新租赁准则对快递业上市公司财务指标的影响研究

随着全球经济的不断发展和进步,现如今租赁已经成为很多企业和公司进行融资的一种重要方法和手段,在市场经济中发挥着非常重要的作用.与此同时,租赁准则也在不断发生改变,能够更加真实地反映相应的市场经济活动.文章通过探讨和研究新租赁准则对快递业上市公司财务指标的影响,提出了相关的建议和对策,希望能够起到参考和借鉴的作用.     

均衡性原则之“权重公式”的反思与重构——一个法经济学的分析视角

为避免均衡性原则适用的模糊抽象,具体化成为学界共识,量化方法颇受关注。阿列克西设计的“权重公式Wij”的影响力较大,发挥着定序量化分析的功能,但公式的适用范围受限及构成要素的赋值不当,降低了其应用价值。解决问题的关键在于重构“权重公式”的适用框架,法经济学的分析方法能强化公式的适用能力,使量化过程更具客观性。在以利益为核心的成本收益分析框架下,“权利”作为公式的适用对象,经必要变量的逻辑改进,“权利”的保护强度作为公式的构成要素;经济学上的价值及“权利”的损害导向确立公式的量化基础,继而“权利”能实现货币等价或价值评估。尤其基于经济学的替代理论,“权利”之间构成了新的权衡模型：“权衡公式Bij。”在“权衡公式”的结果判定上,Bij≥1,手段不符合均衡性,不应改变“初始状态”下“权利”的比例关系;Bij＜1,手段符合均衡性,且尽力选择使Bij值更小之手段。“权衡公式”兼具体系化与精细化分析能力,保持了严密结构和强操作性,为更普遍的实践应用提供新思路。在“权衡公式”与成本收益分析的关系上,它是一种融合成本收益分析的均衡性判断。     

Mongolian nomadic culture and ecological culture: On the ecological reconstruction in the agro-pastoral mosaic zone in Northern China

After analyzing the grassland environmental characteristics and nomads vs. agrarian land use styles and their ecological and environmental influences in the arid and semiarid agro-pastoral mosaic zone in northern China, it was concluded that Mongolian nomadic culture is more close to the basic principles of the ecological culture in the modern sense. Mongolian nomadic culture has advantages over agrarian culture in ecology and environmental care, sustainable utilization of grasslands, and in sustainable human social economic development in the region. Generally speaking nomadic culture prevents desertification; whereas, agrarian culture facilitates desertification. Confliction between nomadic protection and agrarian destruction of grassland ecosystem is essentially focused on the problem of regional and even global ecological safety. Obviously, protection of ecological safety should be given priority because human social and economic existence, as well as development depend on and are decided by the vulnerable ecological safety in the arid and semiarid areas. Therefore expansion of cropping into the fragile ecosystem of arid lands was unfortunate. The long term sustainable management of these grassland ecosystems could benefit from reversal of policies that are exacerbating the problems of land degradation, and from the adoption of land use practices that have been successfully applied for centuries by Mongolian herders. Protection of grasslands and nomadic culture is far more important or even vital to the subsistence and sustainability of human and all other beings, compared to the protection of agrarian lifestyle and land cultivation. Protection of ecologic safety is protecting the premise and fundamental bases of economic and social development in the area. It is important to derive the rational elements of nomadic culture in construction of ecological culture, and in the ecological reconstruction in northern China. Based on analyzing and reasoning in line with the quintessence of nomadic culture summarized, some proposals on ecological reconstruction in the area are presented.     

Does Gibrat's Law hold among young,small firms?

According to Gibrat's Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the examined period. Aimed at extending this line of investigation, the present paper uses quantile regression techniques to test whether Gibrat's Law holds for new entrants in a given industry: that is for new small firms in the early stage of their life cycle. The main finding is that for some selected industries in Italian manufacturing Gibrat's Law fails to hold in the years immediately following start-up, when smaller firms have to rush in order to achieve a size large enough to enhance their likelihood of survival. Conversely, in subsequent years the patterns of growth of new smaller firms do not differ significantly from those of larger entrants, and the Law therefore cannot be rejected.JEL Classification: L11, L60Previous versions of this paper were presented at the 27th Annual EARIE Conference (Lausanne, 7-10 September 2000) and at seminars held between 2000 and 2003 at the Economics Department of Harvard University, the Catholic University of Milan, the University of Ferrara, the University of Bologna, the Bank of Italy, and Athens University of Economics & Business. We would like to thank Carlo Bianchi, Giuseppe Colangelo, Giovanni Dosi, Steven Klepper (Editor), Stephen Martin, Ariel Pakes, Aman Ullah and, in particular, Helen Louri and two anonymous referees for their valuable comments on earlier drafts. Financial support from MIUR (Year 2000; protocol #MM13038538_001; project leader: E. Santarelli) is gratefully acknowledged.Correspondence to: E. Santarelly     

从京东方负债扩张看我国的杠杆收购

20上世纪80年代风靡美国的杠杆收购方式以其巨大的溢价空间和较高的财务、经营风险引起理论学者的研究和实践人士的青睐。我国现阶段,实行杠杆收购有着非常深远的影响和广阔的空间,但仍存在许多制约因素,如法律不完善、资本市场弱式化、投资银行不发达、管理人员素质不高等。     

Free Entry under Uncertainty

When focusing on firm’s risk-aversion in industry equilibrium, the number of firms may be either larger or smaller when comparing market equilibrium with and without price uncertainty. In this paper, we introduce risk-averse firms under cost uncertainty in a model of spatial differentiation and show that the impact of uncertainty will increase the number of firms in an industry. With increased uncertainty, the risk premium of the marginal buyer increases by more than the risk premium of the average buyer, so that the price increases by more than the risk premium. When turning to the free entry game, we find that the market generates too many firms.     

Changing rewards in contests: Has the three-point rule brought more offense to soccer?

In the mid-nineties FIFA decided to increase from two to three the number of points assigned to the winning team of a soccer match played under traditional round-robin national leagues. Since a game of soccer can be regarded as a contest, FIFA's measure provides an interesting case-study for analysing how a change in the system of rewards (from a zero to a non-zero sum rule) may affect the contestants' equilibrium behaviour. In this paper we try to assess, both theoretically and empirically, whether FIFA's new point rule has changed soccer towards a more offensive game, in which teams adopt more risky strategies. In particular, we evaluate the “na?ve hypothesis” according to which the measure would induce every team to play always more offensively, and we explore the extent to which the change in teams' behaviour may be affected by quality differentials between teams. Our most important hypothesis is that when the asymmetry between opposing teams is large enough, an increase in the reward for victory induces the weaker team to play more defensively, rather than the opposite. By looking at a subset of matches held in the Portuguese first division league, which approximate the conditions of our model, we find support for this hypothesis. First version received: July 1999/Final version received: May 2001     

论强制性环境治理制度的实施效率

In the eco-environmental governance system,the compul-sive institutions are the most important as well as the mostcommonly utilized.A nation utilizes its administrative,lawand economic power to forbid,boost,bestir and help indi-viduals’behavior concerning environmental governance toensure the realization of eco-environment conservation.The fact,however,turns out to be disappointing about theimpulsive institution’s implementation.Actually,the unsatis-factory practices sometimes even lead to“…     

铜陵矿区生态经济建设

本文根据矿区生态经济系统协调发展和演化的原理,提出合理规划、建设铜陵生态市的建议,以实现铜陵经济、社会的可持续发展。     

FDI对中国国内投资影响的实证分析

在开放条件下,FDI会对东道国国内投资产生强有力的影响,这种影响体现在FDI对东道国国内投资产生挤出效应或者挤入效应。本文对1987—2001年FDI对中国国内投资的影响进行了检验,结果表明:在最近的15年间,FDI对国内投资总体上存在显著的挤入效应;对大多数省份的投资也存在挤入效应,但在东部沿海省份挤出效应和中性效应则占一定的主导地位;FDI对不同地区投资的影响程度也存在明显的差异,呈现出由东向西渐次减弱的状态。