企业竞争策略中的成本效益分析方法

企业每一项经营决策都应该进行成本效益分析，市场竞争中可以根据本企业的成本曲线和需求曲线，预测出竞争策略实施后对内部成本和外部需求可能产生的影响，从而计算出某项决策的经济效果。     

The Structural Relation Between Mortgage and Market Interest Rates

This paper analyzes the dynamic relationship between primary and secondary mortgage markets and the short-term and long-term market interest rates. Using a series of monthly data on fixed rate mortgage rates and GNMA rates, we explore the dependence and speed of adjustment in these primary and secondary mortgage rates to each other as well as to the long and short-term government rates. The results indicate that residential mortgage rates in general, appear to follow the long-term rate and are not very sensitive to movements in the short-term interest rate.     

浅议我国股票发行制度改革及对券商的影响

本文论述了我国股票发行制度从额度审批制到核准制,又到保荐人制的演变过程及其影响。同时阐述了券商投行在新的保荐制度下的应对策略。     

The Analysis and Improvement on the Lowest Price Method

The book of Modem Consulting Method and Practice is the appointed teaching material for registered consulting engineer qualification examination （investment） of China. Its Lowest Price method in evaluating mutually exclusive project has some problems, which contradict the delta IRR and NPV methods. We improve the method and recommend Good-Bad Boundary Price Method to solve problem of this type.     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

Stock Price and Volume Effects Associated with Compositional Changes in European Stock Indices

This paper provides further evidence of price and volume effects associated with index compositional changes by analysing the inclusions (exclusions) from the French CAC40 and SBF120 indices, as well as the FTSE100. I find evidence supporting the price pressure hypothesis associated with index fund rebalancing, but weak or no evidence for the imperfect substitution, liquidity and information hypotheses. The results improve on recent evidence from the S&P500 index. The evidence for the FTSE100 additions shows, in particular, that markets learn about an imminent inclusion and incorporate this information into prices, even before the announcement date.     

Duration and the price behavior of fixed-rate level payment mortgages: An analytical investigation

In this research we use a continuous payment formula for duration to examine the price behavior of a fixed-rate level payment mortgage. In the case where the mortgage is held to maturity, duration increases monotonically as term-to-maturity increases, regardless of changes in the market rate of interest. In the case where the mortgage is prepaid prior to maturity, there exists a unique market interest rate below which duration is a monotonically increasing function of time of prepayment, but above which duration has a global maximum at some time of prepayment prior to the term-to-maturity.     

影子价格两种定义的统一性及其经济学含义

通过应用库恩-塔克定理,本文论证了线性规划对偶解和一般数学规划的拉格朗日乘子这两种影子价格定义的统一性。由于非线性规划比线性规划更具有普遍性,本文的结论为深入讨论影子价格的经济学意义提供了极大方便。完全竞争是影子价格等于机会成本和市场价格的充分条件。但在不完全竞争条件下,影子价格一般不等于机会成本和市场价格,也不代表资源的最优配置价格,它反映的只是企业的资源利用效率。     

公允价值计量模式研究

财务会计的核心问题之一是会计计量问题。从国际财务会计的发展动向看,由于对金融工具、特别是衍生工具的计量需要,公允价值计量模式备受关注。我国也高度关注公允价值理论和实务的发展,财政部颁布的新会计准则中,已将公允价值作为计量属性之一。但应用中出现的问题和阻力使公允价值计量成为财务会计的难题之一,本文对此进行了探讨。     

90年代以来劳动力价值问题研究述评

文章概述了90年代以来理论界在劳动力价值的构成范围、劳动力价值的实现与按劳分配、智力劳动力工资的理论解释问题上提出的许多新的观点并作出了简要的评论。随着社会主义市场经济的发展，还有许多问题，如：劳动力价格背离价值的理论问题，劳动力价格高于价值的现实问题，劳动力的特殊性对劳动力价值的影响等值得深入探讨，以使劳动价值论更好地指导社会主义市场经济实践。