会计师事务所的行业专门化投资与审计定价——以我国首次公开发行证券的审计市场为视角

通过对2001年—2009年中国首次公开发行证券的审计相关数据进行模型检验后发现,在中国首次公开发行证券的审计中,行业专门化的审计师通过实施差异化的竞争战略获取审计收费溢价,进而获得超额利润,行业专门化的发展道路可以成为会计师事务所行之有效的一种竞争战略。     

创业板高科技股票IPO报价行为的博弈分析

建立一个发行人和询价对象的动态博弈模型,分析询价对象在创业板高科技股票IPO询价阶段的报价行为。得出询价对象存在报价偏差行为的结论：当预期锁定期后公司股价看涨时,询价对象报价存在正偏差;反之相反。     

加入WTO后我国企业的人力资源开发与管理

加入WTO后 ,我国企业将面临着更大的竞争。面对外企与我国企业间的人才争夺战 ,如何留住人才、吸引人才已成为当前迫切需要解决的问题 ,为此 ,有人提出了诸如“孵化器”、“谈判工资”、“期股”等方案 ,这些方案经过改进后可广泛使用。     

扑面而来的网络金融服务大时代

本文通过世界全流通证券市场IPO定价原理 ,对我国非流通股的成本进行重新确定 ,进而缩减其数量 ,调整非流通股与流通股的相对比例 ,在接受IPO合理溢价的基础上解决非流通股问题。     

技术入股的实物期权定价方法

针对技术入股的不确定性特点,提出了在不确定环境下新的技术定价方法——实物期权方法,并通过一个算例说明该方法在技术资产定价入股中的应用。     

When the theory is not enough - valuation of forest resources with “efficiency” prices in practice

In resource accounting, simple theoretical models built upon efficiency prices have been developed to capture changes in social welfare generated by natural resources. We examine whether changes in market stumpage prices, as proxies for efficiency prices, have actually reflected changes in the physical timber inventories in Finland and Sweden during the past seventy years. Cointegration and unit root tests show that no long-term equilibrium relationships exist between the timber prices and stocks. After identifying a potential reason for the result, the basic theoretical growth model is slightly elaborated to provide a more appropriate framework for measuring net domestic product for the forest sector.     

经济发展、资源配置与教育公平——来自中国省级面板数据的实证研究

文章利用1997-2011年30个省级行政区的面板数据,估计了地区收入水平、经济总量、教育存量以及政府教育投入对该地区教育获得分布的影响。研究发现,在控制了时间趋势和难以观测的地区特征的影响后,人均收入的增加会扩大教育差距,而经济总量的增长以及地方政府教育经费支出的增加都有利于降低教育不平等。此外,文章还发现,教育存量与教育不平等之间存在U型关系,即当平均受教育水平低于10年时,教育差距会随着平均受教育水平的提高而减少,但超过这一临界水平后,教育差距就会随着教育水平的提高而扩大。研究结果为政府制定提高教育公平的政策提供了经验依据。     

Twenty years of jumps in commodity markets

In this article, we provide statistical evidence around jumps affecting commodity returns. Using nearly 20 years of daily data, we use Laurent, Lecourt, and Palm's (2011) methodology to jump extraction, and discuss various aspects of the estimated jump activity. On average across various commodity markets, we find a high number of days for which returns exhibit the presence of jumps, consistently with the intuition that commodities are affected by large price fluctuations. We emphasize that the post-jump average return depends on the commodity sector considered (e.g. agriculture, energy, or metals). We also show evidence of a jump-to-volatility channel for commodities (similar to the effect usually found for equities). Finally, we diagnose around 40 dates during which commodity indices, stocks, bonds and currencies `co-jump’, revealing a tail dependence between standard and alternative assets.     

Public Subsidy and Private Divestment: The Lancashire Cotton Textile Industry,c.1950–c.1965

The investment and divestment policies of Lancashire cotton companies are examined by reference to historical financial and other archival data. Capital/product market and political/institutional constraints on entrepreneurial behaviour are evaluated. Lancashire entrepreneurs were faced with a legacy of over-capacity and a market situation that individual decisions could do little to later. Political constraints, especially in the form of taxation and regulation of overseas trade, had important influences on investment behaviour. Divisions within the Lancashire lobby weakened its political influence prior to 1959. Dividend policy and the constraint on corporate cash flow imposed by the capital markets also helped to limit the effectiveness of restructuring investments. Partial solutions from the British government could not prevent the total demise of what remained of an important regional industry.     

日本公司资本制度变迁

公司资本制度是公司法中的重要问题。日本的公司资本制度通过一系列的商法的修改和2005年的公司法的制定,不断地放宽不必要的限制。公司资本形成制度从法定资本制改为授权资本制;从最低资本额为1000万日元（有限公司为300万日元）到废止最低资本金制度,“1日元创业”成为现实;对现物出资限制的放宽;公司取得和保留自有股份从“原则上禁止,例外允许”发展成为任何时候可以自由地多次取得本公司股份。