上市公司年报审阅与分析

年报是上市公司对过去一个会计年度所有财务数据和信息的汇总,它所包含的信息量是巨大的,能够直观地反映上市公司的经营状况和运行情况。投资者、债权人、政府、税务机关、社会公众等在做经济决策时都要阅读和分析上市公司的年报。当然,单纯从年报的简单数字和文字上难以得出实质的结果,而要利用一定的阅读技巧和分析方法,同时结合实际情况,正确认识年报本身的局限性和非正常影响因素。本文就此进行总结分析。     

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.     

Equity Ownership and Firm Value: Evidence from Targeted Stock Repurchases

In contrast to the negative average abnormal return associated with the announcement of a control‐related targeted repurchase (greenmail transaction), we find that the announcement of a noncontrol‐related targeted repurchase is associated with a positive and significant average abnormal return. Cross‐sectional analysis indicates that the change in firm value at the announcement of a noncontrol‐related targeted repurchase is negatively related to the resulting changes in both insider ownership and outside blockholdings. We also find significant differences in announcement‐period stock price effects depending on the identity of the selling shareholder.     

关于经理人股票期权会计确认与计量

近年来,我国引进西方国家流行的经理人股票期权,这是我国企业激励机制改革的有益尝试,也给会计处理带来了新问题,特别是经理人股票期权的会计确认和计量问题。     

用材料再生循环指标重新评估金属资源寿命

1972年出版的Romacrab的“增长的极限”报告预测地球矿产资源的需求量不久将超过供给能力，进而导致现代文明的终结。几十年过去了，其预测的情况并未出现。究其原因，材料的再生循环功不可没。因而在评价资源寿命时必须考虑再生循环的影响。本文提出了材料再生循环指标的概念，并利用材料再生循环指标对金属资源寿命重新进行评估。     

统一股价指数的必要性及绩效分析

股票指数是投资者分析股市动态,拟定投资策略的重要参考依据,同时也是研究和分析一国政治、经济等情况的重要指标。在我国同时存在沪深两个证券交易所,人为地造成了股票市场的分割,难以形成统一的股票价格指数体系,应尽快编制出全国统一的股价指数,促进我国证券市场的健康发展。     

经理人股票期权会计计量问题探讨

在经理人股票期权的会计处理中 ,计量是关键环节 ,它主要解决经理人股票期权在何时、以什么单位及以多少数量入账的问题 ,也就是计量属性、计量标准和计量方法问题。     

A Microeconomic Approach to Diffusion Models For Stock Prices

This paper studies a class of diffusion models for stock prices derived by a microeconomic approach. We consider discrete-time processes resulting from a market equilibrium and then apply an invariance principle to obtain a continuous-time model. the resulting process is an Ornstein-Uhlenbeck process in a random environment, and we analyze its qualitative behavior. In particular, we provide simple criteria for the stability or instability of the corresponding stock price model, and we give explicit formulae for the invariant distributions in the recurrent case.     

消费税结构的优化

本文从绿色贸易壁垒的理论基础及其表现形式出发 ,分析了绿色贸易壁垒对我国外贸的影响 ,最后从绿色技术指标体系、绿色法律制度、加强国际磋商与合作三个方面提出了相关法律对策。     

加快开发南方草地资源,促进生态经济建设

我国南方草地资源丰富,发展草业潜力极大。本文就南方草地的现状、类型及发展草业的途径进行了探讨。