中福实业：业绩反转在即

中福实业主要从事造林营林、林产品加工和种苗培育等业务。公司目前是A股唯一一家注册地在平潭岛的上市公司,并与平潭管委会达成了多项互利双赢合作协议。随着平潭综合试验区进入全面开发阶段,公司的主营收入和利润贡献都将主要来自于该试验区的相关业务。     

交通运输业的投资逻辑：政策和业绩反转

交通运输业平稳运行,但二级市场表现有所差异,由强到弱依次是港口,机场,铁路,航运,高速公路,航空。经济放缓压低行业盈利能力,行业特性压制估值水平,但细分行业仍有阶段性的机会,驱动因素来自于较为强烈的政策预期和盈利能力长期低迷后的暂时好转。     

配股后业绩下降：盈余管理后果与真实业绩滑坡

本文研究了我国1998—2001年间上市公司首次配股后会计业绩下降的现象。实证结果表明,配股公司在配股前存在盈余管理行为,无后续融资行为公司配股后业绩下降且操控性应计利润在配股后发生反转,这为配股前盈余管理机会主义观提供了直接证据；有后续融资行为公司在配股后仍进行盈余管理以继续尽可能维持较高业绩。这两类公司配股后现金流的减少表明,配股前盈余管理仅能为配股后业绩下降提供部分解释。本文研究发现意味着,限制公司管理层在配股前的盈余管理机会主义行为,并非避免配股后业绩下降的唯一手段,如何提高配股后资金使用效率应该是保护投资者利益的又一重要方面。     

业绩见底反转可期

公司是以建筑钢材生产为主的钢铁企业,现有棒线材产能2007／吨。随着公司中型材改造棒材生产线完成,以及年底新建两条棒材生产线投产,其棒材产能将提升至470万吨。受地产回暖和基建复苏影响,建筑钢材有望在三季度走出低谷,公司高建材占比将会受益。     

正海磁材（300224）业绩反转的新材料产业先锋

风电行业复苏奠定公司2014年业绩反转基础,专利限制突破又打开了海外市场蓝海。此外,公司正积极推进新能源汽车厂商认证,一旦新能源汽车销售放量,公司将充分受益于其对钕铁硼需求的拉动。     

红宝丽 业绩反转 逆风飞扬

3季度红宝丽顺利实现业绩大反转,扭转2季度业绩同比下滑的尴尬。与普通的生产型企业不同,作为优秀的技术服务型企业,红宝丽将在未来化工行业整体景气度下滑期体现其内在的服务价值、良好的抗风险能力。     

东方航空（600115）浴火重生业绩反转在即

公司股价年初至今下跌了11．58％,是航空运输板块中下跌幅度较小的个股,也反映了其基本面的改善。我们预期公司基本面的改善和市场需求的回升将有望成为其未来业绩增长的驱动力,公司未来表现值得期待。     

我国企业业绩评价分析

企业业绩评价是对企业经营效益和经营者业绩两方面的评价,是一种对结果的评价.它有两个主要的功能:一是战略控制系统的导向功能,对企业的经营者起着导向作用,直接关系到企业竞争力的形成和保持,影响企业的生存和发展;二是会计信息系统的评价功能,对企业过去所取得的经营业绩进行评价确认,以此作为经营者激励薪酬机制的基础.     

企业加强预算管理及业绩评价研究

伴随着经济全球化和我国市场经济的下行,我国的企业面临国外企业带来的压力以及国内市场激烈的竞争,使得企业的生存极其困难,其中资金的缺乏和资金链的断裂是阻碍企业发展最重要的原因之一.所以说对企业资金加强预算管理,以及完善对于预算资金使用效果的评价体系显得重要而迫切,因为这样可以保证企业流动资金使用途径的可控性以及提升企业资金的使用效率.但是我国目前许多企业的资金预算体系及对应的绩效评价体系尚不完善,无法很好地对企业的资金进行全面的监督和控制,我们通过对企业这些不足的因素进行分析,提出完善企业预算和绩效评价的措施.     

Financial distress, corporate borrowing, and industrial decline: the Lancashire cotton spinning industry, 1918-38

The analysis presented is based on a case study of Lancashire cotton textile firms. It traces their financial history through the sharp boom of 1919-20, and the sudden crisis that followed. Using a sample of representative companies it is shown that firms unwittingly adopted inappropriate financial structures that acted as the decisive constraint on the adoption of recovery strategies in the subsequent slump. The paper explains how the relationship between indebtedness and asset values prevented subsequent internal financial retrenchment, restructuring and re-equipment, and dictated the competitive processes within the industry. It is demonstrated that financial constraints were the decisive factor determining the feasibility of competitive strategies available to the industry's leaders.     

New development: Turning around failing schools—lessons from Lahore

This article reviews the operation of two improvement partnerships in Pakistan, where third sector organizations adopted selected state schools. The authors reflect on the lessons arising from both schemes in the light of the Institute of Educational Sciences’ (IES) guidance on turning around schools. Although the operation of both partnership schemes is context specific, the findings should nevertheless be of interest to policy-makers in other countries. They also show how some aspects of the IES’s guidance may need to be adapted and augmented, especially in the context of developing countries.     

Design and Implementation of Return on Capital Employed Performance Indicators Within a Trading Regime: The Case of Executive Agencies

The financial regime under which trading executive agencies operate implies that return on capital employed (ROCE) is used to indicate that revenues meet but do not exceed costs, including the cost of capital; that is, that there is neither cross-subsidisation nor hidden taxation. This paper develops a model for measuring ROCE derived from this objective. It argues that users of ROCE indicators are likely to lack financial sophistication and to want to compare performance between entities, so that indicators should be clear, readily understandable and comparable. The range of measurement and presentation methods used in practice undermines clarity and comparability and some methods are inconsistent with the model. Performance is sometimes characterised as meeting the target when this is problematic. The paper also examines outturn performance and finds some very substantial excess returns, implying hidden taxation.     

金融危机背景下基金家族绩效与风险关系研究——基于面板数据模型的实证分析

以中国基金市场32家基金管理公司旗下的103只开放式偏股型基金作为样本,选择恰当的面板数据模型形式,分别建立金融危机之前、危机期间和危机之后三个时期基金家族绩效与风险关系模型,以剖析不同经济形势下两者之间的关系。结果表明,金融危机之前和危机期间基金家族绩效与风险显著负相关,而危机之后两者关系不显著,在金融危机期间和危机之后基金业绩效状况持续恶化,危机之后基金业整体风险水平降低;金融危机后,为弥补金融危机中造成的损失,各基金家族倾向于采取\"打造明星基金\"的投资策略以充分利用有限资源、提升家族整体绩效。     

The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs)

Abstract:  This paper investigates the long run share price performance of 454 Malaysian IPOs during the period 1990 to 2000. In contrast with developed markets, significant over performance is found for equally-weighted event time CARs and buy-and-hold returns using two market benchmarks, though not for value-weighted returns or using a matched company benchmark. The significant abnormal performance also disappears under the calendar-time approach using the Fama-French (1993) three factor model. While the long run performance of Main and Second Board IPOs does not differ, the year of listing, issue proceeds and initial returns are found to be performance-related.     

新能源汽车综合商业模式对企业绩效的影响研究

基于\"价值链、目标市场、资本结构和竞争战略\"4个维度,建构新能源汽车企业商业模式分类标准,对2017-2019年我国的新能源汽车上市公司,确定所属综合商业模式,运用面板模型回归,检验商业模式类型与企业绩效关系,结果表明:多数综合商业模式能显著提升新能源汽车企业持续发展能力.\"生产制造型\"和\"国内市场主导\"商业模式企业,产出效益显著提升;\"保守型资本结构\"和\"集中化战略\"商业模式企业,存货周转率显著提升;\"资源型\"或\"成本领先型\"商业模式企业,总资产周转率效果欠佳;\"风险型资本结构\"商业模式企业,容易出现长期负债过高问题.     

我国封闭式基金业绩持续性研究

本文以2001年-2006年所有封闭式基金为样本，研究了我国基金业绩持续性问题，研究发现我国基金业绩在短期内具有持续性，但随着时间推移基金业绩持续性迅速下降。在此基础上，本文认为高收益基金具有较高的系统风险，而且更倾向于采用动量交易策略。