学科服务 更多>>

关键词： 净现值   大型医疗设备   经济效益  

摘要： 大型医疗设备经济效益评估一致以来都是医院管理的重要环节,目前医院面临很多挑战,加强管理向管理要效益显得尤为重要。本文尝试寻找基于净现值的效益评估模型,希望为医院在大型医疗设备绩效管理上有所启示。

关键词： 基本面   市场行为   投资收益  

摘要： 介绍股票市场投资者常用的现代投资组合理论、技术分析理论和价值投资理论,指出各种投资理论在实践中的优势与局限性。通过构建公司基本面指标和市场行为指标考查两者对股票投资收益的影响,研究结果表明:公司基本面决定股票投资收益,市场行为对股票投资收益大小有重要影响;投资期越长,两者对股票投资收益影响越大。基于研究结论提出了股票投资建议。

关键词： 股票期权   股权激励   价值创造  

摘要： 随着2005年中国实行股权分置改革,中国股市的不断发展,全流通时代的到来,股票股权激励这种股权激励方式已被众多上市企业所采用。论其主要原因是在股票期权这种期权激励的方式下,可以将企业管理者和企业股东的目的趋同,从而实现企业健康发展的目标。股票期权被公认为是新经济增长的助推器,在这种助推器下,企业价值变化值得我们探讨。本文以上市公司诺普信为例,分析了诺普信集团在2009年和2012年两次实行期权激励后,企业价值创造的变化关系。

关键词： 中国经济发展   经济增长质量   经济结构优化   十大   国内生产总值   宏观经济环境   速度变化   经济增长率  

摘要： 1．经济增长亮点：提前实现GDP翻两番目标 2016年，我国经济运行平稳，预计全年国内生产总值增速在6．7％左右，与年初预期目标一致。这一速度符合经济发展新常态下速度变化、结构优化、动力转换的基本特征，为我国由上中等收入阶段向高收入阶段迈进打下了坚实基础，为提高经济增长质量、促进经济结构优化、推进节能减排提供了良好的宏观经济环境和条件。从国际比较看，我国在世界上仍属于经济增长率最高的国家之一。

关键词： Value Engineering   Target Costing   Target Pricing   Product quality planning   Control calculus   Variance analysis  

摘要： In this paper, a new quality-oriented control approach for Value Engineering is proposed. It is reasonably applied within a Target Costing and Target Pricing concept in order to generate, maintain and process reliable data. On the basis of Target costs and prices, the approach determines the quality program of the relevant product core components as well as of the quality-related production stages. In order to provide decision support for various applications in business, this new approach is based on a discrete quality measure that allows for the mapping of multidimensional dependencies. After mathematically defining the underlying quality planning model, we propose an exact Dynamic Programming approach for determining optimal programs. It is shown that this procedure is strongly polynomial if the number of resulting intermediate product quality levels does not increase exponentially. Subsequently, in order to provide decision support for the level of real-time Value Engineering, a variance analysis scheme for examining the consequences of actual decisions is proposed. In addition to controlling and understanding the process of decision-making in sales and production departments, its iterative application makes it possible to systematically attain insights into the controlled processes and, in doing so, supports decision-oriented management accounting. (C) 2016 Elsevier B.V. All rights reserved.

关键词： Tunisian revolution   Political uncertainty   Stock market cycles   Structural unobserved components   Time series models  

摘要： This paper examines the impact of political uncertainty caused by the civil uprisings, (the Tunisian Revolution) on the behavior and characteristics of Tunisian stock market cycles over time varying. This paper aims to apply the methodology of univariate structural unobserved components time series models to extract cycle and trend components. Our analysis showed that political uncertainty seems to generate unstable financial markets and more pronounced stock market cycles. The shock of the Tunisian revolution is very intense but temporary, and leads to a deviation of the trend from its original path. Indeed, during the period following civil uprisings, the amplitude and volatility of Tunisian stock market cycles have increased dramatically. But in the long term, the amplitude and volatility of stock cycles are amortized to achieve low. Overall, the findings are important in understanding the role of political uncertainty on stock market stability and are of great significance to investors and market regulators. (C) 2016 Elsevier B.V. All rights reserved.

关键词： Stock market   Minimal spanning tree   Structure variation   Market phenomena  

摘要： In this work, employing a moving window to scan through every stock price time series over a period from 2 January 1986 to 20 October 2015, we use cross-correlations to measure the interdependence between stock prices, and we construct a corresponding minimal spanning tree for 170 U.S. stocks in every given window. We show how the asset tree evolves over time and describe the dynamics of its normalized length, centrality measures, vertex degree and vertex strength distributions, and single- and multiple-step edge survival ratios. We find that the normalized tree length shows a tendency to decrease over the 30 years. The power-law of vertex degree or vertex strength distribution does not hold for all trees. The survival ratio analysis reveals an increased stability of the dependence structure of the stock market as time elapses. We then examine the relationship between tree structure variation and market phenomena, such as average, volatility and tail risk of stock (market) return. Our main observation is that the normalized tree length has a positive relationship with the level of stock market average return, and it responds negatively to the market return volatility and tail risk. Furthermore, the majority of stocks have their vertex degrees significantly positively correlated to their average return, and significantly negatively correlated to their return volatility and tail risk. (C) 2016 Elsevier Ltd. All rights reserved.

关键词： 一带一路   江苏省   花都区   广州市   上海自贸区   金融服务业   进出口额   宏观经济环境  

摘要： 上海自贸区持续扩大开放今年上半年,上海自贸区引进外资总额占浦东新区引进外资总额的90%以上,外贸总额占上海全市引进外资总额的40%以上——浦东新区区委全会和上海海关最新公布的这组数字,表明自贸区作为开放型经济"窗口"的效应进一步凸显。作为我国对外开放的前沿阵地,上海自贸区上半年新增服务业扩大开放项目183个、累计数量达2175个。其中,包括国内首家中外合作经营性教育培训机构、首家外商独资海员外派机构等标志性的项目,传递出我

关键词： 半强制分红政策   再融资动机   股利政策   代理理论   信号理论  

摘要： 本文实证检验了中国独特的半强制分红政策对有再融资动机的上市公司分红行为的影响，并进一步考察了半强制分红政策背景下股利代理理论和信号理论这两种经典股利理论的解释力。研究发现：(1)半强制分红政策显著提高了有再融资动机的上市公司的派现意愿和派现水平；(2)上市公司派现可以有效降低两类代理成本，而现金股利变动(尤其是现金股利增加)则可以有效传递公司未来盈利变动的信号；(3)相比而言，有再融资动机的上市公司通过派现降低两类代理成本、发送股利信号的作用显著更弱。可见，虽然股利代理理论和信号理论总体上能够解释中国上市公司分红行为，但在半强制分红政策背景下，有再融资动机的上市公司分红行为受到了明显干预，这使得两种经典股利理论的解释力有所削弱。

关键词： 收益现值法   并购   价值评估  

摘要： 现阶段,企业扩张绝大多数都是通过并购来完成的。通常,并购被定义为一个投资交易通过收购另一家公司的股票而获得控制权。公司的管理层试图通过并购使得股东最大化价值,实现协同效应。本文首先对研究的背景进行介绍。当前,企业之间的并购行为急剧增加,学术界对这种战略行动的研究并没有跟上变化的步伐。虽然有相当多的学者一直在不断的研究,但是仍然有很多企业并购重组过程中存在的问题值得深入研究。接下来,根据国内外研究文献的回顾形成本文案例研究的基础理论,并在此基础上对企业价值评估的基本知识点进行阐述。然后进行本文的案例分析,对高新兴并购背景和动因进行介绍。由于并购会对高新兴公司带来业务和财务的影响,但是如何衡量并购带来的影响。本研究通过衡量并购后的企业价值作为评估并购带来的综合影响。本文的研究结论是:(1)通过计算得到2015年,公司的市值为1,539,608.67万元,基于2015年12月31日公司的股本总数107,476.46万股,故其每股价值为14.38元。2016年公司市值是2,155,452.19万元。根据计算结果显示,2016年公司实现并购之后价值处于上升。