企业物流外包风险研究述评

随着物流外包业务的迅猛发展,企业物流外包风险问题引起了国内外理论界与实业界的广泛关注,越来越多的人开始进行这方面的研究探讨与实践工作。文章指出,目前国内外对企业物流外包风险问题的研究主要集中在企业物流外包风险的成因和来源、风险的分类、风险的识别与评价以及风险的防范控制等方面。在企业物流外包风险的认识上还存在分歧,企业物流外包风险的研究内容还存在局限性,企业物流外包风险的防范控制尚缺乏整体方案,企业物流外包风险管理研究还十分缺乏。今后应加强对企业物流外包风险因素的系统研究,对企业物流外包风险管理的全面研究,对企业物流外包风险预警机制的深入研究,为企业物流外包风险管理工作提供参考。     

泰国香米出口中国物流风险识别及预防

中国大米行业竞争激烈,泰国香米虽竞争优势明显,但由于物流发展水平有限,出口中国数量增速有所减缓。为保持泰国香米出口中国的竞争优势,泰国应提高对物流发展的重视程度,有效识别其中出现的风险隐患,并加以合理管控以便提升其出口物流水平。基于此,对泰国香米出口及其出口物流的发展情况进行梳理,分析出口物流发展中出现的风险,发现许多物流企业存在风险认识水平有限,缺乏风险识别能力等问题,以致于给泰国香米出口造成较多安全隐患。从仓储、运输、包装和信息处理等方面对中国物流企业提出了规避风险建议,以便中国物流企业更好的控制其物流风险。     

浅论从事第三方物流的责任风险

第三方物流是商品交易双方的部分或全部物流功能的外部提供者,服务多样化,责任和风险很大。从事第三方物流主要有与客户、分包人、物流信息系统提供商的合同责任风险、分包人的信用风险、对第三者侵权的法律责任、物流方案设计责任风险和投资等风险。     

物流行业成本风险管理探讨

物流行业的成本风险主要有可控成本风险(也称特种风险)与不可控成本风险(也称系统风险)。其特点是市场性、流动性和相关性。物流企业要把握政策和社会环境的影响,加强对企业内部的成本风险的监管,利用行业的规范标准,实施相应的管理措施,以应对物流企业的各种成本风险。     

物流外包风险管理与控制策略研究

物流外包风险管理与控制关键在于风险的识别与过程管理。物流外包风险包括企业内部因素引起的风险和企业外部引起的风险。评估物流外包风险,根据潜在损失的大小和物流外包风险出现的概率,不可承受的物流外包风险应是设法控制的,可采取风险规避和风险转移两种策略加以防范。     

绿色物流的风险分析与防范

绿色物流是现代物流的发展方向,具有可持续性、多目标性等特征,绿色物流风险包括由于绿色物流与外部环境的不协调而导致的市场风险和因企业内部条件的不确定性造成的非市场风险。为防范绿色物流风险,应充分发挥政府的宏观调控作用,加强宣传、教育和引导工作,完善信息传递机制,增强企业绿色意识,加强绿色物流队伍建设,高度重视实施共同绿色物流。     

中国铁矿石进口风险的量化评估——兼评进口多元化策略的成效

文章基于风险指数模型,测算了中国铁矿石进口的系统风险指数和特定风险指数,并据此评价进口多元化策略的成效。研究发现,2002~2011年间,系统风险指数和特定风险指数均趋于上行,表明中国的铁矿石进口风险在不断积累,特别是国际价格大幅波动所引致的系统风险指数急速上升值得关注。由于进口来源地的拓展方向存在问题,导致进口多元化策略不仅没有起到预期的风险缓冲效果,反而有可能加重了进口风险。模拟结果显示,根据进口价格、国家风险、价格波动性指标合理选择多元化对象,将会有效降低进口贸易的特定风险,意味着中国铁矿石进口的来源地构成还有进一步优化的潜力。     

物流企业合同责任风险与防范

近年来,伴随着我国物流行业的迅速崛起,物流企业经营风险也日渐纷繁复杂。物流企业为客户提供越来越便利的一体化物流服务,同时也承担着越来越多、越来越大的经营风险,其中最为常见的是物流企业合同责任风险,主要包括物流服务商与客户之间的物流合同风险、物流服务商与物流分包商之间的合同风险以及物流服务商与信息系统服务商之间的合同风险。为了减少物流企业合同责任风险,保护物流企业和相对人的合法权益,保证物流企业的健康发展,完善我国物流风险立法,制定和采取相应的防范与救济措施已成为当务之急。     

企业市场风险预警系统构建研究

企业的市场风险预警系统有狭义和广义之分。狭义的预警系统是指为了防范可能偏离正常发展轨道或可能出现的市场风险而建立起来的报警系统。而广义的市场风险预警系统则包括市场风险识别系统、市场风险评估系统、市场风险预警系统和市场风险处理系统。本文按照广义的定义来构建企业市场风险预警系统。一、市场风险识别子系统1.市场风险识别的基础。市场风险识别的主要依据是信息,因而必须建立灵敏的市场信息收集与分析系统。市场风险信息是原始信息向征兆信息转换的结果。市场风险的原始信息包括市场风险历史信息和即时信息,也包括市场风险实…     

基于“CAFTA共生圈”的物流金融风险控制与安全研究

突破西南边疆局部概念,结合生物共生理论,本文提出"CAFTA共生圈"的概念,阐述了西南边疆民族地区物流金融对制造企业和物流企业的激励行为;从中国-东盟大局着眼,通过分析共生圈物流金融带来的各种风险,提出立足东盟国家之间物流金融合作与风险防范措施,共同实现中国-东盟地区经济互利互惠,协同发展。     

Operating leverage as a determinant of systematic risk

Since the development of the capital asset pricing model, a number of studies have examined the effect of a firm's operating leverage on its systematic risk. The essential conclusion of these studies is that operating leverage affects systematic risk through either the contribution margin or unit variable costs. In this paper, the models derived in previous research are refined and extended to demonstrate that, for either a single-product or multiproduct firm, the degree of operating leverage measures the full effect of a firm's operating leverage on its systematic risk. In addition, it is shown that a sales variability measure should also be an important differentiating factor among the systematic risk of common stocks. Thus, the results have important practical implications for financial managers when estimating project or divisional risk for investment decisions, and for security analysts when predicting the systematic risk of common stocks.     

Systematic Risk in Conventional and Islamic Equity Markets

We aim to compare the systematic risk in conventional and Islamic equity markets by introducing two dynamic risk measures. Accordingly, the level of the systematic risk in conventional markets is slightly higher than the risk in Islamic markets for most of the time. However, this difference is significant in less than 3% of the sample period. More importantly, there is no significant difference in the levels of systematic risk during the global financial crisis of 2008, suggesting that Islamic equities are not able to provide a lower market risk compared with their conventional counterparts in financial turbulent times.     

Financial determinants of systematic risk in real estate investment trusts

Financial theory and empirical evidence suggest that a firm's systematic, or market related, risk is related to its financial conditions. This study empirically investigates the financial determinants of systematic risk for Real Estate Investment Trusts (REITs). The study is an examination of sample of 32 REITs for the period 1976–1978. The results indicate that systematic risk varies directly with financial leverage, business risk, and advisor fee. The explanatory power of the relationship between systematic risk and financial variables exceeds that of previous studies wherein firms were pooled across industry groups. The higher explanatory power observed even with limited data suggests that better estimates of coefficients of financial determinants of systematic risk may be obtained through analysis conducted on an industry by industry basis. Furthermore, such industry-specific analysis provides useful results to practicing financial managers in their financial policy considerations. With the knowledge of how the financial decisions affect the firm's systematic risk, a manager may be able to manipulate those variables so as to reduce the systematic risk for his or her firm and thus increase the market value of the firm's securities.     

Risk premia in forward exchange rates: systematic or unsystematic?

International traders frequently use forward exchange transactions to hedge their cash flows in foreign currencies. A key issue is whether the forward rates are efficiently priced. There is evidence of time-varying risk premia in forward exchange rates. Are these risk premia systematic or unsystematic? This article uses a market model to explain risk, implying that the risk premium in the forward rate varies pari passu with the beta of the return to speculative forward positions. Assuming the unobserved risk premium is proportional to the forward premium allows testing the predicted relations; the data reject the joint hypotheses of the model and systematic risk. In terms of a simple factor model explaining the covariation of the forward premium, the risk premium, and the expected percentage rate of change of the spot exchange rate, the assumption that the forward premium and the risk premium are proportional can be relaxed without changing the empirical results.     

Les effets du gel d'une caisse de retraite sur la performance et le risque des entreprises

This study considers the effect of freezing defined benefit pension funds on shareholder risk and returns. The conditional models used in this study directly assess the effects of a pension fund freeze on returns and on systematic and residual risk. While pension fund freezes do not significantly affect performance or systematic risk, they do significantly reduce short‐term residual risk. Pension fund freezes therefore do not generally present significant financial advantages to shareholders. Only shareholders of funds in crisis would benefit from significant systematic risk reductions. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

A note on the association between systematic risk and common stock and bond rating classifications

Relative risk classifications for both common stock and bonds are provided by several financial services, based upon their analysis of the financial and operating data of the issuer. Systematic risk, on the other hand, is a quantitative measure of relative risk based upon market-generated data. Using several multivariable statistical techniques and a sample of 443 listed companies, this note provides empirical evidence of the association between 1) systematic risk and common stock rankings, 2) systematic risk and bond ratings, 3) two popular common stock ranking classification systems, and 4) common stock rankings and bond ratings.     

Effect of oil price risk on systematic risk from transportation services industry evidence

This paper investigates the effects of oil price risk on systematic risk using the transportation service industries as samples across eight representative nations. The researchers estimate the systematic risk by the use of time-varying models including the Schwert and Seguin model, the Multi-GARCH model and the Kalman filter algorithm as well as the market model. The empirical results show that the Kalman filter algorithm appears to be the superior model for capturing systematic risk in the transportation industry. The betas of the marine industry decrease as it suffers from oil price risk, while the airline industry sees the reverse. Therefore, the influence of oil price risk is more critical for the airline industry.     

Effects of pension fund freezing on firm performance and risk

This study considers the effect of freezing defined benefit pension funds on shareholder risk and returns. The conditional models used in this study directly assess the effects of a pension fund freeze on returns and on systematic and residual risk. While pension fund freezes do not significantly affect performance or systematic risk, they do significantly reduce short‐term residual risk. Pension fund freezes therefore do not generally present significant financial advantages to shareholders. Only shareholders of firms with pension funds in crisis would benefit from significant systematic risk reductions. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

中国的对外直接投资风险及对策建议

中国对外直接投资过程中面临的高风险问题备受关注。中国对外直接投资风险总体呈现出发生频率高、资金规模大、风险高发行业相对固定和区域集中度高等特征。从风险类型看,东道国政治风险、恐怖袭击、保护主义和社会文化风险是影响中国对外直接投资的主要风险。为保障对外直接投资利益,中国应着力构建系统化的风险防控体系。     

The term structure of systematic and idiosyncratic risk

We study the term structure of variance (total risk), systematic, and idiosyncratic risk. Consistent with the expectations hypothesis, we find that, for the entire market, the slope of the term structure of variance is mainly informative about the path of future variance. Thus, there is little indication of a time-varying term premium. Turning the focus to individual stocks, we cannot reject the expectations hypothesis for systematic variance, but we strongly reject it for idiosyncratic variance. Our results are robust to jumps and potential statistical biases.