特种高收益风险债券──风险投资的金融创新

风险投资是指投资者以获得红利或出售股权获利为目的,出资协助具有专门技术而无自由资金的企业或个人实现创业,承担创业阶段的失败风险并将回收资金循环投入高风险事业。但是,由于种种投资类型所固有的特征,它所涵盖的投资主体和投资对象都会受到一定的限制。因此,设计一种特种高收益风险债券,这种债券能够弥补传统风险投资的缺陷,吸引更多业绩良好的中小企业或是具有特殊性的行业及企业进入风险投资领域,成为高科技企业融资的新选择。     

2013年11月银行间市场运行报告

2013年11月,银行间市场主要运行特点是：货币市场中长期利率持续走高,交易量同比小幅上升;债券市场10年期国债收益率再创新高,下旬初现回暖势头;人民币利率互换曲线整体上移,曲线形态趋于平缓;人民币对美元汇率中间价继续走强．但交易汇率盘整震荡,即期成交量有所放大;外汇衍生品交易活跃,掉期点先升后降,境内外市场衍生品价差扩大。     

Customer Perception in the Health Care Sector:

Customer perceptions of quality play a major role in the success or failure of an organization. Their perception also serves to determine their level of satisfaction or dissatisfaction. This paper will discuss those factors that the customer perceives as "quality" factors and how those factors affect satisfaction. The second section of the paper will look at who is (or should be) responsible for implementing and carrying out the goals of a quality improvement program. A case study of a large hospital located in the American Midwest is also presented. Finally, recommendations for the best way to begin a quality improvement program (i.e., measure customer perceptions of quality, involving everyone, and making a real commitment to this program--forever) will be given.     

金融危机冲击下的中国国债利率期限结构分析

美国次贷危机不仅影响到整个美国经济,而且波及全球,导致全球金融危机。文章在阐述国债利率期限结构理论和国内外相关研究文献基础上,采用幂函数这一非线性回归模型对次贷危机时期我国国债收益率曲线的形状进行了静态拟合实证分析以及多个时点国债收益率曲线的动态分析。结果表明,我国国债市场已经逐渐走向成熟,能够较好地反映我国实际的经济运行状况以及世界金融市场受到的冲击,基本符合市场预期理论和流动性偏好理论。     

高强钢筋与高强混凝土的匹配问题

介绍了钢筋混凝土匹配问题研究的重要性,基于对钢筋混凝土结构发展的简述,对钢筋与混凝土的匹配问题进行了初步探讨。通过对普通钢筋与普通混凝土、普通钢筋与高强混凝土、高强钢筋与普通混凝土的粘结锚固性能分析,介绍了钢筋与混凝土之间的粘结匹配关系,对高强度钢筋与高强度混凝土而言,不存在两者不匹配的问题。     

我国中小企业私募债券发行与监管模式的再反思

中小企业私募债券作为一种新出现的融资工具,因其速度较快、融资成本较低等特点,为资本市场所青睐。但随着发行完成与起息期开始,该项工具在我国的运用也出现了一些值得思考的问题。美国、韩国在处理国内私募债券中,对于监管政策、信息披露政策、定价评级等方面的经验,值得我国在未来的监管改革中予以借鉴。     

Are non‐audit services associated with firm value? Evidence from financial information system‐related services

The purchase of non‐audit services from incumbent auditors has generated considerable attention. Surprisingly, limited empirical evidence exists on the association of non‐audit services with firm value. Focusing on services related to financial information system (FIS), we find that the market value of equity is greater for firms that purchase FIS‐related services from their incumbent auditors relative to firms that do not. The levels of FIS fees are also positively related to firm value after controlling for total other fees, or total other non‐audit fees. Hence, despite the negative perception associated with non‐audit services, investors regard FIS‐related services as value‐adding activities.