网络公司盈利模式研究

一、引言：腾讯公司2006年第二季度业绩显 2006年8月23号，腾讯公司公布2006年第二季度业绩，向股东交出了一份满意的答卷。总收入为人民币7．050亿元（8817万美元），比第一季度增长9.2％，比去年同期增长111.3％。其中，互联网增值服务收入占总收入的比例为65.6％，移动发电信增值服务收入占总收入的比例为25．3％，网络广告收入占总收入的8．9％。腾讯公司互联网增值服务收入占65．6％．突破了靠广告收入和移动电信服务生存的经营模式，创造了网络公司持续盈利的模式。     

公司收购方式的决策分析

收购与兼并是现代企业的一种重要的发展战略。由于其具有协同效应,能使进攻性企业迅速扩张,提高经济效益,增强经济实力,分散经营风险,提高经济地位。因此,发达国家购并浪潮自19世纪末以来一浪高于一浪。随着我国市场经济进程的不断推进,公司购并活动不断兴起,并发挥其巨大的作用。经过近百年的发展,尽管公司购并的方式日益多样化,主要包括现金收购、股票收购、债权收购、综合证券收购和杠杆收购等方式,但从筹资方式看,最基本的方式是现金收购和股票收购两种。所谓现金收购,是指进攻性企业用现金购买目标企业的绝大部分或全部资产而实现的购并。而股票收购是指进攻性企业通过发行新股换取目标企业大部分股票或资产而实现的购并。也就是说,现金和股票是公司购并的主要手段。若某公司对另一家目标公司有明确的购并意向,它到底是采用现金收购方式还是股票收购方式呢?因此,选择合适的收购方式就成为公司购并活动的一个重要课题。     

关于BDLM模型和ARMA模型的一个注解

长期以来，ARMA模型在中国股市领域、预测领域得到了广泛的应用。近来的研究表明，由于中国股市的自身特点，一般不用ARMA模型来预测，而用贝叶斯动态模型BDLM进行股市预测。本文从理论研究的角度出发，证明这两类模型之间的关系，从而希望对应用研究能够产生一些指导意义。     

民营企业的传承

俗语云：“不孝有三,无后为大.”对于一个企业来说,则是“失败有三,无后为大.”中国民营企业在走过了20多年的历程后,第一代企业家们经过多年的艰辛创业,大多已临近退休,许多企业正进入一个新老交替的阶段.如何将手中的接力棒交给下一代,以保持企业的可持续发展是这些企业面临的一个重要问题.     

A Note on Student Academic Performance

ABSTRACT This study compares the educational performance of both highly rural and highly urban area students to students from areas of moderate population density. The results suggest (1) that students from both highly rural and highly urban areas perform similarly, but less well, in terms of educational achievement than students from moderate areas, and (2) that empirical studies of student educational performance should include measures of both cognitive skills and educational market competition as explanatory variables. The policy implications of this research include our recommendation that policymakers consider students from highly urban areas to be subjects of concern similar to students from highly rural areas in attempts to affect expected student achievement. Implications also include our recommendation that policymakers recognize that competitive educational market systems that allow educational consumers greater choice in the acquisition of educational services are those systems within which student academic achievement is higher.     

A Note on Intraday Event Studies

Abstract

We investigate the specification and power of intraday event study test statistics. Mean, market, and matched firm models generate well-specified return results for a range of intervals up to 60?min around the event. These models detect return shocks equivalent to one spread in one-minute interval data and three spreads in longer intervals. Researchers using intraday return event studies can, therefore, be confident in their robustness. Some volume event study approaches have reasonable power but they are not generally well specified, while a matched-firm approach gives the best combination of specification and power for spread event studies.     

A Note on US Worker Turnover

The length of new employment relationships is of first‐order importance for a number of questions in recent macro‐labour research. We investigate it using data from the Survey of Income and Program Participation for the US from 1996 onwards, and document that above two‐fifths of newly employed workers fall into non‐employment within a year. We also find that the transition rate from employment to non‐employment within the first year varies significantly for different groups of the population, increases with the duration of the previous non‐employment spell, exhibits an acyclical or weakly procyclical pattern and a much higher volatility than the unemployment rate.     

上市公司资本结构与企业绩效的实证分析

本文应用混合数据采用载面分析与TSCS分析方法,对我国上市公司资本结构与企业绩效的关系进行了实证研究,得出它们之间负相关的结论。     

A Note on the Benefits of Homeownership

This brief note adds to recent work that attempts to identify externalities associated with homeownership. The results suggest that some of the homeownership effect found by Green and White is driven by family characteristics associated with homeownership, especially residential stability. However, as much as homeownership increases residential stability, it appears to be correlated with higher school attainment. Attempts to control for endogeneity cannot eliminate this finding.     

影响跨国公司直接投资的因素及实证研究

一、引言及理论回顾 自改革开放以来,特别是20世纪90年代以后,外商在中国的投资增长势头猛烈,尤其是直接投资.中国在1979年以前几乎是没有外国直接投资的,而到2003年,仅仅24年的时间里,我国累计利用外资总额已经达到了4 939.64亿美元,年平均增长率达到了13%,已经超过美国,成为全世界第一大FDI东道国.随着经济全球化的发展,世界各国都希望能够更多地吸引FDI,从而带动经济的发展.     

企业的社会责任与相关会计问题的探讨

文章从经济学的角度分析了企业社会责任的内涵和约束机制,强调了企业社会责任制度建设和制度约束的重要性,同时也提及了企业社会责任他律作用下自律的必要性,突出表述了企业社会责任是均衡利益的要求,是权益保护原则和平等交易规则从微观向宏观扩展的结果,揭示了会计行为的社会责任属性,并对企业社会责任与会计学相关问题主要方面的关系进行了框架性分析,开扩了会计研究的视野。     

A Note from Editor-in-Chief on Special Issue

Note

A Note from Editor-in-Chief on Special Issue     

收房验楼六大“要务”

从房屋交接的实践来看，由于对商品房销售面积的计算方法不甚了解，多数购房者只注重对房屋结构、装修质量的验收，而忽视对房屋面积的核实。实际上，房屋面积的大小不但影响到最终产权，而且涉及房价，对购房者的经济利益产生直接影响。所以核查所购房屋的销售面积也是房屋验收工作中的一个重要环节，     

A Note on Seasonal Unit Root Tests

The seasonal unit root tests make it possible to determine the nature of the deterministic and stochastic seasonal fluctuations. In Section 2, we define the main seasonal time series models and the seasonal integration notion. Section 3 describes the HEGY test procedure.     

多因素层次模糊综合评价在上市公司赢利能力分析中的应用研究

一、多因素层次综合评价模型的建立 根据对影响上市公司赢利能力的因素的分析,综合地反映了上市公司赢利能力的各项财务指标,利用层次分析法,建立多因素层次综合评价模型,如图1所示。     

上市公司管理有效性的评价方法研究

一、引言 自从我国股票市场诞生以来,由于国家整体利益和投资者群体利益的需要,关于上市公司管理有效性问题的研究、评价,一直是国家证券监管机构和投资者关注的重点。上市公司管理有效性是指上市公司的管理者在他的经营期内的主观努力程度及对企业业绩增长的贡献。以此作为衡量企业未来发展潜力和选择投资对象的主要指标。在以往的研究中,研究者