China's Large and Rising Net Foreign Asset Position

China＇s emergence as a major player in world trade is well known, but its growing role in global finance might have been underappreciated. China is the second largest creditor in the world today, with a net creditorposition of 30 percent of GDP in 2008. We test the importance of the growth differential, demographics, government debt, financial depth and the exchange rate in shaping China＇s net foreign asset position. Our empirical results highlight the sharp fall in the young-age dependence as one key driver behind China ＇s puzzlingly large net lender position and also confirm the neoclassical prediction that faster growth attracts more capital inflows. Looking ahead, our findings suggest that China will unlikely turn into a meaningful net debtor nation over the next two decades.     

英文文摘

Budweiser-water and wine, circle for ever
In 2011, Chinese railway ministry（CRM for short） may have rough time because of its increasing severe debt burden. According to the statistics, in 2011 CRM needs to pay more than 180 billion yuan which is more than two times of 2009＇s. Even though its revenue is still keep raising, its debt and interest payment grow much faster, implying that deficit trendency is irreversible.     

The Philosophical Model of the Relation between Reliability and Relevance of Accounting Information

The finance is the substantial category; the accounting is the conscious category. Philosophical meaning of reliability is the characteristic embodied in the course that ideological accounting reflects the objective reality： finance. Philosophical meaning of relevance is the relation and degree of restricting, interdepending, influencing each other, interaction between ideological accounting and decision-making in the course of decision. Reliability is a foundation of the relevance, relevance is the embodiment of the reliability, they set against, unify again.     

Chinese Consumers and E-Commerce

I. IntroductionThe rapid development in information technology has bridged the gap and improved links between people of the world. A consequence of such wide-reaching contact among people is the boost in international trade. Although the proliferation of international business is also due to liberalization of the economy and the removal of trade barriers between countries, it is indisputable that the availability of     

Cost Effectiveness Analyses Models in the Defence System in Republic Bulgaria

The thesis resulting from the research on the ＂costs-effects＂ relation is the principle of economic efficiency of defence capabilities. At first glance, the arguments in this direction are well-known and popular in crisis situations of various nature, including the current financial and economic crisis in the country, and the question about the cost of public welfare-security and defence is debatable. This cost is manifested through the defence capabilities of a country. In the new security environment, the compilation of a national defence strategy is a priority of the Defence Ministry, which has more and more limited resources. This means that they should be treated as an economic activity. An economic activity is considered as any purposeful activity, allocating and combining scarce resources among alternatives, making it possible to maximize the outcomes and minimize costs. The ratio between the costs and benefits of a given resource or combination of resources to achieve a pre-defined objective is pushed to the forefront and the rationalization of management decisions is based on it. This necessitates a cost effectiveness analysis, hence the evaluation of the outcomes （benefits） is manifested in the ＂cost-effect （benefit）＂ analysis. Defence as a product has the basic features of any commodity or service, i.e. it is designed for exchange, is useful, and meets certain needs. But due to the fact that it meets very specific needs （,preservation of the territorial integrity of the country and improving its national security）, it is distinguished by certain features which may be summarized as follows： collectivity of production and consumption of defence as a product necessary to the public, expressed by its consumption indivisibility; lack of market valuation of the price of defence as a product upon its consumption （as a monetary expression of its value）; the usefulness of defence as a product is reflected in its capacity to meet the system＇s needs for security and defence, which dete     

Enterprise＇s value and stakeholders＇ benefits： The financial objects which lead to the same goal

Taking stakeholders＇ benefits into consideration is decided by the essence of enterprise＇s value. In the knowledge-based economy age, the maximization of enterprise＇s value is the ideal financial object of stakeholders＇ cooperation gamble. Pursuing the maximization of enterprise＇s value is the same as pursuing the maximization of stakeholders＇ benefits under the balanced circumstance. The maximization of enterprise＇s value and the maximization of stakeholders＇ benefits are consistent. They comprehend financial object from two aspects of financial essence.     

Analysis on the Hero’s Abnormal Psychology in The tell-tale heart

The Tell-Tale Heart is one of the horror stories of Edgar Allan Poe's, who was a master of the horror tale in American. The hero in this story is always afraid of the eyes of an old man. He is extreme anxiety under the eyes, for avoiding this anxiety, he kills the old man. This paper is to analyze the hero's abnormal psychology.     

Study of cooperation models of supply chain based on profit maximization

As is known to all, the main profit source of supply chain is derived from the improvement of relationships among enterprises. In order to maximize the profit of supply chain, longitudinal and lateral relationships among the enterprises are comprehensively analyzed, under which the supply chain profit is compared. The result indicates that the cooperation is more propitious to the profit enhancement than pure competition. Finally the optimal relationship among the enterprises is established.     

The Significance of Costs Calculation in Evaluation of the Value Added

In the article, a problem of importance of proper costs calculation caused by risk factors which emerge in logistic processes is presented. On the basis of literature analysis, there was shown the costs structure of the value chain. The concept of customer value and the concept of enterprise value were extracted. It presents also dependence between actions in internal value chain and generated cash flows. It signalizes also the meaning of risk management influence on the problem of achieving established value added, understood as net income from operational activity by the main enterprises processes. Basis of theoretical modeling using the Gorbatov＇s principle of characterization was discussed. The research material relates to food businesses. The study was conducted on the basis of questionnaires, surveys, and direct conversations with employees. To build the model, the theory of characterization was used. Its essence is in the mutual interpretability model of the test object to the model structure. Mutual interpretability of models is achieved by selection of the proper functioning of the universal laws （expressed in the functional model） and the structural interpretation of the functional model, the one of representative character is Hasse diagrams. The functioning of the model is illustrated experiment research of the study. The results show the great importance of the correct calculation of the cost of risk factors in logistics processes. Not taking into account the actual cost of risk factors may have a significant influence on errors in decision-making, giving an incorrect picture of the financial situation. A false idea of the creation of value-added may consequently result in the deterioration of the conditions of the enterprise market functioning.