紧跟国际趋势 把握好我国创业板定价规律和投资特点

我国创业板2009年10月23日开板、10月30日开市,资本市场增加了新的层次,金融市场出现了新的证券,引起了社会各界的关切。从承载美国创业板功能的纳斯达克市场一度超过主板市场的趋势看,我国创业板有可能发展成为资本市场的"半边天",在今后一段时期内成为新的投资增长点。     

权证会计处理的国际准则及其借鉴

本文在简要介绍权证产品及其要素、种类和功能的基础上,重点围绕国际会计准则关于金融工具会计的相关规定,对权证的会计处理原则和方法进行了探讨,并就其对我国会计及信息披露发展的启示进行了分析,以期为我国权证产品的成功推出进行一些有益的探索.     

提升我国证券交易所国际竞争力

我国证券交易所国际竞争力的提升应该立足于交易所的市场化改革历经二十多年的风雨历程,我国证券交易所从无到有,发展迅猛,取得了令人瞩目的成就。从全球来看,主要证券交易所正在发生着深刻的变化,相比全球其他主要的交易所,我国的交易所还存在着一些问题,在全球市场竞争的外在压力和我国经济市场化改革的内在动力的推动下,我国交易所要与时俱进必须采取相应的变革措施。     

何为国际板

一位朋友打来电话,说国际板热议近两个月了,居然越看越不明白。当前的争论焦点仍然在利与弊上,似乎每个人讲得都有道理,但能经得起推敲的不多。问题回归根本:什么是国际板,能用通俗的语言讲给大家听吗?记者告诉他,某些业内人士的话并不是讲给投资者听的,他们对上不对下,比的是谁的声音更大,谁的理论更深奥。其实,资本市场理论与日常生活同源,了解国际板并不难。     

国际信用证结算方式下的财务处理探讨

随着经济全球化的影响,国际信用证结算成了主要结算模式,本文结合具体案例,探讨了国际信用证业务的核算模式,对其他单位核算国际信用证业务具有一定的指导意义。     

国际信用证结算方式下的财务处理探讨

随着经济全球化的影响,国际信用证结算成了主要结算模式,本文结合具体案例,探讨了国际信用证业务的核算模式,对其他单位核算国际信用证业务具有一定的指导意义。     

环保洗涤剂：呵护健康保护水资源

由于近代大工业生产发展的原因,使得我们赖以生存的大气、水源受到了严重的污染。而水源污染的主要原因是酸雨、工业废水的排放以及生活污水的大量流人。而造成生活用水污染的主要原因之一是我们持续使用不环保的洗涤剂。这些洗涤剂含磷、漂白剂、柔顺剂、     

专家表示：高额外储中藏匿热钱身影

根据央行15日公布的数据,截至今年6月末,国家外汇储备余额为2．1316万亿美元,同比增长17．84名。中国外汇储备迈过2万亿美元大关。亚洲开发银行高级经济学家庄健接受记者采访时说,二季度外汇储备的快速增长,一方面与贸易顺差依然增长有关,另一方面也说明国际投资者看好中国经济走势,其中藏匿着国际游资的身影。     

农行集中式国际结算业务处理系统上线

11月5日,农业银行集中式国际结算业务处理系统（以下简称GTS系统）在全行正式上线运行。     

Policy instruments for pollution control in developing countries.

Economic development in developing countries must be accomplished in a manner that does not harm the environment with pollution. Pollution harms human health and productivity. Thus appropriate strategies must be developed that promote growth, reduce poverty, and protect the environment. A review of the current literature is performed with attention paid to cost-effective interventions i.e., comparisons of regulatory and fiscal instruments that can reduce pollution. Both direct instruments (like effluent charges, tradable permits, deposit refund systems, emission regulations and regulatory agency funding for purification, cleanup, waste disposal, and enforcement) and indirect instruments (like input/output taxes and subsidies, substitution subsidies, abatement inputs, regulation of equipment and processes, and development of clean technologies) are examined. Examples are used to show how indirect instruments can be successful when monitoring and enforcement is too costly. A careful examination of distributive concerns illustrate how the effect on the poor may need particular consideration and how groups with vested interests can help evaluate the probable success of such interventions.     

Communities as informal regulators: new arrangements in industrial pollution control in Viet Nam

A number of studies in developing countries show that in the absence of strict environmental regulation and strong enforcement, communities have emerged as a new informal regulators. In Viet Nam local communities in some cases are successful in forcing industrial polluters to reduce pollution or to change production processes into more environmentally sound directions. New subpolitical arrangements are formed, involving innovative relations between communities, industrial polluters and state authorities. However, people living in the neighbourhood of industrial firms are often dependent on firms and local authorities in terms of economic and social benefits, potentially inhibiting these processes of informal regulation by communities. This paper analyses if and to what extent economic and social dependencies of communities from industrial firms in their vicinity play a role in hampering community involvement in environmental regulation.     

Water pollution by industrial effluents in India: Discharge scenarios and case for participatory ecosystem specific local regulation

Around the world as countries are struggling to arrive at an effective regulatory regime to control the discharge of industrial effluents into their ecosystems, Indian economy holds a double edged sword of economic growth and ecosystem collapse. This situation if mishandled can cause irreparable ecological harm in the long term well masked by short term economic prosperity. Considering that Industries comply with environmental regulations based on the level of enforcement and their ability to spend for waste treatment, this paper endeavours to sketch probable industrial effluent discharge scenarios under various market-enforcement conditions and proposes possible strategies for effective regulatory regime in India. The authors point out that as India moves towards stricter regulation of industrial effluents to control water pollution greater efforts are required to reduce the risk to public health as toxic pollutants which are mainly colourless and odourless can be expected to be released into the ecosystems. Examples of emerging cases like Tiruppur and Plachimada are presented to assert that ecosystem specific discharge standards is the solution and local communities are ready to participate in environmental decision making to safeguard their resources.     

亚行专家：无需太多担忧通货膨胀

2009年,在强劲的扩张性财政和货币政策的推动下,中国经济呈现V字型复苏。但是,这种经济反弹能否转为持续平稳的发展？中国经济发展面临哪些风险？政府如何应对影响经济可持续发展的突出矛盾等问题,会不会发生通货膨胀？特别是对于房地产市场如何看待？是否存在泡沫？对此,专业各方解读不一。前不久,亚行召开了《2010亚洲发展展望》发布会,亚洲开发银行驻中国代表处首席代表罗伯特·魏图（Robert Wihtol）、经济部主任冯幽兰（Yolanda Fernandez Lommen）和高级经济学家庄健就后危机时代中国经济的发展发表了他们的看法。     

The making of an expert

Popular lore tells us that genius is born, not made. Scientific research, on the other hand, reveals that true expertise is mainly the product of years of intense practice and dedicated coaching. Ordinary practice is not enough: To reach elite levels of performance, you need to constantly push yourself beyond your abilities and comfort level. Such discipline is the key to becoming an expert in all domains, including management and leadership. Those are the conclusions reached by Ericsson, a professor of psychology at Florida State University; Prietula, a professor at the Goizueta Business School; and Cokely, a research fellow at the Max Planck Institute for Human Development, who together studied data on the behavior of experts, gathered by more than 100 scientists. What consistently distinguished elite surgeons, chess players, writers, athletes, pianists, and other experts was the habit of engaging in "deliberate" practice--a sustained focus on tasks that they couldn't do before. Experts continually analyzed what they did wrong, adjusted their techniques, and worked arduously to correct their errors. Even such traits as charisma can be developed using this technique. Working with a drama school, the authors created a set of acting exercises for managers that remarkably enhanced executives' powers of charm and persuasion. Through deliberate practice, leaders can improve their ability to win over their employees, their peers, or their board of directors. The journey to elite performance is not for the impatient or the faint of heart. It takes at least a decade and requires the guidance of an expert teacher to provide tough, often painful feedback. It also demands would-be experts to develop their "inner coach" and eventually drive their own progress.     

世界银行建言中国改革和加强水资源管理框架

世界银行在北京发布新报告《解决中国的水稀缺：关于水资源管理若干问题的建议》，建议中国改革和加强水资源管理的机构设置、法律法规、信息和公众参与，重点放在明晰政府、市场、社会三者各自的作用及其相互关系；提高水资源管理部门的效率，充分利用市场手段，如水权、水价和生态补偿机制；强化水污染控制措施的执行以及对污染突发事件的准备。     

企业如何改进增值税管理战略

增值税在中国扮演着非常重要的角色,在政府税收收入中占1／3的比重。有关增值税的各项新规正在改变着中国增值税的处理。然而,增值税在企业中却往往成为被忽略的税种。由于属于经常性项目,且通常不会通过科目或财务报表直接表现出来,所以,企业可能会忽视这些成本。在中国,企业很少会配置专门的资源对间接税处理过程中出现的风险和成本进行...     

Refining the behavior of multiple expert systems: a concept and empirical results

Expert System Refinement (ESR) is introduced as a means to automatically refine the performance of one or more expert systems. The ESR concept is based on Holland’s learning classifier systems and a method for integrating multiple expert systems. Through users’ feedback about the usefulness/correctness of the integrated expert system’s recommendations, ESR enables behaviors of both individual expert systems as well as the integrated system to improve over time. The ESR concept is tested on a German Credit Database. This empirical evidence suggests that the ESR concept can be usefully applied in automating the process of expert system refinement and multiple expert systems integration. © 1998 John Wiley & Sons, Ltd.     

Cultural Origin and Minority Shareholder Expropriation: Historical Evidence

Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporting quality and dividend payouts) that constrain expropriation. The findings have important implications for understanding the origins of enduring regional differences in minority shareholder expropriation and capital market development.     

美国财政悬崖:成因、影响及启示

财政悬崖问题是美国近年来财政收支严重失衡的集中表现,它根源于美国经济政策的失误与经济增长内生动力的不足,实质是本轮全球金融危机背景下,美国主权债务问题持续恶化的延续。美国财政悬崖问题将延缓美国及世界经济复苏的步伐,导致主要发达国家财政赤字的货币化,加剧全球金融市场波动,并使发展中国家面临日益严峻的国际贸易环境。中国应该以此为鉴,通过提高经济增长的内生动力,稳步推进人民币国际化,优化海外资产的投融资结构,努力解决地方政府债务问题等措施,为国民经济的可持续发展奠定坚实的基础。