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关键词： 移动支付   宏观经济环境   政策监管环境   社会技术环境  

摘要： 移动支付是互联网不断发展的结果,在当前互联网及移动支付设备不断发展更新的背景下,移动支付拥有着广阔的发展前景,各国运营商均在不断推出新的移动支付产品,参与全球竞争。本文从宏观经济环境、政策监管环境、社会技术环境三方面分析了移动支付发展的环境,为未来消费工具、第三方支付以及未来金融科技发展的相关研究具有重要的理论意义和现实意义。

关键词： Excel   VBA   财务管理   货币时间价值模型  

摘要： 在财务管理中,计算货币时间价值的现值和终值时需要频繁地调用FV和PV函数,不仅效率低,而且易出错。介绍通过Excel VBA技术来设计货币时间价值计算模型,功能更强大,计算结果更准确、明了。

关键词： 上市公司破产重整   股票清偿   壳资源   内在价值   度量方法  

摘要： 在上市公司破产重整的实践中,股票清偿是常见清偿方式之一,但股票对于上市公司不是资产是股东权益,股票具有价值是因为股票能给持有人带来股息。上市公司进入破产重整,资产收益很低,以资产为基础的股票价值随之下降。本文认为,进入破产重整的上市公司股票其内在价值是潜在投资人进入后注入或盘活存量资产的收益现值加上"壳资源"价值,破产重整方案中的股票清偿价格应以潜在投资人进入后的投资价值为基础确定而不是历史股价。

关键词： 宏观经济环境   一季度   不变价格   核算   两位数   同比  

摘要： 经初步核算,2021年一季度国内生产总值(GDP)24.93万亿元,按不变价格计算,同比增长18.3%,上年同期为同比下降6.8%,两年平均增速为5.0%。2021年一季度GDP增速虽然呈现同比两位数大幅正增长。

关键词： 利率期限结构理论   国债收益率曲线   通胀预期   应用浅析   参数估计方法   Nelson-Siegel模型   模型的应用   实证研究  

摘要： 国债收益率曲线包含丰富的未来利率、经济增长和通胀预期信息,加强对利率期限结构的研究有重要的理论和现实意义。文章概括了三种利率期限结构理论的原理,从参数估计方法上介绍了实证研究应用广泛的Nelson-Siegel模型及演化,并就参数模型的应用和发展进行展望。

关键词： 换股并购   锁定期   股票价值  

摘要： 换股并购是上市公司开展并购活动的常用形式。用来进行股份置换的上市公司发行的股票通常有1~3年的“锁定期”。在并购交易中,标的公司的原股东会特别关注交易价值,而忽视“锁定期”股票的可变现价值。文章从被并购方股东的角度探讨了“锁定期”股票价值及其影响因素,提出几点针对性的建议,以期为被并购方股东在并购实务中进行决策时提供参考。

关键词： 股票估值   市净率法   自由现金流量法  

摘要： 股票价格是供求双方博弈的结果,并不能完全反映企业的内在价值,而公司估值是基于多方面的财务数据,在预估的特定市场环境下,使用估值模型对企业价值进行合理评估的过程,是一门技术也是艺术。文章以建筑行业为例,选择相对估值法中的市净率法及绝对估值法中的自由现金流量法分别对中国建筑的内在价值进行了评估,结果显示绝对估值法得到的数值要远高于相对估值法,后者更加接近企业的实际股价。综合分析表明,中国建筑作为我国建筑行业的龙头央企,其股价与企业内在价值的偏离程度较大,实际发展潜力被市场相对低估,对于长期投资者来说具有较高的投资价值。

关键词： 跨国公司财务策略   新冠肺炎疫情   价值创造  

摘要： 本文主要探析新冠肺炎疫情及世界经济增长低迷等宏观经济环境对跨国公司财务策略带来的影响,并提出跨国公司投资方面应关注区域经济合作与发展中经济体,布局科技前沿领域;采用多样化融资方式,内源与外源融资并举,优先考虑内源融资;聚焦商业模式创新升级,降低经营风险;从战略上规划好现金流量,在执行中控制好现金流量等,以实现企业可持续的价值创造。

关键词： Online Auction   Stock Horses   Sport Horses  

摘要： Online auctions are becoming a common place to sell horses and other equids due to increased marketability and focused sales for different discipline areas. Within the United States, online auctions and sale parameters for stock horses have been well established, but a similar online auction format for sport horses has recently become available. We hypothesized that horses marketed in stock or sport auctions would differ in bid price relative to physical characteristics, cross-discipline training, and breed registration status. Data from 51 stock and 75 sport online auctions across an 8 year period (Professional Horse Auctions, LLC) were assessed to determine market specific variations in sale price, along with desired traits including type and number of disciplines for which the horse was trained, breed, and registration status. Height (cm) was recorded and classified as a pony (less than 142.24 cm), small horse (142.24 to under 162.56 cm) and large horse (162.57 cm and above). Data were assessed using ANOVA and mean comparisons (a = 0.05), with Tukey's pairwise post hoc analysis where appropriate (STATA 16). Online auction format proved to be more effective for stock horses with 59.2% (n = 1,374) sold, compared with only 41.5% (n = 1,012) of sport horses. Across all horses (n = 4,744), sport horses (n = 2,425) sold at a higher mean price (5,164 ± 5,345 USD) than stock horses (n = 2,319, 3,303 ± 3,332 USD). The size of the horse impacted final sale bid across stock and sport listings, with large sport horses having a higher final sale price (7,471 ± 237 USD, P  = 0.00001). The number of disciplines listed per horse was not a contributing factor to sale price; however, if listed, specific disciplines such as dressage (5,729 ± 5,590 USD) and jumping (5,516 ± 5,3 USD) resulted in a higher sale price ( P  = 0.0001). Registry within a breed or riding association tended to be a driving factor in a successful sale ( P  = 0.08); however, horses listed as registered did not

关键词： Asset pricing   Investor sentiment   Risk premium   Assymetric effects   Cointegration   Threshold regression   UNIT-ROOT TESTS   SPECULATIVE BUBBLES   EXPECTED RETURNS   DYNAMIC PANELS   POWER   MODEL  

摘要： We investigate the existence of evidence of investor sentiment on share price deviations from their intrinsic values across two sentiment regimes of shares market: the low-to-normal and the excess one. We use the residual income valuation model to calculate the intrinsic values of shares based on accounting fundamentals and we suggest a panel data threshold model to capture the sentiment regimes of the market, using as threshold variable alternative investor sentiment indices. The suggested model enables us, first, to endogenously identify from the data the threshold value of a sentiment index triggering market sentiment regime shifts and, based on it, to examine if the effects of investor sentiment on share prices across the above two sentiment regimes are in accordance to the theory. Application of the model to UK data shows that investor sentiment influences positively share prices in the low-to-normal and negatively in the excess one. We also show that investor sentiment dominates risk premium effects on shares characterized by low book-to-market, and dividend- and earnings-to-price ratios. The above results are consistent with the predictions of the sentiment hypothesis.