调配产权收益完善资产负债结构

国资监督机构在深化国资国企过程中应集中调配产权权益,完善资产负债结构,优化资源配置,通过资本运营和良好的市场环境,充分发挥中央和地方政府的职能,在互为尊重的前提下,杜绝侵权行为的发生。     

How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees.     

Research notes and communications first-mover effects in multiple dynamic markets

A study of first-mover effects in semi-submersible oil-drilling suggests that first-entrants in international markets maintain higher market share after controlling for market localization and life cycle. Examining only surviving entrants at a point in time inflates this pioneering-market share relationship. Pioneering has an inter-market effect on market share, greater than the intra-market effect. Multinational firms may use market pioneering to resist localization pressures and enhance survival in foreign markets. The study suggests the importance of careful first-mover identification and market definition, a wider examination of first-mover effects over multiple markets, and control for measurement timing.     

Are We Better Off if Our Politicians Have More Information?

The model of public policy studied in this paper has heterogeneous citizens/voters and two public goods: one (roads) chosen directly by an elected policy‐maker, and the other (pollution) stochastically dependent on the amount of roads. Both a one‐country and a two‐country version of the model are analyzed; the latter displays externalities across the countries which create incentives for free riding and strategic delegation. The welfare effects of providing the policy‐maker with information about the relationship between roads and pollution are investigated, and it is shown that more information hurts some—sometimes even all—citizens. In particular, the opportunity not to create an institution for information gathering can serve as a commitment device for a country, although with the unfortunate effect of making the overall outcome even worse. Implications for the welfare effects of “informational lobbying” are also discussed.     

电子商务条件下我国物流模式的选择——综合物流代理模式

本文针对电子商务条件下现代物流的新特点和我国物流现状,提出在新的条件下选择适合我国国情的物流模式,即综合物流代理模式。它是由一家在物流管理经验、人才和技术上均有一定优势的企业通过建立一个综合物流代理的管理体系,对电子商务交易中供求双方的所有物流活动进行全权代理的业务活动模式。     

The over-optimism among experts in assessment and foresight

It is still disputed whether foresight exercises should be based on top-expert assessments or on a broader base of less specialised experts, and whether the self-rating of experts is an acceptable method. Using the German 1993 and the Austrian 1998 Technology Delphis, this study addresses both questions. Self-rating is, in fact, an appropriate method for selecting experts. But the assessment of self-rated top experts tend to suffer from an optimism bias due to the experts' involvement and their underestimation of realisation and diffusion problems. The degree of optimism is positively correlated with the degree of self-rated knowledge, and it is more pronounced for the least pioneering and for organizational innovations. Experts with top self-ratings working in business have a stronger optimism bias than those working in the academia or in the administration: Consistent with the insider hypothesis, they are most optimistic with regard to realisation, innovativeness, and potential leadership in economic exploitation. Given the optimism bias, foresight exercises should base their panels on a fair mixture of experts of different grades, with different types of knowledge and affiliation, and not only on top specialists of the respective field. Delphi-type exercises, therefore, offer an advantage relative to forum groups or small panels of specialists.     

Differential reporting in Germany - A historical analysis

Based on a contingent perspective of accounting change, this paper reviews the historical development of differential reporting in Germany, by drawing on primary and secondary sources. The main objective of the paper is to shed light on the driving forces and main influential parameters that have shaped the existing differential reporting framework. This historical approach supplies interesting insights for the current discussion on differential reporting in Germany produced by the EU Regulation on the application of International Accounting Standards.     

对完善我国企业环境会计报告的探讨

针对目前我国企业环境会计报告的现状以及存在的缺陷,本文认为我国企业环境会计报告应由报告使用者与目标、报告主体、报告内容、报告模式、报告呈报及报告审计六方面的内容构成,同时提出了完善我国企业环境会计报告的对策。     

Comparing the True Cost of Living Indices of Demographically Different Households

The comparison of true cost of living indices between demographically different households (relative equivalence scale) is argued to be sensitive to the way demographic characteristics enter demand analysis. In particular, parameters reflecting the cost of demographic characteristics at base prices, though themselves do not have welfare (equivalence scale) interpretation, can alter the benchmark from which demographically varying inflation effects are measured. The empirical analysis, based on a rank‐3 demand system applied to UK individual household data, shows that the inflation adjustment of child benefits can vary with the way demographic costs at base period prices are specified.     

自动化驼峰作业预想控制法

襄樊北站驼峰自动化控制系统于2001年11月28日正式投入运用,根据该系统在运用中出现的问题及产生原因,通过采用自动化驼峰作业预想控制法,将人的作业经验与自动化精确控制相结合,取得了扬长避短充分发挥自动控制作用、提高编组站驼峰作业能力的效果。