新形势下完善房地产企业财务管理的研究

对于房地产企业来讲,资金运作对企业的生命周期以及工作都会产生至关重要的影响,而在资金运作过程中,财务管理工作是重中之重。因此,在现代化发展背景之下,房地产企业如何就融资渠道以及资金使用效率进行提升,并对施工过程中的预算成本进行控制,是财务管理工作需要重点解决的问题,这样才能够从根本上改善房地产企业的资金运作效率,提升房地产企业的可持续发展水平。因此,论文对新形势发展背景下房地产企业的财务管理工作优化措施进行论述。     

乡镇(街道)固定资产管理的主要问题和方法

乡镇固定资产管理是乡镇财务管理的一项重要内容,对维持乡镇基础性设施建设持续健康发展都有着重要意义。但是在对乡镇的各类审计中发现,我国乡镇的固定资产管理还存在大量问题,应引起相关部门的重视。论文针对乡镇固定资产管理中存在的问题,分析形成问题的原因,并提出应对措施与建议。     

Does the social security fund help non-financial enterprises to transform from the virtual to the real?

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.     

房地产还原利率的构成与测算

从分析投资的风险补偿入手，提出了房地产还原利率的构成和测算公式，同时指出了构成房地产还原利率的银行利率应是复利计算方式下，相应年期的利率，然后探讨了房地产还原利率各构成部分的测算过程，并以中国房地产市场个人住房抵押贷款市场为例，给出了不同收益年限的房地产还原利率参考数据。     

Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence

We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to yea-saying behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks.     

On wage- and profit-led demand regimes: learning from the evidence

Abstract

This paper contributes to the empirical research around the “wage-led” or “profit-led” demand regimes. It first reviews how Kalecki, and then Steindl, approached the relationship between economic growth and income distribution. Then, empirical analysis carried out under the probabilistic approach to econometric modeling shows statistical evidence, estimated through cointegration analysis, that in the long run, in three very open economies—Mexico, France, and Korea—the wage share is positively associated with demand and output. It finally discusses the macroeconomic dilemma that almost all countries have to face, i.e., a positive effect of a high-wage policy on demand and employment may diverge from a negative effect on output compatible with external equilibrium.     

基于顾客需求的物流地产价值创新

借助对物流地产与商业地产、工业地产的比较分析,探讨了物流地产的内涵,对普洛斯的物流地产运作模式进行了案例分析,并对其物流地产的价值创新战略进行了阐释。     

汇率和需求不确定下跨国投资决策的实物期权分析

在对实物期权理论和跨国投资相关文献研究基础上,分析企业在汇率和需求不确定条件下跨国投资的风险和期权特征,构建了基于实物期权思想的跨国投资决策模型。通过数值求解,分析了跨国投资情况下,企业拥有的实物期权价值。     

论房地产开发风险

明确了房地产开发风险的涵义及其特征，阐述了房地产开发面临的主要风险；并剖析了导致房地产开发风险的诸多因素，提出了处置房地产开发风险的具体措施。     

A substitution orbit model of competitive innovations

Successful innovation and diffusion of technology can be attributed to the identification of the orbit of emerging new technologies that complement or substitute for existing technologies. This dynamism resembles the co-evolution process in an ecosystem. In an ecosystem, in order to maintain sustainable development, the complex interplay between competition and cooperation, typically observed in predator-prey systems, create a sophisticated balance. Given that an ecosystem can be used as a masterpiece system, this sophisticated balance can provide suggestive ideas for identifying an optimal orbit of competitive innovations with complement or substitution dynamism.Prompted by such a sophisticated balance in an ecosystem, this paper analyzes the optimal orbit of competitive innovations and, on the basis of an application of Lotka-Volterra equations, it reviews substitution orbits of Japan's monochrome to color TV system, fixed telephones to cellular telephones, cellular telephones to mobile Internet access service, and analog to digital TV broadcasting. On the basis of substitution orbits analyses, it attempts to extract suggestions supportive to identifying an optimal policy option in a complex orbit leading to expected orbit.Key findings include policy options that are effective in controlling parameters for Lotka-Volterra equations leading to expected orbit.