Valuation and Efficiency in the Market for Creatively Financed Houses

This paper examines two alternative approaches to valuing the impact of creative financing on housing prices. The cash equivalence adjustment which is the generally accepted approach is compared to an approach known as the financed fee valuation adjustment which is argued to be theoretically superior. A sample of 45 matched pairs of condominium sales in which one of the units is creatively financed and the other is conventionally financed is employed to test which model is most effective at explaining the market adjustment for creative financing. The authors are unable to reject the hypothesis that the housing market being examined is efficient and that the financed fee valuation adjustment is a superior model for valuing the impact of creative financing.     

Using Exploratory and Exploitative Market Learning for New Product Development*

While the need for research on the market‐learning efforts of a firm in relation to its new product development is continuously emphasized, the empirical results on this issue reported so far have been mixed. The current study contends that the inconclusive nature of the empirical evidence is mostly due to the existence of different dimensions of organizational market learning—exploratory and exploitative—and to possible different routes by which these learning dimensions are linked to new product performance. More specifically, this study argues that exploratory market learning contributes to the differentiation of the new product because it involves the firm's learning about uncertain and new opportunities through the acquisition of knowledge distant from existing organizational skills and experiences. By contrast, this study posits that exploitative market learning enhances cost efficiency in developing new products as it aims to best use the currently available market information that is closely related to existing organizational experience. This study provides empirical support for this two‐dimensional scheme of organizational market learning and its consequent effects on two components of new product advantage: new product differentiation and cost efficiency. Further, given that the effectiveness of firms' strategic efforts is contingent upon the nature of the market environment, the current study examines the moderating effects of environmental dynamism and market competitiveness for this market learning—new product advantage relationship. This study is based on survey data from 157 manufacturing firms in China that encompass various industries. The empirical findings support the two‐dimensional market learning efforts that increase new product differentiation and cost efficiency, respectively. The study confirms that exploratory market learning becomes more effective under a turbulent market environment and that exploitative market learning is more contributive when competitive intensity is high. It also suggests that because of their differential direct and moderating effects on new product advantage either exploratory or exploitative market learning may not be used exclusively, but the two should be implemented in parallel. Such learning implementations will help to secure both the feature and cost‐based new product advantage components and will consequently lead to the new product success. The current study attempts to contribute to greater clarity and better understanding of how market learning influences new product success as it theoretically identifies and empirically validates the two forms of new product advantage as the conceptual mediator between market learning and new product performance.     

我国民营企业买壳上市风险与对策浅析

随着社会迅速发展,民营企业在国民经济中的地位日益凸显,而其融资难则是一个公认的问题。近几年,我国民营企业纷纷以买“壳”、借“壳”的方式进入资本市场,虽可获得“双赢”结果,但也会引起诸多问题。本文分析了我国民营企业买壳上市存在的主要风险,并提出相应对策。     

实物期权在石油开发中的应用

传统净现值法主要适用于不确定性很小的投资项目，不适用于如石油开发这种高风险的项目。文章介绍了一种新的评估方法：实物期权法。以石油开发为例，介绍了实物期权的模型及类型，并对该方法的的适用性做了简单评述。     

基于中国市场的房地产期权研究

面对日渐繁荣的中国房地产市场,房价涨幅过快、过高已经是一个不容回避的问题。房地产期权作为一种创新型投资理财工具,在欧美和亚洲金融衍生品市场几乎完全空白,能够有效对冲房价过快上涨的风险,改变中国购房者传统购房观念,间接缓解房地产价格过快上涨的压力。本文基于中国市场对以房地产价格为标的物的期权产品进行研究,以西安市房地产市场为例进行模拟分析,结果表明,房地产期权可以满足普通购房者对冲房价过快上涨的避险需求,转变传统购房观念,缓解短期购房压力,降低房地产市场的整体风险,在一定程度上促进房地产市场平稳有序的发展,具有十分显著的现实应用价值。     

受管制市场里的政企同盟——以中国电信产业为例

本文结合中国电信产业的案例,对Peltzman(1976)的管制模型作了简单的修正,使其能够说明特殊利益集团在中国管制博弈中的行为。并进一步揭示受管制的基础设施服务市场管制体系形成过程中具有决定性意义的政治法律制度背景,尤其说明管制者规制结构的建立在深化中国基础设施产业管制改革中的重要性。     

能源市场的风险管理

在市场经济条件下，能源企业受到各种各样不确定因素的影响，包括自然灾害、价格的波动、供需的变化和各种突发事件等。为规避、控制因这些不确定因素的发生而给企业带来的损失或负面影响，实现能源市场风险管理至关重要。无论是2000年6月的美国加州电力危机，还是2004年发生的被称为巴林银行倒闭后金融市场最大丑闻的中航油事件，都为我们敲响了能源风险管理的警钟。     

民营企业金字塔结构与产品市场竞争

理论界普遍认为,金字塔结构建立存在利益攫取行为和融资优势两种理论解释,但两者孰轻孰重,难有定论。本文采用中国民营制造业上市公司2004—2010年共7年的非平衡面板数据,利用"行业间竞争"、"行业内竞争"两个维度的产品市场竞争变量和金字塔结构层级和复杂度两个衡量指标,实证考察了中国民营制造业上市公司金字塔结构与产品市场竞争之间的相互关系和变化规律,并揭示了金字塔结构产生的主要根源。实证结果显示,对于中国民营制造业上市公司来说,产品市场竞争程度与金字塔结构层级和复杂度呈显著的负相关关系,表明金字塔结构的建立更偏好于控股股东利益攫取行为。在进一步考虑公司利益攫取和融资约束分类的情况下,高利益攫取公司和低融资约束公司表现为显著的利益攫取动机;低利益攫取公司和高融资约束公司则表现为显著的融资优势效应,进一步验证了金字塔结构建立的两种理论学说。这些研究结论不仅丰富和补充了中国民营企业集团金字塔结构建立根源的相关研究,也为企业正确有效利用金字塔结构和健康发展提供了实践支持。     

电价改革与市场风险防范

■改革开放以来我国电力工业的发展,电价改革功不可没。■电价改革必须从国情出发,因地、因网制宜。■电价改革必须把发、输、配、售四个环节统筹考虑,避免顾此失彼。■发电市场竞价模式的设立,要保证发电市场拥有必要的备用容量。■完善输配电价格机制,要保证电网建设具有一定的安全裕度。■要建立终端销售电价与发电市场价格的联动机制。■重视对专项服务价格和辅助服务价格的研究。     

关系范式下市场细分的变革与关键变量

传统营销战略思想在微利时代受到了前所未有的挑战。随着世界营销研究和实践逐步从交易范式过渡到关系范式 ,市场细分理论与应用发生了变革。本文对比研究了新旧范式下市场细分的差异 ,率先建立了关系范式下市场细分的关键变量 (因变量 )体系 ,对Y .Wind的管理任务与细分标准选择模型做了修正 ,为当前国内一些重要行业开展直接营销、数据库营销、BtoB营销、顾客关系管理等实践提供有益的指导     

市场经济条件下的标准化管理

20世纪 60年代 ,在我国国民经济十分艰难条件下 ,依靠自力更生 ,艰苦奋斗建成了我们的石油工业体系。由于当时资源十分短缺 ,在油田勘探开发过程中 ,为确保油田会战成功 ,任何局部利益都无条件地服从整体利益 ,逐渐形成了“小而全”的结构模式。就胜利油田所属的机械厂而言 ,一个两千多人的工厂 ,从铸钢、铸铁、精密铸造、锻造、热处理到机械加工和橡胶密封件的制造 ,应有尽有。其中机械加工机床的配置 ,有立式车床、落地车床、大型镗床和齿轮加工等大型设备 ,也有中型的C630、C62 0 ,甚至有小型的仪表车床。这些技术装备 ,曾一度引以为自…     

中国家族企业发展中面临的问题与对策建议

家族企业易于创业 ,但在企业做大之后守业困难 ,要求家族企业克服家长作风、任人惟亲、个人主义和分家等积习 ,引入社会资本和社会人力资源。当前中国家族企业发展迅速 ,但企业普遍面临着职业经理人员引入、融资困难、企业制度不规范、缺乏战略考虑、企业文化和社会歧视等问题。家族企业要走出一条可持续发展的道路 ,必须对现有产权结构、人才结构、组织方式、文化理念等各层面进行变革 ,成为两权分离的现代企业。     

德州市民营经济创新发展探索

德州市民营经济迅速崛起,成为山东省经济发展的一个突出亮点,得到了全省和许多地区的肯定,成就了远近闻名的德州模式。本文总结了德州民营创新发展的成就,提出了德州民营经济发展中存在的问题和下步创新发展的建议。     

Market Share and Price Setting Behavior for Private Labels and National Brands

In this paper, we focus on the nature of demand and competitive response in the market for private label and national branded grocery products. Specifically,we employ less restrictive functional forms than usedin prior research. Specifically, we incorporateLA/AIDS demands and the corresponding price reactionequations to estimate consumer price sensitivities andsupply side price strategies for national brand andprivate label products. Oligopolistic priceinterdependence is explored further by specifyingbrand share, brand Herfindahl, and a measure of thestructure of the local retail markets in the supplyside relations to evaluate explicitly the impact ofmarket structure.In our empirical analysis, we estimate a system of market share and price equations simultaneously inorder to examine (i) the determinants of the demandresponse to pricing and promotion decisions and (ii)the determinants of private label and national brandpricing behavior. Using data for 143 food productcategories and 59 geographic markets, we develop amodel that captures the variation in privatelabel-national brand share and pricing acrosscategories and markets. Key findings include: (i)demand response to price and promotion is decidedlyasymmetric, (ii) price followship between privatelabels and national brands is positive, but notstrong, and (iii) markets characterized by highernational brand market share and higher supermarketconcentration tend to have higher prices forboth national brands and private labels.     

场外市场与私募股权投资退出

场外市场是沪深证券交易市场的有益补充,是建立多层次资本市场体系中的重要一极,由于其相对较低的进入门槛．在中小企业直接融资体系及企业资产要素流动中扮演着极为重要的角色,而私募股权投资基金则是场外市场的重要交易主体。文章着重论述了私募股权投资退出与场外市场是相互促进、相辅相成的关系,规范统一有序的场外市场为私募投资退出提供了广阔舞台,私募投资退出的顺畅又为场外市场注入了流动性活力。因此．当前形势下加强场外市场建设对于私募股权投资退出具有重要的现实意义。     

Risk and Return within the Single-Family Housing Market

The trade-off between risk and return in equity markets is well established. This paper examines the existence of the same trade-off in the single-family housing market. That market is dominated by homeowners, who constitute about two-thirds of U.S. households. For them the choice about how much housing and what house to buy is a joint consumption-investment decision. Furthermore, owner-occupied housing is by nature a lumpy investment whose risk cannot be completely diversified. Does this consumption-investment link negate the risk-return trade-off within the single-family housing market? Theory suggests the link still holds. This paper supplies empirical evidence in support of that theoretical result.