建筑物整体平移新技术施工中的质量管理和工期管理

新技术建筑工程往往没有相应的设计和施工技术规范，在施工中如何进行质量管理和工期管理是一个崭新的课题。本结合建筑物整体平移工程施工中的管理经验，简单讨论了新技术建筑工程施工的特点和质量管理和工期管理。     

Option pricing in the presence of natural boundaries and a quadratic diffusion term

This paper uses a probabilistic change-of-numeraire technique to compute closed-form prices of European options to exchange one asset against another when the relative price of the underlying assets follows a diffusion process with natural boundaries and a quadratic diffusion coefficient. The paper shows in particular how to interpret the option price formula in terms of exercise probabilities which are calculated under the martingale measures associated with two specific numeraire portfolios. An application to the pricing of bond options and certain interest rate derivatives illustrates the main results.     

Time diversification and security preferences: A stochastic dominance analysis

We use stochastic dominance to test whether investor should prefer riskier securities as the investment horizon lengthens. Return distributions for stocks, bonds, and U.S. Treasury bills are generated for holding periods of one to 25 years by simulation. For each holding period, stochastic dominance tests are run to establish preferences between the alternative security classes. Contrary to previous mean-variance based studies, we find no evidence that high-risk securities (stocks) dominate low-risk securities (bonds, Treasury bills) as the investment horizon lengthens. However, we do find that corporate bonds systematically dominate government bonds.     

内部评级法在国内商业银行实施的本土化研究

内部评级法的实施需要建立在一定的前提基础之上,中国目前的实施条件还存在一定的缺陷,因此如何在内部评级体系的构建过程中体现本土化的原则将成为有效实施的关键。中国特有的金融生态决定了地区之间的金融风险差异较大,因此在具体实施过程中,应将地区金融风险差异作为调整系数对内部评级法的评级结果进行调整。中国的商业银行尚处于内部评级法实施的准备或开始阶段,受实施条件和金融生态的限制,本土化将是一个长期的、渐进的创新过程。本土化并不仅仅是内部评级法相关标准的本地化应用,同时也要求在这一过程中有创造性地发挥内部评级法对银行风险管理的积极作用。     

从国际经济学理论视角看企业竞争优势——兼议国际经济学优势思想的演进

本文通过回顾和分析国际经济学中国际贸易理论和国际直接投资理论优势思想的发展和]进,说明了理论研究可以通过对各种市场结构的细分,把优势分析引入到企业内部,并通过对分工、市场结构与交易费用之间的矛盾关系的深入研究,探讨内生优势与外生优势之间的对立统一关系,而企业竞争优势的培育则是一个建立在企业自身独特能力基础上的、综合利用企业内外部各种比较优势的动态累积发展过程。     

构筑品牌战略 提升我国中小型企业的核心竞争力

中小型企业是国民经济的重要组成部分,对经济发展和社会稳定起着举足轻重的促进作用。中小企业的核心竞争力是企业发展的根本保证。构筑中小企业品牌战略,对强化我国中小企业核心竞争力、扩大市场份额、保持竞争优势具有重大的现实意义。     

The impact of tax holidays on earnings management: An empirical study of corporate reporting behavior in a developing-economy framework

This study investigates whether foreign investment enterprises (FIEs) in China alter their corporate reporting behavior in response to a known schedule of tax-rate increases. The context of this investigation is a tax-incentive scheme that allows firms to pay taxes at a reduced rate for a limited period of time, and then at a higher rate when this period expires. If managers attempt to maximize firm value by minimizing tax costs, then the spread of tax rates in the periods surrounding the rate change may provide a substantial incentive for them to accelerate revenue and defer expenses. Consistent with this hypothesis, the empirical results indicate that firms report significantly higher discretionary current accruals for the years before tax-rate increases. The evidence, which indicates that firms manage earnings upward to take advantage of lower tax rates that are available in certain years, has important implications for tax policymakers.     

英国的非公开权益资本和风险投资

英国是欧洲风险投资和非公开权益资本的发源地。在欧洲国家中,英国的风险投资和非公开权益资本起步最早,发展也最快。从1979年算起,英国风险资本投资额和非公开权益资本增长了100多倍。2005年,在欧洲的风险投资市场上,英国的风险资本总额占欧洲风险投资额的40￣50%,在欧洲是当仁不让的“大哥大”,在世界范围内仅次于美国。本篇文章主要介绍了风险投资(VentureCapital,VC)及非公开权益资本(PrivateEquity,PE)的最新概念和从属关系以及英国的风险投资及非公开权益资本的历史、结构、规模、投资趋势、投资阶段、投资领域、地理特征、知名风险企业、投资表现等,以此从数据和分析的角度使中国的风险投资领域及非公开权益资本领域的从业人员以借鉴、启迪的作用。     

建设工程项目管理(PM)模式探讨

随着项目规模的扩大和投资主体的多元化，业主对建设项目管理提出综合性、系统性和全生命期集成管理的更高要求。我国政府投资项目推行代建制也要求相匹配的项目管理模式。根据在工程管理教学和实践中体会，探讨建设工程项目管理（PM）模式的特点和优势，提出应用PM模式的几点建议。     

峰谷分时电价的现状分析与发展趋势探讨

分时电价以经济学均衡价格为理论依据。它在引导客户合理用电、削峰填谷、优化电力资源配置等方面起了积极的作用。但它也存在分时价差幅度小、时段划分长、缺乏灵活性及实施范围窄等问题。完善分时电价运行机制,由分时电价向实时电价转变。