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1.
关于可转债的风险研究   总被引:2,自引:0,他引:2  
一、可转债的风险构成不 论是可转债发行公司还是投资者都面临着风险。下面分别站在两者的角度上分析可转债的风险 ,以更好的认识这一金融工具。通过发行可转债进行筹资的公司 ,其所面临的风险主要体现在以下三个方面 :(一 )回售风险由于可转换债券持有人具有行使转换权的选择权利 ,因此 ,一旦公司股票的市场价格与债券契约规定的转股价格出现较大的差异时 ,就会对转换权利的行使产生较大的影响。为了保护债券投资者的利益 ,债券的发行契约中一般会规定回售条款 ,这一条款规定当公司股价在一段时期内连续低于转股价格达到一定幅度时 ,债券持有人可按约定价格将所持债券售给债券发行人。因此如果由于种种原因造成股价下跌时 ,发行可转换债券的企业就可能面临较高的回售风险而导致较大的财务损失。(二 )价格风险如果发行可转换债券以后 ,公司股票的市场价格大幅上升甚至高于约定的转换价格时 ,转换选择权价值的不断上升使发行可转换债券的企业蒙受融资成本较高的损失。为了避免股价大幅上扬带给发行企业的风险 ,保护发行人的利益 ,可转换债券在发行契约中大多订有赎回条款 ,即当公司股价在一段时期内连续高于转股价格达到一定幅度时 ,发行公司可按事先约定的价格买...  相似文献   

2.
为了回答我国政府能否通过药品价格规制来解决“以药养医”这一问题,本文首先构建理论模型分析药企面对价格规制的策略性反应。理论结果表明,药企会针对价格规制来调整药品投标价格和返利额度,以保证医生处方选择的激励;这种调整会提高招标价格,从而部分抵消价格规制对药价的抑制作用。在实证部分,本文将药品中标数据与国家基本药物目录、国家和各省的医保目录中的药物名单进行匹配构建数据样本,并使用此数据分析基本药物制度和取消药品加成政策对药品招标价格的影响。结果表明,基本药物制度导致招标价格提高约8%,而取消药品加成制度则导致招标价格提高约9%。可以看出,药企的策略性定价行为部分抵消了价格规制对药品价格的影响。  相似文献   

3.
一、房地产价格高峰的真实性这里所说的房地产价格高峰的真实性,不是指是否有房地产价格高峰这一事实,而是这一时期的价格是否由真实的市场供求决定,房地产的使用价值(使用功能)是否能够实用。要理解这一难以理解的问题,首先在于房地产与股票、期货这些有价证券相比较,房地产本来是实物资产,具有使用的价值;而有价证券是所谓的虚拟资产,没有使用价值。  相似文献   

4.
常清 《资本市场》2006,(6):18-19
2001年以来我国经济快速增长,拉动了国际能源原材料价格的上涨。在这一过程中由于国际国内市场的价格联动,国内的原材料价格也出现了大幅上涨的局面,国家储备为了平抑物价,向市场抛售了库存的几种储备物资,结果造成了市场价格的混乱,属于逆调节性质,造成全民资产的重大损失。重要的是从根本上对国储的逆调节行为进行剖析, 以找出解决问题的办法。  相似文献   

5.
倾销与反倾销,孰是孰非   总被引:1,自引:0,他引:1  
在贸易摩擦和市场竞争日益加剧的今天,反倾销常常成为各国抵制外来商品的有利武器,与反补贴和紧急保障措施一道,形成了新贸易保护主义的工具。因此,世贸组织和世界各国纷纷把反倾销作为限制自由贸易发展的主要阻力之一,对各国反倾销措施的滥用以及不合理的政策法规提出限制和要求,以求解决这一问题。反倾销已经成为“贸易保护主义”和“限制自由竞争”的代名词,而反倾销的本意却是为了阻止“出口商的歧视性国际价格”,即“出口商在进口国实行低于本国或可推算的公平价格的销售价格”,“而这种价格歧视的结果是直接对进口国的相关产业造成了…  相似文献   

6.
<正> 技术商品的成交价格,是技术商品实现交易的价格。这种价格在没成交前是难以确定的。只能在市场机制作用下,通过双方议价,最后确定下来。议价也要有根据。否则,无法讨价,也无法还价;甚至讨价者或还价者的价格低于某一个限值,而造成重大经济损失。所以,应找到一种方法,指导双方议价,保证成交后双方受益。一、技术转让的效益交叉论技术交易双方,为了获得各自满意的经济效益,而在技术交易时必然要进行议价。  相似文献   

7.
房地产价格与房地产投资来源结构   总被引:10,自引:0,他引:10  
近几年来,大量外资以及民间资本纷纷进入我国房地产业,而与此同时我国部分地区房地产价格出现了不合理上涨,为了探讨房地产投资来源结构与房地产价格之间的关系,本文运用1999年房地产投资以及销售的数据建立了二者之间的模型,回归结果表明:外资以及民间资本对我国这轮房地产价格的上涨起着重要的推进作用;国内贷款对房地产价格的上涨影响不大;债券投资对房地产的价格会产生抑制作用.  相似文献   

8.
去年以来,由于蔬菜价格普遍上涨,直接影响到群众的生活。因此,稳定菜价是广大人民的迫切要求。为了探讨和研究这一问题,我们在太谷县作了一些调查。调查的情况表明:作为国家财政不予亏损补贴的县城,稳定蔬菜价格的重要途径,是加  相似文献   

9.
刘迅 《经济论坛》2005,(5):54-56
一、跨国汽车公司内部转移价格 转移价格(Transfer Price)又称调拨定价或内部价格,是跨国汽车公司为了实现其利润最大化的目标而在关联企业发生有形资产、无形资产和劳务等交易时以非市场自然交易价格(人为的抬高或压低价格)成交的行为。转移价格时所采取的价格不受市场供求关系的影响,而是根据跨国汽车公司全球战略目标和利润最大化原则由跨国汽车公司高层管理人员人为确定的价格。  相似文献   

10.
浮动价格这种价格形式的出现,不是人们主观意志的产物,在我国具有它的客观必然性。 为了正确地贯彻计划经济为主,市场调节为辅的原则,自觉地利用价值规律,发挥价格杠杆的作用,要求在保持价格基本稳定的前提下,有步骤地改革价格体系和价格管理。这就要求我们正确地认识和划分计划经济中指令性价格和指导性价格。  相似文献   

11.
In this paper we analyse the implications of integer pricing for Bertrand Edgeworth oligopoly with strictly convex costs. When price is a continuous variable, there is a generic non-existence of pure-strategy equilibrium. In the case of integer pricing, this is not so. We characterize a set of possible single price equilibria around the competitive price, which if non-empty will constitute the set of single price equilibria if the industry is large enough. Furthermore, we provide an example in which the highest equilibrium price can be arbitrarily far from the competitive price.  相似文献   

12.
凌六一  夏宇  徐煜 《技术经济》2022,41(5):176-188
在众筹发起过程中,策略型消费者将对比众筹价格与零售价格,选择最优购买时机。基于此背景,构建了参考价格效应影响下的两阶段众筹定价模型,设计了众筹发起人的两阶段动态定价策略。发起人根据消费者的耐心程度和参考价格效应强度,选择是否公布零售价格,以及溢价或降价销售。利用理性预期均衡理论和逆向归纳法,得到了发起人与消费者博弈的均衡价格和最优发起策略。结论表明,发起人的策略选择并非单一的,同时受到消费者耐心程度和参考价格效应强度的影响。为众筹发起人的两阶段价格决策提供了理论参考和管理学建议。  相似文献   

13.
Given the paucity of quality price data, it is common to rely on “unit value” (average expenditure per unit) as a proxy for price, but this is an imperfect proxy if households respond to price increases by substituting to lower quality goods. This paper draws on survey data that contain both unit value and price to estimate the severity of quality substitution in Indonesia, finding that it is prevalent. The paper next calculates price elasticities that correct for quality substitution, evaluating and ultimately rejecting a commonly used method for calculating price elasticities using only unit value data. Finally, it demonstrates that quality substitution can result in biased price elasticities even when price is perfectly observed.  相似文献   

14.
The purpose of this study is to investigate what theory predicts about price dynamics when firms face a decline in demand for their product due to an arrival of a new substitutable product. To this end, this paper constructs a dynamic duopoly model and simulates price paths. The study demonstrates that the price path is nonmonotonic and could be divided into three stages. The basic mechanism of generating the path is a tradeoff between two counteracting motives to set the price: pricing lower to delay the adoption of the new product, and pricing higher to exploit price‐insensitive consumers.  相似文献   

15.
An Almost Ideal Demand System model is developed and used to estimate price elasticities for US cheese sold at retail. Growing consumption of cheese coupled with fierce competition between private labels and national brands serves as motivating factors for this study. Per capita consumption of cheese grew by 75% during 1980–2004 and private labels captured a rising share of this growth. Private labels today account for 35% of market share; national brands, for the remaining 65%. Kraft accounts for 45% of national brands, but price increases for Kraft brands led to a sizeable price gap between its brands and private labels. This gap helped to stimulate growth of private labels. Marketing managers seek to capitalize on both growing cheese sales and price gaps for brands. Relevant information for marketing managers is consumer sensitivity to price changes. This study uses 69 weeks of scanner data, with consumers segmented by income levels to derive price elasticities for both lower-and higher-income consumers. Results show lower-income consumers to be more price sensitive. If large price gaps are maintained, the results suggest continued growth of private labels. Yet, meta-analyses for this study suggest that Kraft could lower the price gap and regain market share.  相似文献   

16.
Cross-sectional evidence on price levels is scarce for all countries. However, several studies suggest that there might exist considerable differences in price levels within countries, which has obvious welfare implications. A sample of price levels in 50 German cities in 1993 is used to analyse the determinants of inter-city price level differentials. The most important explanatory variables for price level differentials are population size and density and the average wage level. Using this information, the price levels are predicted in all 440 German districts and aggregated to the state level. At the state level convergence of the price levels to a common mean is found, but at a very low speed. The estimated half-life is about 19 years.  相似文献   

17.
基于ESDA的城市住宅地价时空分异研究——以南京市为例   总被引:3,自引:2,他引:1  
任辉  吴群 《经济地理》2011,31(5):760-765
通过对住宅地价样点数据的收集和处理,运用GIS空间探索性分析(ESDA)技术对南京市2000-2009年住宅用地出让地价进行了空间特征分析,生成数字地价模型,探索住宅地价空间分布规律,并通过空间分析技术从微观区位层次来研究地价时空差异。研究发现:南京市住宅地价呈现明显的单中心空间结构,并表现出点轴扩展模式;随着时间推移,南京市住宅地价空间结构不断反生变化,地价峰值中心开始向南、向东扩散;地铁快速交通、城市规划及环境等因素对地价时空变异起着重要的影响作用。  相似文献   

18.
基于Nerlove模型的中国小麦供给反应研究   总被引:3,自引:0,他引:3  
马文杰  冯中朝 《技术经济》2009,28(3):50-52,128
依据1981—2006年中国小麦播种面积、价格和生产成本的时间序列数据,应用Nerlove模型,测算了我国小麦播种面积对价格和成本的反应程度。研究结果表明:我国小麦播种面积对价格的反应程度短期较小,但长期较大,这说明小麦供给对价格的反应存在滞后性;与价格弹性相比,小麦的成本弹性要小得多。因此,制定小麦政策时,应在稳定小麦生产资料价格的同时,加大对小麦价格支持政策的连续性,以促使麦农形成对小麦价格增长的稳定预期。  相似文献   

19.
In this paper, distribution and welfare effects of changes in block price systems are evaluated. A method is discussed to determine, for a Marshallian demand function, equivalent variation in case of a block price system. The method is applied to compare, for the Metropolitan Region of São Paulo, alternative pricing policies on the basis of their demand, welfare and distribution effects of changing water prices. Results show that there is a trade off between average welfare and income distribution. A pro-poor price system may result in lower average welfare than a flat price system, but in higher individual welfare for the poor. Moreover, there is a trade off between revenues for the water company and income distribution. Even though pro-poor price systems may not be as good for average welfare as flat price systems, their direct effects on poverty are important. Introducing pro-poor price systems, however, may have financial consequences for the water companies.  相似文献   

20.
In this study, a dynamic stochastic general equilibrium (DSGE) model is used to investigate the influence of population on housing price dynamics in urban China. The contribution of population growth to the housing price trend and the contribution of population shocks to housing price fluctuations are quantitatively measured. The empirical results indicate that the ongoing policy to control the population size in large cities in China can decrease the growth rate of housing prices by 0.49% every year, which accounts for 1/10 of the total housing price trend. Furthermore, this policy cannot stabilize housing prices because population shocks have negligible effects on the housing price cycle. Housing technology shocks and housing preference shocks are responsible for most of the housing price fluctuations.  相似文献   

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