东北地区产业结构变化对经济增长贡献的实证研究

东北地区是建国初期我国优先发展重工业的重点地区。改革开放后,我国进行经济体制改革,区域产业结构进行了相应调整,东北地区产业结构随之改变,失去了工业发展优势,经济增长速度放缓。经过产业结构调整,东北地区的产业结构趋向合理,促进了地区经济增长。     

Underwriter reputation,earnings management and the long‐run performance of initial public offerings

This study contributes to the extant literature on the nature of earnings management surrounding initial public offerings (IPOs) by investigating the role of underwriter reputation. We argue that prestigious underwriters will protect their reputation by carefully monitoring and certifying financial information on IPO firms, thereby limiting any potential earnings manipulation. As a result, those IPO firms that are associated with more prestigious underwriters are likely to exhibit substantially less‐aggressive earnings management. Conversely, we find the existence of a negative relationship between earnings management and the post‐offer performance of an IPO firm’s stocks only for those firms associated with less‐prestigious underwriters.     

Corporate Hedging Policy and Equity Mispricing

We show that firms’ use of derivatives is negatively associated with stock mispricing. This result is consistent with the notion that hedging improves the transparency and predictability of firms’ cash flows resulting in less misvaluation. Furthermore, we show that the negative relationship between mispricing and hedging is particularly strong when market value is below fundamental value, which is consistent with prior evidence that hedging has a positive impact on firm valuation. Finally, we provide evidence that a “spread‐out” hedging policy that entails the use of a variety of derivative contracts can be more effective in reducing mispricing.     

Pricing assets with higher moments: Evidence from the Australian and us stock markets

This paper investigates the importance of higher moments of return distributions in capturing the variation of average stock returns for companies listed in the leading S&P US and Australian indices. We find that Australian stocks are more negatively skewed but less leptokurtic than US stocks. As a result, we find that co-skewness plays a more important role in explaining Australian returns while co-kurtosis is consistently influential for US stock returns. We postulate that the differences in results are related to the underlying firm characteristics of the companies in the two indices, where principally the Australian firms are noticeably smaller than their US counterparts and concentrated in a smaller number industry sectors. This implies that for many smaller exchanges around the world higher moment characteristics displayed by the US market may not be applicable. We also show our results are robust to partly explaining average stock returns in the presence of size, value, and momentum effects.     

高校教育成本核算方法比较研究

高校教育成本核算是高校教育成本管理的核心,但目前高校教育成本核算在实践中举步维艰。本文通过将高校教育成本核算方法进行比较研究,提出了将战略成本管理思想初步应用于高校教育成本核算中的新思路。     

基于公司治理结构的财务控制模式选择

公司治理结构是公司制度的核心,良好的公司治理结构是提高企业经营管理效率的基本要素。科学、有效的内部控制制度,是现代企业实现其经营管理目标的有力保证。公司治理能促使财务控制有效运行,是保证财务控制功能发挥的前提和基础,是实行财务控制的制度环境。财务控制在公司治理中担当的是内部管理监控系统的角色,加强和完善企业财务控制,应从完善公司治理出发完善企业财务控制环境,财务控制作为管理当局为履行管理目标而建立的一系列规则、政策和程序,与公司治理有着密不可分的关系。     

金融机构票据融资发展问题探析及建议

近几年,我国票据市场的票据签发量和贴现量均大幅增加,整体呈现快速发展趋势。但票据量及价格的大幅、频繁波动,也影响了票据融资功能的正常发挥。本文通过实证分析发现,贴现余额增量与实际信贷余额增量以及货币供应量M1余额增量均呈反向变化趋势,表明贴现量变化对货币供应量的调控产生了一定的负面影响。其主要原因在于,信贷考核指标中包含了票据贴现数量,票据贴现成为贷款数量调节器。为此,文章就如何完善金融机构票据管理,进而促进票据市场健康发展提出了相关建议。     

Influence of design training and spatial solution strategies on spatial ability performance

Numerous studies have reported that spatial ability improves through training. This study investigated the following: (1) whether design training enhances spatial ability and (2) whether differing solution strategies are applied or generated following design training. On the basis of these two research objectives, this study divided the participants into design and non-design groups. Each participant in these groups was required to complete three spatial tests and one solution strategy questionnaire. This study found that the participants in the design group outperformed those in the non-design group regarding spatial visualization and spatial relations; however, the two groups showed no difference in visuospatial perceptual speed performance. The design and non-design groups adopted different solution strategies; the design group used the holistic strategy, whereas the non-design group used the analytical strategy.     

中国省域经济发展影响因素及其时空规律研究——基于GTWR模型

文章基于2006～2013年中国省会城市数据,应用时空加权回归模型（GTWR）,将时间和空间信息纳入到模型之中,从空间异质性的角度考察我国各个省域的教育、FDI、固定资产投资、产业结构、进出口贸易对GDP的空间交互作用及影响差异。研究结果表明,各影响因素存在着不可忽视的个体差异,这种差异导致经济发展水平在时间,空间分布上具有显著的异质性特征;随着时间和空间的推移,教育对经济发展的促进作用不断增强并呈现出东高西低的格局;FDI对经济增长的推动作用不断增强并呈现出异质性特征;固定资产投资对各地经济增长贡献减弱;进出口贸易对各地经济增长贡献增强。因此,加强各地区教育水平,优化产业 结构成为各地区经济均衡发展的关键。     

项目组合选择研究：基于模糊理论的模型建构及验证

项目组合的选定与企业经营息息相关,然而传统的选择方法存在许多限制。本文应用模糊理论建构一个项目组合的决策模型,模型中纳入了成本、利润及风险等3个决策因子,探讨在资源有限的情况下项目成本及获利的交互影响关系,并利用模糊归属函数建构一个数学规划模型。为了验证模型的有效性,用此模型与传统模型进行求解比较,证实了所提出模型的实用性。