学科服务 更多>>

关键词： 货币时间价值   发电企业   财务管理  

摘要： 货币时间价值是一个客观存在的经济范畴,是财务管理中必须考虑的一个重要因素。随着市场经济的发展和电力体制改革的进一步深化,电力市场已由卖方市场转为买方市场。由于煤价飞涨,国家对环保的重视,使得发电企业的成本居高不下。在发电企业经营面临抉择的情况下,货币时间价值在企业经营管理中显得越发重要。企业决策者可以利用货币的时间价值形成多元的筹资方式和投资渠道,提高资金的周转效率,为企业创造更大的价值,实现利润的最大化。本文将从企业筹资方式和投资决策等方面,对我国发电企业财务管理中货币时间价值的运用情况进行剖析探讨,并分析货币时间价值将如何影响发电企业的经营管理。

关键词： 金融危机   证券市场网络   拓扑结构   最小生成树  

摘要： 本文以金融危机下的恒生指数成份股为研究样本,利用最小生成树算法构建复杂网络,从宏观、微观两个层面分析网络结构的动态变化特征,结果发现:最小生成树长度、直径、特征路径长度均在金融危机初期下降至较低水平,中期在波动中有所上升并逐渐接近初始水平,后期则在经历一番波动后又重回初始水平;网络聚合系数、平均度则在金融危机初期上升至较高水平,中期则维持在此水平并稍有波动,后期下降并维持在较初期更高的水平;在金融危机中期,节点的度较大的股票数量减少,中心节点数量剧增。

关键词： 生根   辩证唯物主义   宏观经济环境   粮食安全   发展中国家   基础产业   主动权   方法论  

摘要： （接上期）三、确保主动权：国人饭碗一定要牢牢端在自己手上＂农为邦本,粮为政首＂。作为一个世界最大的发展中国家,＂治国理政＂必须不断夯实农业粮食这个永恒的基础产业,即让＂天上之天＂落地生根,坚守确保国人饭碗牢牢端在自己手上的＂底线＂。1.辩证认识复杂敏感的新形势。这是我国坚守粮食安全＂底线＂的思想武器。鉴于在经济新常态下、我国粮食产销面临极其复杂的形势和繁重的新任务,必须运用辩证唯物主义的方法论,从全国基本国情和宏观经济环境出发，站在新时代的高度，准确把握农情和粮情的“变”与“不变”“传统”与“现代”、“全局”与“局部”“数量”“质量”与“效益”“现实”与“未来”，以及把握“两种资源、两个市场”的统一等等。

关键词： 货币时间价值   企业投资   财务管理   投资方式  

摘要： 货币的时间价值是一个得到理论界一致认可的客观存在,是在财务管理过程中必须考虑的重要因素之一。这说明无论个人还是企业的投资决策都会在一定程度上受到货币时间价值产生的作用影响。随着社会主义市场经济体制改革不断深入,企业市场化成为了当下企业发展的必然趋势,企业投资受到了市场的制约。所以在外部条件导致企业的成本增大的情况下,利用货币时间价值的理论将企业效益最大化是很有必要的。在考虑时间限制因素、投资风险和市场通货膨胀等因素的情况下,如何通过投资和筹资方式的改变来提高资金周转的报酬率,在我国企业财务管理是如何运用货币时间价值理论都是值得探讨的。

关键词： EVA   Stock Return   KSE   Shareholders value   value creation  

摘要： EVA can be used for the purposes of setting organizational goals, performance measurement, determining bonus, communication with shareholders and investors, motivation of managers, capital budgeting, corporate budgeting, corporate valuation, etc. The study is aim to find the effect of economic value added (EVA) on stock return of companies listed at KSE-100 index. Research model uses the panel data technique. A sample of 59 listed selected companies out of 100 companies listed at KSE. Data collected on annual basis, interpreted and analyzed from the year 2006 to 2010. The model is estimated for sample companies in different industrial group levels. Results indicate that the value of the stock is affected by variable economic value added (EVA) and it is significant at a level less than 10%. Economic Value Added (EVA) is a key performance index that initiates or motivates companies to find out ways to increase efficiency of capital utilization and consequently produce a superior operating performance, and therefore should in theory reflect a stock"s intrinsic value.

关键词： Integrated inventory   Imperfect production   Time value   Present value  

摘要： Many studies have failed to give consideration to time value. However, consideration of the impact of inflation and speedy change of demand, shortening lead time and cost are the most important issues in the supply chain. In a real system, due to the deteriorating production process of the vendor and damage sustained during the transportation process from the vendor to the buyer, an arrival order batch for the buyer may contain some percentage of defective product. Therefore, we consider time value and develop an improved integrated inventory model with imperfect quality items and variable lead time which assumes dependent crashing cost is polynomial. It aims at the minimum present value of integrated inventory joint expected total cost over infinite time horizon. The goal of this paper is to derive simultaneously the optimal order quantity, the length of lead time and the number of lots which are delivered from the vender to the buyer. Finally, a numerical example is given to illustrate results.

关键词： Knightian uncertainty   structural change   fundamentals   psychology   present-value model   stock prices  

摘要： Macroeconomic models that are based on either the rational expectations hypothesis (REH) or behavioral considerations share a core premise: all future market outcomes can be characterized ex ante with a single overarching probability distribution. This paper assesses the empirical relevance of this premise using a novel data set. We find that Knightian uncertainty, which cannot be reduced to a probability distribution, underpins outcomes in the stock market. This finding reveals the full implications of Robert Shiller’s ground-breaking rejection of the class of REH present-value models that rely on the consumption-based specification of the risk premium. The relevance of Knightian uncertainty is inconsistent with all REH models, regardless of how they specify the market’s risk premium. Our evidence is also inconsistent with bubble accounts of REH models’ empirical difficulties. We consider a present-value model based on a New Rational Expectations Hypothesis, which recognizes the relevance of Knightian uncertainty in driving outcomes in real- world markets. Our novel data is supportive of the model’s implications that rational forecasting relies on both fundamental and psychological factors.

关键词： Excel   净现值   净现金流量  

摘要： Excel作为Microsoft Office的一个重要组件,可以对大量的数据快速进行筛选和排序,并能用各种形象的图形显示结果,其强大的数据分析功能受到越来越多的专业人员的青睐,应用的领域非常广泛。笔者利用相关的理论知识,提出了运用Excel计算净现值的三种方法,以为财务管理教学提供一个有效的运算工具。

关键词： 双重股权   证券市场   可行性  

摘要： 双重股权早已不是新鲜事物,但在我国证券市场上却未占有一席之地。与其说我国法律禁止此类股权结构,倒不如说是公平效率的较量之下,公平问题更受到人们的关注。从长远来看,对于该种制度产生的弊端,只要采取合理的制度或措施加以制衡,人们心中的顾虑就会得到消解。因此,双重股权在我国证券市场上运行是必须要的、可行的。

关键词： 净现值分析   露天开采   境界优化  

摘要： 从经济技术角度,分析了白云鄂博西矿露天开采最终境界与采场周边现有工业设施的相互影响关系。结果表明:露天采场北帮外扩影响现有工业设施,南帮对现有破碎车间有影响。根据具体情况,决定外扩露天北帮境界,收缩露天南帮境界,以保证露天境界优化的效益最大化。