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关键词： 货币时间价值   投资决策   应用  

摘要： 摘要：货币的时间价值已得到各界的广泛认可，它不管是在个人投资行为还是企业的投资活动中都起着一定的作用，现在也有越多的人开始关注其在投资决策中的影响。本文在简要介绍货币时问价值的定义和衡量方法的基础上，探讨了一下其在投资决策中的应用。

关键词： Value index   pricing stocks   P. E equation   Ohlson equation   Markov ripple.  

摘要： The aim of this study a comparison between the three models for the valuation of stocks in Tehran Stock Exchange. These three names PE, Olson or residual income and a Markov chain (Markov) are. Researchers in their study were to calculate the valuation of shares in the first two terms and then calculate the value of the enamel Markov chain to achieve a comparative mode. Result of research shows that almost in all cases, there is no significant difference between explanatory power of these models in determining shares value and investments in Tehran exchange market can for assessment of shares uses from these 3 models, but in most cases residual income assessment model by considering less standard error of regression can say, partly is better model in determining the company"s value which maybe the main reason be have high explanatory power of two dependent profit variable overall, and book value of share holder"s salary by using the overall accounting relation in comparison with two other models.

关键词： cointegration   non-stationary panels   Present value model   unit root  

摘要： The Present Value Model (PVM) -- in which current security prices depend upon the present value of future discounted dividends, where the discount rate is equivalent to the required rate of return -- is one of the long-standing principles of Finance Theory. The objective of this work is to analyze the validity of the PVM between prices and dividends at the firm level from panel techniques applied to non-stationary and potentially cointegrated processes for the Brazilian stock market. Considering the Present Value Model with Constant and Time-Varying Expected Returns, the evidence that real (log) prices and real (log) dividends are non-stationary I(1) and (log) price-dividend ratio is I(0) cannot be rejected. Regarding FMOLS and DOLS estimators for panel cointegration models, stock prices are found to be overvalued under either constant or time-varying expected returns assumption. [ABSTRACT FROM AUTHOR]

关键词： investment decisions   mergers and acquisitions   tender offers   event studies   Italian stock market   cumulative abnormal returns   bidders   targets  

摘要： The economic and monetary unification, the globalization of markets and the increasing use of new Information and Communication Technologies (ICT) have increased the level of competition in all sectors of the economy by opening the way to processes of Mergers and Acquisitions between companies. In the period of 1990-2006, there were 6,097 acquisitions of corporate control involving the listed companies and the unlisted companies, 10% of which involved the banking sector. From the 1992 regulation up to 2006, the Antitrust Authority has registered 5,995 takeovers, with an increase of 188.1% in the period of 1994-2006. The objective of this work is to investigate the creation of value for shareholders both in tender offers (Offerta Pubblica di Acquisto-OPA) which provide the change of corporate control, and in residual transactions. In this regard, 202 operations involving 45 bidders and 181 targets during the period of 1994-2006 have been examined by using the event study methodology. The cumulative abnormal returns in the changes of corporate control, within 20 days of the announcement date, seem to suggest the creation of value for the target companies (CARt + 7.39%) and a destruction of value for the bidders (CARb ? 3.85%). An analysis of the combined values, however, reveals that these overall operations do not create value (CCARs ? 0.56%). In conclusion, these transactions, rather than creating value, produce the transfer of value by the shareholders of the bidder companies to those of the target companies, which ultimately results in a "zero sum".

关键词： 利率期限结构理论   ARMA模型   GARCH模型   脉冲响应分析  

摘要： 本文首先通过对利率期限结构理论发展历程的回顾,联系我国利率期限结构的特征,应用ARMA模型与GARCH模型对我国利率进行拟合性分析,找出拟合性较好的模型。其次应用因素分析法找出不同期限利率之间相关关系并作出分析。最后联系货币政策与利率期限结构,找出货币政策中的指标针对短期长期利差的冲击效应,得出影响利率期限结构的因素。

关键词： 海洋经济   资产评估   收益现值法   应用   长期战略目标   21世纪   经济发展   沿海国家  

摘要： 21世纪，海洋经济在世界沿海国家成为经济发展的新的增长点，世界各国为了提升自身综合实力以及实现长期战略目标也纷纷加大对海洋资源的利用。我国拥有的大陆海岸线约18000千米，管辖的海洋面积达354万平方千米，但海洋资产的利用率不高，海洋资产价值难以合理确定。因此，对于海洋资产的评估值得我们重视。

关键词： 地热供暖   净现值   资金流向   评价模型  

摘要： 我国地热资源丰富,随着城镇化进程的加快和居民生活水平的提高,城镇集中供暖和生活热水需求也快速增长,为企业投资创办地热供暖产业提供了良好的机会。本文引入净现值分析方法,在阐述地热供暖项目的资金流向的基础上,构建了地热供暖项目的经济评价模型,并进行了实证研究,对企业优化投资方案,规避投资风险有一定的借鉴作用。

关键词： 资产定价   面板数据   流动性   波动性  

摘要： 从股票价格的形成过程入手提出可交易价值的概念,指出名义股价、流动性和波动性是其可能的影响因素。接着运用面板数据分析法对我国股市的周交易数据进行实证,发现可交易价值对股票的定价行为具有解释能力,且在不同市场环境下的表现形式不同:上涨行情中投资者偏好低价格、高流动和高波动的股票组合,下跌行情中则相反;走势平稳的市场中名义股价因子影响力最强,而流动性因子和波动性因子则在急涨急跌背景下更具影响力。

关键词： 成套设备   “打包”   船用齿轮箱   出奇   宏观经济环境   自主开发   技术生产   成套订单  

摘要： 近日，伊朗一家企业又向杭齿集团订购了价值数百万元的成套设备，该设备由杭齿的船用齿轮箱、法国引进技术生产的可调螺旋桨以及自主开发的高弹性联轴器集成船舶动力总成。今年以来，杭齿集团通过单一齿轮箱转走集成成套供货之路，不仅巩固了欧美等发达市场，而且还新开拓了韩国、伊朗、缅甸等新兴市场，今年新增手持成套订单约4500万元人民币，有效抵御了不利宏观经济环境对船用齿轮箱市场的冲击。

关键词： 内含报酬率   二分法   现金流出量   求解   现金流入量   期望报酬率   折现率   现值  

摘要： 一、内含报酬率的通常计算方法 1．内含报酬率的含义。内含报酬率是一个项目本身能达到的实际报酬率，使用内含报酬率作为项目现金流的折现率，该项目的未来现金流入量现值等于未来现金流出量现值。内含报酬率大于期望报酬率则方案可行，且内含报酬率越高方案越优。