Operating and synthetic leases: Exploiting financial benefits in the post-Enron era

Applying constructive lease capitalization to operating leases of firms in the 2003 S&P 500 index, we demonstrate that currently companies can hide billions of liabilities, enhance retained earnings, income, and ratios by reporting leases as operating. With the rekindled interests of the International Accounting Standards Board and Financial Accounting Standards Board on lease reporting, our study provides valuable and timely information for their decisions.Results indicate that by reporting operating leases, firms avoided on average $582 million of liabilities (11% of total liabilities) and $450 million of assets (4% of total assets) for our 366 sample firms. Partitioning sample into negative and positive income impact subgroups provides additional insight into firm's motivation for using operating leases. Under lease capitalization the top quartile positive subgroup experienced an 18% increase in income while the top quartile negative subgroup had an 11% decline in income. There was also a significant negative impact on liquidity, leverage and performance ratios.     

近年世界铂族金属供需及勘查开发的新动向

近年来,随着世界经济的增长,工业对铂族金属的需求不断增加,尤其是汽车催化器装置对铂族金属需求稳步增长,促进了铂价高涨、钯价回升,铂族金属已成为国外矿产勘查的一个新热点,勘查开发投资不断增加,在南非、美国、加拿大、俄罗斯等国相继发现了一些重要铂族金属矿床。     

MFC 技术处理铜、银重金属废水的研究

将具有氧化性的有机废水池作为电池的阳极,具有还原性的重金属废水池作为电池的阴极,利用微生物燃料电池（ MFC）同时处理有机废水和重金属废水．结果表明,利用铜离子溶液作阴极, MFC最大电压可达到0．277 V,最大功率密度为33．49 mW/m2,COD的去除率为31．6％,铜的去除率可达42％;利用银离子溶液作阴极,MFC最大电压可达到0．311 V,最大功率密度为42．21 mW/m2, COD的去除率为64．6％,银的去除率可达78％．即不管是从产电角度还是从废水处理角度考虑,都是以银离子废水作阴极优于铜离子．     

重金属对土壤微生物活性的影响

污灌区土壤基础呼吸、土壤酶的活性是判断土壤重金属影响的指标。通过对长春市四间房、季家、西新3座水库周边地区的污灌、清灌土壤的对比研究,从土壤微生物基础呼吸、土壤酶活性的变化。来研究污灌区重金属对土壤的影响,从而来判断污灌区环境质量的优劣。结果表明：污灌水中含有多种重金属污染物,其对土壤基础呼吸起一定的抑制作用。另一方面,污灌水质对土壤酶活性的影响表现为重金属过高呈现抑制,低浓度呈现激活作用。     

生活垃圾焚烧炉渣湿法与干法处理工艺比较

通过对生活垃圾焚烧炉渣的湿法和干法处理的工艺路线、金属提取程度、环境影响和经济指标等方面的对比分析,得出湿法工艺的金属回收率及整体收益较高,但存在较为严重的污水与沉淀污泥污染问题,如需妥善解决,将大幅度提升炉渣的处理成本。目前国内干法工艺的收益低于湿法,却有效的避免了对环境的二次污染,成为炉渣处理的主要发展趋势。     

企业或有事项与资产负债表日后事项比较及例解

或有事项与资产负债表日后事项在证实时间、最终确定的金额、账务处理调整处理以及在企业会计报表中的披露要求等方面存在不同。调整事项在资产负债表日后得到证实之前,是或有事项;或有事项在资产负债表日后至财务报告报出以前得到证实,就是资产负债表日后事项。或有事项对企业经营管理及会计处理都有影响:或有事项直接影响企业的持续经营和发展、掩盖企业真实的财务状况、左右企业经营成果的确认、操纵企业未来现金流量的计量。     

论四川广汉古蜀国金属（紫铜）书的发现--中国古文字的新载体

文字的出现,标志着社会文明程度已经达到一个极高的水平。近年来在四川广汉古蜀国,除了在树皮、竹简、玉简、龟壳、甲骨等物件上发现古文字外,还发现有用金属（紫铜）切成16K 大小的金属书,这是世界上绝无仅有的事情。这一发现,不但会改写中国的书籍史,而且对世界书籍史的研究都有重大参考价值,而铜冶金历史也将被向前推至上古时代。     

International Transmission of the People's Bank of China's Balance Sheet Expansion

The People's Bank of China's (PBoC) balance sheet expanded more dramatically than any of its major international counterparts during the past decade. The main contribution to this expansion was the rapid accumulation of the central bank's foreign assets, as a result of foreign exchange market intervention. In this paper, we examine the possible international transmission of this expansion by analyzing monthly data for China and 15 other countries over the period 2000–2012. Impulse response analysis based on vector autoregression modeling suggests that the PBoC's balance sheet expansion has greater impacts on developing than on developed countries. So far the influences appear to be dominated by “trade channels” instead of “financial channels,” possibly due to China's capital account controls. However, the impacts of the PBoC's balance sheet expansion on other countries' interest rates, exchange rates, and stock market prices could strengthen significantly in the coming years as China's economic scale grows and its capital account opens up.     

催化轻汽油醚化工艺技术综述

介绍了 NExTAME、CDEthers、DET、LNE 等4种具有代表性的催化轻汽油醚化工艺及流程,并对这些工艺的技术特点进行了总结。探讨了原料中杂质对醚化反应的影响,指出原料中的二烯烃、金属阳离子、腈类氮化合物是醚化催化剂最主要的中毒物,应分别采取选择性加氢、增设原料净化器和水洗等预处理措施,将催化轻汽油中的二烯烃、金属阳离子、腈类分别降至1000,1,1 mg/kg 以下。另外还举例说明了轻汽油醚化装置投产后可大幅度提高炼厂的经济效益,且装置具有较好的抗风险能力。     

What explains the lack of monetary policy influence on bank holding companies?

In this paper, we investigate how monetary policy innovations affect the equity returns of bank holding companies (BHCs). We also examine bank characteristics to determine what explains the cross-sectional and time-series variation in the returns' sensitivity. Similar to non-financial firms, we find that only unanticipated components affect bank equity returns; however, this effect is absent in the second half of our sample period. Smaller, less liquid banks have higher sensitivity; a higher ratio of time deposits to total deposits reduces this sensitivity. A higher ratio of non-interest income to total income also reduces this sensitivity, while capital-constrained banks have a higher sensitivity to monetary policy innovations. We argue that a higher dependence on non-interest income and the use of interest rate derivatives together may explain the disappearing influence of monetary policy on these BHCs.