股市联动的理论机理研究综述

国内外学者对股市联动的研究主要集中于实证分析,股市联动的理论机理还未形成系统的知识体系。本文从经济基础假说和市场传染假说、行为因素理论以及双重上市资产定价理论三个方面对股市联动的理论机理进行综述性研究。     

基于股价同步性视角的应计错误定价的再检验研究

<正>应计错误定价(Accruals Mispricing),即指市场对会计应计项目所反映的企业信息进行了错误定价,描述了会计应计与公司股价之间的某种关联,许多学者也称之为应计异象(Accrual Anomaly)。因其有效地将会计学理论与金融学理论融合共同解释经济现象,进一步拓展资本市场会计研究的领域,而倍受国内外学者关注。根据理论解释和影响程度的不同,应计错误定价研究可分为持续观、投资增长观和其他理论解释三大类。国外文献主要集中于前两类理论解释的研究(Sloan,1996;Collins和Hribar,2000:Xie,2001;Pincus、Rajgopal和Venkatachalam,2007等),部分学者也对应计错误定价的代理成本观、套利限制观和非误定价观等其他理论解释     

授信业务的风险定价模型及其实践——基于中国商业银行新竞争战略视角的研究

授信业务的风险定价和度量是现代金融理论研究的前沿问题，本文首先回顾了已有的各种主流信用风险定价方法，并对目前国内外主要的信用风险定价的结构模型进行了研究和评述，包括定性模型（Qualitative Models）、信贷评级模型（Credit Scoring Models）、现代模型（Newer Models）。接着对中国商业银行风险定价中的违约风险与授信业务的价值进行了定量分析。在此基础上，本文进一步探讨了这些信用风险定价模型在商业银行新竞争战略实践上的意义以及可能的发展方向。     

基于水安全思想的城市水消费定价管理的经济学分析

水安全思想是城市水资源保护和水消费定价的基本经济依据。水作为稀缺性经济资源,涉及水安全的环境治理成本和节约用水成本是城市水消费定价管理中不可忽视的重要组成,也是可持续性水消费理论的重要研究内容。     

利率对我国股票房地产市场股价变动的影响因素分析

利率是最影响股价的最直接最快速的元素。目前国内外大多数的研究主要是探究利率对整个股票市场及其股价的影响,本文对研究对象做进一步的细分,主要探讨利率对房地产上市公司股价的影响。论文在梳理总结国内外的相关文献与研究的基础上,通过股票的定价模型、利率对股票的影响机制等理论,建立了实证模型,对两者间的关系进行了实证分析。基于研究结论,提出了进一步推进利率市场化、完善股票市场建设和畅通货币政策传递机制的对策建议。     

基于双边市场理论的期货交易所竞争策略

双边市场是目前国内外产业组织理论研究的热点之一,但其研究的应用领域主要集中在银行卡、电信业、互联网站、购物中心、媒体广告等方面,很少有相关研究涉足金融市场领域。本文将双边市场理论运用于期货市场,分别从期货交易所的定价策略以及产品和服务差异化两方面进行论证,并得出相应的结论,以此希望为双边市场在金融领域的研究起到抛砖引玉的作用。     

基于神经网络的期权定价研究综述

本文介绍了期权定价理论,详细描述了期权定价研究的现状,并总结了当前几种期权定价主要方法及其基本指导思想。然后,结合当前期权定价方法的热点,重点阐述了神经网络在期权定价中的应用。最后,对基于神经网络预测的期权定价研究进行了总结,并指出了神经网络的期权定价的不足及研究方向。     

景德镇日用瓷市场定价研究

景德镇日用瓷不仅造型优美、瓷质光洁而且千姿百态,魅力无穷。但是景德镇日用瓷定价普遍偏低,定价不准,再加上原材料涨价、市场竞争加剧、历史包袱沉重、企业经营机制难以真正适应市场经济运营和发展,因此,对景德镇日用瓷市场定价研究是非常有必要的。本文主要以景德镇日用瓷市场定价为主要研究对象,以定价理论为基础分析景德镇市场环境及日用瓷价格影响因素,分析了景德镇日用瓷市场定价存在的问题,并针对景德镇日用瓷市场定价及其发展提出策略性建议,为市场定价理论研究与实践提供重要参考。     

现代商业银行贷款定价模型及在我国的应用前景

商业银行贷款定价是商业银行信贷业务中至关重要的环节。关系到银行的资产质量和盈利水平。本文主要对基于现代金融理论的商业银行贷款定价方法进行评述,介绍贷款定价的最新进展,其中主要评述资本资产定价模型、期权定价模型、VaR和RAROC理论等在贷款定价技术中的应用。     

中国式IPO定价：一个文献综述

本文首先整理了国外IPO定价的重要理论,并探讨了这些理论对中国IPO定价现象的解释力;其次梳理了中国IPO定价领域的新近文献,并讨论了现有文献的不足;最后总结并展望了注册制下未来的研究方向。文章的主要观点如下:第一,由于制度背景的差异,基于美国市场的新股定价理论并不能完全照搬到中国市场;第二,现有文献表明,政府管制、社会关系和投资者行为等理论对中国新股定价现象有重要解释力;第三,IPO定价领域的研究存在很多结论不一致的情况,主要源于核心概念界定不清晰、变量度量不准确以及制度背景考虑不足三方面原因;第四,展望未来,研究注册制下的"四新"问题(新问题、新场景、新数据和新视角),具有重要的理论和现实意义。     

水利基础设施投融资模式研究：以黔西南州为例

水利设施建设的关键问题是投资问题.近年来,为促进水利资源的开发及合理利用,国家加大了对水利基础设施建设的支持力度.针对黔西南州水利基础设施建设出现的投资总量少、资金来源单一和民间融资困难等问题.本文结合水资源特性和地方经济发展状况提出公私合作的投融资模式.     

Optimal Transfer Pricing Method and Fixed Cost Allocation

Prior empirical research on transfer pricing only reported what firms do but seldom explained why. This study moves the research forward by introducing hypothesis testing.
Atkinson (1987) shows that pricing transfers at variable cost when capacity is in excess. as prescribed by economic theory. would induce the buying unit to overstate expected demand at the capacity planning stage and cause a waste of resources. To test whether the strategic issue affects transfer pricing decisions, the study compares pricing methods for long- term transfer situations. which were provided for at the capacity planning stage, and ad hoc transfers.
As well. while the two-step method of charging full cost -charging variable cost for each unit transferred and separately charging a flat fee each period for capacity on reserve -has many good control qualities, it remained just an academic curiosity: there was no evidence of its wide use among firms. This study finds that the two-step method is as widely in use as the one-step method -charging variable cost plus unit fixed costs for each unit transferred.     

虚拟水流动差异测算与贸易策略选择——基于长江中下游五省的数据

虚拟水是凝结在产品和服务过程中所需要的水资源量。通过组合运用投入产出分析法与水足迹法,对长江中下游五省41个部门的虚拟水贸易进行测算,结果表明:五省中的四省以虚拟水贸易形式向其它地区输出了大量水资源,其中农林牧渔业是生产和输出水资源量最大的部门;并且省份间农畜产品的虚拟水流动存在较大差异,据此,各省份应调整进出口策略,优化产业结构和布局,综合实施虚拟水贸易策略。     

我国城市居民用水价格的可承受能力问题分析

近年来,我国各大城市试图通过上调水价来调动广大市民节约用水的积极性.然而,本文通过对中国城市居民用水价格的可承受能力进行考察,结果发现旨在实现经济效益的公共政策,却对收入分配有着明显的负面影响,同时,还导致了部分市民对水价政策的消极态度,给公共政策的执行带来阻力.因此,进一步的水价改革政策思路需要进行适当调整.     

Transfer pricing as a tax compliance risk

This paper studies the role of transfer pricing as a critical compliance issue. Specifically, we analyse whether and to what extent the perceived risk associated with transfer pricing responds to country-, industry- and firm-specific characteristics. Empirically, transfer pricing risk awareness is measured as a professional assessment reported by the person with ultimate responsibility for transfer pricing in their company. Based on a unique global survey conducted by a Big 4 accounting firm in 2007 and 2008, we estimate the number of firms reporting transfer pricing being the largest risk issue with regard to subsequent tax payments. We find that transfer pricing risk awareness depends on variables accounting for general tax and transfer pricing specific strategies, the types and characteristics of intercompany transactions the multinational firms are involved in, their individual transfer pricing compliance efforts and resources dedicated to transfer pricing matters.     

ADAPTIVE MESH MODELING AND BARRIER OPTION PRICING UNDER A JUMP‐DIFFUSION PROCESS

The computational burden of numerical barrier option pricing is significant, even prohibitive, for some parameterizations—especially for more realistic models of underlying asset behavior, such as jump diffusions. We extend a binomial jump diffusion pricing algorithm into a trinomial setting and demonstrate how an adaptive mesh may fit into the model. Our result is a barrier option pricing method that employs fewer computational resources, reducing run times substantially. We demonstrate that this extension allows the pricing of options that were previously computationally infeasible and examine the parameterizations in which use of the adaptive mesh is most beneficial.     

外资企业无形资产转让定价与监管研究

我国宽松的外资政策环境、丰富的自然资源和廉价的劳动力吸引了大量投资者来华投资。一些外国投资者为谋求利益最大化,通过关联公司内部技术转让定价转移利润,给我国政府收入带来损失。分析我国外资企业无形资产转让定价行为,将OECD、美国、澳大利亚、日本等组织和国家关于无形资产转让定价监管措施进行梳理,结合我国实际,分析我国外资企业无形资产转让定价监管存在的问题,提出有针对性的政策建议,为监管部门加强外资企业无形资产转让定价监管提供参考。     

商业银行资金转移定价系统:转移方法、定价模式与实施建议

资金转移定价系统是商业银行进行利率风险管理、产品定价、资源配置、利润核算、绩效评价、优化决策和提高运营效率的重要工具.实施资金转移定价对商业银行经营管理水平的提高以及竞争力的提升具有很大的促进作用,对提高商业银行产品利率敏感性、完善货币政策传导机制具有不可忽视的影响.本文介绍了资金转移定价的模式和方法,比较了各自的优劣,并结合我国商业银行目前面临的内外部环境特征,指出我国商业银行实行资金转移定价必须注意的几个问题.     

International Transfer Pricing for Business Operations in China: Inducements, Regulation and Practice

This paper provides an empirical analysis of international transfer pricing in the People's Republic of China. The examination of the business environment in China reveals a mixed inducement for transfer pricing decisions by foreign investment enterprises (FIEs). The legislation on transfer pricing in China is similar to that of its major trading partners. Competition among local governments for foreign investment, inadequate resources for tax enforcement, and inadequate documentation by taxpayers hinder tax audits on transfer pricing. An analysis of aggregate import and export data does not support the allegation that, in general, FIEs shift profits out of China by over-pricing their imports and under-pricing their exports. However, there was some evidence of outward income-shifting in certain key sectors.     

The evolution of capital asset pricing models

The capital asset pricing models (CAPM) has been the benchmark of asset pricing models and has been used to calculate asset returns and the cost of capital for more than four decades. Many researchers have tried to relax the original assumptions and generalize the static CAPM. We survey the important alternative theoretical models of capital asset pricing and provide a complete review of the evolution of asset pricing models. We also discuss the interrelationships among these models and suggest several possible directions for future research. Our results might be used as a guideline for future theoretical and empirical research in capital asset pricing.