学科服务 更多>>

关键词： Abnormal returns   Lithuanian stock market   public announcements   stock prices  

摘要： The previous studies have shown that there is a relation between values of stock prices and the price changes caused by public announcements. Thus the aim of this paper is to examine if the respective relation can be observed in Lithuanian stock market and how it is affected by different categories of announcements. A simplified version of the event study methodology was used in this paper and the average absolute and abnormal returns were calculated. A negative correlation between the values of stock prices and the price changes caused by public announcements was observed; that is consistent with the previous studies.

摘要： Earnings per Share (EPS) is generally considered most important factor to determine share price and firm value. Literature shows that most of the individual investors take their individual investment decision based on the EPS. This paper attempts to provide empirical evidence on how EPS affect the share price movement. We have collected and analyzed 22 scheduled banks 110 firm year data and found that share price does not move as fast as the EPS move. We also further found that the share price movement depends on micro and macro economic factors on the economy. We suggest that investors must consider other factors as well as EPS in order to invest in the security market.

关键词： 上市公司   品牌资产价值   股票价格   企业利润   面板数据  

摘要： 品牌资产是企业总资产的重要构成部分,也是一种最具价值的资产,上市公司股票价格是公司价值的一种体现,所以上市公司品牌资产价值的增减变动应当在公司股票价格中表现出来,也就是品牌资产价值能在很大程度上影响公司股票价格。对于品牌资产价值和股票价格的相关性研究主要集中在西方国家,大量的研究表明在西方国家,公司品牌资产价值的变化能够引起股票价格的增减变动,但是在我国关于两者的研究相对较少,特殊的国情和经济环境背景也决定了西方国家的研究成果并不一定适用于我国,所以本文立足于国内具体情况,研究和分析品牌资产价值对股票价格的影响效果和影响路径。 本文基于总体和行业两个视角,研究品牌资产价值与股票价格两者的因果关系,实证研究中主要涉及三个变量,即自变量品牌资产价值、中介变量企业利润和因变量股票价格,品牌资产价值数据来源于世界品牌实验室发布的《中国500最具价值品牌》报告,股票价格数据来源于雅虎财务网、东方财富网、证券交易所,企业利润数据来源于第一财经和上市公司年度报表,采用2004-2012年的数据建立面板数据模型,借助于STATA软件对总体和行业进行回归分析,研究结果表明,品牌资产价值会正向影响股票价格,并且企业利润是品牌资产价值和股票价格的中介变量；不同行业的品牌资产价值对股票价格的影响效果和影响路径存在很大的差异性。针对研究结果,本文进行了相应的分析,为行业和企业的品牌建设和品牌管理提供借鉴和指导。

摘要： This Article analyzes various incentives for market makers as a potential regulatory tool to address the interrelated crises in capital formation and market making in smaller-cap stocks. While considering the nature and development of the market making crisis and its impact on capital formation, such approaches as incentives for market makers conferring advantages in the trading process itself and issuer-to-market maker compensation arrangements are evaluated. The Article also addresses the significance of the integrated model of market making.

关键词： 经营利润   股东收益   股票价值  

摘要： 近些年来股票市场风云莫测、变化多端,为了进一步了解股票价格与公司经营之间的关系,本文把沪市和深市中A股作为研究对象,以F-O模型为基础,对经营利润率、股东收益与股票价格的价值之间的相关性展开了研究,希望对证券投资者的投资策略与投资方向有所帮助。

关键词： Stock value   Cash management   Econometric   Ordinary least-squares  

摘要： Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks" stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks" stock value.

关键词： 中通客车   股票价值投资   财务分析   估值分析  

摘要： 我国进入WTO以后,经济得到不断发展,证券市场也不断得到成长和完善,我国证券市场和全球的证券市场之间的关系越来越密切,我国A股证券市场也在国外的经济政治的影响、国内宏观经济的带动、国家行业的政策的推进、企业经营的促进、投资者的干预等错综复杂的背景之下形成和完善,我国证券市场不断的成熟的条件就是要遵循主流投资理论的正确引导,要综合考虑宏观经济和行业地位,以及公司的总体运营和业绩,要注重对公司的基本面分析以便准确了解公司的内在价值,在一系列分析之后再进行证券市场的投资。随着我国高速公路的进一步发展,环境保护相关政策的逐步实施,我国客车行业得到了长足发展,在客车行业的市场格局也逐步形成。本文选取中通客车作为研究对象,深入分析中通客车股票的投资价值,作为投资者进行决策的参考依据。本文主要从以下几个方面进行研究： 首先,对国内外关于投资价值分析的研究成果进行理论综述,为后面准确分析股票投资价值奠定了基础。接着,对内在价值和投资价值等理论进行了介绍,梳理了股票估值的几种方法,包括相对估值法中的市盈率法和市净率法,绝对估值法中的剩余收益模型和股利贴现模型,为后面进行财务分析和估值分析奠定了理论基础。其次,分别对全球的宏观经济形势和我国国内的宏观经济形势进行分析,对我国客车整个行业环境、政府对客车行业的相关政策以及客车行业的市场现状、市场格局进行分析,研究外部的宏观环境和整个行业对中通客车公司的影响。然后,对中通客车公司的整体概况、员工情况以及分行业、分产品和分地区的经营情况进行分析,对公司销量增长、新能源客车等新兴市场以及技术创新方面进行简单阐述。再次,根据公司的财务数据分析了公司的财务指标、现金流量结构和获取现金能力。最后,结合山东聊城的中通客车公司的实际情况,使用市盈率法、市净率法和剩余收益模型、股利贴现模型对中通客车公司的股票进行估值,得出了股票的内在价值的大体范围,与其市值做比较,给投资者提供一些有益的参考。 通过分析可以发现,中通客车公司总体经营状况良好,虽然资产产生现金的能力和支付现金股利的能力不是特别强,但是权益净利率、权益乘数和总资产净利率都有所增长,其内在价值与其市场价格相比较高,因此具有一定的投资价值,而且近年来在新能源客车方面锐意进取勇于创新,将有望占据新能源客车领域的主导地位,发展潜力很大,是一家成长迅速,后劲十足的企业,值得投资者重点关注。

关键词： 资产减值   现值  

摘要： 本文主要探讨资产减值会计的理论问题，围绕资产减值的确认进行分析，主要分析：（1）确认资产减值的合理性；（2）稳健性原则运用；（3）资产减值应否转回。

关键词： 预期理论   行为金融学   动量投资策略  

摘要： 传统经济理论以理性人和有效市场假说为基础,在此基础上衍生出了很多漂亮的理论,金融学作为其中一个分支,主要研究市场的运行和交易规律。在市场中传统金融理论常常因此假设投资者能完全理性的作出投资决定,假设人们对各种事情的概率有客观的认识,对投资之间的相关性有足够清晰的概念。然而在真实的市场交易过程中,往往伴随着大量的非理性决定,人们经常被自己的恐惧和欲望所左右。本文尝试从交易量活跃的期货市场中找到一些一致性偏差的证据,通过收集交易员的交易记录印证了预期理论对投资者的描述,并探索了一种基于此种偏差上的交易策略。在策略的研究上,本文选取了日内动量策略,用了一些自己的构想来构建策略,希望具有一定的实践指导价值。

关键词： soil quality   organic matter   long-term field experiment   organic farming  

摘要： In 1998, the Organic Arable Farming Experiment Gladbacherhof (OAFEG) was started in order to explore the impact of different organic arable production systems (mixed farming, stockless farming with rotational ley, stockless cash crop farming) and of different tillage intensities (conventional plough as a full inversion tillage, two-layer plough, inversion tillage at reduced depth, non-inversion tillage) on sustainability parameters. In this article, we present results on the development of soil organic matter (SOM) levels. Starting with organic mixed farming with approximately 0.7 livestock units (LU) per ha cattle before set-up of the experiment, only the mixed farming system in the experiment was able to maintain SOM levels. The stockless system with ley maintained soil organic carbon (SOC), but lost soil total nitrogen (STN), and the stockless cash crop system had a significant SOM loss in the magnitude of 7.7 t SOM ha(-1), or roughly 8.4% of the initial SOM mass. Reducing tillage intensity had no impact on SOM masses, but only on organic matter stratification in soils. We conclude that specialization of organic farms towards stockless arable crop production requires special attention on SOM reproduction to avoid detrimental effects. Further, reduced tillage intensity does not necessarily have a positive effect on SOM.