将持股比例引入风险投资三方委托代理模型的研究

本文建立了投资者、风险投资机构和风险企业三方的委托代理模型，分对称信息和非对称信息两种情况对模型进行了分析。通过将持股比例引入模型，使三方构成一个互动的整体。进而又详细分析了哪些因素影响最优持股比例，得出了一些有意义的结论。     

上市公司高管持股比例与公司绩效相关性研究——来自房地产公司数据

本文选取2006年至2007年深沪两市A股市场高管持有公司流通股票的29家房地产上市公司做为研究样本,对其绩效进行了实证分析,结果发现：房地产上市公司高管持股比例与公司绩效存在显著的正相关关系,高管持股的公司绩效与高管零持股的公司绩效之间存在显著差异,并且高管持股公司的绩效明显优于高管零持股的公司,股票激励在一定程度上对高管有激励作用。     

房地产信托兑付风险研究要要基于2012年房地产信托面临密集兑付现状

近期,房地产信托集中到期带来的兑付压力引起政府与市场的担忧.文章对2012年房地产信托兑付压力进行了分析,认为从房地产信托的行业监管严格、开发商资质较好、信托公司的风控严谨以及信托项目本身的关键保障措施设计等几方面分析,2012年房地产信托兑付爆发行业性风险的可能性不大.但若融资方出现兑付困难,房地产企业筹资自救失败,文章针对信托公司的风险防范提出了一系列措施.     

房地产信托行业中道德风险的经济学研究

近年来,由于房地产和信托行业都进入了国家宏观调控的上升通道,房地产信托行业的投资者遭遇道德风险的形势变得更加严峻.本文从房地产信托的运作流程以及各相关参与主体各自不同的利益要求出发,站在投资者的立场,从经济学的各个角度对导致投资者在房地产信托中遭受巨大损失的道德风险进行了深入的研究;并简要地对治理房地产信托行业的道德风险提出了改进建议.     

基于VaR模型对我国房地产信托的分析

随着金融业的发展与金融制度的逐渐完善，我国信托业得到了较快的发展。作为支柱型信托产品的房地产信托升温趋势愈演愈烈。然而，我国的房地产信托仍不成熟，与国外的房地产信托基金（REITs）仍有很大差别，存在着较大的风险．本文使用VaR模型对房地产信托进行风险测量，进行实证分析。     

ESOT：中外比较及其在我国的发展

ESOT是职工持股信托(employee stock ownership trust)的简称，起源于美国，是其持股中产生的一种信托业务，并伴随着美国职工持股的蓬勃发展而逐渐兴起。     

REITs法律环境国际比较与经验借鉴

REITs（Real Estate Investment Trusts）即房地产信托投资基金,是从事房地产买卖、开发、管理等经营活动的信托投资基金。通常,REITs是指基于信托原理,由管理者、托管者和受益者三方当事人构成的REITs形态。REITs由三方当事人构成：（1）管理人（托人）。管理人是基金的发起人,由其发行基金受益凭证,募集资金,然后将募集的资金交给受托人保管,同时对所筹集的资金进行具体的投资运用。（2）托管人（受托人）。受托人一般为信托人或银行,根据信托契约规定,接受委托,保管募集的资金及其他代理业务和会计核算业务。（3）受益人（投资人）。即认购受益凭证的投资者。其通过认购受益凭证,参加基金投资,成为基金当事人,并根据持有的受益凭证份额分享基金的投资收益。     

混合性投资业务税务处理中应关注的税收风险

正房地产开发行业属于资金密集型行业,融资业务是地产企业在开发过程中的重要内容。但对于很多中小房地产开发企业而言,由于自身实力、资质有限,加之国家近年来加大了对房地产市场的宏观调控,其通过资本市场直接融资或从银行直接取得开发贷款非常困难,因此信托融资成为了很多中小房地产企业融资的重要渠道。相对于比较直接的信托贷款融资而言,由于要受到开发企业项目资本金比例不低于30%和必须取得"房地产四证"的条件限制,很多企业在信托融资模式中采用了"假股权、真债权"的信托方式。虽然这种信托融资模式解决了房地产     

中国房地产信托产品创新模式研究

本文在对国外房地产投资信托模式发展历程分析的基础上，深入研究中国现行的房地产信托产品模式。并通过结合具体案例的分析，来寻找房地产信托突破模式限制实现多元化经营的方法。     

给开发商的一剂猛药——《关于加强信托投资公司部分业务风险提示的通知》

2005年9月初,中国银监会办公厅向各地方银监局发布了《关于加强信托投资公司部分业务风险提示的通知》(即212号文)。通知要求备银监局提示信托公司密切关注存量的证券和房地产风险变化情况,并对信托公司内控制度建设及新发生的房地产业务作出相应规定。它要求新开办房地产信托业务必须“四证”齐全,贷款企业房地产开发资质不低于二级,开发项目资本金比例不低于35%。这实际上是把信托融资的准入条件与银行放贷看齐,甚至更高(银行要求开发商自有资金达到30%)。银监会在《通知》中还表示,要禁止信托     

股票投资价值的灰色多层次评价

股票投资价值的评估是一个多目标、多层次和多因素组成的复杂系统,对其进行综合评价对投资决策是至关重要的。本文根据灰色系统理论,以灰色关联度为测度,提出了股票投资价值的灰色多层次评价模型,并通过实证研究和理论分析,表明该模型对投资者的决策有较高的参考价值。     

市盈率的因素分析

市盈率是每股市价与其收益的比率,是股票单位收益的价格.因其概念简单,操作方便,市盈率成为广大投资者判断股票价值的常用工具之一.本文基于稳定股利增长贴现模型,推导出市盈率内在价值的基本模型,对影响市盈率的三大根本因素--预期股利、投资回报率和股息增长率进行了扩展研究,找出了影响市盈率的十大因素及其影响方式.     

超市库存商品的需求预测

超市中的库存管理就是对各种商品进行保管与控制,如果库存中的商品留存过多,则会造成资金的浪费．进而影响效益;如果库存中的商品留存过少,当有顾客需要时不能有效的提供,影响企业信誉。因此,对于库存量的把握就成为了库存管理的关键。所以对库存商品的需求预铡是非常必要的。文章用GM（1,1）模型对库存商品进行需求预测,并进行精度、关联度分析,得出了较准确的结论,对超市库存管理者具有指导意义。     

基于模糊收益率的CAPM实证检验

首先引入模糊收益率的概念,讨论了基于模糊线性回归模型的资本资产定价模型(CAPM)变化形式。作为应用,随机选取上海证券交易所的一支股票,安徽合力(600761),统计该股票在2009年1月1日至2010年12月31日的周收益率以及同期的市场周收益率,共102个数据。对所取得的数据进行模糊化和平移处理,求出其模糊回归方程。利用2011年的数据对回归方程进行检验,结果显示回归方程的拟合效果符合实际,CAPM在单支股票上是可行的,可用于指导实际的投资操作。     

CONVERGENCE OF BLACK HOUSEHOLD INCOME IN LARGEST U.S. CITIES.

This paper investigates the widening (divergence) or narrowing (convergence) of black income as well as black income proportionate to all income using median family income over the 1980s. Analysis is undertaken at the regional level using the coefficient of variation and analysis of variance, and at the city level using a linear model. The linear model, in addition to providing a measure for divergence or convergence, provides a measure of residual change which distinguishes city performance above or below expectation. At the regional level, the general result is divergence of black income born 1979 to 1989, while at the city level, the general results were divergence for black income, but a convergence in black income proportionate to all income.     

A possible adverse effect of needing to issue new equity in the future

This research develops a model of how a need to issue new equity in the future can have an adverse affect on a stock's current price, value, and beta. In particular, if the market error in pricing a stock is positively correlated with the return on the market portfolio of all assets, losses from having to issue equity in the future at a distressed price will result in the stock having a higher beta and a lower current market value. To avoid this situation, corporations are motivated to hold greater financial slack.     

Cross-Classification Analysis Using Prediction Logic Versus Theory-Testing Logic: Comments on the Use of the DEL-Technique

Without acknowledging the paradigm difference between testing theory and predicting events, researchers in the field of management and organization continue to use the DEL-technique as a promising technique to evaluate theory based on cross-classification data analysis. We address the purpose and interpretation of the DEL-measure within the theory-testing and events-predicting paradigm. We argue that DEL, a proportionate reduction in error measure, is not to be interpreted in terms of the proportionate error reduction of knowing a prediction rule over not knowing it. In addition, a significant DEL-value is not to be interpreted as a dependence-measure of acceptance of a hypothesis as the only and best relationship between two categorical variables, just as a non-significant DEL-value cannot be interpreted as a measure of independence. Furthermore, an alternative proportionate reduction in error measure generates unequivocally interpretable results compared to the DEL-technique. Ton Steerneman passed away on September, 28, 2005.     

中小企业板新股初始收益率的因素贡献度实证研究

本文利用主成份分析法,探讨了影响中小企业板新股初始收益率的主要因素,测度了各因素对初始收益率的贡献度。发现初始收益率主要取决于一、二级市场状况,而内在价值、盈利成长性等关键财务指标,对初始收益率的影响力居于次要地位。     

Research and practice in HRM: A historical perspective

The field of Human Resource Management began, formally, in the early days of the 20th century. At the outset, research and practice in the field were virtually synonymous, and there were clear links between the two. But there seems to be consensus that research and practice have diverged over recent decades and there have been numerous papers that have pointed this out, and which have also suggested ways to bring the two sides into better alignment. The present paper joins the ranks of those who have noted this divergence, but we also propose a model of the forces leading to that divergence that deal with forces operating on both researchers and managers. This analysis results in some different conclusions about the nature of the divergence, as well as suggestions for how to bring the two sides back together.     

Predictability of future index returns based on the 52-week high strategy

In a landmark paper, George and Hwang (2004) show that a stock's 52-week high price largely explains the momentum effect and that a strategy based on closeness to the 52-week high has better forecasting power for future returns than do momentum strategies. We find that the 52-week high strategy is unprofitable when applied to emerging markets indices, and that it is significantly less profitable than the corresponding momentum strategy. Overall the 52-week high effect is not as pervasive as the momentum effect.