对加强工程造价管理的几点认识

当前,市场竞争日趋激烈,文章从三个方面阐述了施工企业如何加强工程造价管理工作。     

对加强工程造价管理的几点认识

当前,市场竞争日趋激烈,文章从三个方面阐述了施工企业如何加强工程造价管理工作.     

债务资本成本:一个基本的理论问题

债务成本是资本成本的一个重要内容,在筹资、投资的资本结构决策中均得到了广泛的应用。但债务成本概念与计算在中外研究中均存在模糊、不合理之处。本文通过对中外研究的对比,结合货币时间价值计算的基本原理,提出了债务成本概念和债务成本计算的新思路,修正了现行的不合理的计算方法。并在此基础上提出了新的计算公式。     

Estimating substitution elasticities with the Fourier cost function: Some Monte Carlo results

The Fourier flexible form possesses desirable asymptotic properties that are not shared by other flexible forms such as the translog, generalized Leontief, and generalized Box-Cox. One of them is that an elasticity of substitution can be estimated with negligible bias in sufficiently large samples regardless of what the true form actually is, save that it be smooth enough. This article reports the results of an experiment designed to determine whether or not this property obtains in samples of the sizes customarily encountered in practice. A three-input, homothetic version of the generalized Box-Cox cost function was used to generate technologies that were oriented in a two-dimensional design space according to a central composite rotatable design; the two factors of the design were the Box-Cox parameter and a measure of the dispersion of the substitution matrix. The Fourier cost function was used to estimate the substitution elasticities at each design point, and the bias at each point was estimated using the Monte Carlo method. A response surface over the entire design space was fitted to these estimates. An examination of the surface reveals that the bias is small over the entire design space. Roughly speaking, the estimates of elasticities of substitution are unbiased to three significant digits using the Fourier flexible form no matter what the true technology. Our conclusion is that the small bias property of the Fourier form does obtain in samples of reasonable size; this claim must be tampered by the usual caveats associated with inductive inference.     

Compensation-based stock trading by corporate executive and aggregate management ownership of the firm: Some additional evidence

Managers place a low value on equity-based compensation because it exposes them to the risk of the firm. Such undervaluation and the need to achieve diversification may force a manager to sell his own stock of the firm in response to equity-based awards. In this paper we examine whether such stock selling by an executive depends on the aggregate level of management ownership of the firm. We argue that stock selling occurs at a high level of aggregate ownership where an executive has a low probability of being replaced. Our findings support this “management ownership” argument of compensation-based stock trading. One implication is that the board's effort to minimize agency conflicts becomes less effective once aggregate ownership increases to a certain threshold level. (JEL G30, G32) This research was carried out with the support of the Western New England College research fund.     

Bank ownership and cost efficiency: New empirical evidence from Russia

This paper investigates the cost efficiency of Russian banks with regard to their heterogeneity in terms of ownership form, capitalization and asset structure. Using bank-level quarterly data over the period 2005–2013, we perform stochastic frontier analysis (SFA) and compute cost efficiency scores at the bank and bank group levels. We deduct from gross costs the negative revaluations of foreign currency items generated by official exchange rate dynamics rather than by managerial decisions. The results indicate that the core state banks, as distinct from other state-controlled banks, were nearly as efficient as private domestic banks during and after the crisis of 2008–2009. Foreign banks appear to be the least efficient market participants in terms of costs, which might reflect their lower (and decreasing over time) penetration of the Russian banking system. We further document that the group ranking by cost efficiency is not permanent over time and depends on the observed differences in bank capitalization and asset structure. We find that foreign banks gain cost efficiency when they lend more to the economy. Core state banks, conversely, lead in terms of cost efficiency when they lend less to the economy, which can result from political interference in their lending decisions in favor of unprofitable projects Private domestic banks that maintain a lower capitalization significantly outperform foreign banks and do not differ from the core state banks in this respect.     

财政管理与财政改革--赴美国哈佛大学肯尼迪政府学院财政管理培训班学习报告

受国家外专局派遣,我于2005年7月10日至8月6日,到美国哈佛大学肯尼迪政府学院参加了为期三周的财政管理培训班(public finance management)的学习,用一周的时间在哈佛大学就政府间财政关系与有关教授进行了交流访问.参加这个培训班的有来自26个国家的43名学员(中国只我一人),绝大部分为发展中国家政府部门负责预算管理的官员,也有少数来自国际组织(如世界银行)的代表.肯尼迪政府学院每年举办一期这个内容的培训班.     

Econometric modelling in finance and risk management: An overview

This paper gives an overview about the sixteen papers included in this special issue. The papers in this special issue cover a wide range of topics. Such topics include discussing a class of tests for correlation, estimation of realized volatility, modeling time series and continuous-time models with long-range dependence, estimation and specification testing of time series models, estimation in a factor model with high-dimensional problems, finite-sample examination of quasi-maximum likelihood estimation in an autoregressive conditional duration model, and estimation in a dynamic additive quantile model.     

Low cost country sourcing and its effects on the total cost of ownership structure for a medical devices manufacturer

In this paper, we describe a total cost of ownership (TCO) method as an activity-based costing (ABC) application along the value chain to measure and analyse the costs of international sourcing activities. We further describe the method's implementation for a manufacturer of high-tech medical devices. For this case study, we analyse the effects of shifting purchasing volume from traditional procurement market suppliers to low cost country suppliers on the cost structure of purchasing projects. We find that particularly costs at component and supplier level gain importance over traditionally dominating unit level costs. Furthermore, we identify low cost country sourcing as a decision with extensive impact on value chain entities other than purchasing. Finally, a considerable part of costs in low cost country sourcing accrue at the beginning of a purchasing project due to problems stemming from unsatisfactory initial quality, language barriers and intercultural communication.     

Corporate plant location under uncertainty: Divergence between the interests of ownership and management

This paper expands current knowledge of location decision-making under uncertainty by analyzing instances where the corporate goal of profit maximization diverges from the managerial decision-maker's goal of maximizing personal profit. With illustrations based on alternative decision-making criteria, the paper demonstrates that a corporate manager acting in his own self interest may select a plant site that does not maximize corporate profits. The trend for US corporations to select suburban locations, despite the cost advantages of older urban areas, is illustrative of this divergence between the objectives of ownership and management.     

财务管理中的信息不对称简析

信息不对称现象在社会上普遍存在,逆向选择和道德风险是信息不对称经济学的两个重要理论课题.研究信息不对称现象的实质是为了从制度的角度解决由信息不对称所带来的逆向选择和道德风险问题.在财务管理中,投资、筹资等财务管理行为都存在大量信息不对称问题,这是财务管理研究的一个重要方面.     

Nursing case management: affecting quality and cost

North Mississippi Health Services' nursing case management program has been deemed a success by all parties involved, especially the patients. High-risk patients with specific chronic health problems receive an enhanced level of care and experience significant reductions in cost, length of stay, and repeat hospitalizations. Quality of life for many of these patients is also improved. These outcomes are made possible by assigning a registered nurse to case manage or coordinate care for these patients.     

Estimating banking cost efficiency with the consideration of cost management

This study re-investigates the bank cost efficiency by a combination of two strands of literature. The first strand is related to bank cost efficiency; the other is related to earnings management. Employing the findings reported in bank earnings management literature, this study argues that bank observed total cost (“accounting cost”) may be the biased estimator of the true total cost. Using the biased total cost may thus yield incorrect inferences from estimating bank cost efficiency. We propose a method to modify accounting cost, which is referred to as “economic cost”, to be consistent with the economic theory; that is, one that is free of cost management. Both accounting and economic costs are then adopted to analyze the efficiency of 29 commercial banks in Taiwan banking industry. Our results show that estimated efficiency, with the application of economic cost, offers results that are more reasonable results than those of the accounting cost.     

企业财务管理目标体系新论

企业财务管理目标的确立将体现可分解性、可操作性和可控制性.企业财务管理目标的研究是直接为企业理财实践服务的,除了考虑理论上的完备性外,还应充分满足在实际应用中的可行性.本文从合理的财务管理目标应具有的特征出发,通过对财务管理目标的定位、内涵及层次等一系列基本问题的分析,从一个全新的视角对构建现代企业财务管理目标体系提出了自己的见解.     

从公司治理结构谈财务控制

以企业价值最大化作为财务管理目标 ,是现代公司“共同治理”结构的必然选择。本文从完善公司治理结构 ,创造良好财务控制环境 ;重视债权人在财务控制中的作用 ;加强财务预算和财务分析 ,提升财务控制力等方面 ,阐述了财务控制在公司治理和实现企业财务管理目标中的重要性。     

The influence of ownership structure and board independence on the cost of debt in BRIC countries

Agency theory predicts that the default premium on debt is determined by the intensity of agency conflicts since they affect the risk of debtholders. This effect is especially important in emerging countries with high ownership concentration and low protection of minority owners. This paper presents an empirical analysis of the influence of ownership structure and board independence on the cost of debt in BRIC countries over the period 2007–2020. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt measured with the G-spread on corporate bonds, as well as the absence of effects of board independence. According to our results, concentrated ownership and state ownership increase the cost of debt in Brazil and Russia, while decreasing it in China. We reveal that institutional investors help mitigate the risks of debtholders in China, while insider ownership decreases the default risk in Brazil.     

创新施工企业成本管理 扩大成本核算范围

在市场经济的今天,企业要生存、求发展就必须改进成本管理、取得成本优势,这就要求施工企业创新成本管理,进一步扩大成本核算范围。     

Form of ownership and risk taking in banking: Some evidence from Massachusetts savings banks

In recent years there has been interest in the impact of the form of ownership on the behavior of financial institutions. In the 1980’s, there was a substantial movement away from mutual ownership to stock ownership in the thrift industry. The effect of this conversion process on risk taking and efficiency has been a matter of concern. The purpose of this paper is to examine the experience of savings banks in Massachusetts. A panel of 115 savings banks is analyzed for the years 1985 through 1993, a period that includes both rapid growth and a subsequent severe cyclical decline in property values. The credit quality of loan portfolios is related to the size of the portfolio, the structure of the portfolio, and the ownership status of the bank. Several models are estimated. In all cases, it was found that the cyclical decline in property values resulted in a decline in the credit quality of loan portfolios with a substantially greater impact on those savings banks that converted from mutual to stock status.