物资管理探析

物资管理对市场的发展、企业的正常运作与发展有重要的作用,本文在全流程的成本管理基础上,探讨采购物资从验收入库、库存中的管理上全面降低企业成本。     

The linkage between the US and Korean stock markets: the case of NASDAQ, KOSDAQ, and the semiconductor stocks

This paper examines the interrelationship between stock prices in the US and Korea by applying the vector autoregression (VAR) model to the daily stock prices at three different level of aggregation – the national aggregate index level, the high-tech industry level and the semiconductor firm level – for the period of July 1996 through February 2001. The major findings of this study are as follows. First, the US stock market plays a leading role over the Korean market at every level of aggregation. The reverse direction of influence, from Korea to the US, was found to be minimal. Second, the evidence also suggests that the speed of transmission of innovation from the US to Korea is swift and finished for the most part within a 24-h period, although it takes three or four days to complete the whole process. Third, the influence of the US stock prices on Korean stock prices, which is measured by the innovation transmission using the impulse–response function (IRF) analysis, seems to be somewhat stronger in the composite national stock price indices and the tech-laden indices than high-tech firms. Fourth, at the firm level, the influence of Micron Technology on the leading semiconductor manufacturers in Korea is shown to be strong and persistent by passing about 34 percent of its innovations to the Korean firms within the three-day period. The impact of IBM and Intel on the Korean chip makers seems to be relatively smaller. Finally, stock prices in Korea, national stock price indices and individual high-tech stocks alike, have become much more responsive to innovations in the US stock prices after the 1997 financial crisis. The implications of the main findings in this paper are also discussed.     

Does agricultural trade liberalization increase risks of supply-side uncertainty?: Effects of productivity shocks and export restrictions on welfare and food supply in Japan

Agriculture is the focus of much contention in free trade negotiations. The Japanese government is against liberalizing the rice trade on the grounds that it would threaten “national food security” in the events of such shocks as crop failure and embargoes. Trade liberalization is expected to make the Japanese economy more dependent upon food imports and, thus, more susceptible to these risks. Using a computable general equilibrium model with a Monte Carlo simulation, we quantify the welfare impacts of productivity shocks and export quotas by major rice exporters to Japan and found little evidence of Japan suffering from such shocks.     

我国企业换股合并中权益集合法的运用

随着国内新一轮的行业大重组的展开,换股式合并将可能成为企业并购的主流模式。因此,以换股合并 为前提的会计处理方法——权益集合法也将提到议事日程。我国换股合并中采用权益集合法不仅有其可行性而且 有其必要性。运用该法应结合我国的实际,合理运用,防范财务泡沫。     

Methods for Environmental and Economic Accounting for the Exploitation of Wild Fish Stocks and their Applications to the Case of Icelandic Fisheries

The paper discusses methods for estimating the value of commercially exploited fish stocks and the cost of exploiting them. Methods which are recommended in the System of National Accounting (SNA) satellite system and the System for Integrated Environmental and Economic Accounting (SEEA) and relevant for this task are discussed. The paper questions the relevance of some of these methods. It argues for the integration of economic accounting for wild fish stocks with estimation of efficient management of them. Using biological and economic data makes it possible to produce consistent estimates of the value of fish stocks and the cost of exploiting them. These estimates are useful for national accounting and for guiding management of fisheries. This method allows estimation of the cost of inefficiency of fisheries management besides estimation of the cost of depletion. The different methods are illustrated using data on commercial fisheries in Iceland and the fish stocks that they exploit. It is shown that even if all methods are based on market valuation and use only objective data they lead to very different outcomes.     

浅谈中国概念股的信任危机

近年来,美国做空机构做空中国概念股的现象频频出现。文中基于浑水公司和香橼公司能够不断做空中国概念股的案例,对做空公司的发展,中国概念股的现状以及做空原因等进行分析,并辩证地看待做空机构的存在对资本市场发展的意义,同时对中国概念股如何应对做空机构,在危机中生存提出建议。     

论企业高管股权激励有效性

企业高管股票期权激励制度已成为人们关注的焦点。依据股权激励的内在机理,结合我国股票期权激励的制度基础,在重新审视相关制约因素的基础上,从提升股票期权激励的有效性角度,提出了完善绩效评价体系、切实解决"内部人控制"与审慎处理期权费用化、尽快调整股权激励的税收政策等相关措施与政策建议。     

Do demand curves for stocks slope down?: Evidence from aggregate data

We examine whether the aggregate demand curve for stocks is downward sloping. As a proxy for aggregate demand, we use net outflows (dividends plus repurchases less net issues) from the stock market scaled by the previous year's market capitalization. To disentangle the information and price pressure effects from the demand curve effects, we use an information-free demographic variable as an instrument and look at the relation between annual changes in aggregate demand and excess market return. We find that information-free changes in the annual aggregate demand for stocks do not lead to changes in the annual excess market return. This finding supports long-term horizontal demand curves for stocks.     

Impact of the global financial crisis on Islamic and conventional stocks and bonds

This study explores the impact of the global financial crisis (GFC) on Islamic and conventional stock and bond indices in 11 Islamic and eight non‐Islamic countries. We find that there are benefits of Islamic stocks during the GFC, particularly during the early stage of the crisis because Islamic institutions are prohibited from holding sub‐prime mortgage securities and derivatives. The strongest benefits of Islamic stocks are in the UK and USA. We conclude that there are benefits of risk reduction and stability for Islamic stocks during a financial crisis, although not necessarily during a global recession.     

Revisiting the role of migrant social networks as determinants of international migration flows

This note revisits the role of migrant social networks (MSNs) as determinants of bilateral migration flows. We do so using two alternative databases, covering about 190 world countries for the period 1960–2000. In line with previous estimates, we consistently find a significant, positive, impact of MSNs at destination. We also find that such an impact decreases very slowly as the year when MSNs are observed is farther back in the past. We also find that geographical distance is becoming less and less important over time but significantly explains the absence of a migration corridor only when MSNs at destination have very small sizes.