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10月29日,主题为财富管理之道助您应对金融风云的汇丰银行财富论坛在京举行,汇丰银行(中国)零售银行及财富管理业务副总监李峰表示:在经历了金融危机的洗礼后,投资者希望可以更加积极地开拓多样化、风险分散可控的投资渠道。清华大学中国与世界经济研究中心主任李稻葵教授应邀出席,对国内外宏观经济形势、来年的经济增长态势和当下CPI、房产等热点问题发表了精辟独到的观点 相似文献
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处于震荡走势中的中国投资理财市场 个人投资者度过了惨淡的一年 过去的一年,在国际金融危机的强烈冲击下,世界经济环境急剧恶化,中国经济结束了连续多年保持的两位数增长,特别是进入第四季度以来,我国工业经济呈现出快速下滑的态势. 相似文献
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时至年底,又到盘点时。回望这一年,有许多我们不能忘却的"财事":宏观层面,欧债危机蔓延、国际市场需求不断萎缩以及中国经济下行压力加大,"过冬论"再起。微观层面,企业面临"走出去"加快、资金管理困难加剧、IPO哑火、预算维新、成本再突围,与此同时,伴随互联经济的发展,企业"云"起。但拨开这些事件和现象的背后,我们发现,推动中国公司理财进步的最大源动力竟是企业财务实践。 相似文献
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著名经济学家凯恩斯有“节约反论”的理论。他主张通过扩大消费拉动经济增长。这一理论曾在20世纪30年代帮助美国经济摆脱了大萧条的阴影,重新走向繁荣,“奢侈有利、节俭有弊”的思想也随之深入人心。然而近两年,随着全球金融危机的爆发,大量美国人因过度消费而陷于经济困境,甚至失去房屋,也让人们对西方的消费观念和理财方式产生质疑。 相似文献
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刘易斯拐点是工业化发展进程中,劳动力供给由无限转为有限,劳动力价格随之上涨的时间点。部分学者认为,我国刘易斯拐点的到来,将通过推高工资水平带来物价水平的整体提升。本文通过对二十世纪中叶以后经过快速的工业化发展、走过刘易斯拐点的日本、韩国、新加坡三个国家的通货膨胀水平和实际工资水平进行实证分析,研究发现实际工资上涨并不一定能够推高整体物价水平,中国的情况也是如此,此轮通货膨胀主要由原材料价格上涨、市场流动性过剩引起,需要及时转变经济发展方式,加快经济结构转型,并尽快建立多层次资本市场,丰富融资渠道。 相似文献
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通过引入金融景气扩散指数,为实时判别金融周期转折点提供了一种有效方法.在编制金融景气扩散指数的过程中,采用主成分分析法确定金融景气指标的权值,有效克服了等权处理或专家系统评分确定的不足. 相似文献
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美国的经济波动,对世界经济来说,具有牵一发动全身的效应;美联储的货币政策更是备受各国中央银行的关注.一个时期来连续17次的加息,这在美国历史上是不多见的,作者认为,当美联储持续加息使美元利率达到5.25%高位时,将面临一系列的抉择:较低的通胀还是较高的增长,继续加息还是停止加息,是选择“中性利率“还是“量化通胀“.对此,作者就其影响所及,进行了深刻的分析. 相似文献
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本文以山东省为例,运用博弈论等方法对票据融资拐点机理及其对货币政策传导机制的影响进行了研究,阐述票据融资与货币政策传导机制、经济发展的具体关系,进一步论证了当前我国票据融资的"泡沫化"和功能的"变异化",并基于中央银行角度,从功能再造、机制创新及市场拓展等三个方面就畅通票据融资在货币政策传导中的作用提出了相关政策建议。 相似文献
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We review the development of accounting requirements for executive stock options (ESOs) and find that the standard-setting process has been susceptible to pressure groups including the corporate sector, politicians and even the accounting profession itself. The failure of Australian and overseas accounting regulators to take tough decisions may have created a systematic bias towards the use of ESOs which can result in grossly inefficient compensation structures motivated by a desire to maximise reported profits rather than to create optimal managerial incentives. We conclude that most of the arguments against recognition of stock option expense can be dismissed as blatant self-interest at worst, or remarkably muddled thinking at best. 相似文献
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In this paper, we apply the neural network method to small business lending decisions. We use the neural network to classify the loan applications into the groups of acceptance or rejection, and compare the model results with the actual decisions made by loan officers. Data were collected from a leading bank in Central New York. The sample contains important financial statement and business information of borrowers and the loan officers' decisions. We conduct the network training on the data sample and find that the neural network has a stronger discriminating power for classifying the acceptance and rejection groups than traditional parametric and nonparametric classifiers. The results show that the neural network model has a high predictive ability. Our findings suggest that neural networks can be a very useful tool for enhancing small-business lending decisions and reducing loan processing time and costs. 相似文献
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Shih‐Chuan Tsai 《The Financial Review》2008,43(2):241-271
This paper develops a dynamic model of the financing and operating decisions of firms in the presence of information asymmetry. When the value of growth opportunities is not fully recognized, securities are undervalued, thus influencing the financing and investment decisions. The agency‐based underinvestment problem is re‐examined under information asymmetry. For firms with greater growth opportunities, the investment distortion resulting from information asymmetry is especially significant. Information asymmetry also increases the expected bankruptcy cost. The cost of information asymmetry in terms of both the firm value and the information spread under the optimal capital structure could be substantial. 相似文献
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Heinz Zimmermann 《Financial Markets and Portfolio Management》2006,20(1):75-101
This article gives an overview and introduction to the Martingale approach to multi-period (dynamic) portfolio decisions.
While Martingale pricing techniques have long been used with considerable success in the pricing of derivatives and financial
assets in general, their potential to improve the practice of dynamic portfolio decisions is not sufficiently recognized yet.
This article shows that the approach is, in principle, not difficult to implement for readers equipped with standard option
replication techniques if markets are sufficiently “complete” in order to provide investors with the relevant information
about the pricing of financial risks. The article provides a practical guide to implement the basic features of the approach
in a binomial framework. 相似文献