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关键词： 资本性支出   自由现金流   折现法   企业价值评估   现金流折现   现值   内在逻辑性   预测期   折现率   计算方法  

摘要： 自由现金流折现法是目前企业价值评估中广泛采用的一种方法,资本性支出是自由现金流折现法应用中重要的数据之一。关于资本性支出的计算方法,近年来很多人发表文章进行讨论,见仁见智,实务操作中亦是多种多样。本文试图追根溯源,从现金流折现方法本身出发,以期从理论角度找出资本性支出计算的内在逻辑性,并对目前各种实务方法进行探究,寻找出合理、可行的计算模式。

关键词： 動態重視度表現值分析法   醫療資訊系統   可用性   系統評估  

摘要： 医疗资讯系统透过支援必要的医院管理与医疗作业，协助提供高品质与高效率的病患照护。本研究提出一个结合可用性要素与问卷调查为基础的方法，评估医疗从业人员对於所使用之医疗资讯系统的评价。其中包括动态重视度表现值分析法，分析使用者认知中对於可用性要素的满意程度与期望程度。根据调查而得的资料，将受访者对於系统可用性要素的认知各别以第三四分位数与第一四分位数区分为高重视度／高表现值与低重视度／低表现值。所提出方法实际应用於案例医院提供之医疗行政服务的出院流程中。结果显示所提方法具备在不同医疗作业环境中有效识别医疗资讯系统中需要改进的可用性要素，且能够进一步提供医疗资讯系统设计时重要的使用者需求资讯。

关键词： 管廊   PPP模式   国务院政策   模式建设   合同价格   企业投资   工程建设   管线建设   现值   运营管理  

摘要： 在物有所值分析的基础上,政府提供的ppp合同价格就是套在社会资本头上的紧箍咒,督促投资人在测算投资和收益时小心谨慎,在工程建设时不断优化技术方法和管理模式以缩减成本。2015年,地下综合管廊建设在全国如火如荼地展开。住房城乡建设部、财政部共同确定了沈阳等10个城市开展试点,计划3年内建设地下综合管廊389公里,总投资351亿元,并鼓励由企业投资建设和运营管理地下综合管廊,推广运用PPP模式。做地下管廊比传统直埋合算吗？

关键词： 现金流折现   现金流量折现法   净现值   成本费用支出   盈利能力   公司价值   货币的时间价值   现金净流量   无风险报酬率   实体现金流量  

摘要： 在上一期我们介绍了可比公司法,今天重点讲解一下现金流折现法。现金流量折现法是指通过预测公司未来盈利能力,据此计算出公司净现值,并按一定的贴现率折算,从而确定公司现在的估值。具体操作,就是预测公司未来几年可能的收入及成本费用支出情况,然后据此预测未来几年的现金流量,再把未来的现金流量的净值,按照一定的贴现率折算成当前的净现值,用以确定公司价值的方法。

关键词： 净现值分析   设备经济寿命   投资优化   辅助决策  

摘要： 以全寿命周期管理为出发点,在综合考虑设备价值、停电损失、运行维护成本、环境影响费用等电力设备成本因素的基础上,通过净现值分析方法计算设备投资费用、设备运行风险累加值,秉承经济最优化原则,实现设备全寿命周期成本最低,以实现电力设备投资规划的辅助决策。

关键词： 人民币   东亚货币   分位数回归   非对称性   金融危机  

摘要： 基于分位数回归模型,笔者比较分析了金融危机前后东亚6种货币对人民币汇率波动的非对称性特点。研究结果表明:危机前更多地表现出国别之间的差异性,没有表现出非对称性,而危机后更多地表现出一致性,且主要在人民币贬值和"小幅"升值时才保持显著的相关关系,呈现出明显的非对称性特点。这主要是由金融危机前后全球宏观经济环境变动和各经济体汇率政策目标变化所决定的。

关键词： Studies   SEC regulations   Financial reporting   Reporting requirements   Materiality   Municipal bonds   Securities markets  

摘要： This Note explores materiality's meaning in the context of Rule 15c2-12's continuing disclosure requirements. Within the framework of Rule 15c2-12 and the municipal bond market, this Note argues that the correct meaning of materiality uses a creditworthiness test, which dictates that a fact, event, or omission is material if it substantially affects the issuer's creditworthiness or ability to meet its obligations to bondholders. Part II provides background information on the current municipal bond regulatory scheme and discusses the MCDC Initiative. Part III explores different meanings of materiality in the securities context. Part IV analyzes these meanings of materiality in the context of the municipal bond market and argues that the correct definition of materiality should depend on creditworthiness. Finally, Part V applies this meaning of materiality in the context of Rule 15c2-12.

关键词： Stock Returns   Free Cash Flow   Financing   Stock Value   Stock Growth  

摘要： The overall goal of this research is to investigate the financing activities and future value and growth stock returns in the stock market. The sample included 116 companies listed in the stock which their data over 6 years (1386 to 1391) was analyzed statistically as a testing period. According to the results, there is no significant statistically difference between value stock returns and growth stock returns. Also, there is no difference between value stock returns and growth stock returns in companies that are financed out of the company. It seems that investors and capital market participants do not pay attention to growth or value of shares on the market and show no reaction to it. However, according to the findings, measures financed out of the company are different significantly in companies with value stock returns and growth stock returns, and this difference also exists in cases in which financed out of the company. Accordingly, it is probably that suppliers of company"s capital (Owners and credit providers) pay attention to value or growth of shares of the company or its symptoms in their own investment decisions. Based on these results, there is an inverse relationship between the book value ratio to stock value of future stock returns. This finding means the high book value of the company compared to their market value causes their reduction of future stock returns. While, according to the findings, there is a direct relationship between measures financed out of the company with future stock returns. It seems that companies in the sample could use financial resources from outside the firm beneficently, and apply it in order to increase stock efficiency.

关键词： Macroeconomic conditions   Capital structure   Manufacturing firms   Sri Lanka  

摘要： With the rapid development of the modern market economies, to safeguard the comprehensive competitiveness, companies adjust their capital structure based on the external and internal environments. Thus, in the selection of companies" financing policies, especially the debt decisions, the macroeconomic conditions will be very critical. Hence, the purpose of this study is to examine the effects of macroeconomic conditions on capital structure decisions of manufacturing firms listed in Colombo Stock Exchange. A panel data covering a period of 10 years from 2004 to 2013 for 27 listed manufacturing firms in Colombo Stock Exchange used while fixed and random effects models were used to analyze the data. The empirical results demonstrate that in overall macroeconomic conditions have significant effects in determining the capital structure decisions of the manufacturing firms listed in Sri Lanka. The banking sector development is found to be significant in determining the capital structure decisions of Sri Lankan manufacturing firms while results further depict that the development of the stock market is insignificant in the capital structure choice of the Sri Lankan manufacturing companies. Moreover, GDP growth rate and inflation are found to be insignificant in determining the capital structure choice of the Sri Lankan manufacturing firms.

关键词： Carbon quantification   Carbon allocation   Carbon variability   Remotely sensed models   Structural components   Tree age  

摘要： Quantifying the variability and allocation patterns of aboveground carbon stocks across plantation forests is central in deriving accurate and reliable knowledge and understanding of the extent to which these species contribute to the global carbon cycle and towards minimizing climate change effects. The principal objective of this study was to quantify the variability and allocation patterns of aboveground carbon stocks across Pinus and Eucalyptus plantation forests, tree-structural attributes (i.e. stems, barks, branches and leaves) and age groups, using models developed based on remotely sensed data. The results of this study demonstrate that aboveground carbon stocks significantly (alpha = 0.05) vary across different plantation forest species types, structural attributes and age. Pinus taeda and Eucalyptus grandis species contained aboveground carbon stocks above 110 t C ha(-1), and Eucalyptus dunii had 20 t C ha(-1). Across plantation forest tree structural attributes, stems contained the highest aboveground carbon stocks, when compared to barks, branches and leaves. Aboveground carbon stock estimates also varied significantly (alpha = 0.05) with stand age. Mature plantation forest species (i.e. between 7 and 20 years) contained the highest aboveground carbon stock estimates of approximately 120 t C ha(-1), when compared to younger species (i.e. between 3 and 6 years), which had approximately 20 t C ha(-1). The map of aboveground carbon stocks showed distinct spatial patterns across the entire study area. The findings of this study are important for understanding the contribution of different plantation forest species, structural attributes and age in the global carbon cycle and possible climate change moderation measures. Also, this study demonstrates that data on vital tree structural attributes, previously difficult to obtain, can now be easily derived from cheap and readily-available satellite data for inventorying carbon stocks variability. (C) 2015 Elsevi