审计风险模式的演变及风险导向审计的新发展

随着社会经济的发展和企业经营的复杂化，传统风险导向审计方法已经难以适应社会的需要，现代风险导向审计应运而生。本文从审计风险模式的演变入手，从审计准则和审计实务两个方面介绍了风险导向审计的最新发展，并在此基础上提出对我国的启示和借鉴之处。     

计划、市场与分权--兼论我国分权化改革的经济体制背景

分权并不简单地与某一特定的经济体制联系在一起，但就自身性质而言．分权却是与计划经济体制相悖的，这就决定了在计划经济体制下推行分权化改革必将破坏计划经济集权的体制基础。分权与市场经济体制具有相容性，使得在市场经济中成功地进行分权化改革至少具备了理论上的可行性。在新旧体制并存的转轨时期．为了分权化改革的成功，我国应注意处理好分权、计划与市场之间的相互关系。     

多媒体高职英语教学的几点思考

多媒体技术辅助于高职英语教学有很多优越性，但在应用过程中存在教师对多媒体教学理解不深入、教学软件不足等问题。要使多媒体高职英语课堂教学达到最优化，必须提高教师对多媒体英语教学的科学认识，加强现代教育技术学习，提高制作教学课件的能力，加强传统教学与多媒体教学的整合。     

Regulatory ‘Balancing’ and the Efficiency of Green R&D

We identify and analyse several dynamic implications of setting environmental standards such as to balance marginal costs and benefits. The adoption of such a regulatory approach is shown to effect (i) the speed of improvement of abatement technologies; (ii) the direction (in a sense to be defined) of that improvement; (iii) its source and the distribution of the rents from it; and (iv) the rate of development of defensive (averting) technologies. Existing views are thoroughly synthesised in the context of a simple diagrammatic model, several new results are derived and at least one conventional wisdom questioned. The message of the analysis for legislators and regulators is that cost–benefit balancing should be done with care.     

Conditional and Unconditional Conservatism:Concepts and Modeling

We develop a model that captures the distinct natures of and interactions between conditional and unconditional conservatism. Under unconditional conservatism, the book value of net assets is understated due to predetermined aspects of the accounting process. Under conditional conservatism, book value is written down under sufficiently adverse circumstances, but not up under favorable circumstances. The specification of earnings provided by the model yields hypotheses about how unconditional conservatism and other factors preempt conditional conservatism and so affect the asymmetric response of earnings to positive and negative share returns, both current and lagged, documented by Basu (1995, “Conservatism and the Asymmetric Timeliness of Earnings.” Ph.D. dissertation, University of Rochester’ 1997, “The Conservatism Principle and the Asymmetric Timeliness of Earnings.” Journal of Accounting and Economics 24, 3–37).This revised version was published online in August 2005 with a corrected cover date.     

Farmland Investment Under Conditions of Certainty and Uncertainty

This study investigates the potential for farmland to improve mixed-asset portfolio efficiency. Three major conclusions are drawn from the research. First, in a world with certainty, farmland can be shown to statistically improve mixed-asset portfolio efficiency. Second, with the introduction of uncertainty into the portfolio allocation model, investors can justify small or no allocations of farmland in a mixed-asset portfolio, although it appears that even with uncertainty prudent investors should evaluate the asset class. Third, with respect to farmland investment and geographic diversification, the results question the ability of an optimized mean–variance portfolio to provide substantial improvement in comparison to a naïve portfolio. The marginal improvement in portfolio efficiency of an optimized farmland portfolio versus a naïve farmland portfolio is not statistically significant.     

光固化涂料生产技术及进展

概述了光固化涂料的基础理论，光固化涂料的发展过程、特点、固化机理、组成光固化涂料的各种组分及其作用，在分析涂料工业现状的基础上对光固化涂料的发展与应用领域进行了详述，指出辐射固化涂料、紫外光固化水性涂料、紫外光固化粉末涂料等对环境友好，是未来涂料发展的方向。未来光固化涂料的研究和发展应朝水性化和粉末化方向发展。     

我国基金选股选时能力实证分析

本文运用西方基金绩效评价中较为常见的选股选时能力模型及其FF3改进模型对我国证券投资基金进行实证研究,在处理过程中考虑了不同取样频率和不同样本区间的影响.研究结果表明:(1)我国基金只存在很小程度的选股能力,而基本不存在选时能力,更没有基金同时具有选时能力和选股能力;(2)多因素改进模型与原模型相比显著提高了解释能力,说明在可能的情况下应尽可能使用多因素模型;(3)加快取样频率后基金表现出更强一些的选股能力,但在各年度内基金的选股能力有所差异.     

The relationship between stock returns and volatility in international stock markets

This study examines the relationship between expected stock returns and volatility in the 12 largest international stock markets during January 1980 to December 2001. Consistent with most previous studies, we find a positive but insignificant relationship during the sample period for the majority of the markets based on parametric EGARCH-M models. However, using a flexible semiparametric specification of conditional variance, we find evidence of a significant negative relationship between expected returns and volatility in 6 out of the 12 markets. The results lend some support to the recent claim [Bekaert, G., Wu, G., 2000. Asymmetric volatility and risk in equity markets. Review of Financial Studies 13, 1–42; Whitelaw, R., 2000. Stock market risk and return: an empirical equilibrium approach. Review of Financial Studies 13, 521–547] that stock market returns are negatively correlated with stock market volatility.     

Environment–strategy co‐evolution and co‐alignment: a staged model of Chinese SOEs under transition

Economic reform in China has attracted growing attention from around the world owing to its significance for theory and practice. What has been largely missing in the literature is the temporal dimension, i.e., the changes over time in key variables such as organizational environment, firm strategic adaptations, and the performance implications. In this study, we investigate environment and strategic adaptations 12 years after Tan and Litschert examined these issues in 1990. Following a staged model, the study found that (1) organizational environment and firm strategic adaptations have co‐evolved over time, (2) a new configuration has emerged and is related to improved performance, and (3) such a relationship is moderated by the stage during transition in which firms were founded. Specifically, firms founded since 1990 are more proactive and innovative than firms that had existed in the previous stage. Copyright © 2004 John Wiley & Sons, Ltd.