国际物资采购与物流体系发展趋势

概述了国际物资采购与物流体系发展的趋势;着重分析了全球化采购趋势、电子化采购趋势以及物流业务外包趋势。     

风险价值及压力测试在采购策略中的应用

首先分析了供应链采购风险管理的重要性,然后分别介绍了VaR和压力测试这两种风险测度方法,并在此基础上建立了采购风险度量模型,为制定科学的采购策略提供了量化的决策依据。     

浅论我国国有资本预算管理体制的构建——基于发达国家的经验

2003年国有资产监督管理委员会的成立,标志着我国新型国有资产管理体制的建立。在新型管理体制下,如何完善对国有资本的预算管理就成为一个重要的课题。针对我国国有资本预算管理面临的问题,借鉴发达国家的经验,提出了我国构建国有资本预算管理体制的思路。     

资产泡沫与经济增长之间关系的实证研究

将资产泡沫分为生产性资产泡沫和非生产性资产泡沫,前者是促进经济增长的,而后者是抑制经济增长的。在现实中,生产性资产泡沫表现为股市泡沫,非生产性资产泡沫表现为房地产泡沫。分别以美国和日本为例进行了实证研究,并得到了支持其结论的结果。     

国企物资采购供应管理的思考

文章针对国有大中型企业进行物资采购供应管理的重要性,对如何加强企业物资采购供应管理,节 约采购成本进行初浅的探讨。     

关于资产证券化及会计处理的探讨

资产证券化是金融创新浪潮中崛起的一种主流融资技术。它使贷款成了具有流动性的证券,盘活企业的存量资产,并优化其财务比率。然而,也相应地引发了一系列的会计问题。主要集中在转让方式或出售方式的会计确认、定价计量、会计报表合并及报表披露。     

Pricing the hedging factor in the cross-section of stock returns

We investigate the role of investors’ net hedging strategy (factor) in predicting stock returns and pricing the cross-section of individual stocks and equity portfolios. We estimate stock exposure to changes in the hedging factor and show that the hedging premium is driven by outperformance of stocks with large positive net hedging betas, which explains their higher average returns. We find the positive hedging premium indicates risk-averse investors demand extra compensation to hold stocks with higher equity risk premiums, and they are themselves willing to pay higher prices for stocks with positive hedging betas.     

How can investors build a better portfolio in small open economies? Evidence from Asia’s Four Little Dragons

This study investigates the role of hedging and portfolio design among stocks, exchange rates, and gold in small open economies (SOEs) from 4 January 2000 to 31 March 2020. We adopt the trivariate dynamic conditional correlation-fractionally integrated asymmetric power ARCH model and unconditional quantile regression model, and our findings show that the hedging role of the U.S. dollar (USD) and gold against stocks differs under regular and extreme market conditions. The USD can act as a powerful hedge asset for stocks in regular market periods. Moreover, during the global financial crisis and COVID-19 outbreak, the safe-haven effect of gold becomes stronger for almost all stocks, whereas the USD can serve as a strong safe haven against stock markets of Korea, Taiwan, and Singapore when stock returns are extremely low. In terms of portfolio designing, we find that adding the USD and gold to portfolios improves their hedging effectiveness, and the optimally weighted stock-USD-gold portfolio is the best portfolio strategy, irrespective of referring to return or risk.     

Research continuum on consumer education and brand knowledge: A critical analysis

Consumer education and brand knowledge have emerged as the dynamic tool in the complex marketplace today that actively stimulate the cognitive behavior of consumers toward developing purchase intentions and buying decisions. The general objective of this study is to critically review the previous studies on the role of brand literacy, transfer and perceptions of knowledge, purchase intention, shopping ambiance and customer satisfaction, and illustrate the consumer decision making process induced by the above factors. The literature review reveals that brand education plays significant role as a driver of decision making among consumers, which not only empowers consumers in developing perceptions on the brand but also helps the companies on brand co-designing and knowledge dissemination process. Consumer literacy and brand knowledge helps the consumers in assessing the brand value, competitive advantage, and operational efficiency of the brand toward building purchase intentions. The effects of the increasing levels of customer expertise in the marketplace today is seen as the outcome of consumer education and perceived brand knowledge.     

用益损矩阵法对采购物流进行风险决策的优化研究

从定性及定量分析相结合的角度,采用益损矩阵预测分析法,对如何实现采购物流的最优化进行风险决策分析。通过建立采购物流风险决策模型,并列举实例进行量化分析,得到采购的损益期望值,通过选取最大期望值确定最优的采购方案。同时指出为更好的实现采购物流的优化管理应加强的几方面工作。