在滨海新区创新外资企业外债结汇管理方式的探讨

外资企业外债结汇管理是我国资本项目外汇管理的重要内容。是控制外资企业外债流入规模、流人速度和外债投向的重要手段;而创新实施外资企业外债结汇管理方式。则有简化外商投资企业的办事手续、降低经营成本等好处．该文首先探讨了在滨海新区创新外商投资项下外债结汇管理方式的可行性,进而对这一创新及其后续的监管工作做了具体的设想。     

Short selling,margin buying and stock return in China market

It is well argued that short sellers are informed traders, and short interests predict future stock returns significantly. However, most researches neglect margin buyers, as twin sisters of short sellers, and keep silent about their impact on stock returns. In this article, we demonstrate that margin buyers significantly impact predictive power of conventional short measures. We document that conventional short measures neglecting margin‐buying activities, short interest ratio (SIR) and days to cover (DTC) fail to predict stock return unless our analysis is confined to lightly margin bought stocks. We also show that short‐margin trading ratio (SMTR), revised short measure with consideration of margin buying, predict stock return more sharply. What is more, we can form profitable portfolios by the new short measure.     

对增值税视同销售行为的税务与会计处理探析

文章结合交易事项观和收益观,在界定交易与事项两种不同的经济业务类型和明确收入实质的基础上,把增值税视同销售行为划分为交易类和事项类两类行为,并根据各自的主要特征提出了不同行为下具有规律性的税务与会计处理原则与方法。     

香港商业拆迁法律制度及启示

我国内地目前尚未制定有关商业拆迁的法律,以致与之相关的拆迁纠纷尚没有一个妥适的解决依据。相比之下,香港特区已形成较完善的商业拆迁法律制度,尤其是通过有条件地运用强制售卖制度,较好地平衡了私人发展商和少数业主之间的利益,促进了土地的重新发展,对我国内地商业拆迁法律制度的构建具有借鉴意义。     

Intellectual capital and new product sale performance of the financial services industry in Taiwan

This research considers the financial services industry in Taiwan and investigates the effect of intellectual capital – namely human capital, organization capital and information capital – on new product sale performance based on cross-functional integration and co-production. The results indicate that intellectual capital, cross-functional integration and co-production have a positive effect on new product sale performance. Also, the results confirm the positive mediate effect of cross-functional integration and co-production on intellectual capital and new product sale performance.     

Changing purchasing habits through non-monetary point of sale strategies: The case of Australian oysters

In Australia, oysters are perceived as luxury products or are reserved for special occasions, making their consumption infrequent. Point of sale (POS) strategies can encourage consumers to increase purchase frequency. This paper reports the results of a field trial conducted for the Australian oyster industry to increase oyster purchase frequency. Five non-monetary POS strategies were trialled over 16 weeks in seven specialty seafood stores. While issues with store POS strategy compliance made evaluation difficult, sales increased by 15–20%; the most effective strategy was in-store sampling. Management and staff commitment to the POS campaign positively impacted results.     

Asset sale,debt restructuring,and liquidation

This paper considers a dynamic model in which shareholders of a firm in distress have a choice of whether the firm proceeds to debt restructuring or direct liquidation at an arbitrary time. In the model, we show the following results. Fewer asset sales, lower financing, debt renegotiation, and running costs, a lower premium to the debt holders, a lower cash flow volatility, and a higher initial coupon increase the shareholders׳ incentive to choose debt restructuring to avoid full liquidation. In the debt renegotiation process, the shareholders arrange the coupon reduction and use equity financing to retire a part of the debt value to the debt holders. The timing of debt restructuring always coincides with that of liquidation without debt renegotiation. Most notably, the shareholders do not prefer asset sale in debt restructuring even if they face high financing costs. The possibility of debt renegotiation in the future increases the initial leverage ratio in the optimal capital structure.     

影响国债销售因素及其负面效应探析——以江西抚州市为例

金融理财产品的大量推出以及国债销售主体的商业银行利益取向的变化,直接影响国债在金融投资市场的占有份额,国债投资追逐者逐渐减少,国债销售情况逐渐由热趋冷。为扩大国债发行的市场规模和占有率,本文拟从金融理财产品不断丰富以及国债销售利益分配机制不匹配等具体情况的对比入手,分析国债销售受到冷落的原因,针对性地提出意见或建议。     

浅析商标权使用费是否计入进口货物完税价格之判定

摘要：商标权使用费是否计入进口货物完税价格的判定是海关估价的难点之一。文章从商标本身的特点及进口货物商标使用费计入完税价格的条件入手,结合WCO估价技术委员会发布的进口货物商标权使用费典型案例咨询性意见以及评论25．1进行分析阐述,着重探讨了判定商标权使用费的支付构成进口销售前提条件的关键以及商标权使用费计入进口货物完税价格的实质,并在此基础上提出海关在估价实践中审查商标权使用费的相关建议。