美丽的珊瑚石宫殿

游览广西美丽的涠洲岛是一件非常惬意的事,能在那里休闲度假就更是一次美妙的享受了。岛上风和日丽、民风纯朴,随意在海边拿着海虾烤烤吃,也是十分美意的事。夕阳西下时,倾听着海涛声,赶着退潮漫步在沙滩上,任由夕阳、海浪抚摸自己,竟生出几许不舍之意。     

美丽的珊瑚石宫殿

<正>游览广西美丽的涠洲岛是一件非常惬意的事,能在那里休闲度假就更是一次美妙的享受了。岛上风和日丽、民风纯朴,随意在海边拿着海虾烤烤吃,也是十分美意的事。夕阳西下时,倾听着海涛声,赶着退潮漫步在沙滩上,任由夕阳、海浪抚摸自己,竟生出几许不舍之意。说起涠洲岛,还是对那座天主教堂的印象最深。如果你不曾到过涠洲岛的天主教堂,很难想象在这遥远的海岛上,会有一座由法国传教士于1880年建成的哥特式建筑。而且,这座教堂的建筑材料全取自岛上的珊瑚、岩石、石灰拌海花和树木。在果实累累     

法国文化产业税收政策对我国的借鉴

法国作为全球文化艺术大国,采取以政府公共投入为主、宏观调控政策扶持、多方合作的策略发展本国的文化产业,在税收政策调控方面尤具有自身的独特优势。本文在借鉴法国文化产业税收政策成熟经验的基础上,有针对性地提出了我国从法国税收政策中的借鉴思路,以支持与促进我国文化产业的发展与繁荣。     

法国金融培训考察的启示

2001年11月下旬,“福建省赴法金融管理高级研修班”学员一行15人,赴法国对法国金融业及欧共体金融发展状况进行了为期21天的培训考察。研修班学员学习借鉴西欧金融业先进的经营经验和管理办法,结合我国金融改革与发展实际,提出了依法治理经济金融秩序、完善中小企业融资机制、审慎实施金融改革、大力拓展中间业务、提升银证合作层次、注重发挥银行业协会职能、加强汇率风险防范、培养和造就高素质金融队伍等对策建议。     

法国税收法律争端的解决机制

法国税收法律争端包括有关税基确定、税款缴纳、税务机关越权行为和税收法律责任等方面的法律争端。因税基确定引起的争端通常通过非诉讼的行政机制与司法诉讼机制加以解决。涉及税款征缴争端的解决机制,因财政部门或税务部门分别实施税款征收行为而有所区别。其他形式的争端通常通过一般的行政诉讼程序来解决。     

对法国和中国会计新制度的比较分析

本文通过对法国和中国会计制度的比较分析 ,论证了会计制度的形成受制于特定的社会经济条件。基本经济条件的变化会引起制度创新的必要。中国的发展中大国的特点决定了其会计制度改革必须立足于本国的条件 ,过于偏离这些条件可能会额外地增加改革的成本。在吸取先进国家经验方面 ,现阶段应更多地借鉴“欧洲大陆模式”而不是“英美模式” ,因为中国的社会经济条件与前者更为接近     

法国的“水泊梁山”

这个地方真的是一个村。我们在那里造访的两三天内．不时有村民不请自来。他们走进院子．连门都不敲．拧开门就进来,站着跟房东吹两句散牛．然后不送自走;或者带来点儿自己烤的点心,让这家人和客人分享。住下的第二天晚上,村里举行了一次有130多人参加的本村音乐学校捐助晚宴和舞会．     

法国的农业税制及借鉴

在法国，农业税并不是一个单独的税种，农业税制散布在各个相关的税种之中，涉及农业的税种主要有增值税、个人所得税、公司所得税。法国的这种农业税制度对我国有相对较强的借鉴意义。我国应实行大范围的增值税并与消费税相配套，开征农业所得税，统一征收土地使用税。     

法国国库现金管理框架及其对我国的启示

法国国库现金管理经过多年的发展已经较为成熟和完善,本文将详细介绍法国国库现金管理基本框架,以期为我国国库现金管理的发展提供借鉴。     

AN ASSESSMENT OF THE RISK AND RETURN OF FRENCH COMMON STOCKS

In this paper the relationship is examined between the average return and the risk of a sample of 144 French common stocks which traded continuously over the decade 1969–1979. Although it was found that a negative relationship existed between average return and systematic risk, sufficient evidence could not be gathered to reject the hypothesis that the pricing of French common stocks conforms to the Capital Asset Pricing Model. The nature and implications of the observed negative risk-return trade-off are discussed.     

THE FAMA‐FRENCH MODEL,LEVERAGE, AND THE MODIGLIANI‐MILLER PROPOSITIONS

For a cost‐of‐equity model to conform to the Modigliani‐Miller cost‐of‐capital propositions, any sensitivity coefficients in the model must be related to the firm's leverage. In this paper I apply these principles to the Fama‐French model for the cost of equity and develop the relation between its sensitivity coefficients and firm leverage. I then examine an empirical process developed by Fama and French (1997) to model the evolution through time of their sensitivity coefficients and show that this empirical process is inconsistent with the Modigliani‐Miller propositions. Separable functions are proposed for these sensitivity coefficients that are consistent with the Modigliani‐Miller propositions.     

APPLICABILITY OF THE FAMA‐FRENCH THREE‐FACTOR MODEL IN FORECASTING PORTFOLIO RETURNS

For the model‐based estimation of the equity cost of capital, evidence shows that the common practice of using the average historical factor premiums as the estimates of the next‐period factor premiums generates inaccurate estimates. I propose an alternative way to estimate factor premiums by using the structural variables that are important predictors of future asset returns. Based on the out‐of‐sample results from a trading strategy with four in‐sample model‐selection criteria, I find that my estimation procedure performs better than the common practice even when transaction costs are considered.     

‘RE‐OPENING THE BLACK BOX’: THE STORY OF IMPLEMENTING A RISK ANALYSIS METHOD IN A FRENCH LOCAL GOVERNMENT

This research is a study of the implementation of a risk analysis method (RAM) in a French local government. Based on the sociology of translation framework, this study shows that the success of the implementation of this management device is due to the transformation of its initial characteristics. Indeed, the RAM was initially designed to analyze the risks of outsourcing public services and thereby to aid elected officials with decision making. But in the hands of the actors in charge of its implementation, it progressively became a means for the members of the administrative services to inform elected officials about the consequences of their choices. This paper thus describes the ‘trajectory’ of this management device in a local government and, in doing so, emphasizes how it progressively became what it is (and what it is not) at present in this local government.     

INTERNATIONAL DIFFERENCES IN RESEARCH AND DEVELOPMENT REPORTING PRACTICES: A FRENCH AND CANADIAN COMPARISON

This paper compares the research and development (R&D) disclosure practices in France and Canada, as evidenced in the annual reports of 76 French and 110 Canadian listed companies. It finds that Canadian high-tech companies (hardware, software, and biotechnology) disclose significantly more information on their R&D activities than their French counterparts. It also finds a strong link between R&D intensity and R&D disclosure among Canadian high-tech companies. Canadian companies overall are also found to be more likely to use non-financial disclosure as a means to resolve any R&D information asymmetry, while French firms disclose more traditional financial and accounting information. Canadian companies are also more willing than French firms to provide information concerning their future R&D expenditures. These results are consistent with inherent cultural and capital market differences between France and Canada. In contrast, the study does not find any significant difference in R&D expenditure capitalization policies between French and Canadian firms.     

影响海洋运输货物航程的原因及其保险责任

影响海洋运输货物航程的原因及其保险责任□陆荣华，陈凯现代海洋运输货物保险责任的起讫是根据＂仓至仓＂（Ｗａｒｅｈｏｕｓｅｔｏｗａｒｅｈｏｕｓｅ）的原则，在海洋运输的基础上，扩展到装载海轮之前，以及卸载海轮之后，货物驳运和陆运等环节，１９８２年１月修订的...     

金融衍生工具风险管理的若干问题

金融衍生工具风险管理的若干问题□江曙霞金融衍生工具风险监管的国际合作早办８０年代就已经开始。１９８８年７月，国际银行业的重要的监管常设机构＂巴塞尔委员会＂颁布的《巴塞尔报告》即对利率合约和汇率合约的资本标准作出明确规定；１９９４年７月，＂巴塞尔委员会...     

加强基层人保公司资金的核算管理

加强基层人保公司资金的核算管理□陈耀光加强资金的核算管理，是基层人保公司根高经济效器、促讲保险业务稳健发展的客观需要，也是人保公司向商业化转轨、赢得市场竞争的必然要求。就三明市人保公司来说，年收保费达２亿多元，全年的费用也在千万元以上，这么大的业务收...