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关键词： 货币   时间价值   长期资产   估价  

摘要： 论文首先分析了货币时间价值的经济实质;其次分析了货币时间价值理念对资产评估方法的影响;最后阐述了货币时间价值理念在不同情况下的长期资产估价中的运用。最终指出在长期资产的价值评估中,需要合理运用时间价值概念及原理。

关键词： 后危机时代   出口贸易   宏观经济环境   持续性发展   负面影响   金融危机   世界经济   国内外  

摘要： 后危机时代,各种金融危机的负面影响继续存在,世界经济仍处于调整和恢复中,国内外宏观经济环境和政策的变化为我国出口贸易一方面提供了这样或那样的机会,另一方面由于外在或内在诸多不确定因素的存在也对出口贸易的持续性发展构成了一定的挑战。

关键词： 行业调整   农药行业   集中度   宏观经济环境   农药工业协会   调整结构   农药企业   秘书长  

摘要： 本报讯“尽管受到全球宏观经济环境的不利影响，但整个行业坚持以调整结构为主线，依然取得了不错的发展业绩。”近日，在农药行业“对信心、转结构、促发展”交流研讨会上，中国农药工业协会秘书长李钟华表示，2013年将是我国农药行业面临的重要深化调整期，其重点主要体现在提高行业集中度，继续扶持和帮助更多农药企业做大、做强。、

关键词： value stocks   growth stocks   value premium  

摘要： The study examines the performance of value and growth stocks on DSE, an emerging stock market in South Asia for the period of 2000 to 2009. The P/E and the P/B ratios are used to classify value and growth stocks for a 10-year period. Stocks with low ratios are value stocks and stocks with high ratios are growth stocks. The returns difference between value and growth stocks is value premium. The performance of value and growth portfolios have been examined in terms of mean annual portfolio returns and one to five- year buy-and- hold returns for the same value and same growth portfolio. The study found that value stocks portfolio outperforms growth stocks portfolio. However, the results indicate that a P/E ratio based search process appears to do a better job than does a search process based on P/B ratio in the Dhaka Stock Exchange during the study period.

关键词： Chapter 11   Option theory   Heterogeneous beliefs   Limits to arbitrage  

摘要： We address questions about Chapter 11 stocks regarding their trading environment, fundamental value, and performance. First, there exists active trading for Chapter 11 stocks throughout the bankruptcy process. Second, equity value after filing is positively related to asset value, asset volatility, risk-free rate, and expected duration and is negatively related to liabilities. Furthermore, the return correlation between bankrupt stocks and their matching samples exhibits non-linearity similar to out-of-money call options. Third, investing in Chapter 11 stocks incurs large losses. Consistent with heterogeneous beliefs and limits to arbitrage, stocks with higher levels of information uncertainty and more binding short-sale constraints experience more negative returns. (C) 2012 Elsevier B.V. All rights reserved.

关键词： Financial leverage   future stock value   stock exchange  

摘要： The present study mainly aims at evaluating effects of financial leverage on future stock value (emphasizing industry type). This is an applied and correlation study considering objective and method, respectively. The research statistical population was consisted of those Tehran stock exchange listed active cement industry companies analyzed from 2005 to 2008. Research findings relying on correlation and regression analysis indicates inefficiency of financial leverage on future value of Tehran stock exchange listed companies. In other words, the criterion is not helpful in predicting future value and lacks significant explanatory power. Based on research results, considering financial leverage criterion, therefore, will not be useful in predicting future value.

关键词： photovoltaic project   net present value   payback period   Malaysia  

摘要： Photovoltaic systems (PV) offer a clean, alternative energy source that is very suitable in the Malaysian climate, and consistent with the peak production and high demand in power in Malaysia. However, the application of PV systems in Malaysia is still low. The objective of this research is to determine the total cost, price/kWp system, net present value (NPV), and payback period for PV project in Malaysia. All seven projects were selected and used for the analysis and named as Project 1 to 7. The findings from this research indicate that all seven projects show a negative NPV value and payback period is more than thirty eight years. Four projects even get payback period of more than fifty years. However, an interesting projection on the price reduction shows that a positive NPV is achievable if the price/kWp system reduced to RM11,000 and RM4,000 for government subsidized and non subsidized projects respectively. The estimation on payback period is between four to eight years with the price reduction of 85% to 50% respectively from the current market price. Global warming, climate change, environment pollution and demand for energy represent critically issues with a wide array of potential environmental disasters affecting people health and safety. These issues are opening up new opportunities for utilization of renewable energy resources like solar photovoltaic system (PV). PV system has been widely applied in many countries such as German, Spain, Japan, US, UK and Australia but interestingly the application is rather low in Malaysia. Al though Malaysia is a tropical country and located in the equator with sunlight all year round, the development of PV is still in small scale and at the beginning stage. This study is designed to find out the capital costs needed to install a PV system in Malaysia, and serve as a guideline for public when considering a PV system.

关键词： 住房发展   宏观经济环境   中国   经济增长速度   国内外   房地产   环比  

摘要： 一、2011年四季度以来的国内外宏观经济环境1。国内宏观经济降中企稳，并出现积极变化，宏观经济受房地产的拖累，但对房地产的依赖有所减弱第一，经济增长速度降中企稳。从2011年第四季度到2012年第三季度分别为8．9，8．1，7．6，7．4，环比增长1．7，1．5，2．0，2．2；

关键词： 改革工作   单位   宏观经济环境   经济运行   忧患意识   责任意识   变数  

摘要： 2013年是省委十三届二次全会提出“一三五”三步走的开局之年，是为实现“四个翻一番”目标奠定坚实基础的重要一年。总体判断．我省经济运行将继续呈现稳中有升态势，但宏观经济环境依然错综复杂、变数较多．必须进一步增强忧患意识、责任意识，花更大的气力．把发展改革各项工作做得更好。

关键词： 财务净现值   多因素敏感性分析   投资决策风险防范   临界条件  

摘要： 单因素分析法是经济决策中常用的敏感性分析方法,存在与实际情况不完全相符的局限性,为此提出了财务净现值的多因素敏感性分析方法。首先分析财务净现值对各因素敏感性系数及多因素变动的临界条件,然后通过具体实例对财务净现值多因素变动的不确定性进行理论计算和探讨,从而为投资主体进行投资决策提供参考,并给出风险防范措施。