论企业本质、公司治理与财务会计理论的契合:资本保全视角

基于企业本质从价值角度描述为财务资本、人力资本、组织资本与社会资本的一个不完全契约组合,公司治理就是保证这一契约组合有效执行的制度安排,而现代财务会计在理论与实践上更接近于公司治理.本文利用资本保全概念将企业本质、公司治理与财务会计理论整合为一个完整的理论框架.     

动态资本资产定价理论评述

本文主要讨论了动态资产定价理论的产生和发展.默顿和布里登使用贝尔曼开创的动态规划方法和伊藤随机分析技术,重新考察在由随机过程驱动的不确定环境下,个人如何连续地做出消费/投资决策,使得终身效用最大化.无须单期框架中的严格假定,他们也获得了连续时间跨期资源配置的一般均衡模型--时际资产定价模型(ICAPM)以及消费资产定价模型(CCAPM).这些工作开启了连续时间金融方法论的新时代.     

Regulation and investment behaviour in the telecommunications sector: policies and patterns in US and Europe

This paper reports the results of the quantitative analysis of international experience of the relationship between infrastructure investment in the deployment of capacity that can carry large volumes of voice and data traffic and regulatory policy changes in the telecommunications sectors. It looks at the relationship between infrastructure investment for these infrastructure assets and the access pricing régimes for local exchange carriers in the United States and Europe. It then looks at the relationship between various aspects of regulatory and institutional policy changes in Europe and how they affect access prices.The paper finds that a lower access price promotes greater deployment of digital technology among US incumbent local exchange carriers (ILECs). Based on this finding, it suggests that it is in the ILECs interest to have access to their networks encouraged.The European data for interconnection are recent and far reaching conclusions are not feasible, but the findings, however, suggest that competition has worked by facilitating new entry through decreasing interconnection prices, although path dependencies, of existing and traditional concepts, in the mindsets of operators as well as regulators, may account for these findings.     

Impacts of e-Commerce and Enhanced Information Endowments on Financial Services: A Quantitative Analysis of Transparency, Differential Pricing, and Disintermediation

Some implications of e-Commerce financial services firms are becoming clear. The web drives transparency, and increases the information endowment of all market participants. It is harder to manipulate customers' behavior, or to overcharge them. Transparency drives differential pricing. Not all customers can or should be charged the same prices. Transparency reduces the viability of cross-subsidies between customers can or between products. The differential pricing enabled by the web transforms distribution channels, and enables direct distribution and alternative forms of distribution. Some intermediateraries may be bypassed altogether, while others may rapidly lose their best, most profitable, and previously most loyal customers.     

Frictions, Heterogeneity and Optimality in Mortgage Modeling

The purpose of this article is to provide a unified framework for incorporating frictions into a theoretical options-pricing model (OPM) for mortgages. This article presents formulation for a frictions-adjustable mortgage model that integrates borrower heterogeneity while simultaneously preserving prepayment and default financial decisions. Our model demonstrates the flexibility of the OPM by simulating separate and concurrent effects of three categories of frictions on the mortgage and mortgage components. Researchers can use our example formulation to determine the effects of specific borrower characteristics on mortgage values without destroying the options theoretic framework.     

Convergence of numerical methods for valuing path-dependent options using interpolation

One method for valuing path-dependent options is the augmented state space approach described in Hull and White (1993) and Barraquand and Pudet (1996), among others. In certain cases, interpolation is required because the number of possible values of the additional state variable grows exponentially. We provide a detailed analysis of the convergence of these algorithms. We show that it is possible for the algorithm to be non-convergent, or to converge to an incorrect answer, if the interpolation scheme is selected in appropriately. We concentrate on Asian options, due to their popularity and because of some errors in the previous literature. This revised version was published online in June 2006 with corrections to the Cover Date.     

论各类失业的结构性质--对西方失业理论的另一种思考

从理论上说失业有很多类型。产业结构调整和升级背景下的失业原因也是多方面的。本文通过对各种失业理论的分析比较 ,认为通常所说的“结构性失业”不足以涵盖产业结构变化中的失业现象 ,现实情况下 ,“混合失业”、“自然失业”、“隐性失业”等都带有结构性质 ,都与产业结构的变化有密切的联系     

从博弈的角度看中小股东解决纠纷的过程--从一个流行模型的残缺谈起

经研究发现 ,张维迎教授在 2 0 0 1年第五版的《博弈论与信息经济学》中所借用的承诺要胁诉讼博弈例子中对诉讼费用的处理有点不妥 ,便作出了适当的调整 ,但却得出了令人沮丧的结论 :承诺要胁诉讼不成立 !继续研究发现只有打破这种败诉风险由当事人承担的机制 ,才能传递出有力量的信号 ,才能做到真正的威胁 ,那就是建立“生死与共”的竞争性的律师定价机制和保费率真正是胜诉率信号的诉讼费用保险机制与最经济的诉讼程序与非诉讼程序、保障其实现的机制和可供的备选机制。本文论证了其合理性     

农村费改税实施的阶段性成就及新问题探讨

农村费改税从2000年在安徽省试点以来，2002年已推广到全国16个省，这项将造福我国9亿多农民的改革目前在已实施的地区取得的效果是显的，但也产生了一些新的问题。本通过对已实施地区阶段性成就的总结，探讨了其中出现的一些新问题。