基于供应链的财务管理模式探究

供应链管理是物流、信息流、资金流三流的综合体,但在企业管理中往往忽视了资金流管理的重要性.本文通过分析传统财务管理缺陷和财务成本驱动因素,总结出基于供应链的财务管理模式,为企业进一步缩减成本提供了新途径.     

促就业的财税政策现实途径分析

近年来,由于提高就业水平的巨大需求,采取财税政策刺激就业成为我国政府的常规手段,从国内外促就业财税政策现实经验分析可知,通过促进中小企业发展,形成新增就业能力,优先发展第三产业,增强劳动力的吸纳能力改革财税分配体制,促进城市化建设等现实途径来促进就业.     

浅谈财务报表分析的切入点

文章从财务信息的相关性和信息不对称、报表分析的作用、各主要报表的功能与作用等方面分析各决策相关人群应从何处进行有效分析,以获取决策相关信息,满足企业内部管理和提高经济效益需要,满足投资者正确决策需要,满足国家实施宏观调控和监督的需要。     

Multilateral finance and development

This article presents an outline of major international financial institutions, i.e. the Bretton Woods organisations. The focus of analysis is on the conceptions that have shaped the posture of these institutions on development issues and on their corresponding activities and problems.     

金融品牌的战略思考

2007年11月2日,受第一财经邀请,为金融品牌价值榜颁奖典礼做点评。看到国内金融业蓬勃发展,但各个公司似乎都在中国市场这片大蓝海中,随心所欲地航行,所以觉得应该要在公司战略规划角度上说说,为日后金融产业全面开放的竞争做准备。     

Sources of finance for development

The foreign capital requirements of less developed countries (LDCs) are basically the result of their huge volume of investment which far exceeds their actual saving potential. In addition, their capital needs are steadily rising owing to inflation and—not least—to the higher cost of energy. As there is no standard recipe for development finance, the following article gives a survey of the major sources of capital.     

浅议当前企业财会人员的管理

会计工作是企业管理的基础工作.长期以来,很多公司财会人员管理都存在一些问题.公司财会人员已经不再紧缺,而是完善用人管理的机制.企业该如何做?笔者在此谈自己的一些观点.     

基于竣工结算的财政投资评审方法探析

近年来,我国加大了对政府投资项目的资金评审工作,并取得了良好的经济效益和社会效益,财政投资评审对提高财政资金的有效使用发挥了积极的作用。本文结合工作经验,浅析如何做好财政投资项目工程造价结算的审核。     

Global aging and public finance

The world is getting older, and the rate of aging, as well as the composition of aging, has important global policy implications for public finance. We’re witnessing a speeding-up of the share of elderly in developing countries. It’s important to think about fiscal stress from aging in two ways. Aging from above results in changes in social expenditures. This is going to lead to increases in health expenditures, increases in pension expenditures, and decreases in education expenditures. Aging from below leads to changes in revenues as workers decline relative to the total population. I want to “right-size” spending on health care, pensions, and welfare. Let’s talk about our public policy values and goals and figure out what we can afford, and what that means, and who needs it.     

Small firms finance in France

The data concerning interest rates paid by small and medium sized firms on credit and financial markets as well as the available balance-sheets confirm the idea that firms have difficulties to get financial resources. This paper tries to put in light the financial disparities among firms when a discrimination resting on size characterises the functioning of credit market. The first section presents the main financial characteristics of French SMEs: the low level of equities, the heaviness of short term debts and the over use of payment delays. Section 2 shows how French and European authorities reacted in order to improve the financial situation of SME's and to reduce their liquidity constraint, changing tax policy and promoting the creation of new means of financing.     

提高网络银行安全的思考与建议

网络交易的便利性吸引了众多的网民开通网上银行服务,但是网络银行的安全性却一直被网民所怀疑。网民在网络交易时往往会担心:网上银行到底安全吗?该怎样安全使用网银?本文根据作者平时使用习惯,分别从电脑系统安全、网址或产品选择以及个人网银使用三个方面来探讨如何提高网络银行安全。     

浅析我国农村金融的发展

文章针对我国农村金融的发展进行探讨     

A model-free approach to continuous-time finance

We present a pathwise approach to continuous-time finance based on causal functional calculus. Our framework does not rely on any probabilistic concept. We introduce a definition of continuous-time self-financing portfolios, which does not rely on any integration concept and show that the value of a self-financing portfolio belongs to a class of nonanticipative functionals, which are pathwise analogs of martingales. We show that if the set of market scenarios is generic in the sense of being stable under certain operations, such self-financing strategies do not give rise to arbitrage. We then consider the problem of hedging a path-dependent payoff across a generic set of scenarios. Applying the transition principle of Rufus Isaacs in differential games, we obtain a pathwise dynamic programming principle for the superhedging cost. We show that the superhedging cost is characterized as the solution of a path-dependent equation. For the Asian option, we obtain an explicit solution.