企业现金流量分析与风险控制

在财务分析中人们关注的焦点往往集中在以权责发生制为基础的资产负债表和利润表上，但大量的财务实践证明。以实现制为基础编制的现金流量表则被认为能比较客观的反映企业经营状况。人们常常把现金喻为企业经营运作中的“血液”，把现金流量表视为公司的“验血报告单”。正由于现金流量表反映了与利润相同会计期间货币资金与现金等价物之和的收支汇总情况，因此，现金流量表信息获得了越来越多的会计信息使用者的信赖和关注。     

REITs引领地产金融创新

来自商务部的一项调查结果显示,目前我国商业地产自筹资金仅占35%左右,地产商对银行信贷的依赖水平却高达70%至80%之间.中国商业地产的融资渠道单一,对金融业和地产业的发展都隐含着较大的风险.     

我国企业内部控制存在的问题及应对措施研究

一、企业内部控制中存在的问题我国企业在整体上仍存在不少的问题,这主要表现在以下几方面:1.控制环境方面①内部控制意识薄弱。我国仍有相当部分的企业未制订成文的内控制度,这一事实反映出这部分企业尚未认识到内控对于企业经营的重大意义。②组织机构设置不合理。有些国营企     

Homeownership Determinants for Chinese Americans: Assimilation, Ethnic Concentration and Nativity

Chinese homeownership rates in the Los Angeles Consolidated Metropolitan Statistical Area adjusted by socioeconomic and housing market characteristics are, on average, 18 percentage points higher than those of native white households. This finding runs contrary to most immigration literature, which suggests that immigrants usually lag behind the host society in measures of economic well-being. This study focuses on two additional factors, which most economic studies of homeownership choice ignore, that may play a role in helping Chinese households achieve high homeownership in ways that other immigrant groups do not. The results of this analysis find that the high homeownership rates cannot be explained by the English skills of households. The cultural influence of homeowning peers may have partially contributed to the higher homeownership of Chinese households. While living in ethnic Chinese communities lowers homeownership rates, in general, it helps improve the likelihood that Chinese immigrants will own a home. Finally, we find that there is great diversity among Chinese subgroups with respect to their likelihood of owning a home, but very little diversity with respect to the education and income level of Chinese households across subgroups.     

巴西的交通运输与替代燃料的开发利用

本文介绍巴西交通业快速发展与石油工业缓慢增长之间的矛盾,重点论述巴西如何开发替代燃料、取得的成效及其经验对发展中国家的启示。     

EXPONENTIAL DURATION: A MORE ACCURATE ESTIMATION OF INTEREST RATE RISK

We develop a new method to estimate the interest rate risk of an asset. This method is based on modified duration and is always more accurate than traditional estimation with modified duration. The estimates by this method are close to estimates using traditional duration plus convexity when interest rates decrease. If interest rates rise, investors will suffer larger value declines than predicted by traditional duration plus convexity estimate. The new method avoids this undesirable value overestimation and provides an estimate slightly below the true value. For risk‐averse investors, overestimation of value declines is more desirable and conservative.     

操纵证券交易价格行为——经济犯罪视角的法律分析

我国证券市场自上个世纪90年代初开始发展时起,国家对证券经济中的违法行为就进行着不断的法律规范。有数据显示,在证券经济中的违法行为中,自1993年10月～1998年12月期间,中国证监会公布的全部违法违规案件的处罚决定共60个,其中最常见的就是操纵证券交易价格的案件,占30%。我     

资本的能量项目的魅力--Z-PARK国际融资论坛项目对接全景纪实

1978年以来,在中国始终未变的一个关键词之一就是开放。为什么要开放,邓小平有精辟的阐述:中国的发展需要国外的先进技术和资金。目前,开放从政策的提出已经演变成中国经济发展的不可逆转的格局。由于开放,中国经济得以迅速发展,但是,资金仍然是中国的稀缺资源,所不同的是,资金     

Bidding between incumbent and entrant

Facing an informed incumbent who has cost advantages in two different states, the uninformed entrant bids cautiously due to the incumbent’s cost advantage in the low cost state. The incumbent bids aggressively, earning additional profits because of his cost advantages.     

高新技术产品出口对中国经济增长的拉动效应及外溢分析

本文从在当今世界贸易中占有重要地位的高新技术产品出口的角度出发,以中国各省市的数据为基础。将Feder模型拓展为四部门,即非出口部门、初级产品出口部门、工业制成品中非高新技术产品出口部门扣高新技术产品出口部门,并且通过东部与中西部比较来考察高新技术产品出口对中国经济的拉动效应和技术外溢作用。实证结果表明,高新技术产品出口对东部经济拉动效应已经很显著而对中西部则不明显,从外溢角度来看,其对东部非出口部门外溢效应很微弱,仅仅为0.07。而对中西部则基本上还没有外溢效应。