会计计量与企业债券信用评级关系的应用分析——基于2006年新会计准则的思考

企业债券信用评级是企业发行债券的重要步骤,债券评级对会计信息具有依赖性,而会计信息的计量属性会直接影响会计信息,不合适的会计计量属性会对债券评级造成负面影响。本文结合2006年的新会计准则的相关规定和企业债券信用评级的特点,通过分析会计计量对信用评级的误导因素,认为借鉴国际先进经验,可以提高债券评级的可靠性和客观性,促进企业融资市场的公平性和公正性。     

People,Actors, and the Humanizing of Institutional Theory

In much contemporary institutional scholarship, the term ‘actor’ is used as a shorthand for any entity imbued with agency. Talking about actors in institutions thus serves the necessity of allocating agency before returning to the analysis of institutional structures and processes. We find this approach to actorhood limiting, conceptually and normatively. Grounded in the perspective of pragmatist phenomenology, we assert the need for distinguishing between persons and actors, and the value of integrating the person into institutional analysis. We conceive of persons as humans with a reflective capacity and sense of self, who engage with multiple institutions through the performance of institutional roles. People may acquire actorhood by temporarily aligning their self with what is expected from a particular actor-role in an institutional order. Conversely, institutions enter people’s lifeworld as they are personified in people’s social performances. We outline this perspective and examine conceptual and normative implications that arise from the integration of human experience in institutional analysis.     

Optimizing the credit term decisions in supply chain finance

We study a credit term determination problem in the context of a supplier-buyer supply chain. The supplier's credit term decision is simultaneously made with its production and inventory decisions, and most importantly, it is impacted by the buyer's order quantity. We present a new game-theoretic framework to model this problem, which captures the interaction between the supplier's credit term decision and the buyer's order decision in a multi-period setting. An exact method based on nonlinear programming is implemented to obtain the optimal solutions. We apply our methodologies on a real world case. The computational results show that our approach significantly outperforms the heuristics with fixed credit terms, and either a short or a long credit term can be sub-optimal for the supplier in profitability. Our work offers the first data-driven model and solution approach that assists purchasing and supply managers to make optimal dynamic credit term decision in conjunction with production, ordering and inventory decisions in a game-theoretic setting.     

Driving forces of chemical risks for the European biodiversity

In the framework of the EU-funded research project ALARM (Assessing LArge-scale environmental Risks with tested Methods), an original method combining the DPSIR (driving forces–pressures–state–impacts–responses) framework and an analysis based on the distinction between the four spheres of sustainability (environmental, economic, social and political) has been developed. This paper presents the application of this method, called “the tetrahedral DPSIR” for the identification and analysis of driving forces of environmental chemicals risks for biodiversity, in Europe. The purpose of this methodology is to help reduce the pressures on biodiversity through modifying the driving forces behind them by offering scientific advice to policy makers. We frame our analysis in the context of the current policy, namely the implementation of REACH (Regulation on the Registration, Evaluation, and Authorization of CHemicals).     

工业企业物资流通环节成本构成要素及其控制策略分析

在分析工业企业物资流通环节成本构成要素的基础上,借助结构方程模型对物资流通环节成本构成要素的关联性因素进行了实证分析,并提出科学合理地规划工业企业物资运输管理、做好工业企业物资库存的优化与管理、尽量降低或减少一些制度性的收费、优化全供应链管理来降低物流成本等对策建议。     

完全且完美信息动态博弈在开放式基金风险分析中的应用

本文首先阐述了开放式基金的概念和风险性,然后用完全且完美信息动态博弈理论对开放式基金投资中存在的风险进行了分析,揭示了开放式基金流动性风险的本质,最后给出了一些合理化建议。     

Challenges faced by world tourism cities – London’s perspective

World tourism cities perform multiple functions and exhibit various characteristics that influence tourism development within their boundaries. They are the main gateway for tourists visiting a country and their success has a direct impact on the visitor economy of that destination. London, the focus of this research, has been one of the world’s top tourism cities for many years, and a key gateway for domestic and international visitors. But despite the important role tourism plays in the economy of the city, there is limited research on the development of this activity in the capital. Using London as an exploratory case study, this paper contributes to better understanding the challenges faced by policy makers when planning and managing tourism in world cities. The adopted research method offers the advantage of gathering insightful information using multiple data collection techniques. Examining this new evidence contributes to expanding the knowledge on the particularities of tourism development in one of the top world cities, which could help policy makers in their efforts to better prepare for potential challenges faced by these complex but important destinations.     

当前中国农民合作社开展信用合作的典型模式、问题与建议

农民合作社开展信用合作是我国新型农村合作金融发展研究的重点。本文结合调研情况，对以赊销为特征的商业信用合作、以资金互助或担保互助为核心的货币信用合作、依托产业链或银政资金的混合式信用合作三种不同模式进行梳理分析，并从政策制度、现实操作、潜在风险点三个层面指出了当前中国农民合作社开展信用合作的主要问题。推动农民合作社信用合作持续健康发展，必须坚持服务“三农”的政策导向、强化对信用合作不同发展模式的分类指导、妥善处理风险防控和内在活力的关系、进一步规范信用合作管理、切实防控信用合作风险、充分发挥信用合作综合带动作用。     

Executive compensation and internal capital market efficiency

We document that chief executive officer (CEO) incentive compensation plays an important role in determining internal capital market (ICM) allocation efficiency. Our results suggest that CEO equity-based compensation can be effective in ameliorating inefficiencies in internal capital allocation decisions. We find that while stock grants play an important role in motivating CEOs to make more efficient internal capital allocation decisions, there is surprisingly no discernible influence of stock options. Our analysis supports the view that private benefits derived by managers are increasing in internal capital misallocation. We also document a strong positive link between CEO incentive compensation and excess value of diversified firms suggesting that the diversification discount can be ameliorated with CEO incentive compensation. The study contributes to the ICM literature and the literature on conglomerate diversification discount.