资产的价值漏损源于决策点之间出现的现金流和持有收益率。它改变了标的实物资产价值的演化路径,从而影响到期权的价值和最优投资决策的时间。只有针对标的资产的价值漏损对期权定价模型进行相应的调整,才能正确估计期权的价值。     

法律判决经济价值效应的金融学分析

法律判决不仅体现了法律对当事人在事件中关系的判断与处置,也会由此产生对当事人乃至全社会的经济价值效应。对于前者,判决体现的是法律的判断;对于后者,传统理论普遍认为是一个零和游戏。然而,从金融学的资产定价理论出发,却发现法律判决的社会经济价值效应并非零和,而且这些价值不仅影响了社会经济活动的行为判断,还对某些资产定价的传统理论提出了挑战。     

The influence of scarcity cues and price bundling on menu item selection

Judgmental heuristics are applied in an experiment investigating the influence of availability cues on restaurant purchase decisions. Participants evaluated menu items in a restaurant scenario that manipulated scarcity cues, bundling, and price. The findings indicate that server scarcity influences food choice more than menu scarcity. Bundled pricing reduces selection of a limited quantity item compared to a la carte pricing. Participants will pay more for a scarce item with a scarcity message delivered by the server. The findings suggest that restaurants can promote menu items effectively through server delivery, but those items should not be part of a price bundle.     

The robust pricing–hedging duality for American options in discrete time financial markets

We investigate the pricing–hedging duality for American options in discrete time financial models where some assets are traded dynamically and others, for example, a family of European options, only statically. In the first part of the paper, we consider an abstract setting, which includes the classical case with a fixed reference probability measure as well as the robust framework with a nondominated family of probability measures. Our first insight is that, by considering an enlargement of the space, we can see American options as European options and recover the pricing–hedging duality, which may fail in the original formulation. This can be seen as a weak formulation of the original problem. Our second insight is that a duality gap arises from the lack of dynamic consistency, and hence that a different enlargement, which reintroduces dynamic consistency is sufficient to recover the pricing–hedging duality: It is enough to consider fictitious extensions of the market in which all the assets are traded dynamically. In the second part of the paper, we study two important examples of the robust framework: the setup of Bouchard and Nutz and the martingale optimal transport setup of Beiglböck, Henry‐Labordère, and Penkner, and show that our general results apply in both cases and enable us to obtain the pricing–hedging duality for American options.     

A multivariate test of the covariance-co-skewness restriction for the three moment CAPM

This paper re-examines the importance of co-skewness in asset pricing using the multivariate testing procedure proposed by Gibbons (1982). This new approach allows for the testing of a share restriction derived from the Kraus and Litzenberger (1976) model which has been ignored in previous empirical studies. The results indicate that co-skewness is statistically significant in pricing risky assets and that the covariance risk is much more important in explaining the risk-return relationship than the co-skewness risk. However, the results also indicate that the Kraus and Litzenberger model does not adequately describe expected returns.     

MBO与国有中小企业的产权改革

管理层收购为实现国有中小企业多元化的产权结构提供了一个宽广的思路。但是收购定价以净资产为基准的定价方式有失公允。管理层收购成败的一个关键在于收购公司的定价是否合理,还要考虑企业的未来盈利能力和管理层的人力成本,交叉使用几种收购定价模式,综合确定收购的公允价值。     

布莱克—斯科尔斯期权定价公式的推导及推广

Black-Scholes期权定价模型是金融学中广泛应用的模型之一,该模型的提出是金融理论界和实践界的一场革命。Black、Scholes和Merton引入了动态套期保值组合的概念,期权的支付可以通过基础资产的动态组合策略复制。通过对期权定价理论的历史介绍及对该公式的几种推导方法进行分析,说明在其他金融衍生产品定价中的推广应用。     

Robust Hedging of Barrier Options

This article considers the pricing and hedging of barrier options in a market in which call options are liquidly traded and can be used as hedging instruments. This use of call options means that market preferences and beliefs about the future behavior of the underlying assets are in some sense incorporated into the hedge and do not need to be specified exogenously. Thus we are able to find prices for exotic derivatives which are independent of any model for the underlying asset. For example we do not need to assume that the underlying assets follow an exponential Brownian motion.
We find model-independent upper and lower bounds on the prices of knock-in and knock-out puts and calls. If the market prices the barrier options outside these limits then we give simple strategies for generating profits at zero risk. Examples illustrate that the bounds we give can be fairly tight.     

A Closer Look at Barrier Exchange Options

A barrier exchange option is an exchange option that is knocked out the first time the prices of two underlying assets become equal. Lindset, S., & Persson, S.‐A. (2006) present a simple dynamic replication argument to show that, in the absence of arbitrage, the current value of the barrier exchange option is equal to the difference in the current prices of the underlying assets and that this pricing formula applies irrespective of whether the option is European or American. In this study, we take a closer look at barrier exchange options and show, despite the simplicity of the pricing formula presented by Lindset, S., & Persson, S.‐A. (2006), that the barrier exchange option in fact involves a surprising array of key concepts associated with the pricing of derivative securities including: put–call parity, barrier in–out parity, static vs. dynamic replication, martingale pricing, continuous vs. discontinuous price processes, and numeraires. We provide valuable intuition behind the pricing formula which explains its apparent simplicity. © 2011 Wiley Periodicals, Inc. Jrl Fut Mark 33:29–43, 2013