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关键词： 股票   投资价值   分析   财务  

摘要： 股票投资价值分析对于投资者来说是必须要做的一项重要工作,只有准确把握好股票投资价值,才能够确保投资风险的最小化。一般来说,股票投资价值受到多重因素的影响,对于这些因素进行全面的把握以及分析,这对于投资者来说至关重要。本文首先对于股票行业环境以及公司的基本情况进行了分析,然后从财务角度对于股票投资价值进行分析,最后从每股收益、股票净值以及行业市盈率等维度探讨了股票价格的具体估值。

关键词： crude oil   industry stock market   input-output tables   structural breaks   penalized quantile regression  

摘要： This article investigates the relationship between real crude oil price changes and the Chinese real stock market at the industry level. Our study uses monthly data over the period 1994: 03 to 2013: 12. Based on input-output (IO) tables, this article will explore more details for the driving factors of sensitivity to oil price changes. We divide these driving factors into cost-and demand-side dependence. Empirical results reveal that sensitivity varies across different industries and periods based on structural breaks and asymmetric effects of oil price changes. Furthermore, some industries seemingly not directly affected by oil are sensitive to the real oil price changes. Finally, using a penalized quantile regression for panel data, we find that these two factors significantly affect lower, but not upper, quantile of sensitivity.

关键词： 利率期限结构   利率市场化   预期理论   流动性偏好  

摘要： 关于利率期限结构的研究一直是国内外经济金融研究领域的热点。尤其是在我国利率市场化进程仍处于攻坚状态的现实背景下,对利率期限结构的研究具有重要的理论与现实意义。本文从利率期限结构理论的提出说起,对一个多世纪以来利率期限结构的理论发展做简单的介绍和总结。本文着重介绍了关于利率期限结构形成的三个理论:预期理论、市场分割理论和流动性偏好理论。并对各理论的优缺点做了简要总结。

关键词： Block maxima method   Extreme value theory   Fat tails   Generalized Pareto distribution   Peaks over threshold method   Value at Risk  

摘要： The concept of Value at Risk(VaR) estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analysed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

关键词： 民生银行   财务报表   股票投资   价值评估  

摘要： 处于当今国际市场中经济形势缓慢复苏的形势下,国内经济增速慢慢地放缓以及中国资本市场、产品种类逐步规范的背景下,如何对上市银行投资价值进行评估是投资者、债权人和银行管理者共同面临的问题。本文站在投资者的角度,本着理论与实践相结合的原则,基于上市公司投资价值的有关理论和前人的研究成果,收集、整理了大量我国银行业和民生银行的数据资料。任何一个公司的生存和发展都受到宏观环境的约束,特别是对银行业来说,上市银行是受到国家最为严格监管的公司,与其他上市公司不同,货币政策和其他的银行业监管政策、法律法规对商业银行的经营业绩有着明显而直接的影响。通过对银行业管理制度环境,银行业的发展趋势和竞争状况的分析让我们对银行业有一个全景式的把握。通过对民生银行的基本情况、业务经营状况和资产质量管理、公司治理、风险控制能力的分析使我们把握对民生银行有影响的关键的驱动力：财务报表是每家公司进行财务重点分析的重要信息来源,尽管它们记录的是过去某一时点或某一期间的财务状况、经营成果和现金流量。本文通过对民生银行的盈利能力、经营与成长能力,偿债能力以及现金流的结构、创造能力与保障力等方面的财务分析来了解民生银行的业务动力。在业务状况分析和财务状况分析的基础上,对民生银行未来一段时期的财务状况和现金流量进行预测,并通过自由现金流量模型和市盈率、市净率法对民生银行进行投资价值估值。最后得出结论：在目前的市场状况下,民生银行具有一定的投资价值。

关键词： Book value to market value ratio   Brand value   Firm size   Future stock returns  

摘要： Competition has gained a major increase, and global market has came into spot light. In so happening, the national industries have to add to their competitive advantages. Brand value is one of the strategic tools which will bring commitment, repeated use, adding to the economic value for the shareholders and increases the domain of economical activities in the different geographical locations. From the investment domain, the most important factor for an investor is the stocks returns. Stock returns means all the cases earned because of stock keeping along with the capital gain. This study was aimed at investigating the relationship between companies brand value and stocks’ future returns in the accepted companies of Tehran’s stock exchange during the years of 2005 to 2012. The population under study was consisted of all the accepted companies of Tehran’s stock exchange. 80 companies were selected for the purpose of this study. The sampling method was based on systematic deletion. The data of the study was of a compound type. In order to test the hypothesis of the study, the multiple regressions were used. The results of the study showed that there is a negative and significant relationship between brands’ value and stocks’ future returns. The results showed that among the variables such as company size, book value ratio, and market Value;the only statistic which was positive and meaningful was the statistics of book value to market Value. This shows the positive effect of this variable on the stocks’ future returns. © 2015, Mediterranean Center of Social and Educational Research. All rights reserved.

关键词： 格力空调   宏观经济环境   企业   企业管理   南美洲   巴西   格力电器  

摘要： 巴西的宏观经济环境就像是暗流涌动的亚马逊河起伏不定;15年来格力空调在巴西所经历的一切就好像一场穿梭在未知雨林里的探险巴西拥有着世界上最大的热带雨林——亚马逊森林和世界上最大的河流——亚马逊河,这里号称"地球之肺"。广袤无边的雨林蕴藏着富饶肥沃的资源,宽广密集的河流里养育着七彩斑斓的珍宝,俯视这片土地,你永远不知道一望无际的绿色底下究竟还藏着什么秘密。格力电器是世界上最大的集研发、生产、销售、服务于一体

关键词： 会计标准   公允价值   趋同  

摘要： 《企业会计准则39-公允价值计量》的实行意味着我国会计标准与国际财务报表准则(IFRS)的进一步趋同,也显示出我国对公允价值计量的重视.新标准的实行将为我国的经济市场带来一定的影响,同样也有着重要意义.

关键词： Abnormal Stock Return   Return   Trading Day   Value of Companies  

摘要： This study aims to identify and to analyze whether Trading day directly influences stock returns in the Indonesia Stock Exchange. Trading day directly influences abnormal stock returns in the Indonesia Stock Exchange. Trading day directly influences the value of companies in the Indonesia Stock Exchange. Trading day indirectly influences the value of companies through stock returns in the Indonesia Stock Exchange. Trading day indirectly influences the value of companies through abnormal stock returns in the Indonesia Stock Exchange. This study were conducted at 50 listed companies in 12 industry sectors recorded in the Indonesia Stock Exchange/IDX (Indonesia Stock Exchange/IDX), Jakarta and local individual investors listed on the Indonesian Central Securities Depository (KSEI) Jakarta. The timing of the study was planned in January 2014 to June 2014. The result show that Trading day had no direct negative impact on stock returns, but the positive effect was not significant. The positive influence of trading day on stock returns impacts on abnormal returns despite increasing market return in conditions of stagnant or rising. The increase in stock returns will become a positive effect on the value of companies. The influence of trading day on increasing abnormal returns and the values of companies but otherwise high abnormal returns actually reduced the values of companies.

关键词： 宏观经济环境变化   经济体制   电信企业财务管理  

摘要： 在宏观经济环境和经济体制的变化下,电信企业的运营面临着复杂多变的内外形势。由于电信业的飞速发展,各大运营商之间的商战愈演愈烈,他们纷纷进行管理创新,以提高自己在同行中的竞争力。电信企业的财务管理被视为各大运营商管理创新的关键,在新形势下,财务管理应符合可持续发展的要求。本文先对目前宏观经济环境的变化和体制进行分析,然后提出电信企业在新形势下财务管理面对的问题和解决对策。