中国上市公司配股定价问题探讨

根据配股过程中的股东利益的变化,对全流通和股权分置条件下的配股定价分别建立数理模型进行分析,建立了不同条件下的配股定价模型,求得对应的合理定价区间,并据此对2003-2005年配股的44家公司进行了实证研究,验证了我国配股定价普遍高估的结论,并发现市场对定价高估具有一定的识别能力.     

初次分配也要贯彻公平原则

在我国国民收入初次分配中,实行了劳动力低成本政策,劳动分配率偏低.这既牺牲了劳动者的合法权益,直接造成了"收入差距悬殊"的现实;又导致低水平竞争和落后生产方式盛行.文章主张将"效率优先,兼顾公平"的原则贯彻到国民收入初次分配中去,既要解决初次分配中劳动者利益受损的问题,又要从初次分配环节先行减少过大的收入差距,为再分配最后解决公平问题创造条件.     

私人股权投资在中国的现状、问题和选择

我国私人股权投资所面临的主要问题是私人股权市场主体缺位严重,尚未建立有效的运作机制,投资管理的理念,工具和手段落后,以及退出渠道不畅。本文提出加强政策引导,促进社会资本进入、建立有限合伙制度、强化金融创新和积极培育多层次资本市场等政策建议。     

开发人禽流感险是适应市场勇于创新的表现

当下正是人们普遍关注禽流感疫情之时，民生人寿和华安财险两家保险公司先后推出专门针对人禽流感的定期人寿保险，引起了保险界极大关注，褒贬不一，批评者认为这是哗众取宠；保费没有精算基础；发生大规模赔付怎么办。本文却认为推出人禽流感保险是新兴保险公司适应市场勇于创新的很好表现，开展特色业务一般都是通过经验估计制定费率，尔后在实践中不断调整和完善；在国家和整个社会全体动员积极预防禽流感的情况下，导致疫情大规模扩散引发大规模保险赔付的概率微乎其微，不存在影响其它险种客户利益的情况。     

新会计准则影响股东权益变化因素的分析

文章针对新会计准则的颁布对股东所有者权益的变化各影响因素进行分析,选取巨潮资讯网、上海证券交易所网站、深圳证券交易所网站等公开披露的国内A股上市公司2006年的年度报告数据,对影响所有者权益变化的15个因素进行了描述性统计、单因素敏感性分析和回归分析,得出在所有的影响因素当中,长期股东权益投资差额对股东权益的变化的影响是显著的。     

股权激励的市场反应及其内幕交易的实证研究

文章以2008年1月份前推出股权激励计划的67家公司为样本,采用事件研究法,对股价在股权激励计划方案公布前后21个交易日是否存在超常收益率进行了实证研究。实证结果表明:样本公司的股票在事件窗口内存在显著为正的超常收益率,市场对这一事件作出了正向的回应,而且超常收益率主要是由消息公布产生的,不存在消息的提前泄露和内幕交易。     

Reconciling sustainability and discounting in Cost–Benefit Analysis: A methodological proposal

The incorporation of the intergenerational equity objective has rendered the traditional Cost–Benefit Analysis (CBA) approach obsolete for the evaluation of projects presenting an important number of environmental externalities and for those whose impacts extend throughout a long period of time.Based on the assumption that applying a discount rate rewards current consumption and, therefore, that it is only possible to introduce a certain intergenerational equity in a Cost–Benefit Analysis, in this work we propose an approach to discounting based on a different rationale for tangible and intangible effects. We designed two indicators of environmental profitability: a) the Intergenerational Transfer Amount (ITA), which quantifies in monetary units what the current generation is willing to pass on future generations when an environmental restoration project is carried out, and b) the Critical Environmental Rate (CER), measures the implicit environmental profitability.These concepts were tested through an empirical case study pertaining to the assessment of an Erosion Control Project in the southeast of Spain. The results yield traditional profitability indicators that are higher — and probably closer — to the real values set by the contemporary society. The information provided by the environmental profitability indicators proposed renders more transparency to the quantification of the levels of intergenerational equity applied, thereby facilitating the difficult reconciliation of the CBA technique with the objective of sustainability.     

RETURNS TO DEBT AND EQUITY IN FARM PRODUCER ORGANIZATIONS

While the capital structure irrelevance proposition is the point of departure in corporate finance, it is unknown if debt‐or‐equity decisions matter to farm producer organizations. To inform decisions of capital acquisition, a panel study is conducted to estimate the relationships of different types of debt (current, long‐term) and equity (allocated, unallocated) to the financial performance of 707 farm producer organizations in the United States during the 2005–2011 period. Using 3,120 observations, the panel analysis indicates net sales in period t is increased by $1.97, $9.59, and $4.01 with an addition of $1 in current debt, allocated equity, or unallocated equity in period t_‐1. Furthermore, the magnitude of the positive relationship of an additional dollar of allocated (unallocated) equity to net income is estimated at $0.32 ($0.14). We thus reject the notion managers and directors of farm producer organizations should decide to use debt or equity with a coin toss.     

安徽省亳州市小麦产业现状与发展策略研究

目的 亳州市位于黄淮麦区,是安徽省小麦种植面积第二大地市,亳州小麦产业化发展对安徽省至关重要,总结亳州小麦产业发展现状,分析其存在的主要问题,为亳州小麦产业化发展提供建议。方法 文章通过对亳州小麦产业和加工企业进行实地调查,委托亳州市农业局和农业科学院组织主题为小麦生产和消费的座谈会,收集小麦种植品种、种植面积以及产量等相关数据,分析小麦产业化发展现状及现存主要问题。结果 亳州市形成以优质强筋小麦、中强筋小麦、中筋小麦为主,弱筋小麦为辅的种植结构,2019年优质专用小麦种植面积占小麦总面积69%。现有规模化面粉企业28家,合计年加工小麦约200万t,消费当地近60%的小麦。小麦产业发展过程中存在“农业合作社规模较小,种植规模和专业技能不足”“订单农业较少,小麦优质不优价”“面粉企业规模较小,下游食品加工企业少”“产业链间的融合不够紧密”等问题。结论 提出“构建大规模小麦加工体系,发挥龙头企业的产业带动作用”“发展农业专业合作组织,实现规模化、标准化、专业化种植”“研发优质品种配套栽培技术,实现良种良法”“打造优质专用小麦生产示范区,培育区域品牌”等策略建议。     

股权类激励方案成本的因素分析

股权激励作为调整企业经营者和所有者之间利益关系的重要手段 ,其方案的制订受多种因素的影响 ,认清这些因素如何作用于股权类激励方案成本 ,是降低代理成本的关键。