内生经济增长模型框架内的可再生性资源管理制度研究

可再生资源是生产的重要因素,但在内生增长模型中甚少被考虑。可再生资源被开采的方式方法取决于资源管理制度。本文建立理论模型,将可再生资源整合到内生增长模型中,研究不同的资源管理制度对经济发展和增长路径的影响,分析市场机制下的完全产权制度对保持资源存量的稳态水平以及经济长期增长的重要性。     

民营企业应收账款失控的成因与对策

应收账款是核算企业因销售商品、产品、提供劳务等原因,应向购货客户或接受劳务的客户收取的款项或代垫的运杂费、包装费.由于赊销方式较为普遍,也就产生了大量的应收账款,在目前情况下应收账款在民营企业资产中占有较大比重.     

积极拓展农民理财业务

随着农村经济发展的加快,农民的收入不断增加,银行应积极拓展农民理财业务. 把握农户需求,推进和创新农民理财业务品种.银行应根据农民的需求,适时推出适合农户需要的理财产品.考虑到农户之间收入不均,银行在农村个人理财业务方面,应实行重点突破、以点带面,在农民客户选择上应向种养大户、私营业主、个体工商户和家庭富裕的农民倾斜,以此带动和引导广大农户逐步开办个人理财业务.在业务品种上,应向代理保险、代收代付、投资与消费、基金、黄金、国债、银行卡、网银、租赁、保管箱等方面发展.目前,应着力设计受农户欢迎的子女教育、养老、医疗、大宗物件购置、旅游、住房按揭、家用车辆、家电经销等个人理财产品,培育广大农民的理财观念.     

企业应收账款管理的研究

<正>应收账款是指企业因销售商品、产品或提供劳务而应向购货客户或接受劳务的客户收取的款项,它是一项债权,是企业流动资产的重要组成部分。加强应收账款的管理,对于压缩企业的营运资金、提高资金使用效率、降低经营风险、提升盈利能力具有重要意义。     

从瑙鲁发展史看资源环境对经济的影响

在经济建设中,如何才能解决对非可再生资源的过度利用问题?瑙鲁的经济发展史是一个非常典型的依靠自然资源实现经济增长和发展的例子。本文通过对瑙鲁发展史的详细解读,来阐明资源环境对经济发展的影响,并在最后针对我国部分地区的经济发展现状提出一些意见和建议。     

论企业应收账款的风险防范

<正>应收账款是指企业因销售商品,产品或提供劳务等原因,应向购货客户或接受劳务的客户收取的款项或代垫的运杂费。应收账款在流动资产管理中有着举足轻重的地位,及时收回应收账款,不仅增强了企业的短期偿债能力和运营能力,也反映出企业在管理应收账款方面的效率。一般情况下,衡量应收账款管理水平的财务指标主要有四个:应收账款周转     

企业应收账款管理探讨——以A公司为例

<正>应收账款(Receivables)是企业因销售产品、材料、提供劳务等,应向购货单位收取的款项,是伴随企业销售行为的发生而形成的债权。随着市场经济发展,企业之间的竞争日益激烈,企业为了提高产品市场占有率,越来越多地使用延期付款方式销售产品,应收账款占企业总资产的比重也越来越大。因此,应收账款管理也就成为企业财务管理的重要组成部分之     

金融新阶段的特征

全国人大代表、中国金融学会副秘书长秦池江指出，我国经过25年的改革和快速发展，现在已经进入了一个新的发展阶段。这个新阶段在金融中表现出来的特征是：资金绝对短缺的时代已经过去，资金相对充裕的时期到来了；金融业追求规模扩张的时代已经过去，追求效率和质量的时期已经到来了；金融资源重点倾斜的时期已经过去，保持资源结构性均衡的时期已经到来了；     

内蒙古草地资源的开发与利用中几个值得注意的问题

草地资源是内蒙古主要的可再生资源之一,也是实现内蒙古国民经济可持续发展的基础资源,因此,草地资源的合理开发利用就特别重要。本文从不同角度阐述了在内蒙古草地资源的开发与利用中需要注意的几个问题,希望能对内蒙古草地资源的合理开发利用有所帮助。     

风险导向审计真的有效吗?——读《风险导向审计、策略性提示及对舞弊策略风险的审计敏感性》

正作为一种重要的审计理念和方法,风险导向审计被认为是一种既能提高审计效率又能保证审计质量的审计模式。依据该模式下审计风险=重大错报风险×检查风险的模型,在既定的期望审计风险水平下,财务报表重大错报风险高的领域对应的计划检查风险应保持在低水平。为了降低检查风险,审计师应向这些重大错报风险高的领域分配更多的审计资源,执行更充分、可靠的审计程序。如果审计师不能准确评估账户     

基于能值理论的环洞庭湖区农业生态系统绿色GDP核算研究

运用能值理论通过对湖南环洞庭湖区2009年农业生态系统投入、产出的定量分析,计算了该区域农业生态系统所消耗的不可更新环境资源、不可更新工业辅助能的能值-货币价值,进而核算了该区域农业生态系统的绿色GDP。结果表明:经过调整后2009年该区域农业生态系统的绿色GDP应为177.61亿元(传统GDP为491.60亿元),绿色GDP占传统GDP的比重仅为36.13%,说明该生态系统的经济增长模式仍是一个建立在资源消耗和环境污染基础上的粗放型经济增长模式,"两型"建设任重而道远。     

Delivering green economy in Asia: The role of fiscal instruments

Asia’s ongoing rapid economic growth is successfully lifting millions of poor out of the vicious cycle of poverty, but that performance comes at a price. The unprecedented growth we witness today is also rapidly driving resource consumption to unsustainable levels. Local production and consumption-led growth is causing a considerable increase in external costs, such as deforestation, and knock-on effects, such as increased emissions including greenhouse gas (GHG); depletion of non-renewable resources; pollution of rivers; desertification; flooding; and long term climate change. Currently, the region accounts for about 40% of GHG emissions, which is expected to rise to almost 50% by 2030 if the business-as-usual trajectory projected for the region is not altered. Countries in the region are taking action when it comes to the transition to a green economy. When compared to other regions, Asia has the highest rate of policy innovations that can help in the transition to a green economy. Even though fiscal instruments in-use are to some extent already altering aggregate demand of resources and economic activities, resource allocation, and distributive capacity of the economy, instrument such as “carbon tax” that has the real potential to contain rising emissions and save economies from getting locked into carbon-intensive pathways are yet to be adopted widely. Tax on natural resources extraction is yet to be implemented in wider scale despite of rampant destruction of natural resources and environments and increase in associated GHG emissions. Sporadic adoption of fiscal instruments is not going to be enough, if Asia as a region, is to transition to a green economy. In addition, there are substantial implementation barriers that need to be eased for wide-scale adoption and diffusion of green fiscal instruments.     

Optimal leverage strategy: Capital structure in real estate investments

This article examines the optimal leverage strategy for real estate investors who are investing in income-producing properties. Within a discounted cash-flow context, the investment objective for the equity investor is to maximize the contribution to net present value of using mortgage financing. Utilizing more debt decreases the required equity investment and increases the size of the tax shelter. On the other hand, as the loan-to-value ratio increases, the interest rate charged by the lender increases, which indicates a higher cost of debt. This article goes beyond the simple conventional wisdom that debt financing should be used when financial leverage is positive by developing an equation that allows one to determine the optimal level of debt financing to use when positive leverage is possible. The optimal loan-to-value ratio is found to be a function of the investor's characteristics. Several hypotheses about the relationships between such an optimal loan-to-value ratio and the investor's characteristics are derived.     

Learning and price volatility in duopoly models of resource depletion

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity prices. The market consists of a small number of suppliers who make depletion plans based on their perceptions of how sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which can have a dramatic effect on market supply and price. Firstly, price trends upwards faster than the rate of time preference as the non-renewable resource approaches exhaustion. Secondly, there are frequent escape episodes in which price rises rapidly before gradually falling back. The striking volatility and nonstationarity in commodity prices that results has parallels in oil price data.     

Can India meet the increasing food demand by 2020?

India's Green Revolution has evolved at an environmental cost, which is perhaps irreversible. The economic growth has become increasingly dependant upon the use of non-renewable resources such as chemical fertilizers, pesticides, oil and coal. India now follows a rapid development path, which is similar to the past growth patterns of most western nations. Whether or not such a growth blueprint would be environmentally sustainable under Indian conditions is questionable since rapid economic growth tends to positively influence environmental degradation. India is a land of villages with 700 million people living in over 600,000 villages, many in the enormous drylands. As the Tata Visiting Chair, I had the opportunity to study the rural development projects implemented by a non-profit agency (Sadguru Foundation) that harvests rainwater to improve irrigation and livelihood of rural people using check dams and lift irrigation systems in western India. This paper has examined how India's remote drylands can be transformed to achieve a ‘Sustainable Green Revolution’ to meet India's future food demands without creating serious negative consequences to natural environment. If the model highlighted in this paper is adopted all across the vast drylands of India and other parts of Asia, Africa and South America, it would certainly increase agricultural output, guarantee future food security, protect natural resources, and above all exterminate the greatest insult to human dignity—poverty!     

Optimal payout ratio under uncertainty and the flexibility hypothesis: Theory and empirical evidence

Following the dividend flexibility hypothesis used by DeAngelo and DeAngelo (2006), Blau and Fuller (2008), and others, we theoretically extend the proposition of DeAngelo and DeAngelo (2006) optimal payout policy in terms of the flexibility dividend hypothesis. In addition, we also introduce growth rate, systematic risk, and total risk variables into the theoretical model.To test the theoretical results derived in this paper, we use the data collected in the US from 1969 to 2009 to investigate the impact of the growth rate, systematic risk, and total risk on the optimal payout ratio in terms of the fixed-effect model. We find that based on flexibility considerations, a company will reduce its payout when the growth rate increases. In addition, we find that a nonlinear relationship exists between the payout ratio and the risk. In other words, the relationship between the payout ratio and the risk is negative (or positive) when the growth rate is higher (or lower) than the rate of return on total assets. Our theoretical model and empirical results can therefore be used to identify whether flexibility or the free cash flow hypothesis should be used to determine the dividend policy.     

Why Press Coverage of a Client Influences the Audit Opinion

In this study I use an experiment to examine why auditors are more likely to issue going–concern opinions when the client has been the subject of negative press coverage prior to the date of the audit opinion. I find no evidence that negative press coverage increases auditors' perceptions of legal liability, as was suggested in the prior literature. I do find, however, that negative press coverage increases auditors' perception of a client's bankruptcy probability and this, in turn, leads auditors to modify the audit opinion. Because the press coverage presented in this study provides no new information, the results suggest that auditors react too strongly to redundant information. This over–reaction can result in inefficient allocation of audit resources and can have deleterious affects on clients. Accordingly, policy makers, auditors and their clients might be interested in how auditors' reliance on redundant information can be reduced.     

Risk perception and worry in environmental decision-making – a case study within the Swedish steel industry

Sustainable development is an important issue for the industry in order to fulfil legislation requirements and to be able to use green marketing as a competitive advantage. The Swedish steel industry has implemented a large number of environmental improvements, for example, within energy efficiency, raw materials and recyclability. Technical improvements can help the industry decrease its environmental impact; however, in order to reach sustainable development, more factors need to be considered: an effective environmental decision-making process, for example. This process may be influenced by personal factors such as risk perception and worry, which are factors that will not contribute to an effective decision-making process. The aim of this study was to investigate if personal worry and risk perception influenced environmental decision-making within the Swedish steel industry. Thirty-eight interviews were performed at 10 Swedish steelworks using the Q-methodology. The major perceived environmental risks with the facility and personal worry were assessed, compared to the day-to-day work. It was concluded that the major perceived risks were emissions of carbon dioxide, use of non-renewable energy and emissions of particulate matter. The decision-makers were mainly worried about emissions of carbon dioxide, emissions of dioxin and use of non-renewable energy. The environmental issues that were prioritised in practice (day-to-day work) were emissions of carbon dioxide, emissions of particulate matter and emissions of metals. Even though emissions of carbon dioxide were given the highest priority in the Q-sorts, there was in general no clear relationship between risk perception and personal worry with the prioritised environmental issues at the steelworks. The quantitative analysis of the Q-sorts and the qualitative interviews both showed that the day-to-day work was unaffected by personal worry and risk.     

Volatility changes in European currency exchange rates due to EMS announcements

This study examines the effects of announcements concerning European Monetary Union on the exchange rate volatilities of several European currencies. It is expected that when good news is portrayed in regard to a single currency this will be considered bad news, thus eliciting a negative reaction, for the German mark. Conversely, good news for a single currency should also be good news for weaker currencies, such as the Portuguese escudo, the Italian lira, the Greek drachma, and the Spanish peseta. In terms of volatility, a reaction to good news should be a reduction in volatility, as bad news should cause an increase in volatility. In total there are 22 announcements examined from January 1986 through September 1997. The German mark is observed to experience greater increases in volatility than decreases, as does the Italian lira. Portugal and Greece appear to react more strongly to positive news in that the decreases in volatility are on average greater than the increases.     

Growing talent as if your business depended on it

Traditionally, corporate boards have left leadership planning and development very much up to their CEOs and human resources departments-primarily because they don't perceive that a lack of leadership development in their companies poses the same kind of threat that accounting blunders or missed earnings do. That's a shortsighted view, the authors argue. Companies whose boards and senior executives fail to prioritize succession planning and leadership development end up experiencing a steady attrition in talent and becoming extremely vulnerable when they have to cope with inevitable upheavals- integrating an acquired company with a different operating style and culture, for instance, or reexamining basic operating assumptions when a competitor with a leaner cost structure emerges. Firms that haven't focused on their systems for building their bench strength will probably make wrong decisions in these situations. In this article, the authors explain what makes a successful leadership development program, based on their research over the past few years with companies in a range of industries. They describe how several forward-thinking companies (Tyson Foods, Starbucks, and Mellon Financial, in particular) are implementing smart, integrated, talent development initiatives. A leadership development program should not comprise stand-alone, ad hoc activities coordinated by the human resources department, the authors say. A company's leadership development processes should align with strategic priorities. From the board of directors on down, senior executives should be deeply involved in finding and growing talent, and line managers should be evaluated and promoted expressly for their contributions to the organization-wide effort. HR should be allowed to create development tools and facilitate their use, but the business units should take responsibility for development activities, and the board should ultimately oversee the whole system.