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本文运用偏相关分析、多元回归方法等对企业短期融资券发行定价的各种影响因素进行分析,试图找出我国承销商和发行人在确定发行价格时应考虑的主要因素,以及这些因素对发行定价的影响程度,从而为首次公开发行定价真正走向市场化提供指导.研究结果表明,企业所有制性质、央行票据发行利率、行业特征、发行规模等因素显著影响发行价格,流动性风险是发行市场考虑的重要因素,而发行主体的偿债能力、主承销商声誉等级等对发行价格的影响不显著. 相似文献
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集合票据自2009年首次推出以来发展迅速,已成为中小企业融资的一大工具,为我国中小企业融资开拓了新的途径。本文在剖析集合票据发展现状的基础上,分析了影响集合票据在一级市场上发行定价的因素,并提出优化集合票据定价的对策,以期为集合票据发展有所借鉴。结果表明:同期贷款基准利率是集合票据定价的基础,发行期限与发行价格呈正相关的关系,债项评级与发行价格呈负相关的关系,主承销商的声誉等级对发行价格影响显著,发行规模对发行价格的影响不显著。 相似文献
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企业债定价是融资成本高低的决定性因素,而发债企业往往远离债券市场,因此在进行债券定价时,由于信息不对称而较为被动。基于企业信息不充分的前提,发债企业可以首先通过与已发行债券做类比,根据债券的"共性"进行定量分析,然后根据债券"个性"特点定性分析,对定量分析中未能量化的因素予以调整,从而较为全面地考虑债券利率的影响因素,科学确定企业债的发行价格。 相似文献
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本文从新股发行价格对各类信息的反应效率这一角度来研究核准制下新股发行定价效率问题.针对影响新股发行定价的信息因素具有多层次、多维度的特点,建立了一个有内在逻辑关系、能够较全面反映新股发行价格影响因素的理论框架,并采用协方差结构模型分析(CSM)方法进行实证研究.实证结果显示:在核准制制度下新股价格基本上反映了内在价值因素和市场环境因素,具有一定的信息效率;而对发行因素反映的较少,缺乏这方面的信息效率.总体而言,我国新股发行定价的信息效率仍较为有限. 相似文献
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选取2009年6月到2012年11月在中小企业板发行的428只新股为研究样本,运用因子分析和逐步回归法对IPO定价影响因素进行实证研究。研究发现,公司的盈利因子F2、发行市盈率、发行费用、发行数量、新股发行改革政策、预计募集资金、成长因子F3、中签率、营运因子F4对新股发行价格有重要影响,而其他因素的影响均不显著。继而构建中小板IPO定价模型,可为拟发行新股的公司提供定价指导,并建议继续深化新股发行市场化改革,以提高定价效率。 相似文献
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本文从新股发行价格对各类信息的反应效率这一角度来研究核准制下新股发行定价效率问题。针对影响新股发行定价的信息因素具有多层次、多维度的特点,本文建立了一个有内在逻辑关系、能够较全面反映新股发行价格影响因素的理论框架,并采用协方差结构模型分析方法进行实证研究。结果显示:在核准制下新股价格基本上反映了内在价值因素和市场环境因素,具有一定的信息效率;而对发行因素反映的较少,缺乏这方面的信息效率。总体而言,我国新股发行定价的信息效率仍较为有限。 相似文献
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本文从新股发行价格对各类信息的反应效率这一角度来研究核准制下新股发行定价效率问题.针对影响新股发行定价的信息因素具有多层次、多维度的特点,本文建立了一个有内在逻辑关系、能够较全面反映新股发行价格影响因素的理论框架,并采用协方差结构模型分析方法进行实证研究.结果显示:在核准制下新股价格基本上反映了内在价值因素和市场环境因素,具有一定的信息效率;而对发行因素反映的较少,缺乏这方面的信息效率.总体而言,我国新股发行定价的信息效率仍较为有限. 相似文献
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该文首先介绍了债券发行定价方式从行政定价方式向市场定价方式、从单一定价方式向多元化定价方式的演变历史;进而分别分析了价格招标发行定价方式和簿记建档发行定价的原理、基本步骤,并通过案例详细说明其发行定价原理,同时对招标发行定价和簿记建档定价这两种当前主要的定价方式进行比较,指出债券通过何种方式发行定价,应根据所发行债券的信用等级、发行数量、发行的难易程度等因素来选择。 相似文献
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We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data. 相似文献
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Jun Kawamoto 《Accounting, Business & Financial History》2001,11(3):331-348
The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests. 相似文献
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Stathis Chadjiconstantinidis Demetrios L. Antzoulakos 《Scandinavian actuarial journal》2013,2013(3):138-161
Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities. 相似文献
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Junichi Chiba 《Accounting, Business & Financial History》2001,11(3):311-330
After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan. 相似文献
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Ross E. Stewart 《Accounting, Business & Financial History》2001,11(2):193-223
This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material. 相似文献
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We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze. 相似文献
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Jun Pan Liangliang Wang Xiaofeng Shen Zhibin Chen 《China Journal of Accounting Research》2016,(3):191-206
China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc... 相似文献
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正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original 相似文献
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Masato Kikuya 《Accounting, Business & Financial History》2001,11(3):349-368
Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan. 相似文献