市场法评估企业绩效评分中价值比率调整方法的优化

采用企业绩效评分计算得出各可比公司及被评估企业的总分值，将被评估企业总分值除以可比公司总分值，得出各可比公司价值比率的调整系数，利用该系数计算得出调整后的价值比率，取其平均值作为被评估企业的价值比率。该方法计算被评估企业价值比率的合理性和稳定性与被选取可比公司的数量和质量密切相关，本文提出一种最优尺度回归可比公司价值比率与公司总分值的方法，极大提高了被评估企业价值比率计算的合理性和稳定性。     

无形资产评估折现率：美国的研究成果及启示

在缺乏活跃市场的环境下,如何较为客观、正确地确定无形资产评估折现率,始终是备受业内关注的难题.本文首先简要分析了无形资产折现率的理论决定因素并介绍了评估实践中常用的无形资产折现率的替代值,并以美国学者对标准普尔500企业的实证研究,分析了各类替代值与实证得出的无形资产折现率之间的偏离程度,以期对我国无形资产的评估有所借鉴.     

无形资产减值计量的评估价值类型与评估参数的选择

在以财务报告为目的评估公允价值时,该公允价值可以是市场价值,也可以是资产评估中其他价值类型下的价值。在以财务报告为目的的无形资产减值测试评估中,根据该评估目的,其评估价值类型应当选择市场价值之外的价值类型,以反映无形资产作为企业整体资产的一部分时的存续状态和财务绩效。在无形资产减值测试评估中对未来现金流量折现而确定预期现金流量和折现率时,应考虑无形资产存续状态下的风险。     

文化企业并购中无形资产价值评估研究

无形资产是文化企业资产的重要组成部分,因而无形资产价值评估在文化企业并购的资产评估工作中显得尤为重要.但由于无形资产价值本身的不确定性以及我国当前在无形资产评估方面存在的诸多弊端,使得文化企业无形资产的价值不能得到充分体现,成为制约文化企业并购重组的瓶颈.本文分析了文化企业无形资产价值的不确定性及产生原因,阐述了当前无形资产评估的方法及其局限性,提出了层次分析法在文化企业并购中对无形资产价值评估的应用.     

无形资产的分类与评估分析

企业一般都拥有固定资产、无形资产、流动资产及其他种类资产，其中无形资产是一种特殊资产，是以价值的形态存在，能够为企业的实际生产经营活动提供持续性资源，可以帮助企业获得更多的经济效益。自我国加入WTO后，与国际各国的信息、技术交流越来越多，各行业无形资产量得到迅速增长。对企业而言，增强无形资产保护意识越来越重要。基于此，文章概述了无形资产的内涵，分析了无形资产的种类、分类方法、特性、评估方式等内容，希望可以为相关学者、企业经营者研究无形资产提供参考。     

收益法在无形资产评估中应用问题探讨

一、收益法的基本原理 收益法通过估算被评估无形资产未来预期收益,并采用适当的折现率折算成现值,将折现值之和作为被评估无形资产的价值。如果用CIt表示t时间得到的预期收益,i表示投资者要求的收益率,n表示预期收益的发生次数。那么,估算无形资产价值的收益法用公式表示为：     

无形资产评估问题研究

本文以企业的无形资产为研究对象,通过相关理论,明确无形资产的范畴界定、评估的主要内容、评估的特殊性及评估的重要性.明确当前当前我国企业无形资产评估的情况,确定我国企业无形资产价值评估中缺陷形成的原因,并制定相关对策以期能够优化我国企业无形资产价值评估体系的发展.     

推广我国无形资产质押融资的探讨

<正>一、我国无形资产质押难以推广的原因(一)无形资产价值计量和评估困难用无形资产质押,首先必须准确计量无形资产的价值。而无形资产涉及行业及种类繁多,赢利模式差异较大,价值实现存在较大不确定性。我国还没形成被普遍接受的无形资产计量方法,现行会计制度不能     

关于无形资产作用空间与运作环境理论的研究和探讨

无形资产自身的获利潜力与无形资产得以发挥作用的空间和条件共同构成了无形资产评估价值的基础.无形资产的评估价值与有形资产的评估价值之间的最大区别在于:同一无形资产的评估价值可以是其潜在获利能力的全部或部分转化.对于同一无形资产,在其潜在获利能力一定的前提下,如果评估人员选择不同的评估条件、评估环境和评估假设前提,其评估价值可以有较大的差别.无形资产的潜在获利能力取决于无形资产发挥作用的空间范围、外部条件以及无形资产潜在获利能力可转化为现实获利能力的程度.     

如何确定技术分成率的探讨

技术分成法是评估技术型无形资产广泛使用的评估方法,如何确定其中的关键参数技术分成率,目前还没有统一的规定.本文提出了以企业中技术贡献份额、产品或服务中被评估技术在整体使用技术中所占比例和被评估技术自身的获益水平综合确定技术分成率的方法,以供参考.     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.