学科服务 更多>>

关键词： 货币时间价值   筹资   财务风险  

摘要： 对于企业财务管理来说,货币时间价值是贯穿始终的,特别是在企业筹资的过程中,货币时间价值更能够让人们认识到资金筹集的重要性,也就是资金成本问题,而这无疑也是筹资决策必须要关注的重要问题。对于货币时间价值来说,其是客观存在的,是基于可靠性会计信息质量的要求,以货币计量企业资金运动全过程的会计实务,充分考虑货币时间价值成为必然。基于此,文章以此为切入点,对货币时间价值在企业筹资中的应用方法进行深入探讨。

关键词： 金融化   商品期货   风险分散   DCC-MVGARCH模型   MS-VAR模型  

摘要： 随着商品金融化进程的加快,大宗商品的金融属性也不断凸显,对股票市场的冲击也日益显著。基于风险分散视角,通过构建DCC-MVGARCH模型与MS-VAR模型,对我国铜、铝、豆粕和天然橡胶等四种具有代表性的商品期货的组合投资价值进行了实证检验。结果显示:商品期货对股票资产的风险分散价值出现了分化,金融化程度较高的有色金属、能源化工期货与股票的相关性出现了系统性的上升,其对股票资产的风险分散能力下降,而金融化程度较低的农产品期货则一直与股票保持着低相关性,风险分散能力最好。进一步研究表明,在不同股市状态下,商品期货对股票资产的风险分散效果存在显著差异。

关键词： 政府购买服务   项目营销   县域   宏观经济环境   业务竞争   公共服务   经济形势   企业风险  

摘要： 近年来，政府购买服务作为提高基础设施与公共服务领域供给水平和效率的重要改革举措，得到了国家的高度重视和大力推动。国家陆续出台了多项法规政策，逐步规范和完善政府购买服务，政府购买服务已成为…颂新型的公共服务供给模式。在当前经济形势下，我国正处在经济发展的转型期，宏观经济环境复杂多变。面对严峻复杂的内外形势和不断加大的经济下行压力，民营企业风险不断暴露，金融同业资产业务竞争目趋激烈，而政府购买服务项目还款来源有保障、风险相对较小、对相关业务带动作用较大、综合效益较好，已经成为了各家银行全力争抢的业务。为促进政府购买服务业务发展，本文从项目选择、营销技巧、风险控制等方面进行阐述，谈谈如何做好县域政府购买服务项目营销工作。

关键词： 创业板   CAPM模型   Fama-French三因素模型   流动性溢价  

摘要： 基于我国创业板股票周收益数据,运用CAPM模型和Fama-French三因素模型对数据进行回归分析,发现我国创业板股票市场存在明显的账面市值比效应和相对较弱的大规模效应。按照换手率对股票进行分组,发现平均周收益率随着流动性的增加而增加,与传统流动性溢价理论存在差异。在两种模型的基础上,添加流动性因子有助于消除截距项的异常收益,并且经流动性调整后的三因素模型的回归结果更优,即包含市场溢价、规模溢价、价值溢价和流动性溢价四因子的LAFF模型能更好地描述我国创业板股票周收益率情况。我国创业板市场之所以表现出高流动性(低流动性风险)资产收益率高、而低流动性(高流动性风险)资产收益率低的特点,原因在于投资者对预期收益缺乏理性分析,交易成本偏高,信息不对称,从而扭曲了收益与流动性负相关的规律。

关键词： forest soil   carbon   soil formation   pedology   Norway   boreal forest  

摘要： Relationships between soil C and N stocks and soil formation, climate, and vegetation were investigated in a gridded database connected to the National Forest Inventory in Norway. For mineral soil orders, C and N stocks were estimated to be 11.1-19.3 kg C.m(-2) and 0.41-0.78 kg N.m(-2), respectively, declining in the following order: Gleysols > Podzols > Brunisols > Regosols. Organic peat-type soils stored, on average, 31.3 kg C.m(-2) and 1.10 kg N.m(-2), whereas shallow Organic folisols stored, on average, 10.2 kg C.m(-2) and 0.34 kg N.m(-2). For Norway's 120 000 km(2) of forest, the total of soil C stocks was estimated to be 1.83 Gt C, with a 95% CI of 1.71-1.95 Gt C. Podzolic soils comprise the largest soil group and store approximately 50% of the forest soil C. Sixty percent of the soil C stock in Podzolic soils was stored in the mineral soil, increasing with temperature and precipitation. Poorly drained soil types store approximately 47% of the total forest soil C in Norway. Soils with water saturation have large C stocks mainly in the forest floor, suggesting that they are more susceptible to forest management and environmental change. Soil C stocks under pine and spruce forests were similar, although pine forests had larger C stocks in the forest floor, while spruce forests had the highest C stocks in the mineral soil compartment. C stocks in the forest floor increase from dry to moist ground vegetation, while ground vegetation nutrient classes reflect better the C and N stocks in the mineral soil.

关键词： reactivity   Atomicity   electrophile  

摘要： A new methodology to obtain reactivity indices has been defined. This is based on reactivity functions such as the Fukui function or the dual descriptor and makes it possible to project the information of reactivity functions over molecular orbitals instead of the atoms of the molecule (atomic reactivity indices). The methodology focuses on the molecule's natural bond orbitals (bond reactivity indices) because these orbitals (with physical meaning) have the advantage of being very localized, allowing the reaction site of an electrophile or nucleophile to be determined within a very precise molecular region. This methodology gives a reactivity index for every Natural Bond Orbital (NBO), and we have verified that they have equivalent information to the reactivity functions. A representative set of molecules has been used to test the new definitions. Also, the bond reactivity index has been related with the atomic reactivity one, and complementary information has been obtained from the comparison. Finally, a new atomic reactivity index has been defined and compared with previous definitions. Published by AIP Publishing.

关键词： Volatility spillovers   Breaks in variance   DCC-GARCH   Causality  

摘要： The paper investigates the volatility spillovers among five major Latin American (LA) stock markets under the presence of the structural breaks in variance. We employ a multivariate dynamic conditional correlation (DCC GARCH) model allowing for structural breaks in variance. The dynamic correlations show that volatility spillover effects among the markets are not strong. Causality in mean tests indicate one way causality from BOVESPA to all markets, whereas causality in variance tests indicate one way causality only from BOVESPA to IPSA. These findings suggest that while the markets in the sample are interdependent, there is not enough statistical evidence to infer the contagion effects among the markets. (C) 2016 Elsevier B.V. All rights reserved.

关键词： TABULA   EPISCOPE   Building typology   Exemplary buildings   Synthetical average buildings   Nearly zero-energy buildings   Calibration to measured consumption   Webtool   Building stock models  

摘要： In the framework of the international projects TABULA and EPISCOPE residential building typologies have been created in 20 European countries. Each national typology consists of a classification scheme grouping buildings according to their size, age and further parameters and a set of exemplary buildings representing these building types. U-values of different age bands and energy expenditure factors of heat generators of these buildings are being compared. In addition, synthetical average buildings have been defined which are statistically representative for specific age and size bands and enable projections of the energy performance to the total housing stocks. Based on the common data structure the energy performance of the average buildings is calculated in a standardised way to form simplified housing stock models. In the context of inhomogeneous building stocks of European countries the results allow an understanding of the average and variation of parameters like U-values, supply system performances or final energy. (C) 2016 Elsevier B.V. All rights reserved.

关键词： 民间投资   国内经济   政策建议  

摘要： 随着国内经济进入"减速换挡"期,2016年我国民间投资呈现下滑的趋势。本文通过构建向量自回归模型,分析影响民间投资的因素,并结合现阶段中国经济实际,给出相应政策建议。

关键词： 再融资行为   股利政策   行为金融学  

摘要： 建立在有效市场假说下的传统和现代股利理论大多忽略了心理、行为和社会等行为因素对投资者行为的影响,而基于行为金融学的股利政策,可以从上市公司及市场投资者的投资行为及心理深层次的影响因素出发,为上市公司的再融资与股利政策提供更科学的依据。