煤炭企业经营预控体系初探

基于煤炭工业生产现状,文章探讨了构建经营预控体系的有效策略,并且通过对该体系实施效果的分析,验证其可行性。     

财务分析学基本理论体系的构建与探索

财务分析学理论体系分为两个层次：基本理论体系和应用理论体系。本文针对目前的经济环境，从目标、概念、内容、假设、技术、原则等方面，探讨如何构建财务分析学的基本理论体系。     

Target's organisational form and returns to Australian bidders in cross‐border acquisitions

We present large sample evidence on return performances of Australian acquirers who bid for public and private targets in cross‐border acquisitions. While placing a particular emphasis on the method of payment and the shareholder protection offered by the target country, we analyse the impact of various bid, firm and foreign‐acquisition‐specific characteristics on bidding firms' abnormal returns. We find that Australian investors perceive cross‐border acquisitions as value‐creating exercises regardless of the organisational form of the target acquired. However, bidders for private targets earn higher return when the method of payment is stock and the targets are located in high investor protection countries. We further find that the abnormal returns are conditional to the relative size of the target, bid frequency, target country destination and the preacquisition financial performance of bidding firms.     

Alternative Monetary Targets,Instruments and Future Monetary Policy Frameworks

ABSTRACT

This article expands on the debate of whether merely controlling inflation can be considered a good outcome in terms of monetary policy, discussing proposals for adopting alternative monetary targets (e.g., price level, nominal GDP), alternative instruments (e.g., monetary finance, central bank digital currencies), for enlarging central banks' mandates (e.g., incorporating employment, wages, inequality, environmental objectives) and for the design of future monetary policy frameworks.

We argue that in the coming years, central banks should not simply maintain their pre-2008 standards by de-implementing unconventional monetary policies. Instead, they must take advantage of their past and recent experiences in order to improve, under an evolutionary perspective, future monetary policy and financial stability frameworks. Based on this, measures implemented since the 2008 crisis would have three possible treatments in new frameworks: i) be discarded, due to their predominantly adverse effects; ii) not be regularly implemented, but be used as backstop mechanisms if needed; iii) be incorporated as regular measures of monetary policy/financial stability frameworks. Accordingly, monetary and financial stability authorities will increasingly need to evolve and engage in a continuously adaptive and innovative process in order to face challenges posed by financial markets that are becoming more dynamic, innovative, complex, interconnected and globalised.     

基于双碳目标的黄河流域资源型城市国土空间利用效率时空特征及影响因素

研究目的：构建双碳目标下资源型城市国土空间利用效率评价体系,并以黄河流域为例分析资源型城市国土空间利用效率时空特征及影响因素。研究方法：超效率SBM模型,非参数核密度估计,Tobit模型。研究结果：（1）研究区国土空间利用综合效率表现出平缓增长趋势,不同空间类型表现为城镇空间＞农业空间＞生态空间,不同区域表现为下游地区＞中游地区＞上游地区,不同城市类型表现为成长型城市＞衰退型城市＞再生型城市＞成熟型城市。（2）综合效率等级较高的城市多集中于中游和下游地区,中游地区城镇空间和生态空间利用效率较高,下游地区农业空间利用效率相对较高。（3）自然地理因素和经济社会因素共同影响资源型城市国土空间利用效率。研究结论：应科学统筹矿产资源开发与绿色低碳发展之间的关系,严格落实国土空间用途管制制度,因地制宜开展资源型城市国土空间治理,并充分考虑资源型城市发展阶段,系统谋划转型发展道路。     

Alternative indicators for predicting the probability of declining inflation: evidence from the US

The performance of inflation indicators for predicting the probabilityof inflation falling inside constant and moving targets is consideredwith a probit model using US data. Given the Federal ReserveSystem's emphasis on achieving price stability, particular attentionis given to the target that future inflation will be below recentinflation. In contrast with earlier years, the unemploymentand capacity utilisation rates do not perform well in forecastingthe direction of inflation in the mid and late 1990s. We suggestthat extending the Keynesian Phillips curve analysis to considerchanges in labour market conditions, technological advance andworker skills, and openness will increase understanding of theseissues.     

Stabilisation, Policy Targets and Unemployment in Imperfectly Competitive Economies

This paper argues that the rate of equilibrium unemployment depends on the objectives of the Central Bank. In a model where the Central Bank uses monetary policy to stabilise the economy, we show that unemployment and inflation will be lower with an inflation target than with targets for output, money or nominal GDP. The intuition for this is that the elasticities of demand in both the product and the labour markets are greater when there is an inflation target; we show that this leads to a lower mark-up of price over marginal cost and makes wages more sensitive to unemployment.     

Voluntary Reserve Targets

We study monetary policy implementation through an operating regime involving voluntary reserve targets (VRTs). Operating regimes based on reserve requirements may lead to a collapse in interbank trade, as they have since the financial crisis. We show that, no matter the abundance of reserves, VRTs encourage market activity and support the central bank's control over interest rates. We consider (i) the impact of anticipated and unanticipated liquidity injections by the central bank on market outcomes and (ii) a comparison with the implementation framework currently adopted by the Federal Reserve. Overall, a VRT framework may provide several advantages over other frameworks.