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关键词： Korea Best Brand   Brand Value   Event Study  

摘要： Precise brand valuation is not easy because brand are intangible asset varied by global circumstances and consumption trend. In financial market, investors could consider brand valuation reports as important information to decide whether to invest or not. Therefore, the announcement of brand value influences on the stock prices of listed companies. Using the event study methods, this study finds that fallen group and ascended group in brand value have no effects before the event day.

关键词： 品牌价值   股票收益率   行业竞争力  

摘要： 随着市场竞争的愈发激烈,品牌价值正被越来越多的企业所重视,因为品牌价值的大小是企业品牌区分于同行业其他品牌的重要标志,可以降低价格竞争给企业带来的损害。一个企业如果拥有较高的品牌价值便能够吸引到足够多的消费者,并让这些消费者在购买过程中形成特定的品牌偏好,品牌偏好会增加消费者的重复购买次数,增加企业的营收。因此,品牌价值对企业的重要性不可小视,科学、正确的认识品牌价值与公司之间存在的关系,可以指导公司发展自身的强势品牌,利用品牌价值为公司获得更多的利益,符合企业利益最大化的原则。本文从行为金融学和消费者行为学出发,构建了品牌价值对公司股票收益率影响的模型。在此基础上,从IPO首日和IPO期后两个时间段分别研究品牌价值对股票收益率的影响,在IPO期后以HHI指数划分的行业竞争力为切入点,研究了IPO期后寡占行业和竞争行业品牌价值对股票收益率的不同影响。针对IPO首日收益率分布的特殊性,本文主要采用了分位数回归法,详细分析了分位数回归的结果,并结合最小二乘法区分了二者结果的差异。本文的主要研究结论如下：在IPO首日,品牌价值对收益率的正向影响并不在整个区间上成立,而是随着设置的分位点不同而不同,其具体结果表现为：在分位数回归法下的0.1、0.3、0.4、0.5和0.9五个分位点上显著正相关。同时,在比较分位数回归和OLS回归结果后,本文发现在IPO首日,OLS回归低估了0.3分位和0.9分位上品牌价值对新股上市首日收益率的影响,而高估了0.1分位和0.5分位上品牌价值对新股上市收益率的影响。在IPO期后,品牌价值与其股票收益率总体上呈显著正相关,相关系数为0.110。在采用HHI指数将样本总体区分为竞争行业和寡占行业后,本文发现在竞争行业中,品牌价值与其股票收益率呈显著正相关,相关系数为0.108,而在寡占行业中,品牌价值与其股票收益率呈不显著的正向关系。该结果表明,在IPO期后公司所处行业的竞争力情况会影响品牌价值与股票收益率之间的关系。

关键词： open pit mining   long term planning   cut-off grade optimization   net present value maximization  

摘要： Cut-off grade optimization is one of the basic steps in the open pit planning and design and it is aimed to achieve maximum net present value (NPV). The basic algorithm for the cut-off grade optimization is Lane's algorithm, subsequently modified by different authors. Long-term planning of the surface mining operation involves consideration of all relevant parameters and factors (geology of ore deposits, mining technology, mining and processing capacities, costs, metal prices, recoveries, etc.) to achieve the maximization of the value to be realized by the excavation and processing of mineral resources. Using different methods and mathematical algorithms, which are implemented by the modern software tools, it is possible to manage costs and revenues, i.e. business economy. The importance of cut-off grade optimization for long-term planning of exploitation at the copper open pits was illustrated using the case study on Kraku Bugaresku Cementacija surface copper mine, that exploits two types of ore - sulphide and oxide. The analysis results show that the selective mining of ore with a copper oxide grade <= 10 % in total copper and ore with a copper oxide > 10% in total copper achieve an increase in the NPV by 24.77 %, and cut-off grade optimization would achieve an additional increase in the NPV by 10.07 %.

关键词： 证券市场   同涨同跌现象   投资者结构   指数运行  

摘要： 金融是经济发展的重要支撑,证券市场的波动性一直以来受到学术界的热切关注,我国证券业发展较晚,随着市场经济的发展和社会实践的需要,证券发展暴露了其难以避免的局限性,证券市场的波动异常激励着研究者不断地探索。自上个世纪90年代以来,随着市场规模的扩展和经济功能的日益完善,证券市场在我国开始起步并逐渐成为影响我国经济增长的重要因素,在证券市场发展初期经历的波折和随后爆发的亚洲金融危机暴露着证券市场发展的弊端,引发了经济界的大面积恐慌,因此也激励了诸多学者进一步的研究和探讨,在这一过程中,我国积累了相当的证券市场波动性理论,然而证券市场波动的不稳定性的神秘面纱并没有能够完全揭开,我们仍需要在借鉴国外先进经验的基础上跟随证券市场改革的步伐深入研究证券市场的发展。本文对证券市场同涨同跌现象的研究的旨在弥补我国在投资者结构和指数运行方式方面对证券市场波动研究的不足,并试图对中国证券市场的理论研究以及证券市场的变革和健康运行提供参考和启发,这对于中国宏伟经济改革目标的实现以及中国证券市场的健康发展都具有积极意义。

关键词： 年金   时间轴   现值   终值  

摘要： 年金是《财务管理》课程中的基础概念,在现实生活中也随处可见,如分期还贷、零存整取等。年金具体有四种基本形式,利用工具"时间轴"可以形象的理解并计算各种年金形式下的终值和现值问题,以解决经济管理工作中的决策问题。

关键词： D72   P48   K23  

摘要： The Bipartisan Campaign Reform Act of 2002 addressed two issues, soft money and independent expenditures on issue ads for electoral advocacy. The Supreme Court initially upheld most provisions in 2003 but subsequently weakened and struck down provisions on independent expenditures. I examine the stock value of firms with a long history of campaign contributions around the key developments of three Supreme Court cases. Stock prices of contributing firms react positively to Court events associated with campaign finance deregulation. It implies that the average rates of return to these rights of political spending are between 1 and 2% of stock values.

关键词： 股票投资价值   指标体系   层次分析法  

摘要： 根据对股票投资价值分析,简述了股票投资价值分析的方法,重点说明了层次分析法在股票投资价值方面的应用。选取四家地产上市公司2014年第一季度有关的指标数据,利用层次分析法,分析得出投资于不同地产公司的价值排序。

关键词： Higher education invest   investment cost   investment profit   net present-value  

摘要： Education investment is the main form of human capital investment, especial higher education investment. The thesis mainly made an empirical analysis of individual investment on higher education by using the net present value method in financial management. First, we analyze the cost proportion of higher education investment, including direct cost and indirect cost. The income of higher education mainly includes economic benefits. On basis of this, we establish net present-value economic model of personal higher education investment to quantify and measure the investment ration economic effect, Finally, the conclusion that it is feasible for individuals to invest on higher education is drawn by carrying on the empirical analysis of actual cases.

关键词： complex network   stock market   community structure   GN algorithm  

摘要： Purpose: In order to investigate community structure of the component stocks of SSE (Shanghai Stock Exchange) 180-index, a stock correlation network is built to find the intra-community and inter-community relationship. Design/methodology/approach: The stock correlation network is built taking the vertices as stocks and edges as correlation coefficients of logarithm returns of stock price. It is built as undirected weighted at first. GN algorithm is selected to detect community structure after transferring the network into un-weighted with different thresholds. Findings: The result of the network community structure analysis shows that the stock market has obvious industrial characteristics. Most of the stocks in the same industry or in the same supply chain are assigned to the same community. The correlation of stock prices' fluctuation in the internal community is closer than in different ones. The result of community structure detection also reflects correlations among different industries. Originality/value: Based on the analysis of the community structure in Shanghai stock market, the result reflects some industrial characteristics, which has reference value to relationship among industries or sub-sectors of listed companies.

关键词： 创业板上市公司   会计投资价值指数   股票收益  

摘要： 随着我国创业板市场在深交所的正式挂牌成立,我国的资本市场得到了进一步的发展和壮大。虽然,创业板市场专门为新兴产业和成长性较好的中小企业提供了较好的融资平台,但是,在创业板市场发展的过程中也存在着这样或那样的问题,市盈率过高便是其中之一。由于市盈率是上市公司股票收益的重要影响因素,因此,如何从创业板上市公司普遍高的市盈率中来探测其未来股票收益已经成为众多学者和专家研究和探讨的热点。本文首先论述了研究相关的背景与意义、国内外相关的研究现状、本文研究的方法与内容,其次介绍了本文会计投资价值指数的相关概念及研究相关的理论基础,然后根据我国创业板上市公司的发展现状和特征,结合会计投资价值指数的相关影响因素,选取深交所2010-2013年创业板上市公司作为数据研究的样本,试图对传统的盈余价格比(市盈率的倒数)进行改进,以创业板上市公司普遍高比例的研发费用作为价值创造的贡献因素进行加回,结合其营业收入的成长性、盈利质量和经营风险,从而构建出能反映创业板上市公司更多基本面信息的会计投资价值指数,即修正的盈余价格比。研究结论显示,在创业板市场高风险和高收益并存的特征下,基于会计投资价值指数进行投资组合的构建在一定程度上可以降低风险,并且可以获得正的超额收益,作为投资者的选股工具,会计投资价值指数优于传统的盈余价格比;在创业板市场上,基于会计投资价值指数选择的投资组合具有相对较低的风险和较高的收益的特点,而且这种超额收益不能由公司的经营风险和规模效应来解释,长期持有高投资价值指数股票组合能够获得显著正的超额收益。