执行 执行力 执行文化——关于国有企业执行力的思考

阐述了执行、执行力、执行文化的内涵,分析了国有企业执行力的状况,并提出了打造执行文化要重点抓好三个方面的工作问题.     

The relationship between stock returns and volatility in international stock markets

This study examines the relationship between expected stock returns and volatility in the 12 largest international stock markets during January 1980 to December 2001. Consistent with most previous studies, we find a positive but insignificant relationship during the sample period for the majority of the markets based on parametric EGARCH-M models. However, using a flexible semiparametric specification of conditional variance, we find evidence of a significant negative relationship between expected returns and volatility in 6 out of the 12 markets. The results lend some support to the recent claim [Bekaert, G., Wu, G., 2000. Asymmetric volatility and risk in equity markets. Review of Financial Studies 13, 1–42; Whitelaw, R., 2000. Stock market risk and return: an empirical equilibrium approach. Review of Financial Studies 13, 521–547] that stock market returns are negatively correlated with stock market volatility.     

关于会计师事务所执业质量检查工作的几点认识

笔者有幸参加了安徽省2004年度会计师事务所执业质量检查和中注协在南昌举办的2005年度执业质量检查布置会。与2004年度相比,今年的执业质量检查,在检查目的、指导原则、检查内容等方面没有发生变化,但在对检查对象、检查结果的处理上进行了调整,即今年重点检查对象是新设立的、变更的和规模较小的事务所,且不得少于本年检查事务所总数的80%;要求地方注协对检查过程中发现的问题加大行业惩戒的力度,特别强调了应予行政处罚的执业质量问题和事务所设立条件问题要移交主管财政部门处理。本文拟就做好今后的会计师事务所执业质量检查谈几点认识。     

A Termination Rule for Pension Guarantee Funds

A termination rule based on a critical funding ratio is proposed for a pension guarantee fund (PGF) that considers closing an underfunded pension plan. This ratio is determined by solving an expected utility maximization problem on behalf of plan beneficiaries subject to two constraints designed to preserve the PGF's viability. The first is an upper bound on the PGF's annual intervention probability; the second, a restriction on the expected shortfall of an underfunded pension plan that is not closed. Both too low and too high critical funding ratios hurt beneficiaries’ interests, depending on their degree of risk aversion.     

ETF Premiums and Liquidity Segmentation

Exchange traded funds (ETFs) provide a means for investors to access assets indirectly that may be accessible at a high cost otherwise. I show that liquidity segmentation can explain the tendency for ETFs to trade at a premium to net asset value (NAV) as well as the life‐cycle pattern in premiums. ETFs with larger NAV tracking error standard deviations (TESDs) tend to trade at higher premiums and the liquidity benefits offered by foreign ETFs and fixed income ETFs are revealed to be the most valuable to investors. Further tests validate that TESD has the desirable properties of a liquidity segmentation measure.     

Hot money in disaggregated capital flows

We explore the possible existence and behavior of hot money in six categories of disaggregated bilateral capital flows (equity inflows, equity outflows, bond inflows, bond outflows, banking credit inflows, and banking credit outflows) for 12 emerging markets vis-à-vis the US from 1995 to 2012 and provides several new findings. First, we identify the existence of hot money in all six categories above and conclude that both gross inflows and gross outflows can be the sources of hot money. Second, hot money in equity inflows (outflows) engages in positive (negative) feedback trading regarding local stock market returns. Third, some categories of hot money have a temporary influence on local stock market returns while the others have a permanent influence, supporting the explanations of both price pressures and information advantage. Finally, local stock market returns in half of our sample countries, which have tightened capital controls during the late 2000s global financial crisis (GFC), are more affected by hot money than in the other half. Our findings confirm several popular conjectures of hot money, and endorse the use of capital controls to limit financial vulnerability in the run-up to and during the GFC.     

秸秆收储运成本分析——以河南省为例

[目的]选择合适的秸秆收储运模式,降低秸秆离田产业化利用的收储运成本,促进秸秆综合利用。[方法]文章以河南省为例,构建秸秆收储运成本模型,并在4种收储运模式(模式一:田间晾晒→收集→秸秆利用企业;模式二:田间收集→收储点→晾晒、储存→秸秆利用企业;模式三:田间机械捡拾打捆→收储点→储存→秸秆利用企业;模式四:田间收集→固定式打捆→收储点→秸秆利用企业)基础上分析不同模式下的秸秆收集成本。[结果]运输成本和机械卸载成本是总成本中的可变因素,其对总成本的贡献率随运输半径的增大而增大。模式一、二采用散秆运输方式,适用于收集距离较短、秸秆需求量较小的企业,且使用模式二的秸秆收储运成本较低。模式三、四采用秸秆打捆运输方式,易于储存、利用,适用于秸秆用量较大的企业,且使用田间机械捡拾打捆的模式三收储运秸秆经济性更优。[结论]秸秆利用企业应根据需求合理地选择秸秆收储运模式,小型秸秆利用企业在模式二的情况下收储运成本更低,大型秸秆利用企业选择模式三经济性更优。     

日本农地改良事业做法及对我国的启示

[目的]日本的农地改良事业起步较早且成效显著,总结日本在农地改良事业方面的做法对推动我国高标准农田建设、保障国家粮食安全具有重要参考价值。[方法]文章以大量一手调研资料和数据为依据,梳理分析了日本农地改良事业的发展阶段和成效,总结了日本农地改良在法律保障、政府管理、计划评估、技术支撑及实施主体方面的主要做法。[结果]立足中国高标准农田建设的实际情况,提出4点启示与建议:(1)将高标准农田建设统一到农业部门管理,提高政府决策和资金使用效率。(2)发挥农户在高标准农田建设中主体作用,明确农户在高标准农田建设中的责任和义务。(3)加强对高标准农田建成后的管理与维护,按照"谁受益、谁管护"的原则,明确管护主体、管护责任和管护义务。(4)提高政府对高标准农田建设的投资强度,提高高标准农田面积比例,增加单位面积投资标准,提高田间基础设施使用寿命。[结论]日本农地改良事业的做法及启示对我国农业生产和发展有着重要意义。