我国企业变革方向的探讨

随着知识经济新时代的到来和我国加入国际贸易组织(WTO),我国企业面临着前所未有的挑战。本文针对这一新的形势,从企业的全球化、网络化、专业化、素质化四个方面探讨了企业变革的方向。     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

网络文化给高校思想政治教育带来的挑战

阐述网络文化给高校思想政治工作带来的挑战和影响,分析产生这种挑战和影响的原因,籍此给高校思想政治教育工作以警示和借鉴。     

对新疆财政工作的现实思考

在市场经济条件下,财政具有优化资源配置、调节收入分配和协调经济发展等重要功能。因此,做好财政工作对经济快速发展和社会全面进步具有重要的推动作用。本文主要对新疆财政收支的基本状况、财政工作中存在的问题及新疆财政工作的特殊性进行了分析,在此基础上提出了今后新疆财政工作的基本思路。     

2005年国际金融市场回顾与2006年展望

2005年的国际金融市场走势跌宕起伏,股票市场表现不一,债券市场基本上是区间波动走势,外汇市场美元一枝独秀,石油价格冲高回落而黄金的表现也引人注目。决定市场走势的因素是美国经济表现稳健,欧、日经济相形见绌,同时美国利率持续上升。2006年受房地产市场降温的影响,美国经济可能温和放缓,利率很快见顶,将对金融市场产生重大影响,总体而言风险加大。     

Financial Globalization,Social Exclusion and Financial Crisis

This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide reconsideration of financial firms’ strategies that has accompanied financial globalization. It is shown that the neoliberal and asymmetric‐information approaches to credit markets and financial crises in developing economies overlook these dimensions of financial globalization because of their tendency to focus on representative credit markets. Banks’ strategic shift has led to the global homogenization and stratification of financial practices—and this in turn has been a key driver of processes of financial exclusion. Financial exclusion then involves bifurcation within financial markets, so that different markets serve different portions of the household and business population. This analysis suggests a reconstruction of Minsky’s microfoundational model of the origins of financial fragility and crisis, which shifts from Minsky’s emphasis on a representative borrower–lender relationship to a situation of borrower–lender relationships in bifurcated markets.     

上市公司利润泡沫的剖析

利润是企业经营成果的集中体现,也是衡量企业经营管理业绩的主要指标之一。随着财务报告信息在市场经济中地位的不断提升,部分上市公司为了寻求对自己有利的财务成果,不惜一切手法操纵利润,甚至采用欺诈手段不合法地调整企业的利润,形成了泡沫利润,损害了投资者的利益,影响了我国证券市场的正常发展。本文针对目前上市公司财务报表的利润浮夸现象,就企业泡沫利润的形成原因、手段进行分析,并对如何识别泡沫利润的手段提出了初浅的看法,最后提出了相应的防范措施。     

Unlocking the potential of advanced manufacturing technologies

This research examines whether investments in advanced manufacturing technologies (AMTs) such as flexible manufacturing systems (FMS), computer aided design (CAD), computer aided manufacturing (CAM), robotics, etc., are more likely to lead to improved performance if they are supported by improvements in the manufacturing infrastructure of the company. This question is evaluated using data gathered from 202 manufacturing plants chosen from industries generally considered to have relatively high investments in technology.Multiple item scales are developed and adapted from sources in the literature to measure investments in technology, infrastructure, and the performance of the plant. Evidence supporting the reliability and validity of these scales is provided. Hierarchical regression is used to analyze the relationship between technology, infrastructure, and performance. The results suggest that there is an important interaction between the adoption of advanced manufacturing technologies and investments in infrastructure. Firms that invest in both AMTs and infrastructure perform better than firms which only invest in one or the other. Separate analyses on sub-samples of firms with the highest and lowest investments in AMTs show that infrastructural investments have a stronger relationship with performance in the high investment group. Thus, the data indicate that infrastructural investments provide a key to unlocking the potential of advanced manufacturing technologies.     

基于自组织创新网络的集群式供应链体系研究

基于自组织创新网络理论来分析集群式供应链系统的成因及其架构,介绍了“武汉.中国光谷”的集群式供应链系统,并结合该案例总结集群式供应链进行自组织创新的五个过程。     

基于无线技术的仓储拣选作业流程再造方案分析

对传统的仓储拣选作业流程进行了研究分析,提出了基于无线技术的仓储拣选作业流程再造方案,并对两者进行了对比分析,阐述了再造后的拣选作业流程采用无线技术及其相关技术后的诸多优点及发展前景.