试论会计实验教学的发展趋势

信息技术革命使我国传统会计实务面临根本性的变革，也使传统会计实验教学模式面临强烈的挑战。为此，我们应积极探索建立在现代科技和信息革命基础上的新的会计实验教学理论、方法、手段和组织形式。     

浅析无风险利率对股指期货合约价格波动抑制

在发达的股票现货市场,对股票价格的预期可以引起股指期货合约价格的变化。但是通过对股指期货持仓成本模型的分析,我们发现无风险利率在理论上对股指期货合约的价格也会施以影响。从对由持仓成本模型结合无风险套利原理推导出的股指期货合约价格模型分析,指出无风险利率与股指期货合约价格的关系,借助于对无风险利率的控制从而减弱因股票现货市场价格波动而使期货市场股指期货合约价格的波动效应。     

Are socially responsible exchange-traded funds paying off in performance?

This study examines the Socially Responsible (SR) exchange-traded funds (ETFs) by comparing their risk-adjusted performance with a matched group of conventional ETFs in the U.S. equity market. In contrast to prior studies that focus on actively managed mutual funds, we find that the risk-adjusted returns of SR ETFs are significantly lower than those of conventional ETFs during the 2005–2020 period. Such underperformance is only observed in non-crisis periods but not in economic crisis periods (i.e., the 2020 pandemic recession and 2008 financial turmoil). We attribute the observed underperformance of SR ETFs during the non-crisis periods to their limited diversification of unsystematic risks resulting from various negative or positive screens employed in the funds. We also find that net fund flows of the SR ETFs are less sensitive to past negative performance than are conventional fund flows. Collectively, our findings suggest that, instead of seeking wealth maximization, socially conscious investors may choose SR ETFs to gain non-economic utility.     

面对绿色壁垒中国外贸企业存在的问题与对策

随着中国加入世贸组织的完成,国民经济中涉及国际贸易的比重正逐年增加,国际上相关贸易措施无处不在地影响到我国对外贸易的发展,具体体现在我国的外贸企业出口受阻。在当今的国际贸易中,发达国家凭借其经济和技术的垄断优势,通过制定以绿色环保为基础的法律、法规或技术标准建立起了各种旨在限制有关产品进口的措施,并通过不断提高标准进而来实施贸易保护主义。其中绿色壁垒作为技术性贸易措施是非关税壁垒的一项重要内容。它正日益取代传统的贸易壁垒,渐渐成为阻碍发展中国家商品特别是劳动密集型产品输入发达国家的一种手段。中国作为发…     

关于农产品贸易谈判中的非贸易问题

<正> 自从世贸组织成立以来,无论在西雅图会议还是在多哈会议上,农产品贸易问题一直是世贸组织每次都讨论的重要的但又无法解决的难题,这对于以推行贸易自由化为宗旨的世贸组织来说不能不说是一个难堪的局面。世贸组织现在已不单面临以美国为一方和以欧盟为另一方的两大农产品生产方在诸如农业补贴问题上的尖锐矛盾,同时也面临着来自像凯恩斯集团等中小农产品出口国维护本国本地区市场的呼声,加上不断增多的诸如环境保护等非贸易措     

横向同质型企业网络形成动因的博弈分析

企业网络是一种新型组织结构形式和制度安排。根据企业网络的形成动因,运用博弈论建立模型论证了横向同质型企业网络得以形成的动因在于网络成员自身的利益最大化。     

一种新型的高抗干扰高可靠的不停电电源的设计

本文介绍一种新型的不停电电源系统.本电源在工作过程中完全实现自动切换,保证负载始终维持正常工作.当市电停电时,转为直流供电,转换时无电压瞬变.     

The Relation between Abnormal Main Fund Movements and Subsequent Earnings Management: Political Costs and Political Connections

Movement of major fund1 flows has great impact on capital markets, especially in China. This study investigates the relationship between abnormal main fund movements and firm’s earnings management behavior, specifically, whether the abnormal main fund movements cause firms to keep a low profile for “self-protection” from being detected by the government. The empirical results of this study suggest that: (1) The mandatory disclosure of the “Top-ten circulating stockholders” requirement does not only reduce information asymmetry between investors and listed firms, but also strengthens and improves the efficiency of related government regulations in detecting disclosure of false information. This, in turn, increases the risk of being detected for firms with earnings management activities. (2) After abnormal main fund movements, relevant firms significantly reduce the level of earnings management to avoid attention from the public and regulatory agencies. (3) Using political connections as a proxy for the “shield effect” to mask political cost, we show that the negative relation between abnormal main fund movements and earnings management exists only for the subsample of firms without political connections. This paper provides a new angle for political cost study, and suggests that traditional political cost hypothesis should be further generalized.     

台风之后的税收话题

飓风“卡特里娜”2005年8月29日袭击美国路易斯安那州新奥尔良。次日,笔者电子邮箱里即收到美国联邦税务局(InlandRevenueService,以下简称IRS)的一条有关飓风“卡特里娜”的灾害救助新闻。该新闻内容很普通,不外乎是给予灾区纳税人缓期申报、缓期纳税和保证金缓期等优惠措施。最初,这种例行法律职责式的公务行为并未引起笔者关注,但在随后日子里,邮箱里不断涌入IRS关于“卡特里娜”灾难救助新闻,着实让笔者惊讶不已。由默然到关注,笔者由衷地钦佩美国税务行政机关的公共服务能力与责任意识。其一,其行动之快速。一是迅速激活各项减负政…     

循环经济范式下的新型工业化道路探析

面临实现工业化的历史任务,发展循环经济是解决当前我国资源和环境约束矛盾、实现可持续发展的必由之路。要发展循环经济,继续走传统的工业化道路是行不通的。必须在科学发展观的指导下,从微观的生产方式、中观的产业结构及宏观的体制政策三个层面寻求创新,走符合循环经济范式要求的新型工业化道路。