浅议资本资产定价模型与美国次贷危机

资本资产定价模型（CAPM）是证券市场中研究资产的预期收益率与风险之间关系的核心理论。针对资本资产定价模型的实证运用,国内外的学者已经进行了诸多研究,争论的焦点在于资本资产定价模型是否对市场风险和金融资产公允价值估计不足。美国次贷危机不仅造成了美国经济的持续不景气,而且直接导致了全球诸多次级抵押贷款机构的破产、投资基金的关闭和股票市场的剧烈震荡、金融机构对市场风险和资产公允价值估计不足是这些现象产生的重要原因之一。因此,我们有必要从资本资产定价模型的角度分析美国次贷危机。     

实施资产减值会计研究

随着近几年经济的快速发展,经济环境和社会环境发生了巨大变化传统的会计资产计量方式已经不能满足当前经济形势发展的需要。资产减值是指因外部因素、内部使用方式或者使用范围而引起的资产价值降低,致使企业未来的经济利益低于现有的账面价值。资产减值会计就是剔除企业资产中失去效用的那一部分资产,以便真实的反应企业资产获取经济效应的能力。本文从资产减值的含义入手,对资产减值会计进行了深入的理论分析,探讨资产减值会计的理论基础,并以此提出完善我国资产减值会计的对策建议,以期对资产减值会计的实践有所帮助。     

实物期权在信息经济分析中的应用——以数字图书馆为例

信息经济作为近些年来新兴起的经济形式,对社会经济的发展起到了重要的推动作用。而数字图书馆作为信息经济的载体,其产生的价值获得了众多学者的关注。实物期权的定价方法是现代期权定价理论在具有期权特性的非交易实物资产定价中的应用。近些年来,实物期权的定价方法已经在各行各业中有了广泛的应用,因此,实物期权的方法对数字图书馆项目等信息经济项目的开发决策也有着十分重要的应用价值。     

中国股市B/M效应与规模效应实证研究

B/M效应和规模效应是股票市场中比较重要的异常现象,反应了传统资产定价理论的局限性。本文认为,中国股市B/M效应和规模效应产生的原因在于风险溢价和市场过度反应对股票收益的综合影响。     

中国股市B/M效应与规模效应实证研究

B/M效应和规模效应是股票市场中比较重要的异常现象,反应了传统资产定价理论的局限性.本文认为,中国股市B/M效应和规模效应产生的原因在于风险溢价和市场过度反应对股票收益的综合影响.     

技术资产的评估方法研究

技术资产的评估是资产评估的难点,技术商品不同于一般商品,具有报酬无限、风险有限的特性,尤其与支付红利的美式看涨期权特点极为相似.但应用传统的资产评估方法为技术商品定价,其结果很难真实反映技术商品的价值.本文在前人研究成果的基础上,对技术资产评估方法进行了综述, 说明了传统的评估方法在评估技术资产时存在的缺陷,通过对技术资产的期权特征进行分析,将期权定价理论引入到技术资产的评估方法中,通过对Black-Scholes 期权定价公式定量分析从直观上了解各个参数对技术资产期权价值的影响,同时用具体案例进行了进一步说明,但评估方法的应用是建立在一系列假设的基础上的,同时Black-Scholes 公式只能用于粗略的计算,因此,二项式模型和期权博弈模型将会是技术资产评估方法的新研究方向,本文只是将期权定价理论应用到技术资产的评估当中,为解决技术资产评估、高科技企业价值的评估提供了参考价值.     

浅议法的价值

法的价值就是指法对于人类保障人权与维持社会稳定所具有的积极意义。法的价值不仅体现着法的精神、本质与目的,研究法的价值为中国特色社会主义法制建设及其实践活动提供着伦理正当性和合法性的理性基础。此外,法的价值对于法律理论和法律实践具有精神引导、观念变革和制度创新的重要作用。     

人口结构、消费习惯与资产定价

资产定价是复杂的经济现象,既涉及经济因素,又包含心理因素。金融经济学家对此展开了广泛的研究,形成了丰富多彩的资产定价理论。但是,这些定价理论都是在人口结构稳定的假设基础之上。本文就人口结构、消费习惯对资产定价的影响展开讨论,指出人口结构变化将会对资产价格重估产生重大影响。     

传统经济体系模型的缺陷及优化路径

环境污染问题已经成为严重制约我国经济和社会可持续发展的“瓶颈”问题。对这类污染的治理,不仅是科学技术、政府管理、法律和社会道德问题,同时,由于这类污染的产生与人们的经济活动过程密不可分,因此,必须重新认识经济过程,将污染纳入经济系统,并改造传统的价值理论,建立负价值范畴,显现包含污染物价值在内的完整的社会经济价值,为市场机制和政府干预在防治污染方面发挥作用提供价值依据。     

国有资产评估价值的精确性分析

国有资产评估价值的精确性直接关系到国家和有关当事人的经济权益,如何判断评估价值的精确性和公正性,重点是要分析评估参数的选择和确定是否科学合理,只要各类资产评估时选择的评估参数在合理的范围内,则整体资产评估价值就是合理的.经综合分析,国有企业资产评估价值的精确范围应在±6%～15%.     

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。     

Uniform pricing effect: The influence of uniform pricing on product value judgement and purchase intention

Uniform pricing, which is a pricing strategy that sets a unified price for all products in the store or all products in the same category, is becoming increasingly popular over the past decades. However, scarce attention has been paid to investigating its impact on consumer behaviour. This research investigates the influence of uniform pricing on product value judgements and purchase intentions. Four studies demonstrate that uniform pricing (vs. non-uniform pricing) could induce stronger promotion perception, which leads to more positive product value judgements and purchase intentions. Moreover, price sensitivity and product involvement moderate this effect, and this effect only exists for high price-sensitive consumers and low product involvement consumers.     

价值评估在项目财务评价中的应用

伴随着中国经济体制改革的深入和现代企业制度的推行,企业并购的经济交易行为不断增多,企业价值评估的应用空间得到了极大的拓展,已经不仅仅应用于产权的交易,还可以为投资方的定价决策提供依据.本文结合项目实际探讨价值评估如何应用于项目财务评价中并为项目的定价决策提供依据.     

Transfer pricing for aligning divisional and corporate decisions

Discussions about transfer pricing normally presume the firm's objective is to maximize profit while making the best use of existing capacity. This article differs by exploring the impact of transfer pricing on capital budget decisions. In decentralized firms, decision authority for investment is assigned to division managers whose capital budgets include revenues from internal transfers. When a selling division is under capacity, economic theory recommends a transfer price based on differential cost. Here the seller generates sufficient revenues to recoup operating costs, but not enough to recover capital costs. Consequently, division managers will reject some investments that otherwise would have increased corporate shareholder value. Market-based transfer pricing overcomes this conflict by allocating savings on inter-company transactions to the selling division. However, market transfer pricing may result in shortfalls to corporate profit. Nonetheless, we argue in favor of the use of transfer pricing on the presumption that long-term value creation takes precedence over short-term profit.     

Controls on Advertising: an Examination of Some Economic Arguments

There is increasing pressure to regulate advertising in Britain, and economic concepts are often advanced to support such a policy. One argument is that advertising is wasteful, but this depends upon a quite arbitrary view of what kinds of product differences are considered important. A second argument is that advertising distorts consumer tastes. This claim reflects a particular psychological view (behaviourism) which is not widely accepted nowadays. Other psychological theories, reflected in the writings of modern economists, see advertising as playing a constructive role in helping to reveal tastes, with consumers playing an active rather than passive role in choice. The proposals to limit advertising thus depend upon particular value judgements or psychological theories for which economics provides no justification.     

Pricing American exchange options in a jump‐diffusion model

A way to estimate the value of an American exchange option when the underlying assets follow jump‐diffusion processes is presented. The estimate is based on combining a European exchange option and a Bermudan exchange option with two exercise dates by using Richardson extrapolation as proposed by R. Geske and H. Johnson (1984). Closed‐form solutions for the values of European and Bermudan exchange options are derived. Several numerical examples are presented, illustrating that the early exercise feature may have a significant economic value. The results presented should have potential for pricing over‐the‐counter options and in particular for pricing real options. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:257–273, 2007     

项目评估法定国有资产之价

关于国有资产定价问题,各种方案从不同角度被提出并实践着,但其实际效果并不理想。追其原因,除了体制、内外环境因素等外,一个比较重要的原因就是:国有资产的价值没有真正厘定清楚。价格的确定是各种方案实施之前不容忽视的、是较难处理的问题,也将是解决国有企业、国有资产问题的关键。     

The micro-foundations of pricing

In this editorial we define the core research questions that fall into the domain of this special issue: Research on the micro-foundations of pricing aims to explore how individual traits or individual activities influence pricing activities or performance at the organizational level. As current research and the papers in this special issue suggest, adopting a micro-level perspective is necessary to building better theories: Organizations do not act, individuals do. Understanding the complex causal relationships between individual traits and behaviors and organizational outcomes is of interest to both researchers and managers. It is our hope that this special issue on micro-foundations, on fallible and not easy to model traits, cognition, and decisions, advance the theory and practice of pricing.     

Family Business Succession in Hong Kong: The Case of Yung Kee

This case study examines the succession of Chinese family business in Hong Kong, drawing upon theories of the firm. More specifically, it utilizes capabilities theories, property rights economics and Neo-Confucianism to understand management disputes and infighting among the members in a Chinese family business in Hong Kong. This paper will argue that the founder of a Chinese business firm in Hong Kong is able to lead his or her offspring to create a dynamic enterprise via charismatic leadership and family rules embedded in traditional Chinese values. However, these two strategic assets disappear following the passing away of the founder as well as the emergence of new social values. When the founder passes on the enterprise to his or her offspring using more or less the equal inheritance system, the traditional Chinese value is unable to enforce the leader’s will to consolidate the strengths of the second generation family members to maintain the founder’s business. Furthermore, when the business is owned by all family members, property rights of the firm become unclear. Without effective enforcement of traditional Chinese values and with collective ownership rights, some family members will have the incentive to capture the economic rent that is shared by all members. In other words, some family members behave opportunistically or even cheat in order to capture economic gains in the public domain. High monitoring and enforcement costs in the form of court battle and endless disputes will occur. Rent dissipation occurs in the form of deterioration of the quality of the family business. This case study is based on Yung Kee, an internationally well-known roast goose restaurant in Hong Kong as an illustration.     

The characteristics of intellectual property rights regimes: How formal and informal institutions affect outward FDI location

This study examines the institutional arrangements that define the characteristics of national legal systems that are used to protect intellectual property (IP) assets embedded in outward FDI. The focus of the study is on how the institutional underpinnings of IPR regimes affect the costs and risk of using legal arenas to enable effective use of IP assets. Following a property rights approach it is postulated that formal and informal institutional arrangements influence how IP regimes affect the transaction costs and risk associated with converting ownership rights over IP into economic rights. Informal institutions are considered to affect the behaviour of agents involved in enforcing legal rights. This behaviour influences how IP law is implemented in legal arenas and thereby impacts on the efficacy of IPR regimes to help secure economic rights from the use of IP assets. Using data on outward FDI from the USA to 42 host countries the results find that the strength of informal institutions connected to the enforcement of IP in a country directly affects outcomes and positively moderates the effect of formal legal aspects of IP law on FDI flows. The results highlight the importance of informal institutional aspects connected to the behaviour of enforcement agents when using national legal systems to protect IP rights in cross-frontier transactions.