会计规则制定权契约的合理安排——基于利益相关者视角

不同利益相关者对不同层面的企业会计规则制定权契约具有不同的参与特征,这些特征对企业会计规则制定权契约安排产生不同影响。有效的企业会计规则制定权契约安排应当以利益相关者价值最大化为目标,并设计有效机制,确保不同利益相关者对会计规则制定权的恰当行使。     

A Generalized Cameron–Martin Formula with Applications to Partially Observed Dynamic Portfolio Optimization

The optimal dynamic allocation problem for a Bayesian investor is addressed when the stock's drift—modeled as a linear mean-reverting diffusion—is not observed directly but only via the measurement process. Adopting a martingale approach, an appropriate generalization of the Cameron–Martin (1945) formula then enables computation of both the optimal dynamic allocation and the value function for a general utility function, in terms of an inverse Laplace transform of an explicit expression. Moreover, closed-form formulas are provided in the case of power utility.     

Real Options, (Dis)Investment Decision-Making and Accounting Measures of Performance

This paper suggests that a residual income-type measure of performance can be designed which supports optimal investment and disinvestment decision-making in a real options framework involving the options to wait before investing and to abandon. The measure has a number of advantages and disadvantages. Nonetheless, the balance of advantage versus disadvantage for the proposed measure must be set against the inadequacies of other competing measures of performance and associated organisational designs. Even if the measure of performance suggested is not regarded as practically useful, it has another general advantage – it can be used as a benchmark against which to evaluate other performance measures with regard to their support of optimal investment and disinvestment decision-making in a real options framework.     

流通领域重点监测商品品类的筛选方法——以深圳为例的静态研究

在市场蓬勃发展、商品品种繁多、流通渠道多样的情况下,采取有效的方法确定需要重点进行质量监测的商品范围将有助于工商行政管理部门履行好国务院赋予的流通领域商品质量监测职能。本文以深圳为例介绍了一种静态的筛选方法。     

Estimating the Equity Risk Premium Using Accounting Fundamentals

This study uses recent developments in the theoretical modelling of the links between unrecorded accounting goodwill, accounting profitability and the cost of equity, together with Capital Asset Pricing Model (CAPM) betas, to estimate the ex-ante equity risk premium in the UK. The results suggest that, over our sample period from 1968 to 1995, the premium has been in the region of 5%. Our estimate lends support to the view that the ex-ante equity risk premium is substantially less than the historical average of the excess of equity returns over the risk-free rate, and is similar to the rates applied recently by UK competition regulators.     

债转股：对企业经营者产权约束的思考

在发达的市场经济条件下，股权代表控制权，股权约束比债务的约束更为直接，对陷入财务困境的企业实施债转股比迫其破产对银行更为有利；处于转轨改制阶段的中国，股权约束是较债务约束更软的约束形式，对陷入债务危机的国有企业，实施债转股能否化解银行的不良资产，有较大的不确定性。因此，在债转股的进程，生成有剩余索取权的监控主体，促使国有管理方式的变革以有确立规范的股份制等，是债转股新的功能定位。     

On the discrete mean past lifetime

Let T denote a positive discrete survival time and n a non-negative integer number. Properties of the mean past lifetime E(n  −  T|T  <  n) are provided. M. Asadi’s work is supported by the University of Isfahan Grant 850713.     

一种通用的数据采集系统设计及其FPGA实现

基于多相滤波技术和能量检测方法,完成了一种通用的数据采集系统设计及其FPGA实现,可兼容低速、高速和突发信号的采集。仿真和实测结果表明,该系统满足实际需要。     

新一代航天测量船导航系统信息融合技术

分析了我国航天测量船导航系统的优缺点，提出了一种基于分散化滤波理论的联邦卡尔曼滤波体系结构（FKF），并研究了其最优融合估计算法和实时性。仿真结果表明，它可以有效地提高组合导航系统的精度和容错性能。最终的设计方案已成功应用于一种航天测量船组合导航系统中。     

中国钢铁产业国际市场势力实证研究

本文首先运用边际成本模型估算了中国钢铁产业的国际市场势力,发现中国加入世贸组织后钢铁产业的国际市场势力下降,且加入世贸组织前后钢铁产业国际市场势力均较小;然后选取SITC(Rev.2)中两位码为67的钢铁产品,运用剩余需求弹性模型实证研究了其在韩国、印度、日本和美国这些主要出口国市场上的国际市场势力,发现在韩国、日本和印度市场的国际市场势力依次降低,在美国市场的国际市场势力尚未形成,说明中国钢铁产业出口具有一定的国际市场势力,但与此同时,总体上出口单价和进口单价之比有下降趋势,其低成本优势也趋于减弱,中国从钢铁产业贸易中获得的比较利益正不断减少,钢铁产业没有明显的现实国际市场势力。