做好再生资源回收利用工作发展循环经济

再生资源回收利用是关系国家实现可持续发展战略的重大问题，它对发展循环经济，减少环境污染，提高社会和经济效益，促进经济增长方式的转变具有重要意义。     

Exit Options in Corporate Finance: Liquidity versus Incentives

This paper provides a first study of the optimal design of active monitors'exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's cash-flow early. But the monitor will then require a liquidity premium for holding such an illiquid claim. In general, therefore, there will be a trade off between incentives and liquidity. The paper highlights a fundamental complementarity between speculative monitoring in financial markets (which increases the informativeness of prices) and active monitoring inside the firm: in financial markets where price discovery is better and securities prices reflect the fundamentals of the issuer better, the incentive cost of greater liquidity may be smaller and active monitoring incentives may be preserved. The paper spells out the conditions under which more or less liquidity is warranted and applies the analysis to shed light on common exit provisions in venture capital financing.     

票据无权代理追认制度微探

票据行为是一种法律行为，自然也可以以代理方式为之。民法上有关代理制度的规则一般也都可以适用于票据代理行为。但由于民法与商事法的立法旨趣各有侧重，为促进票据流通、保障交易安全，票据代理不能照搬民法上关于代理制度的规定。票据的无权代理是票据代理中一个非常典型的问题，与民法上的无权代理区别很大，其中存在的问题很多。对于票据的无权代理中是否应当赋予本人以追认权，多数大陆法系国家的立法例与英美法系国家之立法例有所不同。     

Valuation and Accounting for Inflation and Foreign Exchange

Inflation and foreign exchange raise new issues with respect to accounting representations of equity value. For example, inflation creates an earnings illusion as an artifact of the mismatching of expenses based on allocations of historical costs with current revenues in determining earnings. This mismatching distorts mappings of aggregate earnings and book values into equity value such that value‐relevant information is lost. In this article we consider the consequences of inflation and foreign exchange accounting policies, including those contained in accounting standards, on the value relevance of bottom‐line accounting numbers. Policies are identified that achieve efficient accounting in the sense that aggregate (comprehensive) earnings and book values are sufficient for an accounting representation of equity value. The linear relations that emerge provide predictions on capitalization coefficients that help explain results of empirical inquiries. As well, our analysis provides a theoretical foundation for policies contained in accounting standards that contributes to the resolution of controversies such as that concerning foreign exchange accounting.     

METROPOLITAN HOUSE PRICES IN SOUTH AFRICA: DO THEY CONVERGE?

The question this paper investigates is whether or not different metropolitan areas each constitute a separate housing market or whether or not there is a single South African housing market. Theory on the Law of One Price suggests that if products or geographic areas belong in the same market, their absolute prices must converge, so that their relative prices are stationary. By using cross-sectional time series data of five metropolitan areas, the paper tests for the Law of One Price by applying the Im, Pesaran and Shin panel unit root test. The paper finds strong evidence of convergence in large middle-segment house prices and weaker support for convergence in medium middle-segment house prices. In addition, the paper finds no evidence for convergence in small middle-segment house prices. This suggests the existence of a national market for large and possibly middle-segment houses in metropolitan areas, but separate metropolitan markets for small middle-segment houses. In addition, the paper estimates the speed of convergence and finds that large middle-segment house prices converge within two to seven quarters, while the speed of convergence for medium middle-segment house prices in three of the five areas is five to eight quarters.     

基于Elman神经网络的商业银行信贷风险识别及评估模型

建立了基于Elman神经网络的商业银行信贷风险识别及评估模型，并通过实例验证了模型的准确性和可靠性。研究过程及结果表明，基于Elman神经网络的商业银行信贷风险识别及评估模型能够很好地反映信贷过程中的非线性因素，准确地预测出完整的信贷风险评估指标和信用等级之间的映射关系，能快速评估和有效减低商业的信贷风险。一组实例结果显示该评估模型的准确率接近90％。     

充分利用上市公司资源 促进国有企业改革

控股母公司对上市公司的不断注资扩股，在壮大上市公司实力的同时，实现自身整体股份化的过程，这为有母公司背景的上市公司的发展和控股母公司股份制改革提供了一种全新的发展模式。对这种模式探讨具有一定的代表性，对于这类公司来说，通过这种模式实现资本扩张，将是一条低成本、高效益、规范化、确实值得探索的国企改革之路。     

企业持续成长模式探讨——“变异”与持续成长

本文讨论了企业的持续成长模式．在借鉴生物生存机理的基础上．提出了“前变异”与“后变异”的概念．认为“前变异”是企业获取突破性技术的基本模式．“前变异”具有随机性和无指向性的特点．企业中大量存在的非分工合作是产生“前变异”的基础。