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关键词： 货币时间价值   企业投资   应用  

摘要： 在财务管理的过程中,货币的时间价值得到了很大的突显,也就是说,对于企业来说,在开展投资决策的时候,也应该将货币的时间价值加以考虑,以此来保证最终决策的科学性。随着社会的不断发展,我国市场经济体系的逐步完善,企业利益核算不能够仅仅停留在表面,应该合理的应用货币时间价值理论来对价值进行同一层次的比较,通过这种方式来实现企业的利益最大化,并且能够以此来确定最为合适的投资或者是筹资的方法,促进企业的发展,让企业对当前的经济活动有一个更加深入的了解,提高企业的财务管理水平。所以,本文主要就货币价值的内容、货币时间价值在不同企业里的运用和运用过程中存在的问题,并且针对这些问题提出了具体的解决建议几个方面进行了研究分析。

关键词： 停牌   估值方法   基金净值   基金估值   证券投资   收益法   兼论   模型法   基金公司   长江证券  

摘要： 一、引言 基金会计准则作为规范基金会计的指南,对基金净值的计算做了原则性指导。根据规定,应根据基金包含的证券的公允价值估算基金净值。其中公允价值以估值日的交易收盘价格确定。但股票停牌期间,其公允价值怎么确定？基金会计准则中并未明确规定。在《关于进一步规范证券投资基金估值业务的指导意见》的出台前（以下简称《指导意见》）,实务中是按照股票停牌前最后一个交易日的收盘价估算的。

关键词： 中国家电业   市场增长   经济结构调整   活力   消费   发掘   宏观经济环境   产品销售量  

摘要： 2015年是“十二五”收官之年，过去五年，中国家电业取得了长足的发展与进步。但自2015年以来，国内经济处于经济结构调整的转型期，进入低位趋稳的“新常态”，在宏观经济环境及住宅产业低迷等综合因素的影响下，家电行业市场增长动力不足，主要产品销售量增速放缓。

关键词： 预计   现金流量现值   未来现金流量   折现率  

摘要： 财政部2001年颁布的会计准则中,将"未来现金流量现值"计量属性引入接受捐赠资产业务中。后来出台的"存货"和"固定资产"具体准则,也有选择地采用了"未来现金流量现值"计量属性。从我国经济发展来看,现值的应用范围将会越来越大。本文主要从未来现金流量现值的定义、影响因素、方法、现值的确定方面进行分析。

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

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： G14   G32   G34   D82  

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.

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： EPQ   Duplication   Setup for duplication   Inflation   Time value of money  

摘要： This paper investigates the effect of inflation and time value of money on an economic production quantity (EPQ) model in the single product system while the shortage of inventory is not allowed and production of defective parts during the production process and also setup time for reworking have been considered that can be non-zero. Studies show that considering the production of defective parts and reworking, the effect of inflation rate and the time value of money in EPQ model leads to change the optimal Production batch size. Since cost function is complex and finding the optimal solution is not simple, so in this study the approximate values of close to the optimal which obtained by Inventory-Total Cost chart, has been used of investigation of the effect of inflation and the time value of money on an economic quantity of production. Numerical calculations show that lack of attention to inflation and time value of money causes relatively high and unavoidably error in the cost.

关键词： G02   G11   G12  

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： Accounting conservatism   net present value of the investment   Growth of Abnormal   Remaining Income  

摘要： This study, study, library and Causal-analyticall and based on panel data analysis (panel data) is. In this study, 102 financial firms listed in the Tehran Stock Exchange during the period from 1387 to 1392( has 612 firm - years). To analyze the results of the software Spss 20, Eviews 7 and Minitab 16 has been used. The results in connection with the confirmation of the first hypothesis suggests that the relationship between accounting conservatism and net present value of the investment, there was a significant relationship. Also according to the analysis made in connection with the second hypothesis study concluded that the abnormal growth of profit and the net present value of the investment, there was a significant relationship. Following the results of the study hypothesis with the third study showed that the net present value of residual income and investment, there significant inverse relationship.