公司估价中股权自由现金流折现模型分析

自由现金流量折现估值法是企业价值评估理论中最为成熟的模型。运用由自由现金流量定义衍生出的股权自由现金流量折现方法作为研究对象,选取3家上市公司进行案例分析,通过对永续增长模型、两阶段增长模型、三阶段增长模型在企业价值评估中具体应用的比较,并与真实市值对比,其结果表明,股权自由现金流折现法下采用永续模型和两阶段模型得到的估算值能够最好的拟合上市公司的流通市值。股权自由现金折现流模型对于我国A股市场中一些成熟行业且发展稳定公司的价值评估是比较准确的,从而一定程度上能为投融资双方、收购企业和目标企业的决策者提供参考。     

The effect of information on consumers' willingness to pay for natural and organic chicken

This study examined the effect of definitions for organic and natural on willingness to pay a premium for organic over natural chicken. Data were collected using surveys and experimental auctions that were conducted before and after information was presented. Before information, approximately two‐thirds of participants inaccurately equated the requirements of natural with those for organic. After information, nearly 50% increased their premium, while 30% decreased their premium. Logistic regression results showed that consumers who had overestimated the requirements for natural were most likely to have an increased premium after information, with significantly higher bids for organic. For those who decreased their premium after information, awareness of consuming genetically modified (GM) foods was a key variable. The non‐genetically modified (non‐GM) requirement of organic appears to be of low value to some consumers. Overall, consumer confusion regarding organic and natural standards may be having substantial impacts on the two markets.     

Clothing as an environment for older adults' successful ageing

This research tested a conceptual model for proximity of clothing to self (PCS) in relation to age identity, self‐actualization, psychological well‐being, self‐assessed health, sex and chronological age among older adults, aged 65 and over, within the human ecological perspective. A mail survey was sent to a national random sample of 1700 older adults in the US resulting in 195 usable respondents in the final sample. The respondents returned two completed questionnaires, which were (1) Clothing: A Resource for Successful Aging? (to measure PCS, age identity and demographic variables) and (2) Personal Orientation Inventory (to measure self‐actualization). The results indicated that older adults' psychological well‐being, one component of successful ageing, was directly affected by their self‐assessed health, age identity and self‐actualization. PCS indirectly influenced individuals' psychological well‐being in a slightly negative way in later life. In sum, clothing may be used as a needs satisfier for different levels of needs or related more closely with needs in addition to self‐actualization needs for older adults. Further research should be conducted to explore relationships among PCS, different levels of human needs, clothing‐related variables and psychological well‐being for this age group. In practice, the effort should be given to teach the use of clothing (or other human‐built objects) as a tool or need satisfier to contribute to success in a person's later life by offering some educational or training programmes through local senior community centres or universities.     

对阻碍环渤海地区发展障碍的重新认识

对通常认为的阻碍环渤海地区经济发展的几个问题,通过相关数据分析论证,提出：①环渤海地区更多的是地理区域概念,政府推动和学者呼吁缺乏内在的基础和动力。②在一定程度上,阻碍环渤海地区的发展问题之一是缺乏经济的龙头。但京津合作成功后能够在多大范围内发挥龙头作用,取决于其经济核心的能量和它所提供的服务内容。振兴环渤海地区的主要作用在于其对中西部和东北地区发展的带动作用。③与祈望政府协调相比,加快环渤海地区发展的关键是加快政府职能的改革,提高政府工作效率,改善投资软环境,以聚集更多有活力的企业。     

谨慎性原则在会计中的应用研究

谨慎性原则要求企业在进行会计核算时,应当遵循谨慎性原则的要求,不得多计资产或收益、少计负债或费用,但不得设置秘密设备.它属于会计核算的起修正作用的一般原则.本文对谨慎性原则在我国企业会计准则和会计实务中的应用进行了探讨,并对其正确运用提出了几点建议.     

Measurement of organizational investments in social capital: The service employee perspective

This paper describes the development and validation of a measure of organizational investments in social capital (OISC). The scale development process is carried out over three stages (item generation, scale purification, scale validation), with two separate data collection phases involving a total of 735 working adults from multiple and diverse service-related workplace settings. As such, the data provide evidence for the face, content, discriminant, convergent and nomological validity, dimensionality and reliability of the OISC measure. The OISC measure is a concise, unidimensional scale that has the potential for significant usage in the development and testing of theory, as well as practical application in retail and other service provision contexts.     

浅谈如何激发高职学院学生的学习兴趣

高职学院学生学习兴趣的培养直接关系到其教学质量.因此高职学院根据目前的学生学习状况,深刻分析学习兴趣在高职学院学生学习中的作用,并且以此为研究依据讨论如何激发学生的学习兴趣.     

再论马克思的分配理论及其现实意义——重读《哥达纲领批判》

马克思的《哥达纲领批判》一文充分阐述了关于分配的一般理论和特殊分配原则,即共产主义第一阶段的按劳分配原则和共产主义高级阶段的按需分配原则。马克思的分配理论不仅是社会主义国家分配的理论渊源．而且是中国当下收入分配制度改革的重要指导思想。     

编点制:“人职适配”视域下政府编制的弹性化规划

文章直面“讨价还价”的惯常现象及“减而复增”恶性轨迹,政府部门人员编制管理应在整体性理路导引下突破数量维度的思维限囿,在多方位考量编制构造中顾及编制质量、结构和功能层面,进而审视编制运行机理,充分关注人员与职位的对应性联动而突显人职适配的编制性状,并在此基础上生成人职适配指数,以及相对应的编制点,构设定期性调整的政府编制“弹性”框架,因政府职能强调随机性安排其人员额度、领导职数、编制结构及人员质量,进而在人员数量及质量差距调控中探索人员编制“质量换数量”的管理新路向。