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关键词： historical   cost   inflation-adjusted   accounting information stock market   prices  

摘要： Background: One of the primary objectives of an accounting system is to provide relevant, timely, and reliable information for the users. The orientation of the historical cost accounting towards the past events of the business unit and that the investors" willingness to have an image of the future of the firm have led to the idea that accountants must provide the type of information that enables investors make better predictions about the future of the firm. Objective: Accordingly, the present study explored the impact of accounting information (profit per share and book value per share adjusted for inflation) on the stock market prices. To this end, a total number of 169 firms were selected as the research sample over a 5-year period. The collected data were analyzed using the Eviews Software. The statistical method used in this study was the Olson Evaluation Model. After the adjustment of the historical financial information in accordance with the general level of prices, the relationship of such information with the stock market value was tested. Results: The results indicated that both historical financial statements and inflation-adjusted financial statements are significantly associated with the stock market value. As a result, it is recommended that such statements are used together rather than being presented as alternatives.

关键词： Study Variable   Auxiliary Variable   Mean Square Error   Bias   Simple Random Sampling  

摘要： In this paper we have suggested a difference type estimator for estimating the unknown population variance of the study variable y using auxiliary information. The optimum estimator in the suggested method has been identified along with its mean square error formula and it is seen that the suggested estimator performs better than other existing estimators. An empirical study is carried out to judge the merits of proposed estimator over other traditional estimators.

关键词： Changes in the exchange rate   Tehran Stock Exchange   Stock price index   Exchange rate and the type of industry   Size of companies  

摘要： The exchange rate and the inflation rate have been always regarded as the variables influencing the index of the stock price in the valid stock exchanges around the world. Since the effects of such variables can have outcomes, such as the changes in the income distribution and well being abundance in any society, the investigation and analysis of such effects are of high importance. The fluctuations of the exchange rate did not have big effects on the performance of the exchange companies in earlier years; however, in recent years, it had a great effect on the profit margins of the national stock companies. Therefore, this study investigated the relationship between the changes in the exchange rate and total index of the stock price and also the effect of the echange rate on the type of industry and the size of the companies active in Tehran stock exchange. For this reason, the study tried to answer the following question: how will be the relationship between the changes in the exchange rate and total index of the stock price, industry type, and the size of the companies active in Tehran Stock Exchange? According to the performed tests in the study, it was found that there was a significant positive relationship between the exchange rate and index of the automotive industry in Tehran stock exchange. It means that with the increased dollars rate, automotive and chemical indicators would increase and drug index would decrease. The results of the study indicated that there was a positive relationship between the changes in the exchange rate and the value; that is, with the increased exchange rate, the index of Tehran Stock Exchange would increase. Of course, these results were compatible with the results of the first hypothesis because the total index is the weighted average prices and or the same market value of the stock. Therefore, witht the increase in the exchange rate, the value of Tehran stock exchange would increase. Multivariate regression estimation was used

关键词： corruption   macroeconomic environment   balance of government budget   inflation   gross national savings   government debt   country credit  

摘要： A country that isn"t able to control and eliminate the problem of corruption suffers important losses at the economic and social wellness level. The aim of this study is to analyze if the components of the macroeconomic environment are influenced by corruption and to show the nature of this influence. Analyzing the corruption data from Corruption Perceptions Index 2013 and the data for the Government budget balance, Gross national savings, inflation, Gross general debt and Country credit rating from The Global Competitiveness Report 2013-2014, the results are expected to reveal the existence of strong, but different connections between these variables.

关键词： A股上市银行   内在价值   估值偏离   折现率  

摘要： 本文基于资本市场普遍采用的三阶段股利贴现模型,以三家A股代表性上市银行为样本,以较为谨慎的盈利增速,模拟测算了其内在价值,并与市场公开模型进行了结果印证。研究表明,A股上市银行股票的市场价格长期低于其内在价值区间,从模型参数角度分析,这种估值偏离的主要影响因素是实际折现率溢价、长期增长信心折价、非对称信息折价、短期投资考核机制等。本文认为,未来A股上市银行股价上涨的主要驱动力将会来自于自身估值回归,那些经营基本面良好、投资者关系公开透明的银行的股票或存在较大的估值回归动能。

关键词： 宏观经济环境   动态目标资本结构   融资约束   股权性质  

摘要： 基于资本结构调整速度，构建了动态资本结构调整模型，利用2001-2011年中国沪深两市A股上市公司的数据，对上市公司（不同所有权性质）资本结构调整速度的宏观经济周期性差异、动态目标资本结构的存在性、中小企业的融资约束进行了实证分析。研究结果表明：上市公司的资本结构调整速度呈现出顺经济周期的变化，且不同股权性质的企业资本结构调整不存在明显的差异；上市公司存在动态目标资本结构，并且向目标资本结构收敛的速度具有顺经济周期变化的特征；与大型企业相比，中小企业面临较强的融资约束，且融资约束具有反经济周期变化的特征；中小企业的国有股权性质不仅不能降低其融资约束，反而在一定程度上加强了融资约束。

关键词： 业绩   A股   宏观经济环境   上市公司   IPO  

摘要： 2014年一季度业绩报告显示，上市公司利润增速正艰难走出“谷底”。面对来自宏观经济环境偏弱，IPO预期增强的考验，完成“业绩证伪”后的A股后市或无需过分悲观。

关键词： 利率期限结构   Nelson—Siegel族模型   动态机制   预期成分   周期成分  

摘要： 作为最成功的经验模型之一,Nelson-Siegel族模型被认为能够更好地拟合利率期限结构的动态特征,并成功地将利率期限结构与宏观经济因素联系起来。已有的实证结果表明,宏观经济变量能够较好地解释Nelson-Siegel族模型中水平和斜率因子的变化,却无法很好地解释曲度因子的变化特征。本文基于Nelson-Siegel族模型对中国国债收益率数据进行拟合,研究宏观经济变量对三类潜在因子的影响,实证判别曲度因子具有的"椭圆"形内生周期性特征,并给出其形成机理的经济学猜想,认为经济变量的时变特征是外生冲击和内生性逻辑两种成因共同作用的结果。本文认为Nelson-Siegel族模型之所以成功,是因为模型的潜在因子恰好能够刻画利率期限结构关于宏观经济变量变化的预期及其自身的内生周期性特征,其中水平和斜率因子刻画了影响利率期限结构的外部冲击,即人们基于宏观经济变量变化的预期成分,而曲度因子则反映了利率期限结构自身变化的内生性逻辑,即"椭圆"形的周期成分。

关键词： 套期保值   企业价值   上市公司   股票  

摘要： 随着全球资本市场的发展，我国企业越来越受到国际经济金融环境的影响。国内企业面临的原材料和产品双重的价格波动风险大幅增加．越来越多的企业使用商品期货套保避险，为企业稳定经营保驾护航。企业究竞是否应该参与期货套期保值，如何客观公正的看待套期保值，使用衍生产品进行风险管理是否能够提升企业的价值也成了企业日益关注的焦点。以下本人从财务决策角度说明合理的套期保值能够显著提升企业的价值，提高与稳定上市公司的股价。国内企业应该从提高股东价值的角度出发，重视套期保值的作用，不要因短期的套期保值亏损而质疑或放弃价格风险管理策略。

关键词： 定积分   经济总量   增量   现值   将来值  

摘要： 微积分作为数学知识的基础,是学习经济学的必备知识.本文结合例题对定积分在经济学中的应用加以探讨.