隐性杠杆约束、流动性风险和投资者情绪

本文以2003—2019年间开放式主动管理型的股票型和偏股型基金为样本,以持仓占比为权重估算基金投组中A股的总市场风险暴露,检验结果表明,该序列上升反映了基金面临的隐性杠杆约束收紧,刻画了市场的弱流动性。内在逻辑在于,流动性收紧时,投资者难以通过融资直接增加杠杆,更倾向于重仓持有高市场风险头寸的股票而间接实现杠杆。本文发现隐性杠杆约束所刻画的风险在股票或基金收益截面上的无条件定价基本失效,而条件定价则依赖于低市场情绪与弱流动性。分解基金持股的敞口,进一步发现,因中小盘基金在流动性收紧时具有更强的流动性偏好,其持股的市场风险头寸能够更敏锐地捕捉到弱流动性风险。     

事业单位固定资产管理必须加强

加强事业单位资产管理，管好用好国有资产，保证资产的安全、完整，对促进事业单位发展意义重大。为此，必须从建立资产管理机构、建立全面预算控制制度，完善基础管理工作等入手，强化事业单位固定资产管理。     

浅析事业单位固定资产的核算

固定资产是事业单位开展业务活动必不可少的基本物质条件，也是事业单位赖以生存和发展的重要资源之一。但是事业单位一般不从事物质资料的生产，其固定资产主要是由财政拨款购置的，使用的目的也并不是为了赢利，因而对其核算相对也比较简单，在使用过程中不计成本，不提折旧。随着我国社会主义市场经济体制的逐步建立和完善以及我国事业单位改革的进行，目前对事业单位固定资产的会计核算越来越不适应新形势发展需要，也不符合我国社会主义市场经济建设的需要。因此如何全面、完整、准确地对事业单位的固定资产进行核算，确保其安全和完整，充分发挥其效能，实现保值增值，以充分发挥事业单位固定资产在我国社会主义经济建设中的作用，无疑是十分重要的。     

基于CARR模型和GARCH模型的股市波动性预测研究

金融资产波动性建模和预测是金融理论与实践中的一个重要课题，已经有了许多建模与预测方法。本文利用我国股市的高频数据进行实证研究，分别运用CARP,模型和GARCH模型进行波动性预测，进而对两个模型的预测能力进行对比，结果表明：CARP,模型在波动性预测方面比GARCH模型的效果更好。     

On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

Research on Intangible Assets Evaluation System Info for Further Development in China

Nowadays, there still exist many problems in the research of the intangible assets evaluation theory, such as the division and isolation from others, weak support for the practice, etc. This paper puts forward a new system info which is to direct the practice in the socialist market economy and network society, The new system info breaks through the traditionally practical one, which is ＂evaluation aim value standard-evaluation method-- evaluation result＂. Furthermore, this system into could support the intangible assets evaluation to practice better than before and adapt to the new demands in socialist market economy environment and network society.     

论数字资产的会计确认和计量

由于信息技术在全球的迅猛发展，目前存在的很多产业正逐步从物质向数字转变。作为市场的一种重要资源，数字资产给它的开发带来了极大的经济利益，同时也为其使用提供了很多便利，加强对它的研究越来越显得紧迫和重要。本从研究数字资产的内涵和特征入手，对数字资产的会计确认和计量提出了笔的一点初浅的认识。     

Macroeconomic interdependence under incomplete markets

This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move. The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are permanent.     

Endogenous Growth and Negative Externalities

Received March 5, 2001; revised version received August 5, 2002 Published online: April 30, 2003     

加强高校国有资产管理的探讨

在阐述当前高校国有资产管理存在着国有资产管理意识淡薄、管理体制不完善、国有资产重置与闲置、国有资产产权不明晰和无形资产管理意识薄弱等五个方面问题,从提高高校国有资产管理意识、健全国有资产管理体系和管理制度、强化国有资产的日常管理、建立高校国有资产信息管理系统、加强对高校无形资产的管理及加强对非经营性资产转经营性资产的管理等六方面提出了加强高校国有资产管理的建议。