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伴随着我国当前的经济飞速发展以及对于事业单位所进行的的改革,我们目前的事业单位也在很大的程度上迈入了市场竞争的行列,当然其财务管理的制度也在发生着很大的变化.在目前的改革的新形势下,我们着重开展对于事业单位的财务管理的一些存在的问题进行分析,并且相应的提出一系列的改革的方案,来帮助事业单位的财务管理进入到新的台阶. 相似文献
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在我国的增值税转型改革之后,进项税额抵扣的范围还有小规模纳税人的税率以及部分增值税优惠的政策,都产生了巨大的变化。这样的改革,是有利于我国企业伺机而进行的设备更新、能更好的促进产业结构的升级、推动实现经济强有力的增长的方式的转变。另一方面,这样的改革也有助于营造公平的合理的赋税环境,能够更好的促进各行各业的和谐发展。企业的发展,要根据形势的变化而变化,要结合企业发展的对策和当前的企业经营情况来进行。 相似文献
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马斯洛认为人的需要是有层次的,并且是以高层次的需要为导向的.在他的需求层次结构当中,从基本的生理需要到最高层次的自我实现的需要,存在着阶梯式的过渡关系.展示了人类随着个体的生物化的接替的上升而逐渐弱化的本能欲求.高级需要的满足才能产生更令人满意的主观效果,有更深刻的幸福和丰富感.高级需要比低级需要有更大的价值. 相似文献
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税务的筹划工作是纳税人的一项基本权利,纳税人在法律的允许之下或者是不违反法律的前提之下,所取得的收益也是合法的,企业的税务筹划是企业经营管理的一个最重要的环节,必须坚决地实现对企业的财务管理的目标。所以,企业税收筹划的最终目的就是企业的税收利益的最大化。 相似文献
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随着社会的发展经济的进步,要实现单位管理的现代化,就要重视单位的内部控制。为了更好的实施对相关产业的管理,确保资产的安全和有关法律的贯彻和实施。事业单位的财务管理工作是为了更好的避免风险的发生。本文介绍了关于事业单位财务风险方面的探讨和详细的介绍。 相似文献
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国外资本结构代理成本理论综述 总被引:5,自引:0,他引:5
袁卫秋 《上海金融学院学报》2005,(6):55-59
企业不同的融资方式形成不同的利益格局,不同的利益格局势必导致不同的利益冲突,不同的利益冲突导致了不同的融资方式的代理成本.围绕着融资方式的代理成本的研究形成了蔚为壮观的现代资本结构的代理成本理论. 相似文献
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我国的财政税收是我国政府的主要资金的收入来源,是我们进行社会主义基本建设的重要保障,所以对财政税收的控制是一项长治久安的国策,我们对我国的财政收入进行严格的体制改革,从社会主义市场经济的发展中不断实现我国财政税收的不断变革,本文就对我国的财政改革取得的成就进行了总结,以及我们在进行财政改革的过程中所采取的一些措施,通过对我国的财政税收的体制改革进行研究,实现我国的财政经济的有效管理和控制。 相似文献
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Randomization and the American put 总被引:8,自引:0,他引:8
While American calls on non-dividend-paying stocks may be valuedas European, there is no completely explicit exact solutionfor the values of American puts. We use a technique called randomizationto value American puts and calls on dividend-paying stocks.This technique yields a new semiexplicit approximation for Americanoption values in the Black-Scholes model. Numerical resultsindicate that the approximation is both accurate and computationallyefficient. 相似文献
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This article is based on American experience. The legal references are American. The American spelling of ‘installment’ with two 1s is preferred by the authms. The bracketed numbers in the footnotes refer to items in the Bibliography given at the end of the article. 相似文献
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过去十多年间,美国商业银行业的非利息收入在总收入中的比重不断上升,收入量呈持续增长之势,非利息收入业务的发展对美国银行业务经营活动产生了深远影响。本文从增长性、波动性和相关性等三方面出发,对美国商业银行业的净利息收入和非利息收入进行全面对比分析,以期对我国商业银行发展非利息收入业务提供一些有益的启示。 相似文献
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In this paper, we focus on the tails of the unconditional distribution of Latin American emerging markets stock returns. We explore their implications for portfolio diversification according to the safety first principle, first proposed by Roy [Econometrica (1952) 20, 431]. We find that the Latin American emerging markets have significantly fatter tails than industrial markets, especially, the lower tail of the distribution. We consider the implication of the safety first principle for a US investor who creates a diversified portfolio using Latin American stock markets. We find that a US investor gains by adding Latin American equity markets to her purely domestic portfolio. For different parameter specifications, we find a more realistic asset allocation than the one suggested by the literature based on the traditional mean-variance framework. 相似文献
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Stock market cycles, financial liberalization and volatility 总被引:2,自引:0,他引:2
Sebastian Edwards Javier Gmez Biscarri Fernando Prez de Gracia 《Journal of International Money and Finance》2003,22(7):925-955
In this paper we analyze the cycles of the stock markets in four Latin American and two Asian countries, and we compare their characteristics. We divide our sample in two subperiods in order to account for differences induced by the financial liberalization processes of the early 1990s. We find that cycles in emerging countries tend to have shorter duration and larger amplitude and volatility than in developed countries. However, after financial liberalization Latin American stock markets have behaved more similarly to stock markets in developed countries whereas Asian countries have become more dissimilar. Concordance of cycles across markets has increased significantly over time, especially for Latin American countries after liberalization. 相似文献
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The virtue of an American option is that it can be exercised at any time. This right is particularly valuable when there is model uncertainty. Yet almost all the extensive literature on American options assumes away model uncertainty. This paper quantifies the potential value of this flexibility by identifying the supremum on the price of an American option when we do not impose a model, but rather consider the class of all models which are consistent with a family of European call prices. The bound is enforced by a hedging strategy involving these call options which is robust to model error. 相似文献
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Financial accounting ratios of non-U.S. companies are subject to misinterpretation by U.S. investors due to differences in accounting principles, institutional practices, and economic environments. The purpose of this study is to compare selected financial accounting ratios of companies from seven Latin American countries with those of a matched sample of U.S. companies, and explain any observed differences in the ratios based on the above three factors. In general, the results indicated that the liquidity, activity, and coverage ratios of the Latin American companies were lower than those of the U.S. companies. The profitability ratios varied, however, with the profit margin on sales generally higher for the Latin American companies, the return on assets mixed, and the return on equity ratios not significantly different between the Latin American and U.S. companies. 相似文献
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Macpherson David A. Sirmans G. Stacy 《The Journal of Real Estate Finance and Economics》2001,22(1):81-97
This study examines changes in house prices relative to the level of and change in percent racial/ethnic composition for certain counties in Tampa and Orlando, Florida. Repeat-sales transactions between 1971 and 1997 are used to create a constant quality price index for each city. The index for Tampa shows that the average annual house price appreciation was 5.89 percent over the period 1970 through 1997. The index for Orlando shows that the average annual house price appreciation was 5.25 percent over the 1970 through 1997 period. When the Tampa index model is expanded to account for race/ethnicity, household factors, and economic factors, the level of African American population has no significant effect on house-price appreciation; however, the change in percent African American has a negative effect. The level of percent Hispanic population has a positive effect, and the change in percent Hispanic has a positive effect. The expanded Orlando model shows that the level of percent African American population has no significant effect on price appreciation, while the change in percent African American has a negative effect. The level of Hispanic population has a positive effect, while the change in percent in Hispanic has a negative effect. 相似文献
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In this paper we examine the structure of American option valuation problems and derive the analytic valuation formulas under general underlying security price processes by an alternative but intuitive method. For alternative diffusion processes, we derive closed-form analytic valuation formulas and analyze the implications of asset price dynamics on the early exercise premiums of American options. In this regard, we introduce useful and interesting diffusion processes into American option-pricing literature, thus providing a wide range of choices of pricing models for various American-type derivative assets. This work offers a useful analytic framework for empirical testing and practical applications such as the valuation of corporate securities and examining the impact of options trading on market micro-structure. 相似文献
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This paper investigates the equity investments and voting rights that American banks control through their trust business. The paper also studies whether the voting rights American banks control through their trust business help explain their presence on firms’ corporate boards. We find that on average the largest 100 American banks control 10% of the voting rights of S&P 500 firms. We also find that there are several firms in the S&P 500 index in which the top banks control more than 20% of their voting rights, and several firms in the country in which these banks control more than 60% of their voting rights. Our investigation into the presence of American bankers on corporate boards shows that bankers are more likely to join the boards of firms in which they control a large voting stake. We also find that banks’ lending relationships help explain bankers’ board memberships. Our results further show that bankers who have both a voting stake in a firm and a lending relationship with it have a higher likelihood of joining the firm's board of directors. 相似文献