产业配置模型研究

劳动价值是经济学的基础概念,虽然如何评价劳动价值和社会的劳动力成本还存在局限性,但是这不妨碍利用劳动价值和劳动力成本开展经济研究,单位劳动价值是一个衡量劳动力水平的指标,其中包含科学技术的价值,单位劳动价值不是一个定常数,是一个变数,因人而异、因时而异,然而在讨论具体企业的生产能力时,与企业的单位劳动价值有关,但在讨论劳动力成本时,与该地区、国家的经济社会平均的单位劳动价值有关,以此研究单位劳动价值与企业产品的定价、劳动力成本分析的研究,给出单位劳动价值与企业产品的定价、劳动力成本的计算公式,据此探讨国家和地区的产业配置和发展道路问题。     

数字媒体内容资产的版权定价方法研究

本文在对国内外数字媒体内容资产版权定价方法研究的基础上,分析了数字媒体内容资产的版权定价现状及相关的定价方法,提出了基于顾客感知价值的数字媒体内容资产版权价值评估模型和定价方法,并以数字媒体内容资产纪录片为研究对象进行了实证分析,以期为数字媒体内容资产版权定价问题的研究提供参考。     

针对实物资产价值漏损的期权定价模型的调整

价值漏损是实物资产定价中经常会出现的现象。实物资产的价值漏损源于决策点之间出现的现金流和持有收益率。它改变了标的实物资产价值的演化路径,从而影响到期权的价值和最优投资决策的时间。只有针对标的资产的价值漏损对期权定价模型进行相应的调整,才能正确估计期权的价值。     

浅议资本资产定价模型与美国次贷危机

资本资产定价模型（CAPM）是证券市场中研究资产的预期收益率与风险之间关系的核心理论。针对资本资产定价模型的实证运用,国内外的学者已经进行了诸多研究,争论的焦点在于资本资产定价模型是否对市场风险和金融资产公允价值估计不足。美国次贷危机不仅造成了美国经济的持续不景气,而且直接导致了全球诸多次级抵押贷款机构的破产、投资基金的关闭和股票市场的剧烈震荡、金融机构对市场风险和资产公允价值估计不足是这些现象产生的重要原因之一。因此,我们有必要从资本资产定价模型的角度分析美国次贷危机。     

关键审计事项披露缓解了资产误定价吗?

通过构造双重差分模型,考察关键审计事项披露对资产误定价的影响及其内在机理。研究发现,关键审计事项披露有效缓解了资产误定价,表现为公司股价更能反映其内在价值。影响机制检验结果表明,关键审计事项披露主要通过降低投资者异质信念与促进投资者私有信息搜集来缓解资产误定价。截面分析发现,关键审计事项披露对资产误定价的缓解作用在公司信息环境较差、审计师具有行业专长以及机构持股较少的样本中更显著。进一步研究显示,关键审计事项披露的语调、可读性、相似度及充分性等文本特征均会对资产误定价产生一定影响。研究不仅拓展了关键审计事项披露和资产误定价各自领域的分析视角,还为准确评估审计报告改革效果以及有效缓解资产误定价顽疾提供了有益启发。     

技术资产的评估方法研究

技术资产的评估是资产评估的难点,技术商品不同于一般商品,具有报酬无限、风险有限的特性,尤其与支付红利的美式看涨期权特点极为相似.但应用传统的资产评估方法为技术商品定价,其结果很难真实反映技术商品的价值.本文在前人研究成果的基础上,对技术资产评估方法进行了综述, 说明了传统的评估方法在评估技术资产时存在的缺陷,通过对技术资产的期权特征进行分析,将期权定价理论引入到技术资产的评估方法中,通过对Black-Scholes 期权定价公式定量分析从直观上了解各个参数对技术资产期权价值的影响,同时用具体案例进行了进一步说明,但评估方法的应用是建立在一系列假设的基础上的,同时Black-Scholes 公式只能用于粗略的计算,因此,二项式模型和期权博弈模型将会是技术资产评估方法的新研究方向,本文只是将期权定价理论应用到技术资产的评估当中,为解决技术资产评估、高科技企业价值的评估提供了参考价值.     

CAPM的起始、演变和展望

货币的时间价值、价值评估和风险管理是现代金融学的三大基石。价值评估,即主要是资产定价理论(CAPM)是研究风险资产市场中的均衡价格理论,夏普CAPM模型是理论发展的黄金时期的标志性成果。本文以时间为轴,对模型的起始、演变进行了介绍,形成了以CAPM为核心的价值评的总体框架,并分析其在实证中面对困境的分析,最后对资产定价模型未来发展方向做了展望。     

基于协同效应的公司并购定价研究

协同效应是指并购后新公司的价值超出并购前独立公司的期望价值之和的部分.并购定价并非只是简单地估计目标企业价值,而是需要综合考虑并购各方的内在价值、并购协同效应价值等诸多因素,因而合理测算协同效应价值,是公司并购定价的关键.本文在分析资产协同效应价值的基础上,重点研究现实资产协同效应价值和实物期权协同效应价值.     

上市公司并购重组标的资产价值评估与交易定价关系研究

经济的快速发展使得我国的上市公司数量急剧增多,资本市场中的并购重组活动十分活跃。并购重组使得资本市场中的交易数量和交易金额在很大程度上得到提升,对上市公司和资本市场的发展具有十分重要的意义。资产价值评估与交易定价是上市公司并购重组中十分关键的内容,也是困扰实务界的一个难题。本文将在上市公司并购重组的现状分析基础上,对资产价值评估与交易定价的关系进行探讨,并提出合理化建议,促进资产价值评估与交易定价作用的发挥。     

异质性时间偏好与资产定价探讨

资产定价理论一直是金融经济学的一个相当重要的课题,它试图来解释未来一切条件不确定的情况下,所能够支付的资产价格或价值。而把异质性投资者引入则是资产定价发展的重要方向之一,本文将异质性时间偏好与Lucas纯交换经济框架相结合,分析出投资者所想要的投资方案和最优消费策略,最后探究出异质性时间偏好与资产定价之间的关系。     

Dynamic Optimization of Long-Term Growth Rate for a Portfolio with Transaction Costs and Logarithmic Utility

We study the optimal investment policy for an investor who has available one bank account and n risky assets modeled by log-normal diffusions. The objective is to maximize the long-run average growth of wealth for a logarithmic utility function in the presence of proportional transaction costs. This problem is formulated as an ergodic singular stochastic control problem and interpreted as the limit of a discounted control problem for vanishing discount factor. The variational inequalities for the discounted control problem and the limiting ergodic problem are established in the viscosity sense. The ergodic variational inequality is solved by using a numerical algorithm based on policy iterations and multigrid methods. A numerical example is displayed for two risky assets.     

THE OPTIMAL LIFETIME OF ASSETS UNDER UNCERTAINTY IN THE RATE OF EMBODIED TECHNICAL CHANGE

I investigate the effects of uncertainty regarding the rate of embodied technical change on the lifetime of assets using a model where: (1) technical change increases continuously the productivity of producers’ durables, (2) potential competition induces firms to pass all benefits from productivity improvements to consumers, and (3) the mean and the variance are considered sufficient statistics to describe the probability distribution of technological change. I find that in general this type of uncertainty shortens the optimal lifetime of assets. However, the robustness of the results under alternative specifications of the probability distribution of technological change remains an open question.     

The impact of professionalization and partnerships on nonprofit productivity

ABSTRACT

This research evaluates the influence of professionalization and partnering with firms on nonprofit productivity. Professionalization is measured in terms of the ratio of paid employees to volunteers, and productivity is measured through the ratio of total assets to number of beneficiaries, and the ratio of total revenues to number of paid employees and volunteers. Empirical analysis combines a survey to a representative sample of Spanish nonprofits, with information available from public sources. Results confirm the existence of a ‘U-shaped’ relationship between professionalization and nonprofits’ capability to reach more beneficiaries with lower assets; a positive effect of professionalization on revenue generation capability; and a positive effect of partnerships with businesses on the nonprofit’s asset-per-beneficiary ratio. Discussion sheds light on the on-going debate about the implications of professionalization and partnering with firms for the capacity of nonprofit organizations to attract resources and to extend their reach in a more efficient way.     

Is Firm Productivity Related to Size and Age? The Case of Large Australian Firms

We investigate the relationship between productivity, size and age of large Australian firms employing more than 100 employees or holding assets in excess of $100 million. In addition, we also investigate the extent of productivity persistence among these firms by looking at transition matrices of productivity distribution and productivity-rank mobility. The empirical study is based on the IBISWorld database used to estimate translog cost function to measure (a residual based) productivity. We find evidence, though somewhat weak, that larger and older firms are on average less productive. Further, we find strong evidence for a high degree of inertia in terms of productivity ranking within an industry.     

我国现行会计准则存在的问题及对策研究

目前,我国会计准则中资产的界定范围、或有事项处理、公允价值计量与非货币性资产交换等方面存在的问题主要是对资产的定义有待扩展,进行细致划分;或有应付金额确认的规定存在模糊,应该遵照会计的谨慎性原则进行确认;对公允价值的运用既要采用谨慎性原则,还要考虑实际;在处理非货币的资产交换认定和税费的问题时,会计准则应给出一个准确的概念和定义,进而补充各项会计准则的不足之处。     

政府补贴、资源误置与制造业生产率

政府对部分企业进行补贴,会影响企业的市场进入、退出和规模,导致资源在企业之间的误置,不利于制造业生产率.本文用1998—2007年我国工业企业面板数据,研究政府补贴的资源误置效应对制造业生产率的影响及微观机制.从生产率的分解上看,我国制造业中存在企业之间的资源误置效应,对制造业生产率具有负面作用.实证研究发现,政府补贴是导致这种资源误置的重要因素,补贴会改变市场的广延边际和集约边际,导致资源在受补贴企业和未补贴企业之间的误置,降低制造业的生产率,并且这种资源误置效应在国有资本比重高的行业中更严重.具体来看,广延边际方面,补贴阻碍了市场进入和市场退出,受补贴企业相对于未补贴企业的市场进入和市场退出概率均较低;集约边际方面,补贴有利于受补贴企业扩大生产规模,并挤出未补贴企业的市场份额.本文的启示在于,政府补贴需要在一般均衡框架下考虑其对企业动态和资源配置的影响.     

The La Marca model revisited: Structuralist goodwin cycles with evolutionary supply side and balance of payments constraints

This research is aimed at investigating the causes of volatility that affect middle‐income countries by studying the La Marca model. Drawing from the open‐economy Goodwin tradition, this model demonstrates that economic activity, income distribution and accumulation of foreign assets dynamically interact, resulting in a pattern of dampened cycles. The study consists in analyzing the characteristics of the model by initially imposing: (I) a constant real exchange rate; (II) a constant net external asset to capital ratio, which is in line with the balance of payments dominance theory and (III) a fixed income distribution. We then (IV) expand the original model by adding an evolutionary supply‐side in which productivity is at the center of the economic dynamic through international technology transfer and the Kaldor‐Verdoorn effect. The results show that (1) the model always converges. (2) The restrictions (I) and (II) remove the cyclical component of the model, which highlights a central difference between La Marca and the original Goodwin model. (3) Fixed income distribution leads to a monotonic trajectory that reduces oscillations. (4) The inclusion of productivity dynamics generates new sources of volatility in the relationship between productivity, capacity utilization and net external assets and is in line with the structuralist argument of structural fragility.     

Macroeconomic interdependence under incomplete markets

This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adjustment and net foreign assets do not move. The difference relative to a complete markets economy in which net foreign asset movements play no role in shock transmission is smaller. It is amplified if the substitutability across goods rises and if shocks are permanent.