油气企业供应商管理存在的问题与建议——以CS公司为例

伴随着供应链管理的应用与发展,越来越多的企业认识到必须充分利用内外资源保持自身的竞争实力。作为重要的外部资源,供应商管理关系到企业成本与收益的平衡,而要做好供应端的成本管理首先要做好供应商的选择和优化。针对CS公司的供应商管理现状及存在的问题,探索适应企业的可操作性强的对策,以期为我国大型油气企业的供应商管理实践提供一定的参考。     

Covariance breakdowns and connectedness of crude oil futures markets with non-synchronous data

ABSTRACT

This article identifies the breakdowns in the covariance of three benchmark crude oil futures markets (WTI, Brent and Dubai) and investigates the changes of market connectedness across the breakdown periods. As the crude oil futures are traded in different regions, this article eliminates the non-synchronous trading data by employing the Vector Moving Average structure and the Bayesian data augmentation approach, which keeps the integrity of original data without changing its properties. The results show that there are significant breaks in the covariance structure of crude oil futures markets. The breakdown periods are consistent with the periods when the market volatilities are at high level and the returns are volatile. The changes of market connectedness are independent of the covariance states, which supports the globalization hypothesis for the crude oil market. The results also suggest that there is more information flow out of the WTI than to the WTI during the sample period, particularly during the breakdown periods in 2008–2009.     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

Catching up with the Americans

This paper develops an international version of the consumption-based capital asset pricing (CCAPM), which we refer to as “catching up with the Americans.” Previous CCAPM research develops the concept of “catching up with the Joneses,” where a representative economic agent exhibits higher marginal utility of consumption as a result of higher past per capita consumption in his own country. Catching up with the Americans, on the other hand, is an international habit-preference hypothesis. It extends the idea of catching up with the Joneses by stating that consumers of non-U.S. countries gain higher marginal utility of consumption as a result of higher past American consumption growth. Contrary to much of the CCAPM literature, we test this version of the model using long bond rates rather than equity returns. However, like most of the previous research on the CCAPM, the catching up with the Americans model fails to explain the relationship between consumption and asset returns.     

中石油存续公司财务管理模式初探

文章通过综合分析各类影响因素，并借鉴历史经验教训，考虑其现实条件和管理要求，认为中石油存续公司适宜采取集权式财务管理。并从财务机制、财务制度等方面进行改革和创新，制定并实施相关的保证措施，以确保集权式财务管理体制能够有效运行。     

Past Returns and Investment Trust Discounts

Abstract:   The relationship between past net asset value returns and the current discount on investment trusts is investigated. The relationship is weaker for the component that is common to all trusts in the same sector, and is significantly stronger for more liquid trusts. The time lag before returns have their full impact on discounts is consistent with the requirements of distinguishing 'skill' from noise. Although discounts vary widely even within the same sector, the range of variation appears to be consistent with an arbitrage equilibrium, in which the profits of exploiting apparent pricing anomalies are just insufficient to invite arbitrage trades.     

Stock price reactions to earnings announcements: evidence from Chinese markets

We examine the stock price reactions to changes in earnings per share (EPS) in the Chinese stock markets. We find that domestic A-share investors do not correctly anticipate the changes in earnings and fail to adjust new earnngs information quickly, but international B-share investors can predict earnings changes better than A-share investors. As a result, abnormal returns (ARs) can be obtained by trading on the earnings information, but for A shares only. An explanation is that most A-share holders are individuals with short-term investment horizon while most B-share holders are large institutions that trade on more detailed and accurate financial information not immediately available to A-share holders.     

环保型水性上光油的研制与应用

目前，涂布上光技术已被越来越多的印刷厂家所采用，促使上光油的需求量不断上升。经过近几年的努力，我院研制的环保型水性上光油已取得了突破性的进展，完全能够替代溶剂型水性上光油和油性上光油，由于水性上光油具有无毒、无味、透明感强、无有机挥发物（VOC）的排放，成本低、原材料来源广等特点，在使用中能赋予印刷良好的光泽性、耐折性、耐磨性和化学品性，尤其是它所具有的环保性能特别适合食品、药品和烟草等行业包装印刷材料的加工。     

The quality of cooking oil used in informal food processing in Malawi: a preliminary study

A survey was conducted in Lilongwe city urban markets in Malawi, to assess the quality of cooking oil used for frying potato chips. Purposive sampling was performed to come up with respondents who were using vegetable oils. A stratified random sampling was used to select the 32 informal food processors who were interviewed using a structured questionnaire. Oil samples were collected from the most commonly used brand of oil. Fifteen respondents were selected and these were divided into three categories of five: those who were not reusing the oil, those who were reusing the oil and those who were preparing potato chips and chicken in the same oil, for chemical analysis. The preliminary results showed that while the majority (59.4%) of the informal food processors discarded the oil after 1 day, 3.1% discarded it after 4 days and another 12.5% after 3 days. A larger proportion of the respondents (40.6%) used the leftover oils at home, 37.5% kept it in oil bottles, 3.1% kept it in plastic papers for reuse the following day. Also, most respondents (57%) indicated dark colour as the sign of oil deterioration, 29% discarded the oil after noticing foam formation while 8.2% and 6.1% said they discarded the oil after noticing a bad smell and food absorbing the oils respectively. A physical observation of the various oils showed that for most of the respondents (34%), the oils were dark brown in colour, in 22%, the oils were slightly dark brown and 16%, the oils were brown. Foam formation was noticed in 13% of the respondents. It was also noted that 91% of the respondents had not been trained or briefed of food quality and safety issues. A chemical analysis of the oils showed high values of free fatty acids (range, 0.84–1.4112 compared with 0.42 in the fresh oil) and peroxide values (range 14.7–16.6 compared with 9.0 in the fresh oil). It may be concluded that the oils being used by the informal food processors in Malawi are of poor quality and so the foods cooked in them may be a health hazard to the consumers and the processors themselves. Although this work in ongoing, it may be recommended at the outset that the health department of the city assemblies should inspect these oils for the good health of the consumers.     

Are Fundamentals Priced in the Bond Market?*

To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value‐relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value‐relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies relying solely on stock prices. We find the fundamentals to be priced in the market for new bond issues as indicators of expected future earnings and to be value‐relevant in enabling the market to discern differences in bond credit quality over and above the published bond ratings.