Impulse response analysis and Orcutt’s hypothesis in trade: evidence from developing countries

Orcutt’s hypothesis in international economics implies that trade flows respond to exchange rate changes faster than to changes in relative prices. Most previous studies used import and export demand models and tested the hypothesis by imposing and comparing lag lengths on the exchange rate and relative prices. One recent study, however, employed impulse response of trade flows to one SD shock to the nominal exchange rate and one SD shock to relative prices and tested the Orcutt’s hypothesis for several industrial countries. In this article we follow this study and test the hypothesis for six developing countries using impulse response analysis. Like the other study for industrial countries, we do not find much support for the hypothesis.     

日本企业的股权特征与现金持有量

本文利用东京证券交易所上市企业作为分析样本，对日本企业股权结构、现金持有、企业价值三者之间的关系进行实证检验。研究结果表明，日本企业经营者与安定投资者（银行股东及关联企业股东）串谋实施内部控制，通过有意识地在企业中积累过多的现金，从而实现他们侵占其他股东利益的目的。本文研究为分析我国企业现金持有决策行为提供了有益的借鉴。     

Input-output models, directed graphs and flows in networks

This article demonstrates that a dual pair of input-output price and quantity models, taken together, constitutes a composite network flow model. The network flow model has become a dominant analytical tool within the fields of operations analysis and electrical engineering, and the aim of the article is to enable input-output users within non-standard applications to take advantage of the large body of literature within these disciplines. Through a simple example it is shown that the solution of a dual pair of input-output models is a special case of the general problem of finding a minimum cost circulation in a transportation network. Second, it is shown that the common method of determining quantities and prices in input-output models is identical to the classical node method for determination of currents and voltages in an electrical network. The theory of transportation networks offers well developed methods for analysis of capacity constraints on the network flows, while the theory of electrical networks supplies methods for analysis of models with price sensitivities and for dynamic analysis. In addition, the elegant symmetry of currents and voltages in electrical networks contributes significantly to a better understanding of the logical relationship between price and quantity models.     

中国上市公司过度投资行为、程度与形成机理

通过建立投资计量模型进行实证研究,发现相当一部分中国上市公司存在过度投资行为,而且近年来有不断加剧的倾向。并且发现,上市公司过度投资程度与自由现金流量水平显著正相关,说明自由现金流充足的上市公司更容易发生过度投资行为。     

事业单位分类改革下经营性国有资产管理研究——以福建省省级行政事业单位为例

行政事业单位经营性国有资产所占比例较大,对于促进政府履行社会管理、公共服务职能以及维持国家日常工作正常运转起着十分重要的作用.然而当前行政事业单位的经营性资产管理现状并不乐观,存在政府职能越位、经营管理动能不足,效率低下、缺乏专职机构及专业化集中管理、历史遗留问题多、无法形成有效监管等诸多问题.出现上述问题主要是因为管...     

企业价值评估方法研究

企业价值评估诸多方法中,现金流指标的重要性日益显现,其中,自由现金流量最具可行性。企业规模 的大小、发展的阶段和经营的盈亏成为影响企业现金流的基本内因,而季节性、周期性和竞争是其外因。企业价值评 估从企业历史业绩分析开始,再预测未来绩效,并评估连续价值,最终确定企业价值总额。     

现金流量表的快捷编制法构想

财政部要求从１９９８ 年开始编制现金流量表, 而准则中的方法较难掌握, 且编制繁琐, 一年一报, 不利于及时提供企业有关现金流量的信息。本文针对准则中的缺陷和不足,提出用多栏式现金日记账编制现金流量表的基本构想。     

Towards a geography of tourism

This paper traces the development of geographical interest in tourism during the past half century and examines the range and scope of the geography of tourism. The available literature is reviewed and suggestions are made regarding possible research aveneus and theoretical developments. Six major areas of interest are identified: spatial aspects of supply, spatial aspects of demand, the geography of resorts, patterns of movements and flows, the impact of tourism, and models of tourist space. Through an emphasis on spatial interaction an attempt is made to provide some cohesion and synthesis for this body of knowledge which constitutes the basis of the geography of tourism.