论退耕的概念

结合国内外退耕实践,首先给出了退耕的广义概念———退耕即出于政治、经济、社会、生态等原因,将耕地停止耕种并将其转变为其他土地利用方式,进而从我国当前的实际出发,重点提出了狭义退耕,即生态退耕的概念,并从退耕的目的和出发点、耕地的概念、退耕对象的生态状况以及退耕中“退”字的含义等四个方面对生态退耕的概念进行了深入的分析。最后通过比较,认为Converting Cultivated Land back to Forest or Grassland,etc.是中文退耕较为准确的英文翻译。     

公允价值会计下未实现损益的影响研究

本文建立了一个价格动力学模型,用以检测与企业过去回报相关的未实现损益.经验表明,当企业在综合收益表中报告了相应投资的未实现损益后,公司价值与盈余都会有较大波动.把未实现损益包含在收益中会引起股价和盈余的波动,这与市场的弱式有效假说不一致.     

政府掠夺、内部人合谋与公司治理——兼论中小投资者保护

通过建立一个综合考虑法律、股权结构、大股东监督、经理人激励和证券监管、政府掠夺在内的分析大股东和经理人合谋侵权的委托—代理模型,运用标准逆向归纳法分析不同法律环境保护下利益相关者之间的利益关系。结果显示,法律对中小投资者保护至关重要;在中等或弱法律保护下,应提高证券监管和执法效率;在强法律保护下,证券监管效率对公司价值没有影响,政府管制应该逐渐淡出证券市场。不管法律保护水平如何,都应该坚持改善政府治理水平,提高政府运行效率,减少对企业的掠夺,从而达到提高公司价值和保护中小投资者权益的目的。     

“借新还旧”法律解析及规制

“借新还旧”问题对我国商业银行的健康发展具有重要的现实意义,但现实中对其理解争论很多。本文将从其概念、特征、产生的效应、实然合法性、应然合理性及其规制等方面进行较为系统的论述。     

关于我国经济周期若干问题的探讨

经济周期是指一国总体经济活动的波动,即市场经济生产和再生产过程中周期性出现的经跻扩张和经济收缩交替更迭循环往复的一种现象。尽管每一个周期并非完全相似,但他们有一些重要的特征。从这些特征中找出一些有用的规律,来烫平我国经济发展中的大起大落现象,以保证我国经济健康、有序、快速的发展。     

树立社会主义荣辱观 增强高校教师学术责任感

自1978年高校学报基本恢复以来,安徽省高校自然科学学报在数量、质量、编辑队伍建设等方面,都有了长足进展,取得可喜的成绩,但仍存在一些比较突出的问题,需要我们认清现状,提出改革、发展的基本思路与建议。     

"非平衡化与不平衡"——中国近代农村经济

在对以往“衰退论”、“增长论”、“内卷论”和“停滞论”进行回顾和评论的基础上,作者提出了中国近代农村经济“非平衡化与不平衡”的观点,认为中国近代农村经济的最大特点就是其与国际经济和国内工商业经济发展之间越来越紧密的联系,虽然在某一时期、某一地区或某一部门,“衰退论”、“增长论”、“内卷论”和“停滞论”都曾有其一定的真实性,但是“衰退”、“增长”、“内卷”或“停滞”本身并不足以全面反映当时中国农村经济的发展状况。中国传统农村经济“旧平衡的瓦解和新平衡的缺失”才是当时中国农村经济的整体发展趋势和主要特性。     

A Modified GARCH Model with Spells of Shocks

The GARCH model is modified to capture the effect on volatilities of the consecutive number of positive or negative shocks. The new model is tested against the Shanghai Shcomp and Nikkei225 indices and found particularly useful in analyzing the Shcomp index. Similarly, the EGARCH model is extended along the same line as the GARCH model and is applied to the same sets of data. Stationarity of the new GARCH (1, 1) model is proved, and also derived is the asymptotic distribution of the quasi-maximum likelihood estimator.     

Pricing of Forward and Futures Contracts

There has long been substantial interest in understanding the relative pricing of forward and futures contracts. This has led to the development of two standard theories of forward and futures pricing, namely, the Cost-of-Carry and the Risk Premium (or Unbiased Expectations) hypotheses. These studies have modelled the relationship between spot and forward/futures prices either through a no-arbitrage condition or a general equilibrium setting. Relatively few studies in this area have considered the impact of stochastic trends in the data. With the emergence of non-stationarity and cointegration in recent years, more sophisticated models of futures/forward prices have been specified. This paper surveys the significant contributions made to the literature on the pricing of forward/futures contracts, and examines recent empirical studies pertaining to the estimation and testing of univariate and systems models of futures pricing.     

Earnings management strategies for meeting or beating expectations

In this study, we dispel several popular notions regarding the meeting or beating expectations/thresholds (MBE) phenomenon that permeates the research design of many empirical papers. First, MBE is not unequivocally associated with aggressive earnings management. Second, MBE does not necessarily obfuscate the truth. Third, MBE may be consistent with the well-documented reporting strategy of smoothing. Specifically, we characterize the reporting strategy of firms that engage in MBE in a two-period game. Some firms value MBE in the first period more than in the second (short-run firms), and other firms are less concerned with missing a threshold in the first period but must meet or beat expectations in the second (long-run firms). The analysis yields additional insights: we also show that MBE, by a small amount, is driven by the demand for a truth-revealing report, since the extremely small margin is designed to vary with the truth. In addition, MBE explains the richness of the menu of reporting strategies (“taking a bath,” “cookie-jar reserve,” and marginal threshold beating). Moreover, MBE is good news when the firm is a long-run MBE firm because it signals that the firm will also meet or beat expectations in the future. Finally, MBE has a favorable economic effect, as it induces boards of directors to incentivize managers to expend more effort.