COMCE Comes

China's Foreign Trade was lucky to have an interview with the Chairman of COMCE,Mr.Valentín Díez and his COMCE group when they were in Beijing,China.Even now,we can still remember their warm smile and hospitality voice.Besides Mr.Díez,we should thank Mr.Efren Calvo Adame,COMCE Vice-Chairman,Mr.AMB.Manuel Uribe,its Chairman in Asia Pacific Business Section,and Mr.Leonardo Navarro, its Director of Asia Pacific and other members of COMCE,who are ex- hausting their efforts to promote China and Mexico relations. By Editor     

Banking on Reform in the Rising China

About six years ago when China first entered the WTO and agreed to open up its retail banking market after a period of five years,many overseas me- dia organizations held a pessimistic outlook that China's banking industry was headed towards bankruptcy.However,through effective adjustment and reform, China has edged into the advanced ranks of the banking world through some huge developments in its banking system.     

Finite sample evidence on the performance of stochastic frontier models using panel data

Most stochastic frontier models have focused on estimating average productive efficiency across all firms. The failure to estimate firm-specific effiicency has been regarded as a major limitation of previous stochastic frontier models. In this paper, we measure firm-level efficiency using panel data, and examine its finite sample distribution over a wide range of the parameter and model space. We also investigate the performance of the stochastic frontier approach using three estimators: maximum likelihood, generalized least squares and dummy variables (or the within estimator). Our results indicate that the performance of the stochastic frontier approach is sensitive to the form of the underlying technology and its complexity. The results appear to be quite stable across estimators. The within estimatoris preferred, however, because of weak assumptions and relative computational ease.The refereeing process of this paper was handled through J. van den Broeck.     

人力资源贡献率调整的经济价值模型及实证分析

引用柯布-道格拉斯投入产出函数来分离人力资源价值,确定企业群体人力资源贡献率;从而用人力资源贡献率对人力资源经济价值模型进行调整,加强人力资源价值会计计量的准确性和可操作性。     

最佳投融资决策的经济学分析

企业的投资决策和融资决策是企业经济活动中一对互动的经营链,是围绕企业价值来实现的。企业的投融资决策受到各利益主体(经营者、股东、债权人)行为的牵制和制衡。因此本文结合实际情形,分别对基于企业价值最大化和管理薪酬机制下的投融资决策问题进行分析,在一定程度上说明最佳的投融资决策是企业各行为主体利益权衡的结果。     

基于博弈论的ICT低碳方案协同创新行为及策略分析

通过ICT促进节能减排,实现低碳经济发展,需要ICT低碳方案提供商、高能耗工业企业及政府的共同努力。基于博弈论分析高能耗工业企业与ICT低碳方案提供商通过收入分享方式合作时,本文分析了各方的最优投入水平,以及政府激励和监管的协调作用。研究表明收入分享比例是影响合作与否的关键;政府资金资助和监管惩罚力度、税收优惠能分别提高ICT低碳方案提供商和高能耗工业企业的最优投入,协调双方因收入分享比例导致的利益冲突,但须合理设置经费资助的首期拨付比例。     

监管防范BEPS 基层税务机关应该做什么

跨国企业利用税务筹划方案侵蚀税基或进行利润转移的行为十分普遍,对我国税收主权造成了很大的威胁,然而目前我国基层税务机关还不能很好地应对BEPS带来的挑战。本文介绍了BEPS的基本形式、对我国的影响及OECD防范BEPS的最新进展,并从基层税务机关的角度出发,提出了关于监管防范BEPS的工作建议。     

坚持"儿童优先",关注儿童健康

引言 儿童是祖国的未来,民族的希望.中国有三亿六千万儿童,占世界儿童总数的六分之一.关注儿童健康,保护儿童成长,是全社会共同的责任.正如温家宝总理所言,使每一个儿童都幸福地生活,受到良好的教育,健康地成长,是我们最为崇高的使命.     

Event Risk Covenants and Shareholder Wealth: Ethical Implications of the "Poison Put" Provision in Bonds

This paper examines the ethical implications of "poison put" provisions included in bond offerings. A number of firms are using event-risk protections in bond offerings in an effort to attract investors back into the bond market. One of the most common event-risk protections is a "poison put" provision, which allows the bondholder to "put" the bond back to the firm at par or at a premium under certain specified conditions, such as a takeover effort or a downgrading of the bond by rating agencies. While such a provision is obviously of value to the bondholders, there is a secondary effect that is not as obvious. Using such a provision helps to insure that boards of directors must put the interests of all of the stakeholders ahead of any personal interests of the board members, thus protecting the stakeholders. The use of event-risk protections helps to deter takeovers, induce bidders to negotiate with management in any takeover efforts, and avoid two-tier takeover offers. As a result, the "poison put" provisions have a positive impact on share values while simultaneously protecting the investments of bondholders. Such an impact makes the use of "poison put" provisions in bonds an ethical use of management power.     

磷矿产品取样方法研究

[目的] 找到所抽取样品具有代表性、达到一定精度要求的、省时省力的磷矿产品取样方法.[方法]根据GB/T2007-1987<散装矿产品取样、制样通则>的数理统计理论,对磷矿取样方法进行了进一步研究.[结果] 制订出了不同检验批量应取最少份样数和取样精密度、总精密度统计表;同时对系统、车卡和货堆三种取样条件下的样品进行了精密度校核试验, 完全达到设计要求.[结论] 本研究方法理论严谨、依据科学、取样份样数少,可操作性强.