AN EXCESS INVENTORY MODEL OF DETERIORATING ITEMS TAKING ACCOUNT OF PRESENT VALUE

In this study, both deterioration and present value are considered to derive an economic time supply when there is excess inventory. An excess inventory model is developed for a deterministic perpetual inventory system. Our goal in this research is to maximize the net benefit during the infinite planning horizon. Numerical examples are provided lo illustrate the theory, ft is demonstrated that the percentage of extra net benefit when present value is considered is at least 24%. The percentage of the extra net benefit when deterioration is considered is over 16%. When both present value and deterioration are considered, the net benefit increase is over 50%. Thus the consideration of present value and deterioration is significant.     

INFLATION AND DEBT INDEXATION: THE EQUIVALENCE OF TWO ALTERNATIVE SCHEMES FOR THE CASE OF PERIODIC PAYMENTS

The presence of inflation has induced the financial institutions to implement procedures devised to protect the real values of their loans. Two of such procedures, the floating rate scheme and the monetary correction mechanism, tend to lead to very different streams of payments. However, whenever the floating rate scheme follows the rule of strict adherence to the Fisher equation, the two procedures are financially equivalent.     

国内外丁腈橡胶市场供需分析

主要介绍了美国、加拿大、西欧、日本和我国的丁腈橡胶（ＮＢＲ）的生产、消费及进出口情况。指出美国的产量、消费量逐年增加;加拿大ＮＢＲ消费量将以年均１％￣２％的速率增加;西欧ＮＢＲ生产能力为１７．６万ｔ／ａ,是ＮＢＲ的净出口地区;日本总生产能力是１１．２万ｔ／ａ,年增长率是２％;我国预计到“九五”末期,全国生产能力可达２．９万ｔ／ａ,但仅靠国内生产远远不能满足市场需求,亟待提高产量和改进质量。     

国外间苯二酸供需动态

简述了美国,西欧和日本市场间苯二酸供需和发展。由于国内该产品系列尚属空白,因此建议加强发展间苯二酸及其衍生产品的生产和研究。     

DERIVATION OF AN INTERTEMPORAL CORRELATION COEFFICIENT MODEL BASED ON CASH FLOW COMPONENTS AND PROBABILISTIC EVALUATION OF A PROJECT'S NPV

If the first two moments (mean and variance) of the net present value (NPV) are known, various probabilistic information of possible NPV can be derived. However, in general, it is practically impossible to estimate the variance of lengthy investment projects due to difficulties in estimating all the intertemporal correlation coefficients between cash flows of two different periods. In this paper, we derive an estimation model for the intertemporal coefficients based on cash flow components and show how the model, under a certain assumption, can be used for estimating and deriving probabilistic information.     

CALCULATING THE EXPECTATION AND VARIANCE OF THE PRESENT VALUE FOR A RANDOM PROFIT STREAM OF UNCERTAIN DURATION

We derive the mean and variance of the random discounted sum when Nis uncertain, as are the X_n's. This quantity arises in applications involving random cash-flows over an uncertain number of years. One such application is R&D projects, where both the magnitude and duration of cash-flows are uncertain at the time of investment decision. Previous models have assumed cash-flow duration to be certain. We relax this assumption. We then specialize these results to geometric, mixed-geometric and Poisson distributions of the cash-flow duration.     

促进科技与经济的有机结合增强冶金科研院所的活力

促进科技与经济的有机结合增强冶金科研院所的活力殷瑞钰在全国科技工作会议召开之际，冶金科研院所１９９５年财务工作座谈会和财务分会年会开幕了，我表示衷心的祝贺。今年５月６日，《中共中央、国务院关于加速科学技术进步的决定》发布了。《决定》全面总结了建国以后...     

PLANNING IN AMBIGUOUS CONTEXTS: THE DILEMMA OF MEETING NEEDS FOR COMMITMENT AND DEMANDS FOR LEGITIMACY

This paper argues that ambiguity of context manifested in pressures for legitimacy and commitment affect planning processes. Ambiguity arises from multiple conflicting constituencies and the lack of direct control over resources. Using nonprofit and entrepreneurial organizations as examples of organizations facing ambiguous contexts, we examine their planning practices to develop an understanding of the relationship between commitment, legitimacy, and planning. From this analysis, we articulate a managerial dilemma: the need to use informality and vagueness to gain commitment from diverse interests, and the need to demonstrate formalization of managerial practices to acquire legitimacy from critical resource suppliers. Using elements of this dilemma, we present a new planning framework for organizations in ambiguous contexts that recognizes planning as a strategy for resource acquisition rather than a strategy for resource allocation.     

刘淇部长谈制订“九五”规划原则

刘淇部长谈制订“九五”规划原则“九五”期间，冶金工业发展的基本思路是：提高冶金工业增长的质量和效益，积极推进增长方式由粗放经营为主向集约经营为主转变，建立适应社会主义市场经济体制，能够占领国内市场，并能够在国际市场中占有一席之地的强大的冶金工业体系。...     

什么是第三产业?

什么是第三产业？第三产业是根据社会生产活动历史发展的顺序对产业结构的划分。产品直接取自自然界的部门称为第一产业；对初级产品进行再加工的部门为第二产业；为生产和消费提供各种服务的部门为第三产业，它是世界上通用的产业结构分类。其具体划分方法是：第一产业：...     

ESTIMATING THE COST OF EQUITY FOR CORPORATIONS THAT REPURCHASE: THEORY AND APPLICATION

The standard discounted dividend model provides flawed estimates of the cost of equity when corporations repurchase shares, which many now do. A simulation model shows that the discounted dividend model, as customarily applied, will lead to cost of equity estimates that are too low. A corrected model is developed, and illustrated with actual data.     

"引狼入室"和"与狼共舞":"双赢"的选择

“展会经济” 被称为“1比10产业”,即“点击一面,带动八方”, 蕴涵无限商机。精心擘画的展会是市场的催化剂。展会为名牌添翼,名牌促展会生辉。成熟的市场经济离不开展会的支持。因此,在商海冲浪中商家对“展会经济”取得了共识:     

BREAKING DOWN A LONG-RUN MARGINAL COST OF AN LP INVESTMENT MODEL INTO A MARGINAL OPERATING COST AND A MARGINAL EQUIVALENT INVESTMENT COST

In linear programming, a simple observation on duality allows us to break down a long-run marginal cost into a marginal operating cost and a marginal equivalent investment cost. This marginal equivalent investment cost is an acceptable means of allocating the equivalent investment cost to the different finished products (and similarly for the marginal operating cost). It is useful for determining the products on which a sales campaign should focus and for analyzing short-run marginal costs once an investment decision has been taken. As an example, we will examine a simplified investment model in the oil refining industry.     

论石油化工联产品成本的产量分配法和变现净值法

对石油化工联产品成本分配的产量法和变现净值法进行了系统地分析和比较完善的理论证明,指出了该两种方法各自的特点。     

以现有所有者权益入股合资的经济评价问题探讨

探讨了“中文以现有所有者权益入股,外方按相应股比投入资金和技术,合资双方以现有生产装置为基础建立合资企业”的技术经济评价方法及其评价中的具体问题,为此类合资项目的技术经济评提供依据,使该类合资项目的技术经济评价方法,指标和结论更具真实性,科学性,客观性,可靠性。