缩小审计期望值差的办法

审计期望值差是审计研究中的重要问题,事关审计市场供求发展。此文以“审计七个基本前提假设”为基础,探讨了缩小审计期望值差的一些办法。     

Exploring the interaction between incubators and industrial clusters: the case of the itri incubator in Taiwan

This article aims to explore the interaction between incubators and industrial clusters, which is an important linkage for local development but has not been analyzed in the literature. A model is proposed to describe this interaction. The Industrial Technology Research Institute (ITRI) Incubator within the Hsinchu industrial cluster, the core of Taiwan's technology industries, is considered to be an empirical case. This case is investigated with the proposed model and methods including data analysis, in–depth interviews, manager surveys and stakeholder analysis. It was found that the clustering effect in the Hsinchu industrial cluster is main factor in the ITRI Incubator's development. The ITRI Incubator in turn reinforces the cluster in some aspects as feedback. This result confirms the existence and importance of this interaction in local development. It is recommended that government officials and incubator managers take account of this interaction in operating an incubator program and utilize the proposed model to analyze the incubator's contributions to its industrial cluster.     

董事利益保护刍议

董事会中心主义的确立，董事义务与责任体系的完备，使得对董事利益的保护成为公司经营管理效率提高的必要前提。如何建立符合中国实际的董事利益保护机制是摆在法学研究者面前一个紧迫而重要的课题。     

The price adjustment and lead-lag relations between stock returns: microstructure evidence from the Taiwan stock market

This paper investigates the price adjustment and lead-lag relations between returns on five size-based portfolios in the Taiwan stock market. It finds evidence that the price adjustment of small-stock portfolios is not slower than that of large-stock portfolios. Additionally, limited evidence supports a positive leading role of large-stock portfolio returns over small-stock portfolio returns. These two findings are substantially different from the results of previous research on developed markets.     

下属潜能的开发——论企业人才从何而来

对企业而言，面对日益激烈的竞争，如何赢得或保住市场都是极为严峻的挑战。能够帮助企业迎接这一挑战的核心竞争力，便是来自高素质高技能的队伍——人才。企业缺乏合适的人才，如若采用挖墙脚方式虽可解救燃眉之急，但无法长期满足企业成长的需要，因此企业应着重于从内部培养。管理人员的一个最重要的职责就是有效地培育与发展下属，并激励团队成员为组织的目标全力以赴。从公司内部培养和提拔业务骨干和中层管理人员，对企业的长远发展来讲是一件非常重要的事情。公司的每位中、高级管理者都有培养下属的责任。但多数企业并没有下大力气实施人才培养，这其中有观念的问题也有实际的障碍。     

国内个人理财业务发展探析

近年来,个人理财业务在我国金融市场中得到了快速的发展,使该业务成为了商业银行新的利润增长点.根据我国商业银行业务现状,结合香港的个人理财服务之鉴,分析国内理财业务存在的问题,提出对策建议.     

UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

计轴自动站间闭塞及调度集中设备的行车组织对策建议

介绍了计轴自动站间闭塞和调度集中设备概况,针对这些技术设备在青藏铁路哈尔盖—格尔木间的应用,论述了相应的行车组织对策,并根据目前的有关规章要求,对计轴自动站间闭塞方式和调度集中作业提出了应进一步研究和探讨的问题。     

An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004