经济转型、行政性一致同意与税收立法--一个内生法律理论的视角

我国行政性一致同意的税收立法模式内生于行政性一致同意的政府主导型转型路径。这一税收立法模式有助于积累税收立法经验,对转轨经济做出迅速的税收立法反应,建立税收秩序,但该模式可能导致税收立法的行政控制,导致税收立法行为的策略性和非规范性,进而影响一个国家长期发展绩效。行政性一致同意的税收立法模式是一种与转轨经济相适应的过渡模式,而我国的经济转轨的过程,同时是立宪性一致同意税收立法模式的逐步建立过程。     

慎重看待大用户直供电问题

论述了在电力市场初期我国缺少实施大用户直供电所必须具备的若干条件,分析了当前开展大用户直供电存在的问题及可能造成的影响,指出开展直供是改革的趋势但不可急于求成.     

探析高校在注册会计师行业人才培养中的定位和职责

20多年来,中国注册会计师行业在服务于改革开放和市场经济体制建设的过程中,自身也得到了长足的发展,行业建设进入了一个新的阶段。随着市场经济体制建设的深化和经济全球化程度的不断提高,注册会计师行业也必须直面提升执业队伍的专业素质、执业能力和职业道德水平的客观要求,以便适应国际化发展对专业人才的需求。为此,中国注册会计师协会发布了《关于加强行业人才培养工作的指导意见》(以下简称“三十条”),明确提出了加强行业人才培养的指导思想和总体思路以及人才培养的宏伟目标,力争在不太长的时间内,打造出一支在质量和数量上能够满…     

The efficiency of IPO issuing mechanisms and market conditions: evidence in China

This study conducts a comparison analysis on the efficiency of bookbuilding and secondary market proportional offering (hereafter, SMP offering) in the China stock market. SMP offering as described in this paper is not a follow-on offering, but an initial offering applicable to investors in the secondary market. Specifically, as a unique type of fixed price offering, SMP offering only allows the existing investors who are holding shares (of any listed firms) in the secondary market to subscribe to IPO shares. The amount of IPO shares available to be subscribed by the existing investors is proportional to market value of shares held by them in the secondary market. We find some interesting evidence showing that, compared with bookbuilding, SMP offering is more efficient for pricing IPOs, particularly, in a volatile market. SMP offering leads to lower underpricing and lower cross-sectional variation of short-run returns of IPOs. Also, SMP offering is better able to counteract adverse market conditions in the form of low market return and/or high market volatility. Our results are robust to various alternative tests, e.g., the Heckman (Econometrica 47:153–161, 1979) two-stage procedure and an out-of-sample test, after controlling for the problem of endogeneity and for the influence of the exchange of listing, respectively.     

外资风险投资在中国内地投资影响因素研究

借用国际生产折衷理论,并结合不确定性理论研究影响外资风险投资决策的因素,结果发现:当中国内地与投资国(地区)的创业水平越高、文化差异越小时,外资风险投资的投资可能性越高;创业水平越高,投资规模和数量越大;文化差异越大,外资风险投资的数量越多.本文建议进一步改善中国内地创业环境,以更多地吸引外资风险投资,提高企业创新动力,推进优质企业国际化.     

Timing decisions of new product preannouncement and launch with competition

We develop a game-theoretic model to study the timing of new product preannouncement and launch under competition. We derive firms’ optimal timing choices and conducted a numerical analysis to evaluate the role of various factors. Our analytical and numerical results showed that anticipated competitor’s timing choices are the most significant factors. A firm should not preannounce early unless the preannouncement is effective in creating pent-up demands. However, the preannouncement and launch should be rushed if the quality or profit margin of the new product is high, and postponed if the market share of the existing product is high. The market leader should preannounce earlier in a simultaneous game than in a sequential game, but the opposite for the market follower. Data collected from the microprocessor industry validated our model.     

Intelligent agents for adaptive security market surveillance

Market surveillance systems have increasingly gained in usage for monitoring trading activities in stock markets to maintain market integrity. Existing systems primarily focus on the numerical analysis of market activity data and generally ignore textual information. To fulfil the requirements of information-based surveillance, a multi-agent-based architecture that uses agent intercommunication and incremental learning mechanisms is proposed to provide a flexible and adaptive inspection process. A prototype system is implemented using the techniques of text mining and rule-based reasoning, among others. Based on experiments in the scalping surveillance scenario, the system can identify target information evidence up to 87.50% of the time and automatically identify 70.59% of cases depending on the constraints on the available information sources. The results of this study indicate that the proposed information surveillance system is effective. This study thus contributes to the market surveillance literature and has significant practical implications.     

浅谈选煤厂建设投资估算影响因素及改进措施

本文对选煤厂建设工程投资估算中影响准确性的因素进行了分析,并结合BP神经网络理论基于Matlab软件对选煤厂带式输送机及栈桥单位工程进行了数值模拟,通过对比数值模拟结果与概算指标估算结果,详细阐述了可以提高选煤厂建设工程投资估算准确性的几点建议。     

活用电商战略改写传统百货模式

随着电子商务的崛起和深度应用,以百货业为代表的传统零售业受到了极大的冲击,为了研究百货企业在现阶段面临新的市场环境,探索零售行业开展电子商务的必要性和有效途径,本文将就银泰百货战略改革的成功经验,分析传统零售行业的改革方向.