Mechanisms for controlling expenditure in the Spanish Royal Household, c.1561-c.18081

The purpose of this article is to examine the accounting and auditing in the Spanish Royal Household between 1561 and 1808. The Royal Household was the third most important item of expenditure that the State Treasury financed, after the Army and Navy and the National Debt. On studying spending control in the Royal Household, we have rejected the idea, often advanced by historiography, that there was no spending control within this institution. On the contrary, treasurers and accountants were only able to release funds for expenditure purposes on the basis of prior authorization. However, the efficiency of spending control was very limited due to technical, administrative and, above all, social and political elements.     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

Valuation of vulnerable American options with correlated credit risk

This article evaluates vulnerable American options based on the two-point Geske and Johnson method. In accordance with the Martingale approach, we provide analytical pricing formulas for European and multi-exercisable options under risk-neutral measures. Employing Richardson’s extrapolation gets the values of vulnerable American options. To demonstrate the accuracy of our proposed method, we use numerical examples to compare the values of vulnerable American options from our proposed method with the benchmark values from the least-square Monte Carlo simulation method. We also perform sensitivity analyses for vulnerable American options and show how the prices of vulnerable American options vary with the correlation between the underlying assets and the option writer’s assets.      

从“信用卡套现”行为所想到的

随着信用卡在我国的广泛使用,各种专门针对信用卡的违规套现行为也随之蔓延,严重影响了我国的金融秩序的正常运行。本文从什么是信用卡套现、它有什么危害、怎样来规范信用卡套现的行为等方面说明。     

制度创新与社会信用

信用是现代市场经济的基石,也是优化资源配置的有效手段。本文认为,造成我国信用缺失的原因是多方面的,有认识上的原因,也有法律制度不健全、对失信行为处罚力度不够等原因,但最主要的原因是产权制度不完善。因此,进行制度创新,完善产权制度,是建设现代市场经济社会信用的必要条件,也是规范市场经济秩序的治本之策。     

中国金融市场风险与宏观经济景气之间的关联动态研究

为了揭示中国金融体系与宏观经济运行的系列结构性变化及其关联动态,文章分别基于货币流动性宽松程度、剩余收益模型以及银行资产负债表,对中国货币市场、股票市场与银行体系的风险进行了测度和评估;并在分析上述三个金融子市场风险变动规律及其传递机制的基础上,运用时变参数向量自回归模型实证检验了各金融市场风险与宏观经济景气之间的关联动态。研究发现:在金融危机爆发前后,不同金融市场风险之间的传递关系发生了重要转变,并且与宏观经济景气变动之间的交互影响也存在显著的阶段性差异,呈现出"良性循环"与"恶性螺旋"的非对称性切换。这些研究为中国新时期积极转变宏观经济调控政策决策机制、创新宏观经济调控与金融监管模式,实现宏观经济与金融体系的双重稳定提供了有益的经验依据与政策启示。     

我国信用评级业结构、竞争及绩效探析

信用评级具有辅助资产定价、揭示市场风险、提高金融监管效率等作用,是成熟金融体制的重要组成部分。本文从产业组织理论出发,考察我国信用评级行业的结构、竞争、绩效等方面,对行业发展现状有更深入的认识,并借鉴发达国家信用评级业发展经验,为行业今后持续、健康发展提出政策建议。     

基于SPC的喷漆线产品质量改善

针对汽车配件制造企业喷漆车间中的喷漆线,应用统计过程控制(SPC)技术对影响喷漆线产品质量的因素进行分析,着重对影响喷漆线产品质量的人为因素进行量化,并建立方程进行研究,找出了影响喷漆线产品质量的主要因素,并提出了相应的改进意见。     

完善教学质量监控体系的探讨

教学质量是高校综合实力的体现。教学质量监控体系是实现培养21世纪开放式复合型国际经贸人才的基本保证。本文从构建的教学监控体系内容入手，分析其实施特点，并提出更进一步完善该体系有待于探讨和研究的问题。     

水泥企业并购的财务风险识别与控制

当前,并购重组已成为国内知名水泥企业做大做强的战略选择,但企业并购重组过程中不可避免地存在企业并购的风险,由于信息的不对称性、外部环境的不确定性、经营管理活动的复杂性和企业自身能力的有限性而导致企业并购后达不到预期的经济效益,甚至给并购之后企业的经营活动留下隐患。并购风险贯穿于整个并购活动,作为企业并购成功关键因素的财务风险应该引起我们足够的重视,能否识别、规避和控制并购中的财务风险,决定着并购的成败。