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关键词： 历史成本   重置成本   可变现净值   现值   公允价值  

摘要： 社会对会计赋予了众多的责任和要求,由于计量是会计的核心职能,以至于会计学术界一直在探讨着会计计量的问题。长期以来,历史成本一直是主要的计量属性,以其客观性、可验证性等优势在会计理论和会计实务中发挥了重要的作用。然而在知识经济时代,由于经济环境的急剧波动,传统的历史成本计量属性受到了前所未有的挑战。2006年2月15日,我国颁布新的企业会计准则,明确了现行历史成本、重置成本、可变现净值、现值和公允价值五种计量属性。新准则的颁布,无疑会对我国财务实践产生全面而深远的影响。

关键词： 现金持有   影响因素   代理理论   融资优序理论   权衡理论   信息不对称理论   财务特征   治理效力   宏观经济环境  

摘要： 在当今企业管理中,现金持有政策是非常关键的财务战略之一。它不仅影响到企业的正常运营,也与其投融资策略以及股利发放政策等紧密相连。影响企业现金持有政策的因素有很多,除了企业的经营效率与内部治理外,还有宏观经济和制度环境等诸多因素。近年来,企业的现金持有动机以及相关影响因素等议题越来越受到国外学者的关注和探讨。国外学者主要从权衡理论、融资优序理论、公司治理机制、信息不对称理论以及投资者的法律保护程度等不同角度对企业的现金持有行为进行了研究探讨。国内学者也在近几年开始探讨中国上市公司的现金持有特征。然而,我国有着不同于国外的经济和制度环境,资本市场远不如发达国家完善,导致国外的实证研究结果不一定适用于中国。因此,我们有必要针对中国上市公司的现金持有行为展开实证研究,从而为微观企业的财务战略以及国家宏观政策的制定提供一些有价值的参考信息。本文梳理并总结了国内外的相关理论及文献,选用了1447家的中国上市企业自2009年到2013年的公司数据作为样本,从企业的财务特征和内部治理的微观层面,以及经济环境的宏观层面,双重视角出发对我国上市企业的现金持有行为的影响因素进行了实证研究。研究结果表明:企业现金持有量与现金替代物、财务杠杆率、成长机会以及公司规模呈负相关,和债务期限、盈利能力、现金流量和股利分配呈正向关系。从企业内部治理角度出发,企业的现金持有水平和股权集中度呈负相关,却与控股股东性质是否为国有呈正相关;现金持有量与管理层持股比例以及董事会规模分别呈正向关系和负向关系,但不显著。企业的现金持有量同宏观经济景气指数呈现正向关系。

关键词： Value of the Firm   Cost of Funds   Financial risk   Return on Investment   Return on Equity   Debt ratio   Debt-Equity Ratio   Profitability   DSE  

摘要： The study is about capital structure policy and its impacts on value of the firm. The outcome of this study was both the primary and secondary data. The study was based on opinions survey of 80 respondents of the 20 manufacturing corporate firms, enlisted under Dhaka Stock Exchange. The empirical analysis of the study was limited to a period of five years ranging 2008-2012. The major findings of the study are: (i) the most important determinant of capital structure policy as rated by the respondents have been financial risk, profitability, availability of fund, productivity, liquidity, operating risk, growth rate, proper timing, corporate tax, stability of sales/ investment etc, (ii) the study reveals that in terms of the average positions of capital structure and financial structure during 2008-2012, Beximco pharma has ranked first followed by Square pharma, Apex Adelchi, DESCO, ACI ltd, Titas gas, Bata shoe, Aftab automobile, Reneata pharma, Square textile ltd etc,(iii) as regards the value of the firm during the study period, Titas gas has obtained first rank followed by Square pharma, DESCO, Beximco pharma, BATBC, ACI, Reneta pharma, Apex Tennary, Apex Adelchi, Bata shoe and so on.(iv) this study has portrayed that the independent variables namely capital structure (CS), debt to equity (DER) & debt to asset (DR), fixed assets to total assets(Tangibility), earnings before interest and taxes to interest charges(ICR), financial leverage multiplier(FLM) have influenced value of the firm(VF) to the extent of 79.1 percent significantly. Therefore, it is recommended that the relevant firm"s authority should take proper measures in order to improve the independent variables having positive influence on value of the firms.

关键词： Value   Discounting   Discount rate   Present value   Actuarial balance   Financial position   Going concern   Property  

摘要： The article studies the problem of applicability in the accounting practice the going concern"s assets and liabilities estimation at the present value. The drawn conclusion is that it is necessary to use the present value to estimate certain assets and liabilities of the going concern and to prepare the actuarial balance. The article is the first to consider the method of preparing the actuarial balance sheet for the purpose of estimation of the financial position and future potential of the company; it describes in detail the preparation steps of actuarial balance sheet based on certain calculations (procedures).

关键词： Net profit margin   price to book value   debt to equity   stock return   multiple linear regression  

摘要： In the recent years, stocks have become one of the most chosen investments in Indonesia. One of the most interesting sectors for investors is the consumer goods sector, for this sector managed to survive during the crisis and negative sentiments in Indonesian stocks market. Having the fact that the consumer goods sector is promising, investors would like to know the return of shares in this sector. One of the parameter that can be used to project the stock return is ratio from financial statement. This research is conducted to find out the relationship between net profit margin, price to book value, and debt-equity ratios with stocks return in the Indonesian consumer goods industry. The samples in this research are the consumer goods companies listed in Indonesia Stock E xchange during the period of 2009 –2013. The multiple linear regression analysis is chosen as the method to analyze it. Results shown that the net profit margin, price to book value, and debt equity ratio have significant effects towards stocks return. Two of them, which are net profit margin and debt equity ratio have the positive significant impacts to the stocks return, while the price to book value has a significantly negative relationshipto stocks return. Results also show that the R-square of the variable values 54.9%. NPM gives the most significant influence to the stocks return, followed by the PBV, and the last one is the DE R.

关键词： 公允价值   股票流动性   决策有用性  

摘要： 本文从股票流动性的视角,探讨含有公允价值计量的会计年报披露对投资者的决策有用性.通过对我国沪深两市金融类上市公司的年报披露和市场反应,对比分析了含有公允价值计量的会计年报首次披露后公司股票流动性的变化,剖析其对投资者买卖决策行为的影响.实证发现:总体上,含公允价值计量的年报披露增加了公司的股票流动性,但进一步对公司公允价值变动损益占当年利润的大小分类,却发现:当上市公司公允价值变动损益占当年利润的比例较大时,股票流动性有显著增加;而当上市公司公允价值变动损益占当年利润的比例较小时,股票的流动性没有显著增加.这表明,客观上公允价值计量的年报披露增加了投资者关于公司价值的信息,但实际上,只有当公允价值变动损益占当年利润比例较大时,才会影响到投资者的买卖决策行为.

关键词： MARKET power   HIGH-frequency trading (Securities)   RETAIL industry   CAPITALISTS & financiers   STOCK exchanges  

摘要： The publication of Michael Lewis's has intensified an already contentious debate over high frequency trading (HFT). But the causes that have given rise to HFT are more complicated-and the general economic consequences far more positive-than at least the popular accounts (including Lewis's own) of the book would suggest. While directing much of its attention to the powerful computers and "predatory" potential of HFT, the "media" version of Lewis's book has all but ignored the fundamental driver of such activity: the implementation in 2007 of SEC Regulation NMS, which required all exchanges to direct their orders to the exchanges with the best prices. Before RegNMS, U.S. equity trading was largely dominated by NYSE and Nasdaq. The major exchanges' effective "ownership" of their order flow gave exchange specialists significant edges in trading. RegNMS has resulted in the proliferation of competing stock exchanges, which in turn has dramatically reduced both trading costs and the economic franchise value enjoyed by institutional traders associated with the previously dominant exchanges. The balance of evidence strongly indicates that the cost of trading has declined for retail traders and investors. The big losers have been the previously advantaged wholesale traders. HFT is simply one of the outcomes of the new, more competitive trading environment created by Regulation NMS.

关键词： 经济学实验   经济   仿真教学系统   宏观经济环境   投资   财政管理   传导机制   教学产品   宏观经济政策  

摘要： 产品介绍该系统在国内外首次实现了受控条件下的经济学实验,目前处于国际领先水平,为经管类实验教学提供了新的有力工具。教师充当"政府"的角色,根据GDP、CPI或者教学需要随时调整宏观经济政策,学生作为"居民"和"厂商",在充分考虑宏观经济环境和市场变化的基础上从事广泛的经济活动,在追求利益最大化的过程中获得丰富的感性体验,达到对经济学相关知识的融会贯通。系统特色经济学实验,从今以后可以象自然科学实验一样进行教师担任政府角色,学生担任居民、厂商角色货币政策和财政政策传导机制顺畅

关键词： 股票价值   金融资产   资产评估  

摘要： 对当前主要的股票价值评估方法,诸如市盈率法、价格/账面价值比率法、账面价值调整法、现金流贴现方法进行了论述,为提高股票价值评估方法的应用针对性,保证评估结果的准确提供参考。

关键词： 等额支付净现值年金  

摘要： 高职教育力求简单实用，只讲最基本的理论。在实践计算中一些简单实用的计算方法，教材不予涉及。教师课堂演示例题用简捷方法大多数学生反倒不理解。有些好学的学生对此刨根问底，但教师苦于没有合适的教材解释这个问题。本文采用较简单的方法对等额支付求净现值的公式进行了推导，并举例说明公式的应用。以本文飨于好学之士。