可持续增长率与财务管理目标相关性分析

可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长,可持续增长率与财务管理目标密切相关。本文将以可持续增长率与财务管理目标的相关性作为研究起点,试图从财务管理目标的角度来进一步认识可持续长率。     

The Relevance of Stock and Flow-Based Reporting Information In Assessing the Likelihood of Emergence from Corporate Financial Distress

A number of recent studies have shown that earnings information is less useful and value relevant when firms are financially troubled. This finding has given rise to the consideration of alternatives. In this paper, we examine the contributions of book value-based proxies (normal earnings and abandonment value) and flow-based proxies (earnings and operating accruals) to the assessment of the likelihood of emergence from financial distress. Our prior reasoning is that while book value-based proxies may provide information about potential future cash resources, flow-based proxies, because they capture the progress of reorganization efforts underway, as opposed to mere potential, should be relatively more useful in assessing the likelihood of emergence from distress. Our findings are consistent with this explanation. We document that the primary predictors of emergence are flow-based proxies—in particular, cash from operations, net of earnings.     

从国开行的统贷模式探讨中小企业融资难题

中国中小企业的组织形式、企业规模等因素,决定了股票和债券市场不可能成为其有效的融资渠道。没有足够的可抵押资产及相应的担保更无法获得银行贷款。国家开发银行开创性的创造出了一个开放性的融资体系。这个融资体系包括一个向中小企业提供贷款的平台和一个为贷款提供担保的平台。这种开放式融资体系中的贷款模式有效的破解了中小企业融资市场中的规模难题、软信息难题及担保难题,为商业银行提供了有效借鉴。     

国有银行贷审委的分离决策均衡激励约束机制探讨

目前的银行贷审委集体决策的体制往往导致贷款责任难以划分,集体负责实际变成无人负责。本文提出一个贷审委的分离决策均衡激励约束机制,使每个贷审委委员每次信贷决策均得到奖惩,从而解决贷审委集体决策无人负责的激励困境问题,决策基金帐户的设置则使贷审委委员无论调到何处,均需为他的每一次决策负责。     

构建有价值的企业预算管理框架

企业实施预算管理不仅具有企业层面的价值,而且具有政府层面的价值.要发挥预算管理的作用,关键是构建有价值的预算管理框架.本文分别从企业预算目标的确立、预算管理信息系统的建立、现金流管理、内部控制制度以及综合性方面,提出了构建有价值的企业预算管理框架的思路.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

The raw material basis of global value chains: allocating environmental responsibility based on value generation

A new approach to allocate environmental responsibility, the ‘value added-based responsibility’ allocation, is presented in this article. This metric allocates total environmental pressures occurring along an international supply chain to the participating sectors and countries according to the share of value added they generate within that specific supply chain. We show that – due to their position in global value chains – certain sectors (e.g. services) and countries (e.g. Germany) receive significantly greater responsibility compared to other allocation approaches. This adds a new perspective to the discussions concerning a fair distribution of mitigation costs among nations, companies and consumers.     

国库最佳库底现金测算方法研究

随着国库集中收付管理制度改革的不断深入，我国国库库存现金余额呈现出快速增长的趋势。通过对确定最佳库底现金的主要模型进行介绍，以国家金库重庆市分库为对象进行了实证分析。以期为实际工作和相关研究提供一定参考。     

全球海运铁矿石市场承压解析与行业影响

世界钢产量峰期出现在2000年以后,其高速增长动力主要来源于中国,而中国铁矿石原矿资源禀赋的劣势,愈发刺激了中国对国际海运铁矿石的需求,致使中国铁矿石需求的对外依存度较高,与此同时,作为铁矿石纯进口国的中国难以主导铁矿石定价权。2011年国际铁矿石市场正值高位运行,大部分铁矿石生产商在高价驱使下,选择大幅增加投资成本扩建产能,海运铁矿石市场供需基本面开始倒转。2015年以来,铁矿石中国到岸价大幅下跌,铁矿石生产巨头由于低廉的现金生产成本也只能勉强盈利或者维持在盈亏平衡线附近,高成本矿被实质性挤压出局。而美国量化宽松政策收紧乃至退出,导致金融流动性降低,进一步巩固了全球铁矿石市场"供强需弱"的格局。由于国内高成本铁矿项目的退出,中国铁矿石需求对外依存度将会进一步升高。