逆向选择与信用配给:中小企业融资难根源分析

文章通过中美中小企业融资的渠道和结构对比,分析中国中小企业融资困难的原因,并进一步通过两个模型解释资金借贷市场上的逆向选择问题和银行被迫采用的信用配给制度.文章最后提出了解决中小企业融资困难的一些建议.     

注册会计师行业诚信建设问题探讨

诚信建设是当前注册会计师行业的工作主线，也是需要在理论上继续研究，实践上长期探索的一项课题。本文首先对诚信的内容及其在注册会计师行业体现的特殊性进行了归纳和总结，并结合近年来审计失败等案例从会计市场、行业管理、会计师事务所体制等方面分析了“诚信危机”的成因，从完善职业道德规范体系，改革事务所体制，建立行业信用制度等方面提出了加强诚信建设的若干建议。注册会计师行业信息失真、审计失败等造假案近年来逐步升级，使行业遭受了前所未有的“诚信危机”。政府及行业管理部门积极采取了加快法制建设、加大监管力度等各…     

对会计师事务所内部治理的几点认识

如何搞好会计师事务所的管理,是注册会计师行业一直关注的热门话题。下面结合工作实践,简要谈一下自己对事务所内部治理的几点认识。 建立人尽其才的用人机制 搭建良好的执业平台一般来看,注册会计师具有较强的自主意识和独立的价值观。与一般员工相比,他们有非常明确的奋斗目标,有发挥自己专长成就事业的强烈追求,更在乎自身价值的实现,并期望得到社会的认可。我们要充分尊重注册会计师的这种个性特点,在事务所内形成人尽其才的机制。事务所人员构成一般大致可以分为三类。一类是退休人员。他们中的不少人有原单位的退休工资…     

深化高校教学改革培养学生创新能力

论述了在高校教学改革的氛围下，培养学生自学能力和创新能力的重要性与可行性，以及培养学生创新能力的多种途径。     

The Underpricing and Excess Returns of Initial Public Offerings in Taiwan Based on Noisy Trading: A Stochastic Frontier Model

Initial public offerings (IPOs) are typically offered at prices lower than the transaction price in the early aftermarket. With a stochastic frontier model, we measured the fair offer price of an IPO and then the deliberate IPO underpricing and the market misvaluation based on the estimated fair offer price. Our results show that IPOs are deliberately underpriced. The extent of noisy trading leading to significantly higher market transaction prices explains the excess IPO returns. We conclude that initial IPO returns result primarily from the noisy trading activities instead of the deliberate IPO underpricing.     

Is there a pecking order? Evidence from a panel of IPO firms

We test the pecking order model of capital structure by examining the financing of firms that went public in 1983. We estimate a logit to predict external financing, and a multinomial logit to predict the type of financing using data on the IPO firms' security offerings during 1984–1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access the capital markets do not follow the pecking order when choosing the type of security to offer.     

如何搞好专利权的评估工作

本文系统介绍了专利权评估的基本程序和具体方法,包括:收集信息;审阅专利权材料;调查专利权属范围;审核专利权的有效性;专利权技术的择优策略;企业外购专利权的价值评估;决定专利产品的利润最大化;各种评估方法的应用等,对专利权评估有一定的指导意义。     

Valuation of vulnerable American options with correlated credit risk

This article evaluates vulnerable American options based on the two-point Geske and Johnson method. In accordance with the Martingale approach, we provide analytical pricing formulas for European and multi-exercisable options under risk-neutral measures. Employing Richardson’s extrapolation gets the values of vulnerable American options. To demonstrate the accuracy of our proposed method, we use numerical examples to compare the values of vulnerable American options from our proposed method with the benchmark values from the least-square Monte Carlo simulation method. We also perform sensitivity analyses for vulnerable American options and show how the prices of vulnerable American options vary with the correlation between the underlying assets and the option writer’s assets.      

2006年全球经济展望:维持增长然幅度较缓慢

预计发达国家今明两年的经济增长将减缓,发展中国家虽然保持稳健增长的态势,但增长率将从2004年的6.8%减缓至2005年的5.8%,2006年则进一步减至5.7%。中国2006年全年继续维持9%左右的经济增长不致有太大问题。唯一担心的是2006年上半年中国可能出现通货紧缩。     

How Banks' Value-at-Risk Disclosures Predict their Total and Priced Risk: Effects of Bank Technical Sophistication and Learning over Time

Using a sample of eight large commercial banks from 1994 to 2000, Jorion (2002) finds that banks' VaR disclosures for their trading portfolios predict trading income variability. We extend Jorion's findings using a larger sample of 17 banks from 1997 to 2002 reporting trading VaRs under FRR No. 48 (1997). We find that banks' trading VaRs have predictive power for trading income variability that increases with bank technical sophistication and over time. We find that banks' trading VaRs have predictive power for a bank-wide measure of total risk, return variability, and for two bank-wide measures of priced risk, beta and realized returns.