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关键词： 经济社会发展   居民消费价格指数   工资分配   地区经济发展   宏观经济环境   生产力发展   劳动生产率   经济增长  

摘要： 工资指导线是政府对企业的工资分配进行规范与调控,使企业工资增长符合经济和社会发展要求,促进生产力发展的企业年度货币工资水平增长幅度的标准线。工资指导线可以采用工资增长相对数（即工资增长率）的形式,也可以采用工资增长绝对数的形式，也可以采用将相对数与绝对数相结合的办法。工资指导线水平的制定应以当地政府确定的经济社会发展目标、本地区年度经济增长、社会劳动生产率、城镇居民消费价格指数预期增长水平等为主要依据，并综合考虑国家、本地宏观经济环境及周边地区经济发展、本地城镇就业状况、劳动力市场价格、人工成本水平、对外贸易状况等相关因素。

关键词： 证券投资基金   法律性质   法律关系模式  

摘要： 依托信托原理建立起来的证券投资基金,因基金财产所有权与经营权的分离而产生了委托—代理问题。如果得不到有效监督,基金管理人就可能滥用经营权而损害基金持有人利益。在法律性质上,我国宜将证券投资基金界定为独立的组织机构。在法律关系模式的选择上,建议立法取消共同受托的规定,剪断管理人和托管人之间的利益关联,在持有人和管理人、托管人之间分别通过独立的信托契约建立直接的信托关系。

关键词： 投入产出   贷款买房   利息费用   净利润   房子   房价   现值  

摘要： 试想一个人买了一套一百万的房子，首付20％、月供万元。一年后房价翻了一番，此时净利润就是“200万-100万-以后年度支付利息的现值-已支付利息费用”。

关键词： 理性预期   适应性预期   股票红利现值模型  

摘要： 本文利用邹(Chow)的方法,基于现值模型,结合中国沪市红利指数日数据对中国股票市场预期的形成进行了检验。结果发现,较于理性预期而言,中国的股票市场预期具有更强的适应性预期性质。同时,在对比了邹的检验结果之后,我们发现相较于美国和中国香港地区的股票市场,中国股市的适应性预期影响更为明显,其在市场中的表现即为中国股市中"追涨杀跌"的投机性行为更多。

关键词： 股权结构   盈余管理   股权制衡  

摘要： 本文从股权制衡度和股权性质方面,对上市公司股权机构现状于盈余管理之间关系进行了研究。结果表明:在上市公司控股股东持股比例变化的前提下,盈余管理程度随着股权制衡度的提高而有所降低,上市公司在国家股股东的控制之下与没有国家股股东控制的公司相比而言其盈余管理优势往往更加明显。

关键词： 财务失败   离散时间风险模型   公司治理   宏观经济环境  

摘要： 已有的财务失败预警模型大多只考虑财务信息的作用,忽视了公司治理状况、宏观经济环境等非财务因素对财务失败的影响。本文综合利用财务信息、公司治理信息和宏观经济信息,采用生存分析中的离散时间风险模型构建我国上市公司的财务失败动态预警模型,并实证检验和比较离散时间风险模型与logistic模型、probit模型的预警能力。研究结果显示,公司治理信息和宏观经济信息对财务失败具有显著的预警作用,在模型中纳入这些非财务信息有助于提高模型的预测效果。研究结果也表明,离散时间风险模型的样本内判别能力和样本外预测能力都高于logistic模型和probit模型。

关键词： 小企业发展   谢旭人   财税环境   宏观经济环境   经济稳定增长   经济运行环境   优化经济结构   财政部部长  

摘要： 面对当前中小企业特别是小微企业发展中遇到的现实困难，国家如何从财税政策角度，为中小企业发展创造良好的宏观经济运行环境，财政部部长谢旭人指出，宽松稳定的宏观经济环境就是中小企业发展的重要保障。而财政政策在促进经济稳定增长、优化经济结构、调节收入分配方面具有重要功能，特别是具有对经济发展薄弱环节实施“点调控”优势，为中小企业发展创造良好宏观经济环境，能够发挥更大的作用。

关键词： Cash flow   Information asymmetry   Operating profit   Stock return   Value-Relevance  

摘要： Evaluation of accounting information efficacy in Value-Relevance of operating profit with the company"s value is focused in recent researches. The purpose of this research, relationship between operational cash flow and operating profit is considered in explanation of company"s stock return, generally, and considering information asymmetry by regression model of the panel data for 151 companies, members of Tehran Stock Exchange, during 2005-2009. Results of this research demonstrate that generally, there is a positive relationship between operational cash flow and operating profit with return of the companies" stock, but increasing information asymmetry, relationship between operating profit and return will decrease and the operational cash flow explain return of the company"s stock better than the operating profit (and vice versa). Thus, applying the methods based on the operating profit is appropriate in such a manner that information asymmetry level was low and we could not apply a similar method for assessment of the companies" function with different characteristics.

关键词： Style Timing   Style Rotation   Economic Cycle   Global Financial Crisis   Economic Indicators   Active and Passive Portfolio Management  

摘要： We extend our prior research on the determinants of the value-momentum spread of global equities to investigate the macroeconomic influences on this spread. The common arbitrage pricing theory (APT) macroeconomic forces identified by Chen, Roll and Ross (1986) are employed in a univariate test. Two significant variables extracted from the univariate test include the growth in the industrial production of advanced economies and the U. S. dollar strength relative to the currencies of developed economies. When these two variables are included in a two-factor regression, it is found that the industrial production growth is negatively correlated with the value-momentum spread, while the U. S. dollar strength is positively correlated with the value-momentum spread. Due to the fact that the value-momentum spread declines near the market peak and increases when the market crashes, the growth in industrial production could be regarded as an expansionary indicator and the U. S. dollar strength could be regarded as a contractionary indicator for future economic trends.

关键词： Horse   Aluminum Shoes   Steel Shoes   Stride Kinematics   Knee Action  

摘要： To meet the needs of sport horses, horseshoes of various styles and materials have been implemented to enhance performance. Steel shoes are commonly used for their afford-ability and longevity;however, the use of aluminum horseshoes is being adopted to satisfy the various requirements of certain equestrian activities. Owing to the importance of the allure of movement in many aspects of competitive riding, the lightweight nature of aluminum horseshoes has been recognized to accentuate foreleg action. By performing a repeated-measures crossover study on nine healthy stock-type horses, the effects of these two horseshoe types on forelimb action were analyzed at the trot using two-dimensional kinematics. Horses were trotted in hand for three repetitions over a distance of 50.1 meters on days 4, 18, 32, and 46 postshoeing for two 6-week shoeing cycles. Video footage was collected and analyzed using gait analysis software (EquineTec) for each repetition. The measured stride length, fetlock extension, elbow and knee range of motion, and minimum and maximum elbow angle remained constant between treatments. However, there was a significant treatment effect on minimum carpal angle and maximum hoof height, with aluminum shoes having a larger minimum carpal angle than those in steel shoes (P < .05) and a lower maximum hoof height (P < .05). An overall 3-degree difference in minimum carpal angle and approximate 2.5-cm difference in maximum hoof height was observed between treatments. This finding is of particular importance to performance horse disciplines for which a lesser degree of knee action is desirable. (C) 2012 Elsevier Inc. All rights reserved.