资本预算中管理期权理念及其定价分析

传统的资本预算方法认为投资机会一旦出现,就应该立即进行投资,事实上企业不仅可以决定是否投资于某项目,而且可以决定何时从事该项目的投资,我们称之为管理期权。本文利用二叉树和复制技术对隐含在投资项目中的管理期权进行了定价,并指出"二叉树法"低估了管理期权的价值。     

中国上市公司IPO后经营业绩变化情况的分析——来自A股公司的经验数据

本文以1999￣2000年在沪、深两市首发上市的216家A股公司为样本,以这些公司从首发前一年延伸至2003年的数据,研究了中国A股上市公司IPO前1年至后3年的收入、成本、费用及效益的变化。研究发现:与上市前相比,中国A股公司IPO后的主营业务收入、主营业务成本、期间费用等绝对数指标均显著上升,而主营业务收入营业利润率却显著下降;造成业绩下降因素很多,其中最直接的主要原因是公司上市后成本、费用的大幅度上升。     

基于集对分析的第三方物流企业客户满意度评价研究

在分析构建第三方物流战略联盟信息系统必要性的基础上,提出系统设计的目标和原则,进而设计出基于B／S结构的系统总体框架和功能模块。最后,结合系统实际情况选择系统开发的工具以及进行安全性设计。     

城市安全:生命的呼唤

近年来,城市事故接二连三地发生,反映出城市安全问题的严重性.本文分析了出现问题的主要原因,发出理性的呼吁:城市安全问题必须给予高度重视.城市规模不是越来越大越好;城市建筑不是越来越高越好;城市汽车不是越来越多越好;城市标准不是越来越豪华越好.     

网络辅导——信息媒体环境下新的辅导手段

辅导是教师授课的延伸和补充,网络可以实现辅导的无时限性和学生学习的无时限性,学生可在课后浏览、学习、提问、讨论和自测。同时利用建立的辅助教学站点与学生进行随时的交流,实现了个别化教学与整体化教学的高度统一,充分提高了教师的辅导质量和学生的学习质量。     

Food price increases and net food importing countries: lessons from the recent past

Recent increases in food and other commodity prices have highlighted concerns that many poor countries are net food importers and higher food prices would worsen their trade balances. In this article, we analyze the changes in food trade balances associated with the 32% increase in food prices from 2000/2001 to 2004/2005. We find a small deterioration in food trade balances of low‐income countries and an improvement in middle‐income countries. The deterioration is most severe for countries in conflict and small island states, so attention should be placed first on these countries and on a few very‐low‐income countries that are also vulnerable. Because low‐income countries as a group had much lower agricultural GDP growth rates than middle‐income countries, the answers to food vulnerability in low‐income countries should probably be addressed within the context of incentives for agricultural production.     

The impact of safety nets on technology adoption: a difference‐in‐differences analysis

This article contributes to a growing body of empirical literature relating credit constraints and incomplete insurance to investment decisions. We use panel data from rural Ethiopia to investigate whether participation in a safety net program enhances fertilizer adoption. Using a difference‐in‐differences estimator and inverse propensity score weighting, we find that participation in Ethiopia's food‐for‐work (FFW) program increased fertilizer adoption in the short run, but not in the long run. Results also indicate that the intensity of fertilizer usage increased with livestock holdings for FFW‐participant households, providing some evidence that the intervention helped asset‐rich farm households more than asset‐poor households. We find no significant effects of free distribution on fertilizer adoption or intensification. Our results are consistent with the hypothesis that safety nets can be viewed as mechanisms that allow households to take on more risk to pursue higher profits. The results highlight the importance of safety net programs, their effectiveness in ensuring farmers that they will be protected against uninsured shocks, and how that assurance can translate into productivity‐enhancing behavior.     

安全投资模型及收益分析探讨

本文在分析安全投资模型基础上提出,安全投资对生产经营单位产生效益的分析模型.认为企业安全生产的基本前提是有一定的安全投资比例,并且以最佳安全投资点进行投资所产生的效益表现形式是潜在的、收益是巨大的.因此,我们从另一个角度认识到安全投资的重要性,同时也为项目设计提供参考依据.     

福建食品安全监管体系先行先试研究

通过探讨食品质量安全标准与规范以及食品卫生监管问题,立足供应链,从政府、企业和消费者的角度,提出福建省食品安全监管体系先行先试的对策建议。     

管理层收购中国有股权转让价格的辩析

MBO价格低于每股净资产值,其中最重要的一点就是对企业管理层历史贡献的合理补偿,这也是对企业家人力资本价值的承认,是按要素分配原则的体现。