基于多维信息量化在建设项目招投标中的审计判别模型

审计的基本目标是对项目的财务报表数据的可信性提供合理保证,在后期的审计过程是寻找招标数据间的特征,以此找出合理性和存在的问题。因此,根据招投标规则提出一种基于多维信息量化的审计判别模型,通过投标中的原始数据可以数据挖掘出一些有用信息,以供后期审计作科学评判。实验结果显示该方法能寻找后期审计中数据的关联性,以确定其在招投标中的公开、公平、公正等特性,为透明的工程建设和高质量社会发展作出示范。     

论基于信息管理条件下投标取胜技巧

当今世界已经进入信息时代,信息技术日新月异,广泛应用于人类社会的工作、生活各个方面,推动了人类文明不断向前发展。我国《招标投标法》的施行,对建设施工企业提出了更高、更新、更严的要求,对此,一些企业感到无所适从和困惑。文章认为,善于运用信息技术管理的企业,在投标决策中能巧妙地避开陷阱,绕道而行,最终取胜中标。     

Liquidity and Returns to Target Shareholders in the Market for Corporate Control: Evidence from the US Markets

In this paper we analyze how stock market liquidity affects the abnormal return to target firms in mergers and tender offers. We predict that target firms with poorer stock market liquidity receive larger announcement day abnormal returns based on the following considerations. First, target firms with poorer stock market liquidity receive greater liquidity improvements after a merger or tender offer. Second, deals that involve less liquid targets are less anticipated and/or more likely to be completed. Third, less liquid stocks have more diverse reservation prices across shareholders and thus require a higher takeover return. Consistent with these expectations, we show that abnormal returns to target firms’ shareholders are significantly and positively related to the difference in liquidity (measured by the bid‐ask spread) between acquirers and targets as well as the magnitude of target firms’ liquidity improvement.     

基于项目招投标的探析

对工程量清单,如何招标、如何投标和今后努力完善的方向进行详细的论述。     

企业在线拍购风险防范问题研究

作为电子采购方式之一的在线拍购因其可以扩大供应源、缩短采购周期及明显降低采购成本等优势而被越来越多企业所关注,但其中的风险却并未引起足够的认识和注意。在线拍购的风险可以分为事前、事中和事后三种情况,相应地,企业在拍购前的准备,拍购过程以及随后的工作中也应实行与之相对应的防范措施,只有这样,在线拍购才能真正成为现代化采购的有利工具。     

无标底招投标的博弈分析

无标底招投标是我国建筑行业中招标发展的必然趋势,也是科学合理的招标方式采用无标底的招标方式,可以有效的利用博弈论的有关知识更好地分析自己和竞争对手的投标价。     

政府招标采购中的寻租行为分析

从政府招标采购中发生的寻租行为入手，采用博弈论的方法，探讨采购人员和供应商相互选择的条件，分析了寻租行为频发的原因。     

The Components of the Bid‐Ask Spread: the Case of the Athens Stock Exchange

We analyse the components of the bid‐ask spread in the Athens Stock Exchange (ASE), which was recently characterised as a developed market. For large and medium capitalisation stocks, we estimate the adverse selection and the order handling component of the spreads as well as the probability of a trade continuation on the same side of either the bid or the ask price, using the Madhavan et al. (1997) model. We extend it by incorporating the traded volume and we find that the adverse selection component exhibits U‐shape patterns, while the cost component pattern depends on the stock price. For high priced stocks, the usual U‐shape applies, while for low‐priced ones, it is an increasing function of time, mainly due to the order handling spread component. Furthermore, the expected price change and the liquidity adjustment to Value‐at‐Risk that is needed are higher in the low capitalisation stocks, while the most liquid stocks are the high priced ones. Moreover, by estimating the Madhavan et al. (1997) model for two distinct periods we explain why there are differences in the components of the bid‐ask spread.     

工程评标问题研究

本人是贵州电视台基建管理人员,多次组织电视台工程的招标、评标工作,期间发现招标评标中容易产生的问题已经对招标投标工作,造成了不良的影响。本文作者以当前工程投标中存在的问题为切入点,对问题产生的原因做了深入的探讨,同时,也进一步提出了改进的措施。     

The liquidity effects associated with addition of a stock to the S&P 500 index: evidence from bid/ask spreads

This study examines changes in stock liquidity, as measured by the bid/ask spread, when a stock is added to the S&P 500 Index. The paper presents evidence of a significant decrease in the bid/ask spread upon S&P 500 addition, however, this effect is limited to only those stocks that were not trading listed options. Further, the decrease in the bid/ask spread for nonoptioned stocks is accompanied by a significant and permanent increase in share price and trading volume. While optioned stocks experience a permanent increase in trading volume, they experience only a temporary increase in share price. The findings for optioned stocks support the hypothesis that the price and volume effects associated with S&P 500 addition derive from temporary price pressure. Findings pertaining to the nonoptioned stocks indicate that the price and volume effects associated with S&P addition reflect enhanced stock liquidity. The decrease in the bid/ask spread for nonoptioned stocks is attributed to informational efficiencies achieved via index arbitrage trading, and it is argued that this effect is mitigated for optioned stocks due to the pre-existence of arbitrage trading between the option and the underlying stock.