我国旅游上市公司无形资产对经营绩效的贡献度研究

文章基于14家旅游上市公司2001～2009年度的相关财务数据，通过建立多元回归模型，研究旅游上市公司无形资产与经营绩效的相关性，并引入虚拟变量比较了酒店类、景区类、综合类旅游上市公司无形资产对经营绩效的贡献度。研究结果表明：旅游上市公司无形资产对经营绩效的贡献是显著的、正向的；无形资产对经营绩效的贡献度远高于固定资产；酒店类、景区类、综合类旅游上市公司无形资产对经营绩效的贡献度具有显著差异；酒店类高于综合类和景区类；综合类高于景区类，但在统计上不显著。并结合实际分析原因，最后提出有针对性的建议。     

浅谈如何构建中小板上市公司的财务绩效评价体系

我们都知道,在当今企业的发展与管理道路上,中小板上市公司的整体管理绩效正在不断的扩展与深化。这就要求我们更加重视对于中小板上市公司的整体财务绩效评价体系的建立。本文通过解析中小板上市公司的财务绩效体系的构建,力求能够帮助中小板上市公司完善自身上市的条件,为各大投资者提供更优、更完善的投资信息,并以此逐步的深化、扩展中小板上市公司的发展动力、潜力。     

物流上市企业股票统计特征研究

金融市场的统计特征包括市场收益分布的肥尾性、偏度负性、收益率时间序列不相关和收益与交易量之间的相关性;市场波动结构的随机性、波动聚集性和长时记忆性。根据这些特点,以中远航运(600428)的金融市场数据为例,研究了我国物流上市公司在金融市场上的统计特征。     

上市公司内部控制信息披露问题分析

内部控制制度建设的完善与否是企业成功发展的关键,因此,上市公司内部控制信息披露问题得到理论界和实务界的普遍关注。本文以山东省上市公司为研究样本,对内部控制信息披露的现状、存在的问题及其原因进行了剖析,并提出了相应的完善措施,以期对上市公司的内部控制建设提供一些理论支持。     

煤电企业近三年运营情况分析

近年来，以煤炭为主的一次能源价格持续快速上涨，处于产业链下游的电力企业利润水平因此大幅下降，生产经营十分困难。电力和煤炭行业的上市公司拥有业内优质资产，是行业的代表。通过对几家上市的发电企业和煤炭企业2007年以来财务和经营指标的分析，探讨了煤炭企业和电力企业发展存在的问题和电力企业亏损的原因，提出了完善煤电价格机制、加大煤电一体化经营力度、调整电源结构等相关建议。     

城市商业银行转型及发展趋势探析——基于负债及资产结构变化视角

后金融危机时代，中国宏观经济环境及监管政策的变化成为国内城市商业银行经营转型的重要契机。本文通过对国内70余家城商行的研究发现：规模扩张过程中伴随着负债及资产结构的显著变化，主动负债占比明显提升；信贷资产占比稳步下降，部分代表性城商行在金融市场业务领域确立了一定的竞争优势。只有形成具有自身特色和竞争力的客户、业务及盈利结构才能在未来国内银行业竞争中抢占先机。     

Bank dividends,risk, and regulatory regimes

This paper investigates the relation between bank dividends and bank risk over the period 1984–2011, and assesses the existence of risk-taking and risk-shifting in the US commercial banking sector subject to regulatory regime changes. The introduction of PCA in 1992 and TARP in 2008 constitute significant regulatory regime changes, and provide the necessary framework to explore whether regime-dependent risk-shifting or risk-taking is present. We find strong evidence of risk-shifting and risk-taking over the post-PCA regime spanning the period 1992–2008. We interpret this evidence as indication of ineffectiveness of PCA in controlling risk-taking and risk-shifting. The finding of risk-taking just prior to the recent financial crisis suggests that risk-taking may be a factor contributing to this crisis. As risk-taking and risk-shifting are important aspects of bank behavior (Basel Committee on Banking Supervision, 2009), these results are of interest to bank regulators and important to Basel III.     

The Determinants of Net Interest Margins of Commercial Banks in Mainland China

This paper studies empirically the determinants of Chinese commercial banks' net interest margins from 1996 to 2003. It applies an extension to the Ho and Saunders (1981) model to identify the elements affecting net interest margins. The results indicate that the determinants of net interest margins in the Chinese market include market competition structure, average operating costs, degree of risk aversion, transaction size, implicit interest payments, opportunity cost of reserve, and management efficiency.     

Macroprudential Stress-Testing Practices of Central Banks in Central and Southeastern Europe: Comparison and Challenges Ahead

This paper reviews and compares stress-testing practices of central banks in Central and Southeastern Europe (CSEECBs) and outlines challenges in the area of stress testing going forward. The authors, focusing their comparison on CSEECBs, construct the baseline and stress scenarios, map macroeconomic scenarios and microeconomic factors to risk factors, calculate risk exposures to different risk indicators, and estimate outcome indicators to inform macroprudential policy. The main challenges going forward concern data reliability, consideration of quantitative microprudential indicators, incorporation of feedback effects in stress tests, institutionalization of macroprudential policy responses to alarming stress-test results, and information exchange for better cross-border supervision.