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关键词： 家装市场   多联机   中央空调市场   宏观经济环境   困难与机遇   便捷性   增长点   灵活性  

摘要： 近几年,多联机市场发展迅猛。凭借着其产品的灵活性、舒适性、便捷性等特点,越来越受到中小型场所的青睐。2015年,受宏观经济环境的影响,中央空调产品无一幸免,全线下滑。尽管多联机销售也出现了小幅下滑,其中工装市场“受灾”严重,但在家装市场的销售仍保持着较快的增长势头,成为2015年中央空调市场最主要的增长点。

关键词： 股票价值   公司价值   资本  

摘要： 传统价值理论认为,股票价值来源于公司价值,因此在评价股票价值时人们习惯于用公司价值来代替。从长期看,股票价值接近于公司价值,但是公司作为一种实物资产,而股票作为一种虚拟资产,在本质上两者就不能等量齐观,股票价值除了包含公司价值以外还有其特有的控制权价值和流通权价值。文章通过解析几种经典的价值理论,从本质上找到公司价值和股票价值的区别,并由此重新定义了股票价值,以期为股票投资者走赢市场提供理论依据。

关键词： 纺织企业   恒力   宏观经济环境   纺织市场   销售收入   民营企业   国内  

摘要： 面对国际国内宏观经济环境复杂多变、国内纺织市场跌宕起伏的严峻形势,2015年,恒力集团逆势上行,总营收再创新高,达2120亿元,同比增长30%。恒力由此成为江苏民营企业第二家年销售收入超2000亿元的企业,同时也是全国首家迈过该＂门槛＂的纺织企业。

关键词： 中国家电业   家电行业   运行情况   展望   宏观经济环境   综合因素   住宅产业   动力不足  

摘要： 2015年是“十二五”收官之年。过去五年中，中国家电业取得了长足的发展与进步。自2015年以来，在宏观经济环境及住宅产业低迷等综合因素的影响下，中国家电行业市场增长动力不足，主要产品销量增速放缓，大家电陷入负增长困境。

关键词： 净现值法   医疗设备   采购  

摘要： 目的:为加强医疗设备采购管理,提高医疗设备采购管理效率,促进医院设备资源的增值,寻求科学的设备采购方式与方法,建立规范的采购模式,将粗放式经验行为规范成科学的采购方法。方法:运用财务管理学中的净现值法,做好医疗设备采购经济效益分析,结合具体案例和数据分析医疗设备采购中供应商提供的设备采购方案。结果:在假定资金成本率为10%,三种方案均按直线折旧法的情况下,方案一净现值为6966.25万元;方案二净现值为10619.18万元;方案三净现值为5746.08万元;方案二净现值最大,选择第二方案,该方案产生的净现值最大。净现值法为医院做好设备采购和科学投资、改善经营管理提供了重要保证。结论:净现值法在医疗设备采购中的运用表明,在设备采购方案出现多样化,有多种选择的时候,采用净现值法进行量化为决策提供依据。净现值法的运用与传统的采购方案选择相比,对医疗设备采购管理具有规范性和科学性,对数据分析具有准确性和客观性。

关键词： 国民经济和社会发展统计公报   江苏省   宏观经济环境   经济社会发展   民生改善   稳中求进   经济发展   主动适应  

摘要： 2015年，面对错综复杂的宏观经济环境和艰巨繁重的改革发展稳定任务，全省坚持稳中求进工作总基调，主动适应经济发展新常态，统筹做好稳增长、促改革、调结构、惠民生、防风险各项工作，经济社会发展总体平稳、稳中有进、稳中有好，主要经济指标保持在合理区间，综合实力再上新台阶，转型升级取得新进展，发展质量有了新提升，社会事业获得新进步，民生改善呈现新成效。

关键词： Dividend policy   corporate finance   Dividend decision   valuation  

摘要： A major issue concerning dividend policy is whether decisions by corporate management as to the amount of dividend paid actually affect the wealth of the shareholders. However, the effect of dividend policy decision on the firm"s market value of share is a long standing controversy. Conventional corporate finance wisdom specifies that the dividend decision does matter and that the time and effort spent by management and the board of directors on this decision is justified. The fact that dividends paid today have more value than those received tomorrow must be considered in the payout decision (Gordon, 1962). In other words, traditional financial theorists and most practitioners feel that dividends do matter. Arbitrary changes in dividends, especially dividend cuts, must be carefully considered (Lintner, 1956). Certain theories consider the dividends decision as relevant to the value of the firm measured in terms of market price of the shares. On the other hand, some theories says dividends paid has no effect on the valuation of the firm. So in this paper an attempt has been made with respect to dividend policy and dividend distribution theories in the context of relevant and irrelevant.

关键词： Term structure of interest rates   Spot yield spread   International stock market volatility   Expectations factor   Maturity premium   TRADING VOLUME   INFORMATION   MOVEMENTS  

摘要： This paper empirically investigates the information content of the US term structure of interest rates (USTS) on three major stock markets. We separate the term structure into two components: expected future short rates - the expectations factor (EF) - and the time varying maturity premium (MP) and find answers to three questions. (1) Does the slope of the USTS contain information about stock market volatility? (2) If yes, which stock market is the USTS most informative about? And (3) Do EF and MP equally explain stock market volatility? Estimation results indicate that the USTS does help to explain stock market volatility and it is the most informative about both the US and UK markets, followed by Japan. Finally, EF is found to be more informative than MP. (C) 2015 Elsevier B.V. All rights reserved.

关键词： INVESTOR ATTENTION   UNDERREACTION   EQUILIBRIUM   INTERNET   RETURNS   SEARCH   CHOICE  

摘要： Psychological research suggests that individuals are satisficers. That is, when confronted with a large number of options, individuals often choose the first acceptable option, rather than the best possible option (Simon, 1957). Given the vast quantity of information available and the widespread convention of listing stocks in alphabetical order, we conjecture that investors are more likely to buy and sell stocks with early alphabet names. Consistent with this view, we find that early alphabet stocks are traded more frequently than later alphabet stocks and that alphabeticity also affects firm value. We also document how these effects have changed over time.

关键词： SEASONED EQUITY OFFERINGS   FREE CASH FLOW   CAPITAL STRUCTURE   CORPORATE GOVERNANCE   INFORMATION ASYMMETRY   ACQUIRER RETURNS   INVESTMENT OPPORTUNITIES   EXCHANGE OFFERS   MARKET REACTION   PRICE PRESSURE  

摘要： We contribute to the debate on whether stock-financed acquisitions destroy value for shareholders. A stock-financed acquisition is a joint takeover/equity-issue event. Using seasoned equity offering announcement returns, we estimate through linear prediction and propensity-score matching the share price drop that stock acquirers experience due to the financing choice. Net of this effect, stock-financed acquisitions are not value destructive, and the method of payment generally has no further explanatory power in the cross-section of acquirer returns. Our evidence is largely inconsistent with the agency costs of overvalued equity hypothesis.