正规金融、非正规金融与农户生产经营风险——基于CHFS数据的实证研究

基于CHFS 2015年数据,运用Logit模型剖析农户参与正规金融和非正规金融的影响因素,采用倾向得分匹配法（PSM）系统分析正规金融、非正规金融对农户生产经营风险的化解效应。结果显示：农户的性别、年龄、受教育程度、婚姻状况、健康状况、家庭人口规模、家庭人均收入等因素显著影响农户参与金融借贷;正规金融能够显著化解农户生产经营风险,且对35岁以上的农户、非贫困户、高收入家庭、西部地区农户等群体所起的作用更为显著;非正规金融在农户生产经营风险化解中发挥的作用有限。正规金融能够通过促进农户创业来化解农户生产经营风险。     

优化营商环境的财税政策研究——以江苏省为例

近年来,江苏财政部门积极支持营商环境建设,贯彻落实减税降费政策,采取设立风险补偿资金池、引导社会资本投资、设立支持企业发展的奖补资金等举措,在优化营商环境方面取得一定成效,但在政策执行过程中还存在一些不足,如部分行业税负可能上升、无定价权的企业在税制改革中获益相对较少、减税降费"降成本"效应下降等,针对实际工作中存在的问题,还需要进一步增强"降成本"政策的协调性,采取完善增值税抵扣机制等措施。     

Does High Stock Price Synchronicity Always Hurt Mutual Fund Industry? Sentiment Matters

Investors have agreed that high synchronicity of stock returns adversely influences professional funds' profitability. However, different market conditions where high synchronicity exists may have different effects on this relationship. This study incorporates aggregate investor sentiment as a market condition in the equation to explore whether and when the negative association between synchronicity and fund performance holds. The authors use a sample of actively managed U.S. equity mutual funds from 2000 to 2014 and employ a portfolio of 11 passively managed funds as the benchmark to measure fund performance and fund management skill. They find empirical evidence that synchronicity negatively impacts mutual funds' profitability when the investor sentiment is low. This negative relationship disappears in high-sentiment periods. They also find that in both low- and high-sentiment states, fund managers with superior stock selection skill make more profits from high synchronicity than the average.     

我国道路交通事故社会救助基金实施问题的思考

新交法规定我国实行机动车第三者责任强制保险制度,设立道路交通事故社会救助基金,目的在于加强对交通事故受害人的保护。随着《机动车交通事故责任强制保险条例》的生效实施,机动车交通事故强制责任保险制度开始运行并发挥作用,但是与之配套的道路交通事故社会救助基金制度的相关立法却尚未到位。本文拟在分析道路交通事故社会救助基金功能、立法现状的基础上,借鉴发达国家立法经验,对我国道路交通事故社会救助基金管理机构的设立及运行提出建议。     

谈加权平均资本成本法在个别项目评估中的应用

现实当中,由于企业暂时无需纳税,资本结构当中债务融资比例不固定,个别项目与企业整体资产风险差异较大等因素的存在,使得直接运用加权平均资本成本(WACC)对个别项目进行价值评估和资本预算分析容易产生较大的偏差甚至可能导致错误的决策,因此,对具体项目的风险系数进行调整以正确使用WACC方法进行项目价值评估,从而使得出的结论更为可靠有效,有助于企业更好地进行项目筹资和投资决策。     

Do country risk and financial uncertainty matter for energy commodity futures?

Using an instrumental variable quantile regression technique, this paper assesses whether country risk and financial uncertainty exert an impact on energy commodity futures prices under different commodity conditional return distributions over the period from January 1994 to July 2017. We also discuss whether the correlations change with different dimensions of country risk, that is economic, financial, and political. The results reveal that country risk and financial stress do have a significant impact on energy commodity returns of futures contracts with different maturities, but their direction, intensity, and significance differ, caused by the distinct market situations and divergent channels of country risk.     

Sustainability Northwest: An Integrative Case of a Not‐for‐Profit Organization

Sustainability Northwest (SNW) is a fictional not‐for‐profit organization (NPO) that seeks to develop thought leaders for a sustainable future. This instructional case allows professors to assign students with up to six different roles, including SNW's chair of the board, executive director, volunteer treasurer, and the external auditor. Unique learning objectives include (i) the application of the CPA Canada Handbook, Accounting—Part III to prepare an NPO's financial statements using fund accounting, (ii) the development of recommendations to improve an NPO's board of directors, (iii) the analysis of system flow documents to identify control weaknesses, and (iv) the preparation of an audit planning memo. Instructors can use this case in several milieus. First, professors can foster a student's ability to integrate technical knowledge by (i) assigning students all six roles in a capstone course to promote integration within an individual course or (ii) assigning multiple roles across multiple courses to promote integration across a program of studies. Second, instructors can focus on a particular technical skill by assigning specific roles. This case is ideal for senior‐level undergraduate students or graduate students.     

Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

Analysis on supply chain risks in Indian apparel retail chains and proposal of risk prioritization model using Interpretive structural modeling

Indian apparel retail industry is on a complete transformation journey and trying to evolve as an organized industry. It is very common to find the disruption factors in every business and the ways to mitigate and manage them is of current research interest. The paper discusses the selective risks associated with the apparel retail supply chains in India by structural analysis of the controllable risks that are identified. The work also reveals the use of Interpretative Structural Modeling (ISM) to establish the interdependencies between these risks spread across various supply chain functions of retail industry. The relationships are established based on expert opinions using Delphi technique followed by ISM modeling technique and Fuzzy MICMAC analysis. It also classifies the risk factors based on their driving and dependence power. ISM is proved to be a useful tool to help understand the impact of risks at stages of retail supply chain. Globalization, labor issues and security and safety of resources turns out to be the strong drivers of other supply chain uncertainties. The domino effect of these risks leads to financial crises for the organization.The paper also proposes a new model for the Risk Priority Number (RPN) calculation using ISM and Fuzzy MICMAC methodology for the applications in retail and various other domain risk studies. The sample size of experts is small and to remove the biasness of opinion, the model can be further validated using Structural Equation Modeling (SEM) in the future. The outcome would help practicing managers to analyze and to take actions for managing the factors by improving the bottom line of the organization by proper utilization of resources.     

基金公司布局FOF产品的战略研究

FOF产品通过持有其他证券投资基金而间接持有股票、债券等证券资产，是一种结合基金产品创新和销售渠道创新的基金新品种。首先．本文通过对海外FOF产品发展路径和现状梳理，总结FOF产品运作模式特征；其次，结合我国市场目前现有FOF类产品发展情况．进一步对FOF产品在我国的竞争力及未来发展空间进行分析；最后，针对我国基金业所处发展环境，提出发展FOF产品的战略规划。