经营杠杆与经营杠杆度的论述

本文运用杠杆原理,研究分析了经营中存在的经营杠杆及其杠杆度,推导出经营杠杆度的计算公式,阐明了经营杠杆在P-S图中的位置及其确定方法。得出以下几个结论:①经营杠杆是实际经营中客观存在的;②经营杠杆度DOL与安全边际系数MRS互为倒数关系,两者都对企业的经营状况起警示作用;③经营杠杆度DOL对销售收入S的函数为单调减函数;④企业应力求通过减小DOL来增加息税前利润EBIT。     

The Dynamics of Capital Structure in Transition Economies

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors. The panel data methodology combines cross-section and time-series information. The results indicate that the Bulgarian corporate credit markets were less supply -constrained than those of the Czech Republic during the period under investigation. Bulgariancompanies adjusted much faster to the target leverage than Czech firms. The speed ofadjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies. The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies.     

Quantitative easing and the loan to collateral value ratio

We study optimal monetary policy in a New Keynesian model at the zero bound interest rate where households use cash alongside house equity borrowing to conduct transactions. The amount of borrowing is limited by a collateral constraint. When either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the loan to collateral value ratio. We also find that optimal monetary policy generates a large and persistent fall in the money multiplier in response to the drop in the loan to collateral value ratio.     

再生细骨料取代率对再生混凝土抗压强度的影响

建筑废弃物经过除杂、二次破碎可以得到粒径范围为0-4.75mm的再生细骨料。本文研究了不同水灰比条件下,再生细骨料取代率对再生混凝土抗压强度的影响。结果表明:当再生细骨料取代率由10%增加到40%时,再生混凝土7天抗压强度逐渐降低。再生混凝土28天抗压强度随着再生细骨料取代率的增加逐渐降低,取代率在50%以下时,28天抗压强度降低幅度较小且满足设计要求。再生细骨料用于实际工程中,其社会效益和经济效益十分可观。     

希腊债务危机的负面影响与警示

对希腊债务危机的内外部原因进行分析,剖析希腊债务危机的负面影响,主要表现在:影响欧元区乃至欧洲经济的稳定,危机可能会蔓延到部分欧洲银行,债务解决出现两难困境,可能诱发全球赤字浪潮爆发,造成全球经济的波动。总结出希腊债务危机启示:欧盟①组建强有力的欧洲货币基金组织对债务问题进行及时有效的救助,金融创新需要与实体经济发展相匹配;对中国而言,尤其是要关注各级地方政府积累的巨额债务。     

基于EGARCH模型的我国向美国出口变动杠杆效应分析

本文运用EGARCH计量模型,对我国向美国出口增速变动进行杠杆效应分析。模型结果显示,出口增速在负向冲击下比受到正向冲击时的波动更加剧烈。次贷危机的恶化,也将会对我国向美国出口增速产生较大的负面影响,从而影响我国的整体出口。对此,文章给出了相关建议。     

The implementation of monetary policy in New Zealand: What factors affect the 90-day bank bill rate?

This paper discusses the implementation of monetary policy in New Zealand and its flow-on effects on the 90-day bank bill rate over the 1999–2005 period. The effects of external factors are considered as well. Our findings indicate that the maturity spectrum ratio exerted a positive effect on the 90-day bank bill rate while the allotment ratio did not. This interest rate had a tendency to revert to the level set by its Australian counterpart, though at a relatively slow speed. No such link exists between the NZ 90-day rate and the U.S. 90-day rate. Neither the maturity spectrum nor the allotment ratio contributed to the volatility of the most important short-term interest rate in New Zealand.     

How different are the regional factors of high-tech and low-tech start-ups? Evidence from Japanese manufacturing industries

This paper analyzes regional determinants of the start-up ratio in the Japanese manufacturing sector. A major contribution of this study is the comparison between high-tech and low-tech industries. The empirical results using a sample of 253 industrial districts suggest that business density, weight of the manufacturing sector, and the average business size significantly influence the start-up ratio in both high-tech and low-tech industries. Distinct differences between these industries were found with regard to the effects of human capital, research institutes, and the weight of high-tech industries.

高收入家庭的理财规划方案

刘先生家庭年度结余77万余元,为典型的421型高收入家庭。刘先生是做磷矿生意的,收入高风险也大,刘太太是农行柜员,收入较稳定,家有女儿读幼儿园,还有四老需要赡养。本理财规划方案在介绍刘先生家庭成员及资产情况基础上,编制家庭资产负债表和收入支出表,分析各项资产比率,指出刘先生家庭现阶段资产配置的不合理之处,旨在对该家庭进行现金规划、教育规划、住房规划、保险规划和投资规划。通过规划,该家庭的理财目标得以实现。     

国际货运代理选择的模糊多属性决策折中比值法

经济全球化的趋势和我国对外贸易的发展,使国际货运代理越来越重要,选择合适的国际货运代理对企业从事国际贸易至关重要。文中将国际货运代理选择问题归结为一类典型的模糊多属性决策问题,进而提出相应的模糊多属性决策折中比值求解方法,既权衡了最优方案与正、负理想解之间的距离,又利用折中系数反映决策者的主观态度,使决策更具柔性,更贴近实际。文中还对一个具体国际货运代理选择问题进行了计算与分析研究。