A note on tariffication strategy cases in telecommunications

The tariff policy of a telecommunication operator has a strategic importance on achieving optimal revenues and a fundamental impact on its position in the competition with other operators on the liberalised telecommunication market. The payment for a connection through a telecommunication network may be determined by a rate for one call unit, by the duration of the call unit and their count during a call. An operator derives the rate and the duration of the call unit from a detailed analysis of large databases that contain statistical data on counts and duration of particular calls depending on the type of call. Usually only the operator knows these data files and keeps them confidential. In this note we show how it is possible to estimate revenues from telecommunication traffic only knowing a set of basic parameters.     

论世贸组织争端解决机制中的赔偿救济——以发展中国家为视角

世贸组织争端解决机制(DSM)是富有成效的,作为弱势一方的发展中成员在此机制下能够寻求到比较公正的裁决,即DSM能做到形式上的正义。但是,由于DSM本身缺乏实施能力,即使发展中国家的申诉要求得到了世贸组织正式裁决的支持,也难以在裁决的执行上取得应得的实质性收益,也就是说,DSM难以实现实质正义。文章系统地分析了DSM执行机制的实质不正义之处以及实现DSM执行机制的实质正义的途径——在世贸组织争端解决机制中嵌入赔偿救济;并阐述赔偿救济的具体制度。     

高校国库集中支付存在的问题和对策

国库集中支付制度在规范财政收支行为,建立有效的财政监督机制,加强财政收支管理,增强政府的宏观调控能力,提高财政资金使用效益等方面起到了积极的作用.目前,高校国库集中支付制度中存在资金使用自主权不高,财政专项拨款不能及时到位,自主融资困难等困难.应通过建立与国库集中支付制度相适应的财务制度,加强网络建设,提高财务人员素质...     

企业并购财务风险分析及控制

近年来我国企业间的并购交易不断发生,并购规模和层次不断扩大,并购对企业财务必然带来风险,对目标企业的定价、并购融资与支付构成了并购财务风险的主要方面。如何更好的认识和控制并购财务风险,成为主并购企业必须考虑的因素。本文从主并企业的角度,分析了并购财务风险的动因及影响因素,并对控制并购财务风险提出了建议。     

四川对港贸易人民币结算业务评析及政策建议

本文从对比四川对港贸易人民币结算业务发展的潜力和现状入手,得出了该业务处于初级发展阶段的基本结论.通过理论分析与实践相结合的方式,本文进一步阐述了宏观层面及微观层面制约四川对港贸易人民币结算业务发展的因素,并从四川企业对"跨境"人民币交易的真实需求出发演绎出使用人民币进行跨境贸易结算的微观条件,据此提出稳步推动对港人民币结算业务的政策建议.     

小微企业融资模式创新研究

小微企业融资长期以来都是国内外学者追逐的研究热点。本文分析了国内外有关小微企业融资的研究成果,并对小微企业融资现状进行了深入考察,剖析了中国小微企业融资难、融资贵的真正原因。在此基础上,讨论了小微企业传统融资模式及其创新模式,以及由此带来的新问题。最后从政府部门、监管部门以及企业等利益相关者角度提出了破解小微企业融资难题的政策建议。     

Does director affiliation lead to analyst bias?

This study examines the ability of security analysts to provide objective earnings forecasts for firms with which the analyst’s brokerage firm has a director affiliation. The affiliation that we examine is where the brokerage firm has, on its board of directors, a director or an upper management individual from the firm which an analyst at the brokerage firm provides coverage. We find that affiliated analysts tend to provide earnings forecasts that are insignificantly different from unaffiliated analysts in terms of accuracy. However, we also find that forecasts provided by affiliated analysts tend to be significantly more pessimistic than those provided by their unaffiliated counterparts. This pessimistic bias in their earnings forecast will more easily allow the covered firm to beat earnings expectations when earnings are realized. We find that this bias surfaced after the Global Settlement decision, an enforcement agreement between large investment banks and the Securities and Exchange Commission (SEC) regarding issues surrounding conflicts of interest.     

支付系统流动性风险与信用风险管理探讨

支付系统是金融风险传递的主要渠道,流动性风险和信用风险在支付系统风险中处于关键和核心地位。解决支付系统流动风险和信用风险应采取一定的措施,这样才能保障现代化支付系统为我们提供内容丰富的信息资源。     

Playing musical chairs with land use obligations: Market-based instruments and environmental public policies in Brazil

In Brazil, market-based instruments focusing on land use dimensions are increasingly promoted as a means to make public environmental policies effective. Landowners and farmers call for more flexible regulations and economic incentives to adopt ecologically sound practices, while public agencies and conservation NGOs seek new ways of financing and legitimising legal standards. Market-based instruments are considered by these actors as having the potential to both achieve their own goals and conciliate all interests. As a result, legal frameworks (including cap-and-trade systems, biodiversity offsetting and payments for ecosystem services) are being designed which allow to exchange land use rights and obligations. Under a sociolegal approach, this article provides an overview of such instruments. It shows to what extent they may entail a reconfiguration of the burden sharing and the priority setting of nature conservation. Depending on how actors use legal standards, their responsibilities may be eased and the level of conservation may be lowered, both facts that raise significant controversy.     

人民币国际化视野下中国石油进口的人民币结算探讨

中国能否随着石油买方地位的不断提高,实现并不断扩大石油进口的人民币结算,进而推动人民币国际化,是具有战略意义的现实问题。本文构建理论框架就中国十大进口来源国对于美元、美国市场和中国市场的态度以及双边贸易差额情况进行逐一分析,研究发现,中国同主要石油进口来源国以人民币结算石油贸易具有很大的可行空间,对此,我们可以进一步扩大人民币作为结算货币的作用,进而将其作为推动人民币国际化的突破口。