我国上市公司融资决策归因分析

在现有融资决策理论的基础上,利用现金流股价模型及实物期权方法,来量化上市公司融资决策中的确定性成本和不确定性因素,并对我国上市公司的融资决策进行归因分析。研究表明,融资成本不是企业融资决策的决定性因素,不同融资方式的期权价值对融资决策有重要影响。公司采取何种融资策略,要比较股权融资成本+股权融资期权价值和债权融资成本+债权融资期权价值的大小,上市公司的经营状况与债权融资存在正相关关系。本文扩展了融资决策的动因分析,为定量评价融资行为提供了依据。     

On the role of the utility function in the estimation of preference parameters

Modern economic theory summarizes the main characteristics of individual preferences through a definite set of parameters: risk aversion, prudence, and the elasticity of intertemporal substitution. Despite their importance, the results of the literature devoted to the parameters’ estimation are controversial. This paper highlights the neglected role that may have been played by the constraints that the quantitative definition of the parameters and the utility functions employed impose on the estimation. A number of simulation exercises are presented, which show that the same saving behaviour can be associated with quite different values of the parameters depending on the utility function adopted.     

企业隐性负债形成的动因及其战略思考

企业会计报表中的显性负债大部分是由于企业潜在的隐性负债聚集而生成的,是企业内外各种因素长期积淀的结果。如何化企业隐性负债为显性收益,须从企业战略高度去思考。本文在叙述企业隐性负债形成的时代背景的基础上分析企业负债形成的动因,并寻求其解决的途径。     

Innovation and the precautionary principle

Recent environmental policies favour the polluter pays principle. This principle points out the pollutant financial liability for the eventual incidents induced by his activities. In this context, we analyse the decision of an agent to invest in new industrial activities, the consequences of which on human health and the environment are initially unknown. It is not possible for him to delay investing, but the agent has the opportunity to acquire information and to reduce the cost of an accident. This allows the agent to reduce uncertainty regarding dangers associated with the project and to limit potential damages that it might cause. However, the agent's chosen level of these actions may be considered as insufficient and not acceptable by society as response in the face of a possible danger. Precautionary state regulation may then be introduced. We appreciate that this regulation may slow down innovation and may favour innovation in countries with less safety requirements. We find that the agent may get around the goal of the regulation by ignoring the information on the dangerousness of its project. We then propose some policy tools which stimulate innovation and impose a certain level of risk considered as acceptable for society to the agent. Finally, we use a numerical analysis based on the Monsanto Company for studying the agent's behaviour with different regulatory frameworks.     

城市市情分析模型的建立及其应用

城市市情分析是一个复杂的课题。本文动用多学科知识按照综合性、可比性、可操作性和精练性原则，构建一套科学系统的分析模型，对城市市情进行了定性和定量分析。     

企业财务风险及其防范对策

财务风险的存在有其客观必然性,财务管理必须运用各种手段和措施,加强对风险进行控制和处理,企业经营者必须进行经常性财务分析,防范财务危机,建立预警分析指标体系,进行适当的财务风险决策,针对不同的风险类型,采用不同的方法来规避财务风险.     

国有企业引进战略投资者的风险分析与防范策略

引进战略投资者是国有企业改革与发展的一种重要模式,同时引进战略投资者又是一项十分复杂的系统性工程,存在着不容忽视的风险.国有企业引进战略投资者存在的风险主要表现在国有企业价值可能被低估、战略投资者可能变为战术投资者、控制权可能旁落、无形资产归属可能产生纠纷、可能出现文化冲突、可能触动法律或国家利益等方面.充分做好引进战略投资者的准备工作、采取有效措施保证企业价值的实现、通过严格考察和有力谈判确定战略投资者、设定必要的约束条件、合理设置股权结构和治理模式是国有企业引进战略投资者风险防范应采取的有效策略.     

基于任务驱动的“设施规划与物流分析”课程教学模式研究

“设施规划与物流分析”是一门工程类的课程,强调应用性。如何体现其应用性以及如何使学生学会应用该课程相关的理论和方法成为其教学面临的一个难题。文章总结了该课程的现有的教学模式和方法,提出并研究了任务驱动模式在谊课程教学中的应用。     

人力资源贡献率调整的经济价值模型及实证分析

引用柯布-道格拉斯投入产出函数来分离人力资源价值,确定企业群体人力资源贡献率;从而用人力资源贡献率对人力资源经济价值模型进行调整,加强人力资源价值会计计量的准确性和可操作性。     

Pareto Optimal Trade in an Uncertain World: GMOs and the Precautionary Principle

Optimal trade policy in an uncertain world is examined. Decision-maker attitudes toward uncertainty are represented in terms of the Gilboa–Schmeidler (1989) maximin expected-utility (MMEU) model. The central result is that in a two-country, general-equilibrium setting with both trading partners possessing an MMEU preference structure, Pareto optimality can require one trading partner to absorb all uncertainty in the economy if its set of priors is a subset of its trading partners. An immediate corollary is that autarky is Pareto optimal if the trading partner with the more inclusive set of priors either chooses or is endowed with a nonstochastic technology.