基于主成分分析法的炼油企业绩效评价

本文从介绍炼油企业指标评价体系入手,以国内原有指标体系为基础,借鉴国外现行的评价指标体系,建立了一套既符合中国炼油企业特点又符合国际惯例的炼油企业绩效评价指标体系.以此为基础,采用主成分分析法对炼油企业绩效评价进行实证分析.     

试论石油企业战略经营业绩评价指标体系的构建

对我国石油企业而言,建立科学、合理、有效的经营业绩评价指标体系意义重大。本文从战略管理和可持续发展角度出发,分别设置了石油企业低成本战略经营业绩评价指标体系、国际化战略经营业绩评价指标体系和非多元化以勘探开发为主业的战略经营业绩评价指标体系,并提出了相应的保障措施,对我国石油企业的战略经营业绩评价工作有非常重要的指导意义。     

石油企业战略经营业绩评价指标体系研究

对我国石油企业而言，建立科学、合理、有效的经营业绩评价指标体系意义重大。文章从战略管理和可持续发展角度出发，分别设置了石油企业低成本战略经营业绩评价指标体系、国际化战略经营业绩评价指标体系和非多元化以勘探开发为主业的战略经营业绩评价指标体系，并提出了相应的保障措施，对我国石油企业的战略经营业绩评价工作有非常重要的指导意义。     

企业节能减排绩效评价研究评述

阐述建立企业节能减排绩效评价指标体系的重要性,分别从节能减排评价指标体系的构建、能源效率评价指标体系的构建、资源节约型社会评价指标体系的构建和节能型社会评价指标体系的构建四个方面对国内外的相关研究进行评述。最后分析目前节能减排绩效评价研究中存在的问题,指出了进一步研究的方向。     

市场经济体制下工业企业经济效益评价指标体系

在我国,作为评价工业企业经济效益的主要方法,是工业企业经济效益评价指标体系。这个体系是在改革开放初期建立并投入运行的,主要是满足计划经济体制需要的。近几年,就建立与市场经济相适应的工业企业经济效益评价指标体系问题,经济理论界、实际部门等展开了讨论,取得了一些成果,较有代表性的成果是国家统计局和有关部委于1992年和1993年两次改进的工业企业经济效益评价指标体系。综观研究成果,我认为存在4个主要问题:(1)对经济     

第二产业企业经营业绩评价指标体系设计研究

企业经营业绩评价是企业经营管理中的一个重要问题,是企业经营战略实施状况的整体描述。工业时代的传统财务业绩评价指标体系一直存在着重短期业绩评价、轻长期业绩评价,重财务指标体系、轻非财务指标系统等问题,它在世界经济一体化的知识经济时代已变得力不从心,捉襟见肘。如何适应当今世界复杂多变的经济环境,建立非财务与财务评价并重的企业经营业绩评价指标体系,已成为重大课题。文章在研究比较国内外企业经营业绩评价体系的基础上,阐述了企业经营业绩评价指标体系设计的指导思想,并借鉴国外跨国公司的业绩评价,结合中国企业的实际情况,设计了一套比较完整的第二产业企业经营业绩评价指标体系,以期待对该领域的研究有所推进。     

企业持续技术创新能力及其评价指标体系的构建

技术创新能力的科学评价有助于企业对自身的技术创新能力的动态跟踪和培育,以往的技术创新能力评价往往着眼于某一时点的技术创新能力,较少从长期和动态的角度,即企业持续技术创新能力的角度进行探讨,因此构建一套企业持续技术创新能力评价指标体系有重要的现实意义和理论价值.本文先对企业持续技术创新能力作了界定,接着依据建立指标体系所要遵循的原则,构建了一套偏重于动态角度的企业持续技术创新能力的评价指标体系     

建立与完善企业业绩评价体系的思考

本文立足于我国企业经营业绩评价的现状,充分考虑市场经济环境下企业经营业绩评价的一些新特点,吸收国内外研究成果,力求建立一种新的企业经营业绩评价指标体系。     

企业虚拟经营竞争力评价指标体系探析

虚拟经营是提升企业竞争力的有效途径.建立一套科学客观的企业虚拟经营竞争力评价指标体系则成为企业虚拟经营研究的重要内容.本文根据对企业虚拟经营竞争力属性的理解,以及对企业虚拟经营竞争力的考察层面的认识,进一步研究了企业虚拟经营竞争力的评价指标体系.     

新形势下国有油气企业高质量发展评价指标体系构建

“十四五”时期经济社会发展要以推动高质量发展为主题,国内相关研究探索建立了若干高质量发展评价指标体系。国资委以考核引导国有企业高质量发展,绿色低碳成为新时期国有油气企业高质量发展的核心要求,国有油气企业面临保障供应、结构升级、质量效益提升、动力变革的紧迫任务,这些都是国有油气企业高质量发展面临的新形势。考虑高质量发展评价指标体系构建原则,从国有油气企业的特殊性出发,进一步拓展评价指标体系的优化方向,构建了涵盖高效供给、结构调整、质量变革、效率变革、动力变革5大维度20项一级指标的国有油气企业高质量发展评价指标体系,从评价方法、权重分配、评价区间、评价机制4个角度提出指标体系应用建议。     

企业债务期限结构与自由现金流的门限关系研究

文章创新性地运用了微观企业数据,通过构建面板门限模型考察了企业债务期限结构与企业自由现金流的非线性关系,并进一步揭示了宏观经济波动对企业债务期限结构与自由现金流关系的影响。研究发现：第一,企业债务期限结构与企业现金流的关系因为债务利息的不同呈现出双重门限效应。主要表现为当企业债务利息处于较低水平时,企业自由现金流与债务期限结构呈反向相关关系;当企业债务利息处于较高水平时,企业债务期限结构与债务期限结构呈正向相关关系;第二,宏观经济波动影响企业债务期限结构与自由现金流关系的敏感性。最后,从提高自由现金流的利用率、完善多层次资本市场建设以及降低融资杠杆等方面提出对策建议。     

A review of: “PROJECT MANAGEMENT IN MANUFACTURING AND HIGH TECHNOLOGY OPERATIONS” by Adedeji B. Badiru,John Wiley and Sons,Inc., New York, 1988, xxii + 319 pp., ISBN 0471-62892-1, List $44.95.

The conventional approach to considering working capital cash flows in capital budgeting is to omit them or include some ad hoc figures at the initiation and termination of the project. The authors argue for an endogenous system of estimating relevant working capital cash flows on a periodic basis. Otherwise, the present value of working capital cash flows is biased against the project's acceptance. Examples of calculating working capital cash flows as related to changes in annual sales are presented for three time patterns of sales and contrasted to the conventional method. An empirical study of the linear relationship of net working capital and sales revenue of 770 companies is reported, and an alternative cash flow model is offered thai includes working capilal cash flows.     

Fuzzy Decision Analysis for Alternative Selection Using a Fuzzy Annual Worth Criterion

Very often, in industry, discounted cash flow techniques are applied for analyzing and selecting investment alternatives under consideration. These techniques are usually based on the data under certainty or risk. In reality, however, the decision makers are often facing the situation of vague cash flows and discount rates, or even uncertain durations, when evaluating and selecting potential investments. Fuzzy set theory has the capability of capturing vague data and allows mathematical operations. This article proposes a fuzzy equivalent uniform annual worth (fuzzy EUAW) method to assist practitioners in evaluating investment alternatives utilizing the theory of fuzzy sets. Triangular fuzzy numbers (TFNs) are used throughout the analysis to represent the uncertain cash flows and discount rates. Further, fuzzy capital recovery factors and fuzzy sinking fund factor are derived. Using these two factors, the fuzzy equivalent annual worth of each investment alternative can be found. By ranking these fuzzy numbers with the integral value, the optimal investment alternative is selected. A numerical example is provided to illustrate the results of the alternative selection.     

A Review of: “STATISTICS OF EXTREMES” By Emil J. Gumbel Columbia University Press New York, 1958 375 pp. $15.00

Standard procedures for evaluating future cash flows are to find an appropriate discount rate consistent with the cash flow's risk and then to derive a present value. While discounted cash flows seem appropriate for many instances, finding appropriate discount rates is often difficult, or discount rates may not exist when the risk is actually a function of a decision that requires the cash-flow valuation. We consider two approaches that have been suggested to alleviate this problem: the capital asset pricing model (CAPM) and the risk-neutral pricing arguments from option theory. We discuss the assumptions inherent in these models and show the results on the well-known news vendor model. Our option pricing results correspond to Singhal's [17] results using CAPM and a different valuation procedure for the option pricing model. We, however, derive a simpler expression that clearly illustrates differences from the standard form ignoring risk.     

现金流、股权结构与中国上市公司投资行为

基于我国制度背景,利用上市公司财务数据,实证检验了股权结构、现金流对我国上市公司投资行为的影响,经验汪据表明,当企业自由现金流较低时,非国有控投企业表现为投资不足,企业投资对内部现金流是敏感的,而国有控股企业投资对内部现金流不敏感;当企业自由现金流较高时,国有拉股企业和非国有控股企业都表现为过度投资,两类企业投资对内部现金流都是敏感的。居中的股枞结沟能够抑制国有控股企业的过度投资问题,分散的股权结构和过于集中的股权结构则可能使企业的过度投资问题更为严重。此外,居中的股权结构既不能抑制非国有控股企业过度投资,又不能促进企业有效投资。     

基于河北省中小工业企业技术创新能力的创新模式分析

构建了由3个模块、9个要素、20个指标构成的中小工业企业技术创新能力评价指标体系,确定了评价方法,对河北省中小工业企业技术创新能力现状进行了系统分析,并根据分析结果确定了现阶段中小工业企业技术创新的模式,即大部分中小工业企业应以模仿创新和合作创新模式为主,但也绝不能忽视自主创新。     

Technical Note–Design and Analysis of Tent Cash Flow Models for Engineering Economy Lectures

Engineering economy students are typically intimidated by arithmetic gradient series cash flows. Hence, it is beneficial to develop creative ways to make the material interesting and less formidable. This paper presents an innovative method of introducing students to the design and analysis of arithmetic gradient series cash flows in engineering economy courses. Several profiles of arithmetic gradient series cash flows are presented along with techniques of deriving closed form equations for their net present values. A “General Tent Equation” that can be used to solve various arithmetic gradient series cash flows is developed. A numerical example is used to show its implementation and usefulness.     

A NEW APPROACH TO DEPRECIATION MEASUREMENT FOR PUBLIC UTILITIES: COMMENT

This paper examines the use of a simple heuristic for evaluating projects. We posit that ranking projects by IRR and rejecting marginal projects can be superior to a NPV rule if 1) project managers have incentives to overstate cash flow forecasts that occur late in a project's life, 2) project rankings determine project acceptance because not all positive NPV project's are accepted, and 3) a project's IRR is greater than the WACC. In these instances, the IRR heuristic undervalues distant cash flows and thus, reduces project managers' incentives to positively bias forecasts.     

Probability Distribution of the Project Payback Period Using the Equivalent Cash Flow Decomposition

For stochastic cash flows, probabilistic approaches to determine a complete distribution of payback period are very limited. The payback analysis based on the net present value (NPV) has several advantages. For annual cash flows, however, the NPV-based method does not provide a complete payback distribution. This article proposes a new technique, the equivalent cash flow decomposition (ECFD), which converts an annual cash flow into an equivalent subannual cash flow at a desired level of precision. The ECFD technique can be used in conjunction with any probabilistic cash flow technique. This article demonstrates that the ECFD technique overcomes the discontinuity limitation of the conventional NPV-based payback period method and generates a complete distribution of the payback period of annual cash flows. Examples indicate that the proposed method is robust with the accuracy comparable to Monte Carlo simulation.     

A discounted cash flow approach to the base stock inventory model

A widespread approach to inventory modelling is to associate costs with measures of system performance and determine the control policy which minimises the long run average cost per unit time. This type of approach ignores the impact of a control policy on the timing of the cash flows associated with payments to suppliers and revenue streams from customers. The approach in this paper is to concentrate on cash flows and determine the control policy which maximises the expected net present value of the cash flows associated with a demand, valued at the time when that demand occurs. There is a Poisson demand process, a fixed lead time, unsatisfied demand is backordered and the system is controlled using a base stock policy. A solution procedure is given and a comparison is made with an equivalent simple interest model and with the standard cost model with linear holding and shortage costs.