高校适度负债的指标分析

文章对高校负债办学的起因、意义、风险以及负债管理指标进行了分析     

高校会计核算问题若干探讨

高校财务管理存在资产核算不适应教育成本核算的需要、负债核算不适应加强财务风险管理需要和净资产核算不适应提高会计信息质量需要等问题.针对这些存在的问题,要对高校的固定资产进行折旧和减值、对无形资产进行摊销和减值、按照权责发生制原则进行负债的核算.同时,要加强净资产的核算.     

试述高校债务产生的原因和对策

随着高校的扩招,财政经费投入不足使高校负债发展成为必然。偿债风险控制的有效与否直接影响高校的正常发展。本文对高校负债发展产生的原因进行分析,提出化解偿债风险的若干控制策略,以求实现高校良性发展。     

负债经营的负债比与风险分析

随着社会主义市场经济的建立和发展,企业投资主体出现了多元化。由于负债资本与企业自有资本在经营中发挥着同样的作用,负债经营已成为企业追求经济效益最大化的主要方式。负债经营有利于企业合理配置资源、降解资本风险,还可以使企业从负债中获得财务杠杆效应和减税收益。１负债经营的经济效果企业经营活动的总资本Ｋ的报酬率Ｒ基本（除所得税外）不受资本构成的影响,是衡量企业获利能力的最佳指标。如果Ｋ０为自有资本,ｒ为自有资本报酬率,ＫＬ为负债资本,ＲＬ为负债利率,β＝ＫＬ／Ｋ为负债比,由资本报酬率公式可得关系式:ｒ＝Ｒ （Ｒ-Ｒ…     

资产负债率指标缺陷的探讨

负债经营可以使企业获得节税收益,降低综合资金成本.但负债经营过度又会给企业带来风险,导致经营成本增加,再筹资能力下降等.资产负债率是衡量企业资本结构是否合理、负债水平高低以及风险程度大小的重要标志.然而现行的资产负债率指标,不管是计算公式,还是利用其作出分析评价,都存在着明显的缺陷.     

高铁“驶”向何方?

尽管高铁对区域经济发展和城市化提速不可或缺,但铁路改革多年裹足不前让人诟病,铁路建设高额的负债以及安全性、经济性的衡量又使其深陷囹圄     

高等学校教学经费内容构成浅议

作为衡量高校办学质量的重要因素——教学经费不仅是高校教学评估的主要指标,同时它也是高校了解自身经费投入状况,经费使用是否合理的一项重要参考指标。但是目前高校教学经费所包括的内容却不尽合理,因此本文立足于目前教学经费内容存在的一些弊端对教学经费进行重新划分,以期能够使教学经费数据更加准确、真实。     

我国医药行业上市公司资本结构与经营绩效实证分析

以我国49家医药行业A股上市公司为调查对象,2003-2005年为考察期,以资产负债率作为资本结构衡量指标,以净资产收益率为公司经营绩效衡量指标,分析资本结构与经营绩效之间的关系。研究表明,我国医药行业上市公司的资本结构保持着较低的负债水平,资本结构对经营绩效有显著为负的影响,提出了优化我国医药行业上市公司资本结构的对策,如适度放松上市公司股权融资限制等。     

浅析中国高校负债的风险、异因与对策——基于高等教育大发展背景下的思考

在中国高等教育大发展的同时，高校负债日益增加，其不利影响也已呈现。首先分析了高校负债及其产生的风险。其次阐述了高校发展现状与高校负债“瓶颈”，并对指出产生高校负债的两种异常原因，最后从理论上提出了解决高校负债问题的对策。     

高校负债运营的可持续发展机制

自我国实施科教兴国的战略以来,教育事业得到蓬勃的发展,特别是近年来高等教育发展迅速,办学规模不断壮大,培养了国家建设急需的各种高等教育技术人才,使我国的综合国力得到不断增强,极大地促进我国社会主义现代化的进程。然而,在高校扩招过程中也出现了一些不容忽视的问题,其中,因扩大招生规模而产生的高校过度负债问题显得尤为突出,已成了影响高校可持续发展的重要因素。故此,我们必须深入剖析出现这种问题的各种因素,找到"症结"所在,然后对症下药,探索出高校负债运营的可持续发展机制。本文从分析高校负债运营的现状入手,深入探究高校负债运营的可持续发展机制的相关策略。     

Risk sharing through capital gains

Abstract We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries, 1992–2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital gains, at about 6%, is higher than risk sharing from factor income flows for European Union countries and OECD countries. Risk sharing from factor income flows is higher for euro zone countries, at 14%, reflecting increased international asset and liability holdings in the euro area.     

我国商业银行风险评价——基于年报数据的因子分析法

基于因子分析法以及商业银行年度报告中常用的经营指标作为风险因子来建立因子分析方程,并对商业银行风险进行评价,以及将评价结果与商业银行管理费用率进行回归后发现,两者之间存在明显的相关关系,商业银行风险评价得分越高,其风险水平就越低,其当年的管理费用率就越低,即商业银行风险管理水平对其当年的经营成本有直接影响。     

Consensus Consumer and Intertemporal Asset Pricing with Heterogeneous Beliefs

The aim of this paper is to analyse the impact of heterogeneous beliefs in an otherwise standard competitive complete market economy. The construction of a consensus probability belief, as well as a consensus consumer, is shown to be valid modulo an aggregation bias, which takes the form of a discount factor. In classical cases, the consensus probability belief is a risk tolerance weighted average of the individual beliefs, and the discount factor is proportional to beliefs dispersion. This discount factor makes the heterogeneous beliefs setting fundamentally different from the homogeneous beliefs setting, and it is consistent with the interpretation of beliefs heterogeneity as a source of risk.
We then use our construction to rewrite in a simple way the equilibrium characteristics (market price of risk, risk premium, risk-free rate) in a heterogeneous beliefs framework and to analyse the impact of beliefs heterogeneity. Finally, we show that it is possible to construct specific parametrizations of the heterogeneous beliefs model that lead to globally higher risk premia and lower risk-free rates.     

Risk sharing in the Middle East and North Africa

This study investigates welfare gains and channels of risk sharing among 14 Middle Eastern and North African (MENA) countries, including the oil‐rich Gulf region and the resource‐scarce economies such as Egypt, Morocco and Tunisia. The results show that for the 1992–2009 period, the overall welfare gains across MENA countries were higher than those documented for the Organization for Economic Cooperation and Development (OECD) nations. In the Gulf region, the amount of factor income smoothing does not differ considerably when output shocks are longer lasting rather than transitory, whereas the amount smoothed by savings increases remarkably when shocks are longer lasting. In contrast, both factor income flows and international transfers respond more to permanent shocks than to transitory shocks in the non‐oil MENA countries. The results also show that a significant portion of shocks is smoothed via remittance transfers in the economically less‐developed MENA countries, but not in the oil‐rich Gulf and OECD countries. Finally, for the overall MENA region, a large part of the shock remains unsmoothed, suggesting that more market integration is needed to remedy the weak link of incomplete risk sharing.     

以MM理论与CAPM模型结合为基础的项目评估研究

当企业进行一个新行业项目投资时,项目的风险有可能高于企业现有的平均风险水平,因此采用什么样的贴现率对新项目进行评估,是企业是否进行该项目投资的一个主要判断。目前对MM理论与CAPM理论的结合研究大都以资本成本公式比较为基础,得到负债经营与未负债经营企业之间风险系数的等式。当我们把企业本身视为资产组合时,企业资产的风险系数应该是权益资本和债务资本风险系数的加权平均,结合MM理论中对负债的风险定义也可以得到该等式。同时,如何把计算出的＂未负债系数＂应用到企业投资评估中有现实意义。     

武器装备研制项目的风险因素识别研究

现代武器装备的复杂性大大提高,其研制过程必然存在着不确定性和风险性,因此为了降低风险,对武器装备研制项目的风险因素进行识别是必不可少的内容。本文从武器研制项目风险因素的组成结构出发,从环境、技术、管理组织、费用这四个方面提出武器装备研制项目的21个潜在风险因素假设,在此基础上从风险因素和风险后果因素两方面设计调查问卷并进行实际调研,通过对调查问卷进行整理和统计之后,依次对调查问卷结果的内部一致信度进行检验、对风险因素变量进行因子分析以减少风险因素变量的个数、对风险因素与风险后果之间的关系进行线性回归分析,从而识别出对武器装备研制项目风险后果具有显著影响的19个风险因素。分析结果显示,武器装备研制项目风险因素的组成有其自身的独特性,许多关于一般意义上的产品研制项目风险因素研究结论对武器装备研制项目并不成立。     

基于模糊理论的国际运动会项目风险评价与风险管理研究

任何项目都包含风险,国际运动会也不例外,其中的风险是错综复杂的。弄清国际运动会的风险源,对国际运动会的科学风险评价和会议的圆满成功具有重要的现实意义和科学价值。鉴于国际运动会风险源具有多因素、多层次、非线性的特点,提出了利用模糊数学理论解决风险评价的思路。用模糊数学方法解决国际运动会风险评价问题,就是用数学方法将运动会这一自身带有模糊性的系统数量化。通过对大量世界级运动会的调查和数据分析,构建起了国际运动会风险评价的指标因素体系。运用层次分析法确定了各评价指标因素的相对权重,并借助模糊数学理论建立起国际运动会风险评价数学模型,给出了模拟评价实例与评价过程,提出了国际运动会风险管理策略。     

Premium auctions and risk preferences: An experimental study

In premium auctions, the highest losing bidder receives a reward from the seller. This paper studies the private value English premium auction (EPA) for different risk attitudes of bidders. We explicitly derive the symmetric equilibrium for bidders with CARA utilities and conduct an experimental study to test the theoretical predictions. In our experiment, subjects are sorted into risk-averse and risk-loving groups. We find that revenues in the EPA are significantly higher when bidders are risk loving rather than risk averse. These results are partly consistent with theory and confirm the general view that bidders' risk preferences constitute an important factor that affects bidding behavior and consequently also the seller's expected revenue. However, individual subjects rarely follow the equilibrium strategy and revenue in our experiment is lower than in the symmetric equilibrium.     

The relationship between smoking,quitting smoking and obesity in Australia: a seemingly unrelated probit approach

Smoking and obesity are two leading causes of preventable death. Further understanding of the relationship between these two risk factors can assist in reducing avoidable morbidity and mortality. This study investigates the empirical association between obesity and the propensity to smoke and to quit smoking, using a Seemingly Unrelated (SUR) probit approach that takes into consideration the potential for reverse causality and unobserved heterogeneity. Using Australian health survey data, this article demonstrates the usefulness of the SUR probit approach in generating information on the relationship between unobserved factors influencing both smoking behaviour and obesity, and in providing estimates of the conditional probabilities of each risk factor. Results suggest the two risk factors are not independent. The presence, size and direction of correlation between the unobserved factors are found to vary by smoking behaviour and by gender. Estimates of conditional probabilities demonstrate smokers have a lower probability of obesity, particularly among females, and ex-smokers have a higher probability of obesity, particularly among males. These findings suggest that health policies targeted at one risk factor may have unintended implications for the other.     

金融危机与企业风险应对措施

由美国次贷危机引发的全球金融危机,减缓了世界经济发展的速度,同时,给我国的企业生产经营与生存发展带来了更多的不确定性影响因素。分析了此次金融危机产生的原因及其对我国的影响,以及金融危机下企业面临的主要风险因素,提出了风险企业的应对策略与措施。