地方融资平台市场化转型的研究

《国务院关于加强地方政府性债务管理的意见》和新预算法的实施旨在厘清地方政府与地方融资平台的关系,缓解地方政府对城投债的隐性担保,促进城投债市场化发行。为了检验政策和法规的实施效果,本文以2009-2017年城投债发行数据为研究样本,采用双重差分方法研究43号文和新预算法实施前后担保措施对城投债发行信用利差影响的差异。结果表明:政策与法规实施后担保措施能显著降低城投债信用利差,地方政府财政状况较好的地区,担保措施降低城投债信用利差的效果更好,且政策与法规实施效果具有持续性,说明43号文和新预算法确实能有效厘清地方政府与地方融资平台的关系,弱化地方政府对城投债的隐性担保。地方融资平台市场化转型是循序渐进的过程,要重点关注政府财政状况较差的地方融资平台,提高其经营水平和盈利能力。     

ERP系统特有风险对审计的影响及规避

企业财务管理中采用的ERP系统的特有风险改变了审计风险的内容。审计人员在审计工作中需要针对其特有风险重新建立审计风险模型,并确定控制和规避的措施。本文系统介绍了ERP系统的特有风险及其对审计风险的具体影响,规避措施与应对控制手段。     

The political economy of non‐tariff measures

This paper examines the extent to which non‐tariff measures (NTM s) are set for protectionist purposes. Our main focus is on developing countries. Overall results show that NTM s reflect protectionist forces, in particular for those that have been subject to trade concerns at the World Trade Organization (WTO ). For the other measures, there is no evidence that protectionism is the driving force behind their adoption, suggesting that their determinants may be associated with legitimate goals such as consumer health and safety. Furthermore, transnational lobbying, defined as the participation of national business groups at the Ministerial Conferences—the highest authority of the WTO —is positively associated with the probability of adopting NTM s.     

承兑信用证对进口商的潜在风险及其防范对策

文章通过剖析国内实际业务中发生的一则出口商利用虚假单据骗取开证行已承兑汇票,并将其有效转让给第三者的贴现“融资”案例,提醒进口商严防承兑信用证的潜在风险,以尽早制定防范对策。尤其在可能的情况下,进口商应该开出延期付款信用证,来取代承兑信用证的使用。     

THE TWO FUNDAMENTAL THEOREMS OF ASSET PRICING FOR A CLASS OF CONTINUOUS‐TIME FINANCIAL MARKETS

The paper is concerned with the first and the second fundamental theorems of asset pricing in the case of nonexploding financial markets, in which the excess‐returns from risky securities represent continuous semimartingales with absolutely continuous predictable characteristics. For such markets, the notions of “arbitrage” and “completeness” are characterized as properties of the distribution law of the excess‐returns. It is shown that any form of arbitrage is tantamount to guaranteed arbitrage, which leads to a somewhat stronger version of the first fundamental theorem. New proofs of the first and the second fundamental theorems, which rely exclusively on methods from stochastic analysis, are established.     

FROM SMILE ASYMPTOTICS TO MARKET RISK MEASURES

The left tail of the implied volatility skew, coming from quotes on out‐of‐the‐money put options, can be thought to reflect the market's assessment of the risk of a huge drop in stock prices. We analyze how this market information can be integrated into the theoretical framework of convex monetary measures of risk. In particular, we make use of indifference pricing by dynamic convex risk measures, which are given as solutions of backward stochastic differential equations, to establish a link between these two approaches to risk measurement. We derive a characterization of the implied volatility in terms of the solution of a nonlinear partial differential equation and provide a small time‐to‐maturity expansion and numerical solutions. This procedure allows to choose convex risk measures in a conveniently parameterized class, distorted entropic dynamic risk measures, which we introduce here, such that the asymptotic volatility skew under indifference pricing can be matched with the market skew. We demonstrate this in a calibration exercise to market implied volatility data.     

加强环境保护 建设生态文明

环境保护是生态文明建设的重要保障和措施,是生态文明建设的内在要求和具体体现。加强环境保护建设生态文明的路径是：依靠科技进步,大力发展循环经济;完善资源节约和环境保护机制;加强宣传教育,提升全面环保素质。     

学分制背景下高校学籍管理预警机制实施探析——以成都理工大学为例

在“以人为本,个性化教育”为指导的高校学分制管理背景下．实施学籍管理预警机制是十分必要的。成都理工大学就成功地实施了这一管理机制,它包括课堂预警机制、教学管理督导预警机制、学籍处理预警机制和受到“试读”处理的学生管理机制。学籍管理预警机制的实施虽然还存在一些问题,但它为高校学籍管理制度改革探索出一条新路,有一定的推广价值。     

Dominant modes of economic coordination and varieties of firm internationalization support

International Business research has focused attention on the role of the home country in firm internationalization. While this has produced insights as to how home countries condition firm internationalization, significant gaps remain. We focus on two. First, research on how and why countries differ in their internationalization support is limited. Second, research on how countries differ in the extension of their internationalization support into host countries is scant. Addressing these gaps, we develop a conceptual paper and put forward nine propositions. We theorize how differences in the dominant mode of economic coordination in home countries – in market-, business-, and state-led economies – relate to variation in their internationalization support. Our framework is relevant to developed and emerging economies.     

国际代工关系中本土代工企业的风险及防范策略

代工模式是本土多数厂商与跨国公司合作及赖以生存的主要方式.在为跨国公司代工的过程中,本土企业要承担更高的产业风险以及合作的关系风险,而发展自主的产品品牌又会影响原代工业务的发展,陷入"代工"与"自创品牌"的两难困境.文章运用战略联盟理论对代工企业各种风险的形成进行了分析,并提出了相应的防范策略.