利用钢结构建筑残值证券化实现钢铁资源储备

在地球资源枯竭之前,为了国家在未来的国际资源争夺战中占领制高点,应未雨绸缪对资源实现大规模的战略储备。当前,利用我国建筑业高速发展机遇期,大规模推广钢结构建筑以求较大规模钢铁集中消耗形成＂藏钢于屋＂即可实现钢铁资源的战略储备,这样一种储备不会影响钢铁资源在建筑中使用价值的发挥,从而规避了＂冬眠＂式储备。钢结构建筑成本高是制约其发展的瓶颈,根据钢结构建筑中钢材易集中回收以及残值较高的特点,文章提出了钢结构建筑残值证券化的新概念。采用钢结构建筑残值证券化手段,可以让证券持有人在分享因资源枯竭或通货膨胀带来的丰厚收益的同时分担高昂的建造成本,从而能够使国家以超低成本或零成本实现大规模钢铁资源战略储备。     

Controlled information destruction: the final frontier in preserving information security for every organisation

Information security represents the cornerstone of every data processing system that resides in an organisation’s trusted network, implementing all necessary protocols, mechanisms and policies to be one step ahead of possible threats. Starting from the need to strengthen the set of security services, in this article we introduce a new and innovative process named controlled information destruction (CID) that is meant to secure sensitive data that are no longer needed for the organisation’s future purposes but would be very damaging if revealed. The disposal of this type of data has to be controlled carefully in order to delete not only the information itself but also all its splinters spread throughout the network, thus denying any possibility of recovering the information after its alleged destruction. This process leads to a modified model of information assurance and also reconfigures the architecture of any information security management system. The scheme we envisioned relies on a reshaped information lifecycle, which reveals the impact of the CID procedure directly upon the information states.     

Post‐Cameralist Governance: Towards a Robust Political Economy of Bureaucracy

I develop a robust political economy of bureaucracy by highlighting the conditions necessary for hierarchical administrative bodies to govern protectively and productively, but not predatorily. These conditions are residual claimancy and jurisdictional competition. I make this argument by exploring a post‐cameralist interpretation of governance. Cameralism arose as a governance philosophy in the fractured principalities of seventeenth‐century Germany following the Thirty Years' War. Post‐cameralism focuses not on particular cameralist governance strategies but on a paradigm which sees governance as an activity provided within a larger exchange order, rather than imposing itself on that order as in more conventional treatments of public economics. While a post‐cameralist conception of governance comes with its own challenges, such as tensions with normative visions that promote self‐governance, it nonetheless presents an intriguing synthesis of monocentric and polycentric insights.     

用基尼系数衡量我国收入公平的局限性探讨

文章认为,基尼系数在衡量我国收入公平问题存在的局限集中表现在基尼系数自身存在、衡量收入公平和我国收入差距特殊性三个方面。基于此,要结合对居民主观性评判起影响作用的因素和科学的理性统计数据两方面对我国收入公平问题做出符合实际的科学判断。     

农药化工厂循环冷却水水质稳定试验

针对某农药化工厂循环冷却水水质特点和工艺条件 ,通过静态试验和旋转挂片试验确定了其水质稳定药剂配方 ,并进行了初步的技术经济分析。试验结果表明 ,采用 HEDP和 TS-6 0 9(浓度分别为 6 mg/ L 和 1 0 mg/ L)作水质稳定剂 ,系统阻垢率可达 90 % ,碳钢、紫铜和不锈钢 3种材质的年腐蚀率均可控制在有关标准要求之内。采用水质稳定技术后 ,该厂年节约水费达 1 90余万元。     

Implications of Components of Income Excluded from Pro Forma Earnings for Future Profitability and Equity Valuation

Abstract:  This study addresses three research questions relating to total exclusions, special items, and other exclusions. Are each of these pro forma exclusion components forecasting irrelevant? Are each of the exclusion components value irrelevant? Are the valuation multiples on the exclusion components justified by their ability to forecast future profitability as predicted by the Ohlson (1999) model? Findings are generally consistent with the market-inefficiency results presented in Doyle et al. (2003) . Total exclusions are valued negatively by the market despite the prediction that total exclusions will be valued positively. Valuation results also suggest that stocks with positive other exclusions are overpriced.     

Wall Street''s contribution to management accounting: the Stern Stewart EVAfinancial management system

EVA^®is a variant of residual income marketed byStern Stewart & Co., a New York consulting firm, with the purpose of promoting value–maximizing behaviour in corporate managers. This paper reviews the EVA system in the light of this purpose. First, it outlines the rationale for the use of residual income in ‘value-based management’, highlighting the potential shortcomings of residual income as a single-period performance indicator. Second, it considers the adjustments to GAAP-based accounting advocated by Stern Stewart in order to produce a more economically meaningful version of residual income (EVA) which might serve as an effective indicator of single-period performance. Third, it examines the Stern Stewart approach to the setting of EVA benchmarks. Finally, it reviews the logic behind the use of the ‘bonus bank’ to separate the award of EVA–based bonuses from the payment of such bonuses.     

浅谈企业绩效评价中的财务指标体系

随着我国经济体制改革的深入,以财务数据为主的企业绩效评价指标的弊端逐步暴露。针对企业财务指标评价体系的局限性,应从增加非财务分析指标、引进现金流量指标以及实现企业价值最大化的目标入手,完善财务指标体系。     

Estimating the Equity Risk Premium Using Accounting Fundamentals

This study uses recent developments in the theoretical modelling of the links between unrecorded accounting goodwill, accounting profitability and the cost of equity, together with Capital Asset Pricing Model (CAPM) betas, to estimate the ex-ante equity risk premium in the UK. The results suggest that, over our sample period from 1968 to 1995, the premium has been in the region of 5%. Our estimate lends support to the view that the ex-ante equity risk premium is substantially less than the historical average of the excess of equity returns over the risk-free rate, and is similar to the rates applied recently by UK competition regulators.     

Conservatism in residual income models: theory and supporting evidence

In this paper, we develop a framework for evaluating the impact of conservative accounting on the structure of residual income models of equity valuation. We explore specific examples of both unconditional and conditional conservatism and observe a common mathematical structure. We proceed to generalise our model and identify the joint dependency of conservatism and the persistence of abnormal earnings on the weights attached to book values, earnings and dividends. We are able to show theoretically the likely numerical impact of conservatism on price-earnings ratios and under-valuations produced by residual income models. We investigate empirically the interaction between conservatism and persistence and find they accord well with the theory developed. We briefly discuss the implications of testing the effect of conservatism on valuation and linear information dynamics.