风险导向审计在我国的运用

随着国内外重大审计失败事件的不断发生，风险导向审计作为一种重要的审计理念和方法，受到审计职业界和学者的关注。中国注册会计师协会在2004年10月发布了新的审计风险准则征求意见稿，要求注册会计师在审计中使用现代风险导向审计方法，     

贵州农户消费分析

激活农村消费市场是发展内需拉动经济的一个必然,而认清农村消费现状及规律是其根本前提。文章以贵州为例,分析贵州农村居民的消费阶段、消费水平和消费结构,对比全国农户平均消费水平和城乡消费差距,在此基础上得出一些结论及几点相关思考。     

Dynamics of floating exchange rate: how important are capital flows relative to macroeconomic fundamentals?

While focusing on traditional macroeconomic fundamentals, existing literature has provided little understanding of impacts of various types of capital flows on the dynamics of floating exchange rates. This paper develops a structural VAR model that takes into account macroeconomic fundamentals as well as various types of capital flows in explaining the fluctuations of the floating exchange rates of the Australian dollar, the Canadian dollar, and the U.S. dollar over 1980–2004. Our main findings are as follows. Among the traditional macroeconomic fundamentals, relative interest rate still plays a significant role in explaining exchange rate dynamics for all three currencies. Capital flows play an important role in explaining the fluctuations in the Australian dollar and the Canadian dollar, but not the U.S. dollar. In particular, portfolio investment is the most explanatory factor for the Australian dollar and the Canadian dollar. For the U.S. dollar, relative interest rate explains the most of exchange rate fluctuations, especially in the medium to the long run. The results indicate that capital market transactions do play important roles in determining exchange rates; however, it may have different implications for the reserve currencies versus the non-reserve currencies. Further research is needed.     

Asymmetric information,adverse selection,and the pricing of CMBS

We demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard lemons problem, whereby portfolio lenders use private information to liquidate lower quality loans in commercial mortgage-backed securities (CMBS) markets. Conduit lenders, who originate loans for direct sale into securitization markets, mitigate problems of asymmetric information and adverse selection in loan sales. Our theory provides an explanation for the pricing puzzle observed in CMBS markets, whereby conduit CMBS loans are priced higher than portfolio loans, despite widespread belief that conduit loans are originated at lower quality. Consistent with theoretical predictions of a lemons discount, our empirical analysis of 141 CMBS deals and 16,760 CMBS loans shows that, after controlling for observable determinants of loan pricing, conduit loans enjoyed a 34 basis points pricing advantage over portfolio loans in the CMBS market.     

民营企业治理问题研究及对策

改革开放以来，民营经济的恢复、壮大，为我国经济的快速发展作出了重要贡献。民营企业的发展已成为人们关注的焦点，但随着市场经济进一步的发展，民营企业在公司治理方面存在的问题和障碍，制约了企业的发展。文章对民营企业在公司治理方面所遇到的问题从内部障碍和外部制约两个方面进行了研究，并提出了建立起有效的激励机制，打破家族制管理模式，优化公司内部制衡机制等策略。     

企业生态位的概念内涵、特征表现和评价体系

企业生态位是企业发展演进过程形成的有机功能体。企业生态位具有自组织性、内容丰富性、空间形态性等特征。企业生态位评价可以从永续发展能力评价、构成要素及相互关系协调性评价、适合度景观空间评价三个维度展开。     

Pension regulation and the market value of pension liabilities: A contingent claims analysis using Parisian options

We analyze the market-consistent valuation of pension liabilities in a contingent claim framework whereby a knock-out barrier feature is applied to capture early regulatory closure of a pension plan. We investigate two cases which we call “immediate closure procedure” and “delayed closure procedure”. In an immediate closure procedure, when the assets value hits the regulatory boundary, the pension plan is terminated immediately. Whereas in a delayed closure procedure, a grace period is given to the pension fund for reorganization and recovery before premature closure is executed. The framework is then used to construct fair pension deals. Furthermore, we provide rules for deriving the optimal recovery period in pension regulation using utility analysis and interconnect the recovery period to the regulatory liquidation probability.     

关于后现代生态伦理观构建的创意

后现代生态伦理观以伦理的普通化意义为楔点,以生态效益为内在动力,以类主体为伦理本质,为新型生态伦理的构建提供了新的依据,并以全新的视角为人与自然的和谐发展打开了一种全新的通路,为人类可持续发展提供了有益的启示。尽管后现代生态伦理仍有很大的局限,但其伦理价值观的取向无疑对社会生态文明建设产生巨大影响。     

农发水保项目建设在原州区的经验和做法

加快原州区农业综合开发水土保持生态工程是促进流域治理与地方经济的协调发展,构建人与自然和谐共处的生存环境。