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关键词： 开放式基金费用   费用水平   影响因素  

摘要： 随着开放式基金在世界各国的迅速发展，国内外学术界的相关研究也迅速展开，目前的研究范围和学术成果主要集中在以下几个领域：基金投资组合、基金绩效评估、封闭式基金“折价”现象、基金公司治理结构等，而对基金费用的全面系统性研究成果却很少。但事实上基金费用会对投资者的最终收益产生重大的影响，费用高低也会影响基金管理公司的投资取向、投资策略，费用设计合理可以促进基金的销售，加强投资者的稳定性，降低基金的流动性风险。因此费用的合理制定与安排一直被基金公司当作重要战略来研究，同时也是各界人士关注的焦点。目前的研究大都是在借鉴美国等成熟市场基金费用研究的基础上，就中国开放式基金费用水平和安排提出的各种建议。但是研究依然不够系统，缺乏对影响开放式基金费用因素的全面研究，并且在对中国基金业具体情况的研究上还有待深入。本文将对国内外开放式基金费用的研究成果进行搜集、归纳和分析，在此基础上进行系统性研究，以期达到三个目的：一是为中国开放式基金费用的研究提供一些参考；二是为监管机构提供监管依据，有针对性的制定中国开放式基金费用的法律法规；三是帮助投资者对开放式基金费用有更加深刻的认识，从而做出更理性的投资选择。\n 本文的研究内容如下：本文首先对研究开放式基金费用的理论基础进行回顾分析，在此基础上对成熟市场开放式基金费用的情况和已有研究进行归纳说明，并重点研究了中国开放式基金费用对绩效、投资者行为的影响，对费用形成机制进行了理论分柝。在此理论基础上，从市场、投资者和基金公司治理角度分析影响中国开放式基金费用的因素，实证分析发现，独立董事特征和基金费用存在负相关关系；而董事会规模和股东数量等变量对基金费用无显著性影响。最后，总结前文的研究，从基金市场层面和基金公司层面进行深入分析，提出构建中国特色的开放式基金费用体系建议。从基金市场层面看，应进一步规范基金费用信息披露，并采取市场调节为主，法律调节为辅的模式。从基金公司层面看，应对费用水平进行分段处理，并与后端收费方式相结合，适当引进费用激励机制。

关键词： Capital structure   Financial sector   Panel data   Fully modified OLS estimation   GMM estimation   India  

摘要： This paper applies two alternative methods of estimation, viz., fully modified OLS (FMOLS) and generalized method of moments (GMM), to analyse the determinants of the capital structure of Indian firms using a panel of 1169 non-financial firms listed in either the Bombay Stock Exchange or the National Stock Exchange over the period 1995-2008. The results thus obtained are robust across the estimation methods. Among the three alternative theories of capital structure, the pecking order theory and the static trade-off theory both seem to explain Indian firms' decisions. However, there is little evidence to support the agency cost theory. (C) 2010 Elsevier B.V. All rights reserved.

关键词： Corporate Governance   Canada   Dual-class Shares   Financial Performance   Shareholder Value  

摘要： Manuscript Type: Empirical Research Question/Issue: In this study, we examine whether firm value, operating performance, and stock performance of the Canadian firms which have issued restricted voting shares (RVS) is different from comparable non-RVS firms. We test two competing hypotheses - the controlling shareholder expropriation hypothesis and the investor protection and substitution hypothesis for the Canadian RVS firms. Research Findings/Insights: Based on a ten-year panel data sample and extensive robustness tests, we do not find that the RVS firms have lower firm value, operating performance, or stock performance than the non-RVS firms in Canada. There is also no evidence of shareholder value expropriation in key financial decisions, such as mergers and acquisitions and dividend payments. The study does not support the controlling shareholder expropriation hypothesis in the Canadian RVS firms. Theoretical/Academic Implications: The RVS structure has been criticized for lack of shareholder rights protection and risk of value entrenchment in the corporate governance literature. However, the existing empirical evidence is mainly based on the firms in the United States. Using a Canadian sample, we show that these results are a function of corporate governance and regulatory environment and the US results cannot be generalized. We find no evidence of shareholder value appropriation nor do we find differential value or performance implications. We believe that a blanket rejection of RVS structure may not be warranted. Practitioner/Policy Implications: Our study concludes that the RVS structure in Canadian firms is influenced by the nature of these firms and the regulatory environment in Canada that protects minority shareholders from wealth appropriation. Our evidence suggests that policy makers and practitioners should evaluate RVS firms on their individual merit and in individual countries - no generalization is warranted.

关键词： IP multimedia subsystem (IMS)   next generation network (NGN)   internet protocol television (IPTV)  

摘要： One of the major issues in the future Internet is the integration of telecom networks with the Internet. In many countries, large Internet Service Providers (ISPs) are also telecom operators that have been focusing on providing Internet services through their telecom networks with telecom-grade mechanisms. In this article, we show that IP Multimedia Subsystem (IMS) is a telecom-grade mechanism that addresses this important issue. In Next Generation Network (NGN), IMS supports IP-based multimedia services that can be accessed from various wireless and wired access technologies through fixed-mobile convergence. We show how to integrate Internet Protocol Television (IPTV) with NGN/IMS to offer enhanced IPTV services for subscribers with set-top boxes or mobile phones. We specifically describe the implementations of three services: weather forecasts, short messages on TV screens and TV shopping/food ordering for mobile users. Although these services can be directly implemented in the Internet, our commercial operation experiences indicate that the NGN/IMS implementation has advantages in terms of telecom-grade security, Quality of Service (QoS), and flexible service creation.

关键词： 股利理论   股利政策  

摘要： 公司股利理论是公司金融中的重要理论之一,主要有股利无关论和股利有关论。在投资者的偏好、股利的税负差别、信息传递、代理成本、交易成本的影响下,如何制定股利政策会直接影响公司的市场价值。在实践中,公司结合自身实际情况,已形成了多种股利分配政策。

关键词： 净现值   内含报酬率   资金成本  

摘要： 净现值法与内含报酬率法是长期投资决策分析中最常用的两种专门方法。净现值法在理论基础及计算方法两方面都要优于内含报酬率法,但在实际工作中,企业却倾向于采用内含报酬率法进行决策分析。在互斥投资方案的决策分析中,当两种方法出现相互矛盾的结论时,应选择净现值作为投资方案评价标准。

关键词： 融资租赁   现值   现金流量   公允价值  

摘要： 融资租赁作为一种融资手段已经广泛应用于各行业领域,如何对具体的融资租赁项目进行合理、科学的分析和评价,对企业有效降低融资成本、提高资金使用效率有着重要意义。针对某一具体的融资租赁项目而言,租入资产账面价值的确定、租金的支付方式、折旧及摊销的抵税作用等因素都会对该融资项目的现金净流量产生重大影响,进而影响最终决策。

关键词： 贷款   利息收入   现值计算法  

摘要： 贷款利息收入的现值计算法,包括两个现值计算公式及其应用。贷款利息收入的现值计算法,是在考虑了资金时间价值的基础上的不同于常规计算方法的又一形式,在不考虑所得税、减值损失、提前赎回等因素的前提下,利用它可以很方便地计算出贷款任意一期的利息收入。

关键词： 利润   宏观经济环境   同比增长   营业收入   食品  

摘要： 3月29日，雨润食品（***）在香港联交所发布了2009年业绩报告，面对宏观经济环境的不利影响，雨润食品仍然取得了快速增长。报告显示，2009年，雨润实现营业收入138．7亿港元，同比增长6．5％；实现利润17．45亿港元，同比2008年的1L38亿港元，大幅增长53．3％；每股摊薄盈利1．074港元，同比增长45．9％。

关键词： 资金时间价值   现值   终值   年金  

摘要： 就资金时间价值计算（主要是年金计算）提出了一些简单推导方法，使初学者在进一步理解资金时间价值本质的基础上灵活掌握资金时间价值计算方法。