抓住战略机遇期 努力实现煤炭工业新型工业化

在2003年4月10日召开的中国煤炭工业协会第二届理理会第三次常务理事会上,中国煤炭工业协会会长范维唐指出,本世纪头二十年是煤炭工业大有作为的重要战略机遇期,必须加快煤炭工业自身的改革和发展,走新型工业化道路,努力与全国同步实现更高水平的全面小康社会。     

Hedging in the Possible Presence of Unspanned Stochastic Volatility: Evidence from Swaption Markets

This paper examines whether higher order multifactor models, with state variables linked solely to underlying LIBOR‐swap rates, are by themselves capable of explaining and hedging interest rate derivatives, or whether models explicitly exhibiting features such as unspanned stochastic volatility are necessary. Our research shows that swaptions and even swaption straddles can be well hedged with LIBOR bonds alone. We examine the potential benefits of looking outside the LIBOR market for factors that might impact swaption prices without impacting swap rates, and find them to be minor, indicating that the swaption market is well integrated with the LIBOR‐swap market.     

《抽油泵及其组件规范》采标的滞后问题

通过对2001年版API Spec 11AX《抽油泵及其组件规范》的研究分析，指出了新版标准的先进性、科学性和合理性，阐明GB／T18607—2001：API Spec 11AX(1996)《抽油泵及其组件规范》在采标中存在滞后问题。     

中小企业融资结构选择的内生性约束模型研究

中小企业的融资结构安排既受到外部环境的影响,更主要的是取决于企业内生性多种变量及其相互关系的作用,尤其是企业家已经成为融资方式选择所关注的对象。本文通过构建一个引入企业家初始财富、经营能力和风险厌恶程度与融资结构选择的模型,揭示这种联系的内在机理,探索企业家控制权在融资结构安排中的作用,为提高融资效率提供一些有益的建议。     

浅谈税法课案例教学

案例教学法是培养高职学生应用能力的有效手段.税法课的案例教学包括制定计划、精选案例、分析演示、组织讨论和归纳总结等教学要点,它在提高学生分析问题和解决问题的能力,增强学习的主动性、积极性,弥补单纯灌输式教学方法的缺陷等方面具有独特的、不可替代的作用.     

信息不对称与上市公司股权再融资偏好

大量理论和实证研究表明：上市公司应该避免采用股权再融资方式筹集资金，以减少对公司价值产生的负面影响。但是国内外仍有不少上市公司采用股权再融资，我国还呈现强烈的股权再融资偏好，这说明上市公司采用股权再融资存在一定理论依据。运用信息经济学理论，从信息不对称角度对此现象进行解释，结论为信息不对称产生的“逆向选择”和“道德风险”给上市公司采用股权再融资方式找到充分的理由。我国不合理的制度背景，产生更加严重的信息不对称，造成我国上市公司强烈的股权再融资偏好。     

参加ISO/TC 67/SC 5 第16届年会技术报告

国际标准化组织第67技术委员会第5分委会（ISO／TC67／SC5）“石油、石化和天然气工业用材料设备和海上结构——套管、油管和钻杆”第16届年会于2006年4月20-21日在中国西安召开。此次会议由中国石油天然气集团公司管材研究所承办。来自日本、美国、中国、法国、意大利、挪威、俄罗斯等国家的21名正式代表参加了会议．ISO TC 67主席Cheryl Stark女士以观察员的身份列席了会议。     

Analysis of Credit Risks in Asset-Backed Securitization Transactions in Singapore

Asset-backed securitization (ABS) is a relatively new financial instrument in Singapore's capital market, which has been accepted by developers (originators) as an alternative source of financing. Credit assessment and rating requirements have not been imposed on the ABS bond issues. Default-risk evaluation has also been understated, if not omitted, in the process of structuring ABS deals. This is the first study that applies a theoretical default-risky swaps valuation model to evaluate credit risks in ABS bonds in Singapore. The Monte-Carlo simulation results, based on the Century Square shopping mall ABS case, show significant effects of the changes in rental volatility and default-free interest rate volatility on the default-risk premium of swap. More specifically, an increase in the rental volatility reduces the default-risky swap values significantly. However, an increase in the instantaneous default-free interest rate volatility increases the default-risk premium of swaps, and this effect is only observed in the high default-free interest rate volatility regime (above 20 percent). The results suggest that the rental dynamics of the securitized real estate are critical in determining the default risks of ABS deals. The fixed-rate (coupon yield) and floating-rate (rental cash flows) should therefore be adequately determined to reflect the default risks, which may be caused by the rental dynamics of the securitized real estate.     

光杆卡的标准化问题应引起充分重视

通过对油田普遍延用的卡瓦式光杆卡缺陷分析，论述了贯彻执行新标准SY／T5029的必要性。介绍了按新标准研制“无压痕标准光杆卡”的过程和应用价值。并对新标准中的缺点提出了改进建议。     

英国房地产税制简介

房地产税是英国最主要的税种之一,包括住宅税和营业税。营业税自1990年起划为中央税种,税款上缴中央财政专户,作为支付转移资金,最终专项返还地方财政。