省际边界、方言边界和一价定律

逐步打破和消除市场分割,建立统一开放的市场体系,促进要素的合理流动及优化资源配置是我国经济转型时期面临的重要任务。本文使用1998-2010年123个地级市的月度价格数据,在一价定律框架下分析了27种服务品的短期价格偏差与省际边界、方言边界的关系。研究发现:(1)教育、医疗服务存在显著的省际边界效应,而其他服务的省际边界效应较弱;(2)教育服务还存在显著的方言边界效应,其中小学、初中、高中学习阶段的方言边界效应系数显著;(3)在考虑了样本异质性和样本选择偏误后,结果仍然稳健。上述研究结果反映出依附于行政边界的户籍制度通过影响教育、医疗受益性增加了劳动力省际转移的隐性成本,而地区间的方言差异通过影响随迁子女的教育进一步增加了劳动力跨区域流动的阻力。     

无套利定价理论及未来研究方向

本文首先对以无套利假设作为理论基础的经典金融资产定价理论进行了梳理。然后,基于经典理论的预测结果与实际金融市场数据不能很好吻合的事实,以及行为金融学所指出的无套利定价理论的局限性,提出以一价定律作为金融资产定价的理论出发点具有重要的理论和现实意义。     

新会计准则与公司理财

新会计准则作为规范会计核算行为的法规，对公司理财产生影响。本文论述了祈会计准则的王黉符新会计准则下公司理财面临的机遇与挑战、以及公司财务关系人应采取的对策措施。     

电子商务与公司理财浅析

从电子商务入手 ,分析了现代企业理财模式在电子商务环境下受到的冲击和挑战 ,并从组织结构、财务软件、法律法规等方面浅析了改革和完善公司理财系统的几点对策。     

农业银行公司理财业务发展研究

随着中国经济的快速发展和金融市场的日渐完善,企业、事业单位及社会团体等对公客户的富余资金也逐渐增多,其理财业务的需求随之迫切增加.本文以中国农业银行(以下简称农行)为具体研究对象,结合农行公司理财业务发展现状,从产品特点、客户细分、绩效考核、理财队伍、品牌建设等入手,提出了农行公司理财业务发展的相关建议,以提高农行公司理财业务发展水平,增加非利息收入来源,扩展盈利渠道,调整农行的盈利结构,并为农行带来较为稳定的中高端客户群,切实提高农行中间业务收入水平.     

理财教育融入课堂教学的路径思考——以《公司理财》为例

培养大学生"智商"和"情商"的同时,增强其"财商"的培养,是社会的一种无形资产投资.笔者以《公司理财》课堂教学切入,通过树立大数据理财思维、分解教学内容,调研、分析综合的财务典型案例等环节循序渐进的融入理财教育,以达到提高课堂教学质量、提高高职办学特色,实现培养一流优质高职学生的目标.     

ESOP在公司理财中的作用

ESOP一般被认为是企业激励机制和员工福利机制,实际上,ESOP的作用远不止如此,在公司理财的各个环节都可以发挥强大的作用。本文以成熟市场经济国家的员工持股计划为例,探析ESOP在筹资、成本管理、税收筹划、风险管理、资本运营等环节中的作用,为推动ESOP在深化国企业改革中的应用提出建议。     

论财务报表在公司理财中的作用

随着经济社会的发展进步,财务报表作为反映企业财务状况、经营成果和现金流量情况的信息载体,越来越受到人们的关注.财务报表分析不仅在企业的生产经营活动中发挥着重要作用,而且是企业各方利益相关者做出正确决策的重要依据.本文先就财务报表的内容进行基本介绍,然后详细分析其在公司理财中的重要作用及可能存在的局限性,最后得出结论要客观进行财务报表分析,促进企业长久发展.     

金融衍生品市场不具有价格发现功能北大核心

金融衍生品市场具有价格发现功能的理由与现实金融市场不符,实证研究也不能证实金融衍生品市场具有价格发现功能。金融衍生品市场总体上没有价格发现功能的原因:第一,期货市场价格不能实现对同期现货价格的合理引领,金融衍生品的期价格发现功能即使存在也没有意义;第二,金融衍生品预测或发现不了未来的现货价格;第三,金融衍生品与基础产品价格变动的影响因素相同,不存在谁引领谁的问题;第四,金融衍生品价格由于其决定因素十分复杂,并不能合理反映基础产品的预期价值;第五,发现金融基础资产的价值或理论价格另有途径,并非是衍生品交易。不少研究者和实际工作者认为金融衍生品市场具有价格发现功能是由于方法论、认识论错误所致:一是把衍生品价格发现功能当作公理性前提,对于大量不支持金融衍生品具有价格发现功能的计量结果,不是据此对价格发现功能存疑,而是无根据地把价格发现功能的缺失归咎于某种客观原因,不正视实证结果,从而犯了逻辑错误;二是对一些似乎证实了金融衍生品具有价格发现功能的计量结果,把相关关系误当作因果关系,未能将计量分析与事实分析、机理分析结合起来。     

公司委托理财的风险分析与控制

所谓委托理财，是指证券公司或投资公司接受客户委托，通过证券市场对客户资产进行有效管理和运作，在严格遵守客户委托意愿的前提下，在尽可能确保客户委托资产安全的基础上，实现资产保值增值的一项业务。自1999年起，委托理财这一新的投资渠道逐步为上市公司所看重，随之而来的丰厚回报更是让众多参与其中的公司喜上眉梢。于是大批“闲置”资金被     

Corporate Finance and Corporate Governance

A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project-financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on the characteristics of the assets. Transaction-cost reasoning supports the use of debt (rules) to finance redeployable assets, while non-redeployable assets are financed by equity (discretion). Experiences with leasing and leveraged buyouts are used to illustrate the argument. The article also compares and contrasts the transaction-cost approach with the agency approach to the study of economic organization.     

Spot and Futures Prices and the Law of One Price

The law of one price (LOP) is tested for narrowly defined commodities traded in futures markets in different countries during the period 1973–80. Although the LOP holds as an average tendency for most of the commodities, there are instances of large riskless arbitrage returns (before transactions costs). Deviations from the LOP tend to be commodity specific rather than due to a common external factor and they tend to be smaller the longer the maturity of the futures contract.     

行为金融学与公司财务

在公司决策中，经理人和董事会成员需要识别公司价值最大化过程中的两个主要行为学阻碍，一个在公司内部，另一个在公司外部。     

Postmodern Corporate Finance

One of the core tenets of modern finance theory is that corporations create value by producing operating rates of return on capital that are greater than the cost of capital. “Postmodern” corporate finance, while reaffirming the importance of earning an adequate return on capital, also attempts to restore at least part of the traditional corporate emphasis on top-line growth that prevailed before the intense focus on returns by modern shareholder value advocates. One important reason for the heightened emphasis on growth in addition to returns is that most rate-of-return measures used by companies and investors are based on conservative accounting practices that make old assets look more profitable than new ones, thereby discouraging investments in growth. This article introduces a new return measure called “Gross Business Return” that, when evaluated against a Required Return framework that reflects the level of current stock prices, has a stronger correlation with how companies are valued by the stock market. Moreover, in reviewing historical returns over time for both the market and specific industries, the author's research suggests that the market appears to demand considerably lower current returns than those implied by traditional weighted average cost of capital (WACC) approaches. And to the extent corporate executives rely on WACC, they could be passing up valuable growth opportunities. To help evaluate tradeoffs between growth and return, the author introduces a cash-based measure of corporate economic profit called Residual Cash Earnings. Unlike most traditional return and economic profit measures, Residual Cash Earnings, when expressed as a percentage of sales, provides a way for corporate managers to identify growth opportunities that, while producing current returns lower than WACC, are likely to add value over a multi-year time horizon. These new measures and analytical tools are suitable for strategic planning, budgeting, resource allocation, performance measurement, and rewards. Consistent application of these principles across these management processes provides a framework for constantly rebalancing the emphasis on growth and return to adapt to changes in the economy, industry, and competitive landscape.     

关于企业理财的观念问题

“资金运动”理财观念是计划经济时期经济理论界对企业财务本质认识的反映,但它没有真正实现企业财务的本质尤其是进入２１世纪以后,其局限性更为明显。新世纪呼唤更新观念“资本营运”理财观念全面体现了公司财务的本质特征,与“资金运动”理财观念相比较,“资本营运”呈现出显著的特征。在“资产营运”理财观念的作用下,公司摆脱了“资金运动”的束缚,既可以对内投资,又可以对外投资;即可以生产经营一般商品,又可以生产经     

外部融资与企业成长关系的实证研究

在金融发达国家，外部融资对行业成长有明显促进作用。实证分析显示，我国企业要想获得更快、更好的发展，一方面要充分利用各种融资渠道，以便提高外部融资在总资产中的比重，另一方面要注意各种融资方式的合理搭配，防止因债务融资与权益融资之比过高而给企业今后的总资产增长带来不利影响。     

Internal Finance and Corporate Investment

This paper examines Pecking Order/Free Cash Flow behavior in small ($25–$50 million), medium ($100–250 million), and large ($1000 million and over) firms. The purpose is to proffer an explanation for the important role of cash flow on the investment expenditure of firms that is more complete than the commonly given accounts. The Pecking order theory (PO) emphasizes the value‐enhancing influence of cash flow, while the free cash flow hypothesis (FCF) underscores its value‐destroying effect. Using the vector error correction model, we find that although the overall behavior of small firms support the pecking order theory, the cash flow of these firms does not have any causal effect on their investment. We further find evidence of free cash flow theory in large firms.     

Financial Systems, Corporate Finance and Corporate Governance

Financial systems of industrialised countries are usually classified as being either capital market- or bank-dominated. This paper tries to shed some light on the validity of this distinction. In order to do this, it analyses two specific roles of the financial sector vis-à-vis the enterprise sector: the role of financing or funding business and the role of capital markets and banks, respectively, in the context of corporate governance. Our analysis of the relevant findings in the literature shows that financing patterns are quite similar between countries, while corporate governance systems are quite dissimilar. The paper discusses how these divergent findings could be made compatible with existing theories and what implications they may have for the question of whether there is a tendency for corporate governance systems in different countries to become as similar as corporate financing patterns seem to be.     

A Test of the Law of One Price in Retail Banking

This paper investigates the level and the determinants of retail banking interest rate differences among Spanish banks in the period 1989–2003. We find that the interest rates of twenty five different bank loan and deposit products adjust rather rapidly to their long-term values in response to external shocks, as the relative version of the Law of One Price predicts, but the evidence runs contrary to the absolute version of the Law. Credit risk premium, part of the marginal cost of the loans granted by a particular bank, is an important source of interest rate dispersion across banks and loan products, both before and after Spain joined the Euro zone. Therefore, differences in credit risk policies across banks must be taken into account when forming expectations about European retail banking integration.