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关键词： 组织   进行时   宏观经济环境   商业模式   去中心化   管控   扁平化   柔性化  

摘要： 由于宏观经济环境、商业模式的变化，组织模式不得不进行相应的转型。因此，组织由传统的运营管控、战略管控、财务管控转化为扁平化、柔性化、去中心化、外包化。在此，我们继续谈一谈组织模式可能发生的其他变化。

关键词： 信号传递效应   股利政策   上市公司  

摘要： 通过股利分配政策,上市公司向市场投资者传递公司未来良好前景的信号,吸引投资者不断投入资金,以达到低成本融资的目的。而投资者可以通过分析上市公司的股利政策,来合理分配自身财产,获取更大的收益。本文以信号传递效应理论为基础,对我国股票市场上广泛存在的现金股利及资本公积金转增股本的行为动机进行了分析和讨论。研究表明,现金股利具有信号传递效应,而以转增股为代表的股利政策不具有明显的信号传递效应。

关键词： 政府会计   预算会计体系   企业会计   计量属性   财务报告   权责发生制   财务体系   货币的时间价值   实质重于形式   财务会计  

摘要： 我国实行市场经济以后出现了许多上市公司,促使我国企业有了很大很快的发展,企业会计准则也随之进行了多次修改,基本已经趋同于国际会计准则。然而,随着社会经济的发展,在新的形势下,现行的政府预算会计体系已经不能够满足政府运行和各方利益相关者的需要。为了积极贯彻落实党的十八届三中全会提出的＂建立权责发生制的政府综合财务报告制度＂要求,在去年的征求意见稿之后经过多次的修改,财政部部长于2015年10月23日公布《基本准则》,准则第六章规定于2017年1月1日起开始施行。

关键词： 天然异龄林   可拓聚类预测   林分生长率   择伐周期  

摘要： 通过分析天然异龄林林分平均生长率可拓聚类预测的建模机制,构建出可拓聚类预测的物元模型,并利用该模型对林分平均生长率进行预测。结果表明:该方法预测精度较高,用于天然异龄林林分生长率的确定是可行的。天然异龄林资产评估的收益现值法应用中,运用该可拓聚类预测法的生长率结果来确定择伐周期指标,可进一步改进完善收益现值法。

关键词： 股票市场   投资者情绪   股票收益   行为金融  

摘要： 随着行为金融学的兴起,学者们越来越重视投资者情绪因素在股票收益产生过程中所起的重要作用。特别是,我国股票市场以个体投资者为主,而个体投资者的交易行为极易受到情绪影响,因此投资者情绪势必对我国股票收益的产生具有重要影响。为验证这一论题,实证分析了不同类型的股票在情绪乐观期和情绪悲观期内各自收益的变化情况,其中对于情绪期的划分主要依赖于所构建的投资者情绪指数的大小,对于股票类型的划分主要基于股票的自身特征、股票的交易特征和股票的行业特征。结果发现,在不同情绪期内,各类型股票收益的变化情况均不相同,由此证实了投资者情绪在我国股票定价过程中扮演着重要角色。

关键词： 随机贴现率   延期年金   矩   现值  

摘要： 研究在随机贴现率相互独立条件下某些延付年金现值的计算问题,目的在于研究其现值的期望和方差.本文重新定义了在固定贴现率下的一系列延付年金的现值公式,并给出了在随机贴现率相互独立条件下某些年内期末付等额年金,递增年金,递减年金和几何级数年金的现值计算公式及其现值的一阶矩、二阶矩的递推关系.利用该关系,推导出了各年金现值的期望和方差公式.

关键词： 吴禄贞   间岛   勘察报告   现值   民族尊严   延边地区   界务   宣统元年   光绪三十三年   边务大臣  

摘要： 73天跋山涉水,勘察报告激起千层浪;九载光阴物是人非,昔日师生对峙谈判桌。侵略者诡计迭出,计计落空;爱国者棋高一招,招招制敌。争理争据,争来领土完整;斗智斗勇,斗出民族尊严。＂忘记历史就意味着背叛＂,让我们共同回味——

关键词： Characteristic anomalies   Statistical leverage analysis   Efficient markets  

摘要： A large number of neoclassical, behavioral, and bias-based theories try to explain the tendency of small, value, and winner stocks to outperform big, growth, and loser stocks, three well-known characteristic anomalies. Because the theories often predict similar relationships between a stock's propensity to contribute to the anomalies and a set of correlated firm characteristics, existing studies focusing on single theories do not tell us which theory is most successful in explaining the anomalies. To fill this gap, we use a new non-parametric methodology to run a horse race between the theories. In the first step, we use statistical leverage analysis to find out which stocks are ultimately responsible for the anomalies. In the second, we use the firm characteristics suggested by the theories to forecast the identity of the anomaly drivers, with the purpose of determining which theory is most supported by the data. We find that behavioral theories are most convincing in explaining the size and book-to-market anomalies, while no theory is convincing in explaining the momentum anomaly.

关键词： Volatility spillover   Oil volatility   Stock market volatility   Structural breaks   GARCH   LONG-MEMORY   GARCH MODELS   RETURNS   VARIANCE   FUTURES   NONSTATIONARITIES   INFORMATION   SQUARES  

摘要： This paper employs univariate and bivariate GARCH models to examine the volatility of oil prices and US stock market prices incorporating structural breaks using daily data from July 1, 1996 to June 30, 2013. We endogenously detect structural breaks using an iterated algorithm and incorporate this information in GARCH models to correctly estimate the volatility dynamics. We find no volatility spillover between oil prices and US stock market when structural breaks in variance are ignored in the model. However, after accounting for structural breaks in the model, we find strong volatility spillover between the two markets. We compute optimal portfolio weights and dynamic risk minimizing hedge ratios to highlight the significance of our empirical results which underscores the serious consequences of ignoring these structural breaks. Our findings are consistent with the notion of cross-market hedging and sharing of common information by financial market participants in these markets. (C) 2015 Elsevier Inc. All rights reserved.

关键词： Tropics   Land use   Woody species biodiversity   Carbon sequestration   Soil carbon   SOIL CARBON   CLIMATE-CHANGE   ROOT BIOMASS   SEQUESTRATION   OPPORTUNITIES   CONSERVATION   DYNAMICS   SAVANNA   STORAGE   SAHEL  

摘要： Lack of data on carbon stocks hampers implementation of emission reduction mechanisms (e.g., REDD+). Addressing this issue is relevant, especially when combined with other challenges such as preserving biodiversity. The present study assessed tree diversity (Shannon-Wiener's index) and carbon stocks of different land uses in Bale and Ziro sites in Sudanian zone of Burkina Faso. Aboveground carbon stock was evaluated using generalized equation. Belowground carbon was assessed by excavating plant parts in samples of soil in each plot. Regarding soil sampling for C-content assessment, four locations were selected in each plot and soil was sampled at the depths of 0-20 cm and 20-50 cm, using an auger. The four soil samples from each depth were pooled, thoroughly mixed and a composite soil sample taken to the laboratory for carbon content measurement using the Black and Walkley method. The C-content was then used for calculating SOC. In Bale and Ziro, 85 and 106 species, 63 and 82 genera, 29 and 35 families were identified, respectively, with the Leguminosae family as most dominant. Natural vegetation stands (NV) and fallows showed high richness and diversity compared to parklands. Soil was found the most important carbon pool. Highest values of aboveground, belowground and soil C-stocks in Ziro (13.9,14.71 and 67.1 Mg/ha) were recorded in community managed forests (CMF) logged 12 years ago, while equivalent values for Bale (25.76, 14.96 and 53.02 Mg/ha) were recorded in the dense NV. However, irrespective of C pool, the difference between CMFs and the 100 trees/ha Vitellaria parkland was not significant. Correlations were found between species richness and above and belowground C-stocks (R-2 = 0.22, p <0.0001; R-2 = 0.33, p <0.0001). Overall, dense Vitellaria parklands, apart from allowing tree-crop integration, have real potentials for C sequestration. Also, C-sequestration and biodiversity conservation are likely not conflicting targets. (C) 2015 Elsevier B.V. All rig