企业价值评估贴现模型的比较分析

贴现模型是企业价值评估中应用较为普遍的模型,但在我国实践中使用贴现模型存在很多问题。本文利用自由现金流量贴现法、调整现值法、经济利润贴现法三种常用的方法,探讨贴现模型不同参数指标的原理、使用原则、使用条件及在我国实践中的适应性,希望讨论能够为企业价值评估实务提供指导和帮助。     

Growth-focused or profit-focused firms: Transitions toward profitable growth

Profitable growth is the most desirable state tourism and hospitality firm managers can hope to achieve. In reality, however, it is not easy for a tourism and hospitality firm to consistently grow and accumulate profits. In order to achieve profitable growth, some firms focus on sales growth while victimizing profits, while others concentrate on profits and hold off on growth. To better understand these strategies, this study investigated the growth state, profit state and transitions of restaurant firms. The findings of this study supported that profit-focused firms are more likely to achieve profitable growth than growth-focused firms. In addition, growth-focused firms with low liquidity had a higher likelihood of transitioning to a state of low growth and low profit in the short-term, and this liquidity effect was more serious for small firms in terms of long-term performance. Further, when profit-focused firms had few growth opportunities, large free cash flows increased the likelihood of transitioning to a state of low growth and low profit in the short-term. More detailed results are provided in this paper.     

利用会计报表识别上市公司利润操纵行为

企业会计报表是综合反映一定时期财务状况、经营成果以及财务状况变动的书面文件,真实、公允的会计报表可以促进社会资源的合理配置。但现实生活中,企业管理层为了达到获取非法利益的目的而蓄意粉饰会计报表,通过各种办法来进行利润操纵。本文试图通过会计报表,对上市公司常见的利润操纵进行识别分析,从而对企业提供的会计信息有一个更加清醒、正确的认识。     

The theoretical structure of producer willingness to pay estimates

This article analyzes the theoretical underpinnings of producer willingness to pay (WTP) for new inputs. In addition to conceptualizing the producer WTP function, we derive its comparative statics and show how these properties can be used to estimate quantities demanded or supplied and price elasticities. We also discuss implications of the comparative statics.     

Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk?

When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest, using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough profit levels.

Measurement of competitiveness in smallholder livestock systems and emerging policy advocacy: An application to Botswana

Farm level cross sectional data of 556 randomly selected livestock producers were used to investigate the competitiveness of smallholder beef farmers in Botswana. The results show the presence of inefficiency, with about 74% of the variation in actual profit from maximum profit (profit frontier) between farms mainly arising from differences in farmers’ practices rather than random variability. Further the mean profit efficiency level of 0.58 suggests that there is a substantial scope to improve beef profitability in Botswana. Significant profit efficiency drivers include, among others, education, distance to market, herd size, access to information and access to income from crop production. Considering the importance of livestock sector for wealth creation and poverty eradication in the rural areas where poverty is more pronounced, there is a need for appropriate development strategies and policies directed towards addressing these factors. In particular there is need to invest in market infrastructure in order to improve market access, hence profit efficiency of smallholder livestock farmers.     

协同机制下供应链剩余利润合理分配的影响因素研究

首先论述了供应链剩余利润以及该利润分配在协同供应链系统中的重要作用,分析了影响利润分配的系统外部和内部的各种因素,并利用层次分析法确定了供应链成员协作满意度和所担风险两个关键因素,指出了在有限条件下协同供应链剩余利润分配研究的重点。     

上市公司企业利润质量分析——来自国内某大型空调制造企业的实践

本文以利润表为主要分析对象,以定量分析为主要分析方法,对我国空调市场某领导企业(文中简称G公司)进行了利润质量分析与评价,以期发现目前我国上市公司利润表中存在的粉饰公司业绩、扭曲利润质量的手段与途径。     

Imitators and optimizers in Cournot oligopoly

We analyze a symmetric n-firm Cournot oligopoly with a heterogeneous population of optimizers and imitators. Imitators mimic the output decision of the most successful firms of the previous round à la Vega-Redondo, F., [1997. The evolution of Walrasian behavior. Econometrica 65, 375–384]. Optimizers play a myopic best response to the opponents’ previous output. Firms make mistakes and deviate from their decision rules with a small probability. Applying stochastic stability analysis, we find that the long run distribution converges to a recurrent set of states in which imitators are better off than are optimizers.     

Does financial regulation affect the profit efficiency and risk of banks? Evidence from China's commercial banks

The goal of financial regulation is to enable banks to improve liquidity and solvency. Stricter regulation may be good for bank stability, but not for bank efficiency. This research aims to examine whether banks have met the CBRC's standard of financial regulations and explores how the previously implemented financial regulations have affected bank efficiency and risk in the past. In addition, we also explored the trade-off relationship between efficiency and risk. Unlike other studies, this study used bank assets as a classification standard from the financial risk and differential regulatory perspective.The empirical results indicate that the CBRC regulates the provision coverage ratio and cost-to-income ratio, which seems relevant to large banks and the loan-to-deposit ratio, capital adequacy ratio, and leverage ratio, which seems relevant to small banks. The CBRC regulates the current ratio to reduce the risks of banks. Based on our empirical results, the current ratio did not affect the risks and led to different efficiency results between large and small banks. In an environment with asymmetric information, a bank decision-making is unobservable. The characteristics of financial regulation provide market clues if a bank is operating at the most efficiency and risk condition.