帕雷托最优决策：以可持续增长为财务战略目标

本文针对中国证券市场的走势背离宏观经济的现象进行分析，剖析了证券市场存在的信息不对称的深层次原因。在此基础上提出了帕雷托最优的决策，即在证券市场上，企业应树立可持续增长的财务战略目标，只有这样才能够建立一个交易双方共赢的局面。     

企业竞争的生态策略研究

I.IntroductionAt the end of20th century,strategy ecology school appeared,whose theory could be dated back to the founder of neoclassiceconomy,English economist Alfred Marshall,who thought thathuman society and biosphere had some similarities,that eco-nomics was just"a part of biology in broad sense."In the late of1970s,organizational ecology was founded by M.T.Hannanand J.H.Freeman,whose monograph Organizational Ecologyapplied some ecological views and means to researches oforganizations.…     

Study on Ecological Strategy of Enterprises＇ Competition

The ecolotogical research of enterprises＇ competition is the front line of current research of enterprises ＇ competition strategy ： This text applies the competition principle of living creature in ecology to research enterprises＇ competition problems .explains the ecological characterisiics of enterprises＇ competition, such as non-symmetry, crowded effect, density effect. competition-rejective effect, suitable resources niche and red queen effect etc., deduces the ecological model of enterprise＇ competition, and further analyzes enterprises＇ competition strategy; strategy R and strategy K. on the basis of enterprises＇ practices, Therefore enterprises＇ competition ecosystem theories have further been deepened and enriched.     

非对称信息条件下企业税收筹划的博弈分析

信息是企业进行税收筹划活动的前提和依据。企业所获得的信息精度越高,信息的价值越大,所进行的税收筹划也就越有实用性,越有可能成功。在现实条件下,企业进行的税收筹划是在非对称信息条件下进行的。因此,在税收筹划的实践中,企业应根据税收筹划的不同领域制定多套筹划备选方案,筹划的方案越多,筹划的实际效果就越佳,获得成功的概率也就越大。     

我国股市波动的非对称性和杠杆效应研究

本文选取2006年1月4日到2008年12月31日期间上证综合价格指数日收益率和收益波动率的数据,建立二者变量指标的GARCH模型、AGARCH模型、EGARCH模型,对我国牛熊市轮替过程中股票市场波动的非对称性和杠杆效应进行实证分析。结果发现,股改后牛熊市期间我国股票市场的波动表现出显著的长记忆性、非对称性和杠杆效应,股票市场波动性对"利好"和"利空"消息呈现出不平衡性反应,我国股票市场出现了强市恒强、弱市恒弱现象。最后,从投资者心理预期、过度反应与反应不足、投资者构成和交易机制等方面对该结论进行了分析。