金融资产规模、公允价值会计与管理层过度自信

本文以2004-2009年持有证券资产的A股上市公司为样本,对金融资产规模的决定因素进行了理论和实证研究,得到以下研究结论：（1）公允价值会计是上市公司金融资产规模显著增加的解释因素;（2）管理层过度自信在成本计量模式下与金融资产规模只有弱相关性,但在公允价值会计下却与金融资产规模显著正相关;（3）受政府控制的公司、大股东持股比例高的公司在成本计量模式下有显著更低的金融资产规模,但在公允价值会计下,特别是当管理层过度自信时,金融资产规模却呈现为显著增加。上述结论解释了会计理念、管理层行为与金融风险的内在关联性：公允价值计量模式遵循的是价值相关性原则,要求把证券持有利得也计入资产价值和会计收益,这个未来价值理念激励了公司管理层和控股股东的金融投资行为。     

Expected utility theory and experimental utility measurement, 1950–1985. From confidence to scepticism

Abstract

The paper reconstructs the history of the experimental attempts to measure the cardinal utility of money between 1950 and 1985 within the framework provided by expected utility theory (EUT). It is shown that this history displays a definite trajectory: from the confidence in EUT and the EUT-based measurement of utility of the 1950s to the scepticism that, from the mid-1970s, haunted the validity of EUT as well as the significance of the utility measures obtained through it. By exploring the diverse aspects and causes of this trajectory, the paper covers new ground in the history of both decision theory and utility measurement.     

Wolf in Sheep's Clothing: The Active Investment Strategies behind Index Performance

This paper argues that the commonly used market indices imply forms of active investment management in disguise. The selection and rebalancing rules make these indices highly exclusive and dynamic regarding their underlying components and significantly bias their performance. Any passive investment tracking these indices turns into an active strategy characterised by market timing and state‐dependent performance. Evidence is provided that exclusive indices outperform (underperform) more inclusive peer indices in upward (downward) markets. The constitution and maintenance rules of exclusive indices correspond to a set of active trading and investment rules similar to momentum strategies.     

全球视角的对外资产与负债——方法论的重新表述

文章推演了测算净国外资产的两种方法:资本项目直接法与经常项目间接法的原理.推演结果显示,在考虑市价变动因素的情况下,前者更准确.测算结果发现,我国从1996年开始有正的对外净资产,但要大大低于经常项目累计顺差或累计外汇储备.因此,不能只关注对外资产而忽视对外负债的增值.我国还存在着对外资产负债主体错配与货币错配.从国际比较看,也不能说我国已持有了过高的净国外资产.以全球视角看,穷国向富国输出资本的发展模式不可持续,也不应该持续.     

一种简单数字测温电路的设计

针对生产试验中低成本、高精度的需要,利用8位A/D转换芯片TLC549、单片机AT89C2051、放大器AD626和数码驱动芯片74HC595设计测温电路。电路中利用对桥电阻的合理选择改善桥的线性关系。理论分析和实际电路测试结果表明,该电路具有精度高、可靠性高、使用方便等优点。     

谈工程计量支付程序

工程支付是工程建设的重要环节。文章阐述在公路工程计量支付过程中应重视的细节。     

煤电化企业内部环境成本的计量

煤电化企业环境成本是为了预防、恢复或补偿因其生产经营活动所产生或可能产生的环境损害而引起的资产流出或价值的消耗,对其计量就是对环境成本的确认结果予以量化的过程。环境成本的计量应遵循两个重要原则,通常采用三种计量方法:全额计量法;差额计量法;比例计量法。     

我国新型工业化指标体系构建及评价方法

如何建立一套反映新型工业化道路的指标体系和评价方法,从而对新型工业化发展程度进行监测和分析是新型工业化进程中一个基础性问题。本文总结当前新型工业化指标体系的三大特点,并紧扣新型工业化内涵,在已有反映工业化进程和反映工业化增长质量两个方面的指标基础上,加入体现新型工业化"新"的方面的指标,构建了新型工业化进程统计测度指标体系,对我国及区域新型工业化发展进程进行实证分析。     

A note on the Bourguignon–Fields class of poverty indices

Current poverty measurement methodology does not allow a definitive analysis of changes in distribution, through time or between countries, which involve changes in the number or proportion of poor people. By revisiting the continuity and transfer axioms, we show that within the Bourguignon and Fields (1997) class of poverty indices a range of value judgements can be accommodated as to what happens (or should happen) in the case that poverty-line crossings result from regressive transfers. In exposing this, we hope to provide empirical analysts with wider scope to use the Bourguignon–Fields poverty indices in an informed way.     

混合多属性商业银行绩效的测度——基于BSC-FANP-EVIKOR方法的研究

本文基于BSC、FANP和扩展的VIKOR集成方法研究商业银行绩效测度问题。首先基于平衡计分卡(BSC)构建商业银行绩效测度指标体系,然后采用模糊网络层次法(FANP)确定指标的权重。考虑到测度过程中可能存在不完全信息和不确定信息,即属性值可能为模糊数,提出扩展的VIKOR方法,以解决银行绩效混合多属性(确定数、模糊数)测度问题。以5个银行为例进行绩效测度,发现本文提出的方法具有一定的稳定性。