内部控制理论在高校固定资产管理中的应用

高校固定资产管理中存在很多问题.高校固定资产内部控制制度内容应包括岗位分工与授权批准、取得与验收控制、日常保管控制和处置与转移控制.利用内部控制理论解决固定资产管理中存在的问题必须从健全性和有效性两方面考虑.     

基于实物期权的智力资产价值分析

分析了智力资产的特点,简要讨论了传统历史成本法、重置成本法和收益现值法的优缺点。根据智力资产的实物期权特性,本文建立了智力资产实物期权价值评价模型,并运用具体算例验证了模型的有用性。     

浅议网络经济条件下的理财创新

网络经济是没有时空、地域限制的生产者和消费者直接见面的经济,它对传统的财务理论与实践既提出了挑战,又提供了创新的机会.本文就网络经济条件下,财务管理如何创新的问题作了探讨.     

我国上市公司股权集中度与公司绩效的理论与实证研究

本文以净资产收益率、主营业务资产收益率及市净率为被解释变量,股权集中度为被解释变量,并使用公司总资产的自然对数代表公司规模、财务杠杆、净利润增长率作为控制变量,从公司治理角度分析股权结构对公司绩效的影响。从农林牧渔业、采掘业、制造业等11个行业中挑选了923家上市公司为样本,分别对样本总体和各行业的数据进行了回归分析。此研究的政策意义在于现阶段上市公司治理结构的改革不应盲目模仿英美模式无视中国的国情,过于强调股权分散。认为只有保持股权的适度集中才有助于我国上市公司的长远发展和整体绩效的提高。     

Economic Risk Factors and Commercial Real Estate Returns

A great deal of research has focused on the links between stock and bond market returns and macroeconomic events such as fluctuations in interest rates, inflation rates, and industrial production. Although the comovements of real estate and other asset prices suggests that these same systematic risk factors are likely to be priced in real estate markets, no study has formally addressed this issue. This study identifies the growth rate in real per capita consumption, the real T-bill rate, the term structure of interest rates, and unexpected inflation as fundamental drivers or state variables that systematically affect real estate returns. The finding of a consistently significant risk premium on consumption has important ramifications for the vast literature that has examined the (risk-adjusted) performance of real estate, for it suggests that prior findings of significant abnormal returns (either positive or negative) that have ignored consumption are potentially biased by an omitted variables problem. The results also have important implications for dynamic asset allocation strategies that involve the predictability of real estate returns using economic data.     

动态资本资产定价理论评述

本文主要讨论了动态资产定价理论的产生和发展.默顿和布里登使用贝尔曼开创的动态规划方法和伊藤随机分析技术,重新考察在由随机过程驱动的不确定环境下,个人如何连续地做出消费/投资决策,使得终身效用最大化.无须单期框架中的严格假定,他们也获得了连续时间跨期资源配置的一般均衡模型--时际资产定价模型(ICAPM)以及消费资产定价模型(CCAPM).这些工作开启了连续时间金融方法论的新时代.     

Financial acumen, women speculators, and the Royal African company during the South Sea bubble

Price bubbles provide a unique opportunity to study the financial acumen of shareholders. We focus on the 1720 South Sea episode as experienced by the Royal African Company whose stock was more speculative than other joint stocks. During 1720 the company had a new large stock issue. This paper examines the financial acumen of those women who traded senior and engrafted stock across 1720. We find that depending on the pricing regime, these women at worst broke even on their activities or had positive speculative gains. Our findings are consistent with a growing literature on the positive link between gender, capital gains and financial markets.     

Corporate Governance and Expected Stock Returns: Evidence from Germany

Recent empirical work shows evidence for higher valuation of firms in countries with a better legal environment. We investigate whether differences in the quality of firm‐level corporate governance also help to explain firm performance in a cross‐section of companies within a single jurisdiction. Constructing a broad corporate governance rating (CGR) for German public firms, we document a positive relationship between governance practices and firm valuation. There is also evidence that expected stock returns are negatively correlated with firm‐level corporate governance, if dividend yields are used as proxies for the cost of capital. An investment strategy that bought high‐CGR firms and shorted low‐CGR firms earned abnormal returns of around 12% on an annual basis during the sample period.     

资产专用性视角下的资本结构动态分析

本文按照公司价值最大化思路建立考虑资产专用性和资本成本因素的资本结构动态模型，以资产专用性为视角考察资本结构动态过程的路径和原因。研究表明，资产专用性程度对公司资本结构动态演变的过程和结果都有深刻的影响，权益资本成本和负债资本成本的不同动态特性诱致公司资本结构动态演变。利用中国上市公司财务数据所进行的实证检验结果显著地支持本文的理论模型和结论。