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关键词： 海上风电   项目评估   动态折现率   WACC  

摘要： 采用WACC和CAPM理论测算海上风电项目的基准收益率,建立项目评价的动态折现率测算模型,研究WACC随着资产权益率变化而变化的趋势,并研究动态折现率和静态折现率对净现值的影响,得出动态折现率和静态折现率对净现值的最终结果影响甚微的结论。

关键词： 企业裁员   中美贸易   宏观经济环境   经营状况   政策落地   合法权益  

摘要： 中美贸易冲突、新冠肺炎疫情、"双减"政策落地……不论是宏观经济环境发生变化,还是行业趋向下滑,或只是所在企业自身的经营状况发生变化,我们都有可能要面对被裁员。此时,除了积极准备开启另一段职场之路外,我们还需要认识到自己有哪些合法权益,以及如何获得保障。

关键词： 过度教育   劳动力市场   宏观经济环境  

摘要： 过度教育问题既造成了人力资本的闲置也导致稀缺教育资源的浪费。本文基于人力资本信号理论,使用CGSS居民调查数据,通过ISCO-ISCED对接法识别样本是否发生过度教育,借鉴前人研究控制其他影响因素,建立混合面板logistic模型,考察宏观经济环境与劳动力市场供需情况与过度教育发生之间的关系。研究发现:经济增长对过度教育发生有负向影响,失业率对过度教育发生有正向影响。使用中国就业市场景气指数作为替代变量来进行稳健性检验,发现就业市场景气程度对过度教育发生负向影响,验证了理论结论。

关键词： 房地产金融   宏观经济环境   房地产金融政策   房地产金融产品   REITs  

摘要： 文章从房地产金融市场范围定义与宏观经济市场环境入手,介绍了房地产金融市场的发展沿革,分析了当代房地产金融市场,列举了具有代表性的主要房地产金融产品类型,针对当下蓬勃发展的不动产资产证券化市场给予了解读,并对未来房地产金融趋势做出研判。

关键词： Fish   Lipid   Protein   Energy acquisition   Fecundity type   Egg survey   Assessment   Reproductive cycle   HERRING CLUPEA-HARENGUS   SCOMBER-SCOMBRUS   DIFFERENTIAL UTILIZATION   TRACHURUS-TRACHURUS   OOCYTE GROWTH   NORDIC SEAS   FISH   SIZE   ENERGY   DISTRIBUTIONS  

摘要： Egg surveys are used worldwide for the estimation of spawning stock biomass (SSB) of small pelagic fish species, requiring detailed knowledge about their reproductive biology. In the present study, we revisit the current conceptual framework of teleost fecundity types using Northeast Atlantic (NEA) mackerel (Scomber scombrus) as case study due to conflicting views across different assessment methods. We hypothesized that the herein presented unique time series on protein and lipid content for this stock would help in resolving the long-lasting, intrinsic fecundity type problem. First, we document that the body surplus energy has varied substantially over time, with a significant drop to historically low levels following a stock increase from 2005 to 2015. This fluctuating pattern is in stark contrast to the stable relative fecundity (oocyte g-1 females) measured in connection with the egg surveys. Second, we show that the feeding levels are at the highest during the spawning season. These findings are consistent with an indeterminate fecundity type as opposed to the presently accepted determinate-type classification dating back to the 1990s. Furthermore, we quantify the batch fecundity and find it to be largely constant. Hence, the main reproductive output regulator that is driven by the bioenergetic status should therefore be the number of batches shed. Based on this novel framework for an indeterminate spawner, we provide alternative estimates of relative realized fecundity, which significantly change the egg survey-based SSB indices, reduces the contrast to the other data sources in the mackerel stock assessment (1990-2019), improves the assessment model fit and reduces the uncertainty of the stock size estimate. The presented algorithms and lines of thinking are applicable to other teleosts and may improve the precision and accuracy of the estimation in cases where the annual egg production method is used to assess stock size.

关键词： Intangible assets   Sustainable growth   Firm value   Intellectual capital   Romanian listed companies   RESEARCH-AND-DEVELOPMENT   MARKET VALUE   FINANCIAL PERFORMANCE   DEVELOPMENT EXPENDITURES   DEVELOPMENT EXPENSES   EMPIRICAL-EVIDENCE   IMPACT   OPPORTUNITIES   PRODUCTIVITY   TECHNOLOGY  

摘要： Purpose The present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth. Design/methodology/approach The research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016-2019. Findings The results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE. Research limitations/implications Due to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies. Practical implications Companies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these compa

关键词： 宏观经济环境   公司资本结构   影响  

摘要： 宏观经济对公司资本结构的影响是国内经济领域和财务方面学者研究的重点,本文通过三个角度重点研究了宏观经济对公司资本结构的影响.首先,阐述了宏观经济的周期性波动状况,并研究了经济的周期性会如何影响公司的资本结构.其次,说明了信贷市场的不同发展阶段对公司资本结构有着决定性影响,所以公司需要考虑信贷市场的影响过程;最后,股票市场的发展现状和各项政策对公司资本结构影响较大,公司再融资等行为必须要重点考虑股票市场的影响状况.

关键词： 信息不确定   价值审核   IPO抑价   股票价格  

摘要： 价值审核是中国资本市场IPO的特殊制度安排,本文关注IPO价值审核过程中审核意见的信息含量。实证结果显示,审核意见数量能够显著降低企业IPO抑价水平和股票超额累积收益率,但审核意见越多的企业,其未来风险水平越高,"业绩变脸"的程度越严重。拓展性分析围绕审核意见主题、上市成本与投资者情绪、投资者信念等视角,进一步讨论了审核意见中的信息价值。具体而言,本文发现产品市场相关审核问题具有更强的信息含量;在IPO过程中被质疑越多的企业,其上市成本越高,IPO之后连续涨停的天数越少,一级市场中投资者信念异质性程度越高,而且这类企业在上市之后被投资者关注的程度越低,但知情者交易水平和股价崩盘风险越高;此外,审核意见数量越多的企业,分析师预测其未来经营情况的精准度和乐观性偏差越低。整体而言,本文发现IPO价值审核意见能够体现企业经营层面的信息不确定程度,审核意见具有丰富的信息含量。

关键词： 调整净现值法(APV)   采矿权   矿权价值评估   贵州晴隆锑矿  

摘要： 采矿项目具有资本密集型特点,负债融资产生的利息费用在所得税前支付,产生了税盾价值.传统的净现值(DCF)等方法从项目未来现金流量现值等角度对采矿权进行估值,未充分体现资本结构变化带来的价值影响,在实践运用中存在一定估值偏差.针对此问题,提出基于调整净现值(APV)法对采矿权进行估值研究,以期对传统估值方法进行纠偏和补充.首先阐述了APV的计量方法路径以及影响因素,论证了APV法适用于采矿权估值的优势.以贵州晴隆矿山为例,运用APV方法实证了在0至100%变化区间,项目资产负债率与无杠杆效应项目折现率、与无杠杆效应项目价值以及与负债融资产生的税盾价值间的关系,分别估算出整个期间权益融资条件下的无杠杆效应项目价值与负债融资条件下税盾价值.研究结果表明:随着项目利息费用增加,税盾价值和项目总价值呈现不断增大的趋势.APV法能够更系统、完整地评估采矿权价值,为不同资本结构条件下矿权交易及投融资经济行为提供更多路径选择和更可靠的决策依据.

关键词： 企业声誉   股票回购   信号传递   事件研究  

摘要： 随着2018年新的股票回购政策落地,市场上出现了股票回购的热潮。已有研究探讨了股票回购市场反应的影响因素,但是鲜有学者将企业声誉引入股票回购公告的价值效应研究。以2011年1月—2019年6月我国公开市场股票回购事件为样本,将企业声誉分为大小和好坏两个维度,研究了企业声誉是否会影响股票回购的市场反应。实证结果表明,声誉越大的企业,回购公告价值效应越好;声誉越好的企业,回购公告价值效应越差;声誉较大的企业在实际回购过程中会利用自己的声誉优势,倾向于回购数量更少的股票。此外,在回购公告中明确说明回购目的是提升股价的企业,会得到市场更积极的反应。