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关键词： Determinants   Aggregate   Productivity   External   Macroeconomic  

摘要： The main purpose of this study was to isolate and discuss the determinants of aggregate agricultural productivity in an environment where policy on subsidy of fertilizer is inconsistent. The study examined determinants of aggregate agricultural productivity among HEIT farmers in Imo State, in order to provide information on those variables that play significant roles in determining the aggregate agricultural productivity in an environment where HEIT inputs such as inorganic fertilizer are not subsidized. Cross - sectional data generated from 80 smallholder farmers who practiced HEIT, randomly selected from 2 out of the 3 agricultural zones in Imo State were used. Multiple regressions was used in analyzing the data. Results showed that farm sizes, capital input, number of crops planted in a mixture in the farm, labour input, expenditure on planting materials, non farm income, distance to the nearest market, level of education and farming experience are the statistically significant determinants of aggregate agricultural productivity among HEIT users in a harsh macroeconomic environment of Imo State, Nigeria. The negative sign on man days of labour and expenditure on planting materials may suggest that a reduction in the current level of use of these inputs may increase aggregate agricultural productivity in Imo state. The negative sign associated with non farm income may imply that if more time is allotted to non farm activities less time would be available for allocation to farming activities which may reduce aggregate agricultural productivity. It is, therefore, recommended that appropriate policies be put in place by the government to increase the farm sizes through re-examination of the existing land laws. Credit liberalization in favour of HEIT farmers is expected to increase their labour and capital inputs while mass literacy and increase in extension contacts will increase their level of education. Credit facilities for the smallholder farmers should be skewed

关键词： 事件研究法   股价   异常收益   相关  

摘要： 本文通过事件研究法来探讨2011年3.11日本大地震对中国股票市场相关汽车行业股票价格的影响。通过对上海证券交易所上市的26家汽车行业的数据进行实证研究发现,日本地震对中国汽车行业的股票价格存在显著的正影响。

关键词： 货币时间价值   表现   实际应用  

摘要： 货币时间价值是一个十分重要又很容易被忽略的概念，它是广泛客观的存在并贯穿于企业经营、投资、筹资活动的始末。对于企业而言，凡是涉及到货币性交易的事项都需要考虑货币的时间价值；对于个人，合理的利用货币时间价值可以获得更高的收益。本文从基本理论入手，推陈出新，阐述了货币时间价值的多种表现形式，并探讨了它在生产经营活动、投资筹集活动、新会计准则中的应用。

关键词： 财务行为理论   股利政策   实证研究   政策建议  

摘要： 股利政策理论研究一直是财务学方面研究的热点课题,到20世纪70年代后研究重点主要集中在放宽MM理论严格假设条件下的"税差理论"、"追随者效应"、"信号假说"和"代理理论"四大理论的研究上,但是至今并没有形成能够完美地解释整个股利现象的理论,四大传统理论在国内的研究更是结论不一。本文使用我国农业上市公司数据,从行为财务理论角度下研究我国特殊股权结构与股利政策的关系,试图用行为财务学理论指导公司决策以促使股利分配政策趋于企业价值最大化,为优化我国股市制度缺陷寻找新路径。

关键词： 利率期限结构   研究综述   静态模型   动态模型   混合模型   多方程估计  

摘要： 文章对现代利率期限结构理论进行了梳理,总结出利率期限结构理论发展经历的"经验判断——静态拟合——动态建模——混合模型——多方程估计"五个基本阶段。介绍了这一领域的最新发展动态。

关键词： 金融风险理论   宏观经济环境   个股分析   投资与风险管理   A股市场  

摘要： 我国A股市场上,包括小盘股、中盘股和大盘股三种类型的股票,本文结合相关理论,对这三类股票中的典型个股进行了分析,由此引发了对中国A股市场投资与风险管理的思考。当今世界,经济萎靡,次贷危机之后的欧债危机使全球经济处在了二次探底之中。经济全球化,使得中国经济亦不能一枝独秀。IPO重启,国际板提出,人民币汇率贬值,热钱外流,A股市场压力重重,如何投资并进行风险管理,值得我们深入思考。

关键词： 收益现值法   用材林林木资产   资产评估  

摘要： 为探索用材林资产评估理论与实务,从森林资产评估的概念出发,通过对福建光泽某林地进行调查所收集的资料,借鉴用材林评估的思路,演算收益现值法在实例的应用,并通过对比分析,指出收益现值法的适用性和注意事项.

关键词： Value relevance   Boards of directors   Corporate governance   Accounting information   Ghana  

摘要： Purpose - This study aims to look at how corporate governance, specifically internal mechanisms of corporate governance, affects the value relevance of reported accounting earnings of listed firms on the Ghana Stock Exchange. Design/methodology/approach - The study used the Ohlson valuation model with a panel dataset, employing pooled regression analysis with random effects. Findings - The findings indicate that net asset value per share is value relevant on the Ghanaian market, and even more so when the board size is small or the CEO also doubles as the board chair. Board independence as captured by the percentage of non-executive directors on the board is relatively irrelevant in the market valuation of shares, and when relevant has a negative effect. Originality/value - The value relevance of accounting information on the Ghanaian financial market, by implication, requires that the necessary rules and supervision regarding financial reporting must be provided to ensure that the information that reaches the investing public is therefore a true reflection of the underlying economic value of firms, so that capital allocation decisions based on these sources will be efficient.

关键词： 上市公司   股票回购   财务效应  

摘要： 　　本文阐述了上市公司股票回购的正负财务效应，并找出股票回购产生负财务效应的原因及对策。股票回购对股价带来明显的提振作用，投资者对潜在的回购主体标的也兴趣渐浓，这对推动资本市场和上市公司的发展与创新起到积极的意义。

关键词： 金融业   实体经济   银行资金   朱光耀   中国   宏观经济环境   国际金融形势   国际金融市场   资金支持   资金运作   资金需求   中小企业   政策效益   金融作为   结构改革   结构调整   健康持续   国民经济   改革创新   财政政策  

摘要： 如何使银行资金更加有效地支持实体经济,特别是中小企业的发展,急需进一步破题。近日召开的"2013年中国金融论坛",专门围绕"金融改革创新,服务实体经济"展开讨论。财政部副部长朱光耀指出,"目前,在国际金融市场上,流动性极度充裕的情况下,实体经济的资金需求并没有得到保障。"