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关键词： 煤层气   NPV法   实物期权法   投资决策   决策方法  

摘要： 合理的投资决策是煤层气项目实现经济有效开发的前提。目前针对煤层气开发项目的投资决策多数运用传统的净现值法进行决策分析,但净现值法存在诸多局限性。为此,通过阐述净现值法与实物期权法的运用原理,并结合我国煤层气开发产能建设项目实例,对比分析2种方法在投资决策中结果。研究与应用结果表明:传统净现值法没有考虑不确定性所带来的期权价值:针对不确定性大以及不可逆性的项目,实物期权法可以根据煤层气价格波动性、生产成本的变化来决定是否执行期权。结论认为净现值法与实物期权法具有一定的内在一致性,前者计算过程较简便、可操作性强,后者对于项目投资价值的计算更准确。

关键词： 融资租赁   利息费用   会计处理   确认和计量   现值   经营租赁   租赁会计准则   资产负债表  

摘要： 2018年12月,财政部发布了新租赁会计准则(CAS21),在承租人会计处理上引入了一套单一的会计确认和计量模型(使用权模型),取消了原准则关于融资租赁和经营租赁的分类,要求承租人对所有租赁(选择简化处理的短期租赁和低价值资产租赁除外)均采用与原准则有关融资租赁类似的要求,在资产负债表中确认使用权资产和租赁负债,并分别确认折旧和利息费用。租赁负债的计量取决于尚未支付的租赁付款额的现值的计量,而单一的会计确认和计量模型使得使用权资产的确认和计量与租赁负债的确认和计量密不可分。

关键词： Reforestation   Climate change mitigation   Timber plantations   Secondary forest   Primary forest   Woody recruits   Timber stumpage value   Above-ground carbon stocks   Above-ground biomass  

摘要： High deforestation rates, especially in the tropics, currently result in the annual emission of large amounts of carbon, contributing to global climate change. There is therefore an urgent need to take actions to mitigate climate change both by slowing down deforestation and by initiating new sinks. Tropical forest plantations are generally thought to sequester carbon rapidly during the initial years but there is limited knowledge on their long-term potential. In this study, we assessed the carbon sequestration in old (42-47 years) timber plantations of Aucoumea klaineana, Cedrela odorata, Tarrietia utilis, and Terminalia ivorensis, and secondary forests of similar ages, by comparing their basal areas and above-ground carbon stocks (AGC) to that of nearby primary forests. Additionally, we estimated and compared timber volume and stumpage value in the three forest types. Systematic random sampling of ninety-three 20 m x 20 m plots in eleven forest sites (2 secondary forests, 2 primary forests, and 7 timber plantations) was undertaken to determine the effect of forest type on AGC, basal area, timber volume, and stumpage value. After 42 years of growth, mean AGC of the timber plantations (159.7 +/- 14.3 Mg ha(-1)) was similar to that of primary forests (173.0 +/- 25.1 Mg ha(-1)) and both were significantly higher than the mean AGC of the secondary forests (103.6 +/- 12.3 Mg ha(-1)). Mean basal area and timber volume of the timber plantations and secondary forests were similar to that of the primary forests, though in each case the timber plantations had significantly higher values compared to the secondary forests. Mean timber value of the plantations ($8577 ha(-1)) was significantly higher than both secondary ($1870 ha(-1)) and primary forests ($3112 ha(-1)). Contrary to our expectations, naturally regenerated trees (woody recruits) within the timber plantations had similar AGC levels, basal area, timber volume, and value compared to the secondary forests. Long-rotati

关键词： 2008 global financial crisis   ARMA-GARCH skewed-t Vine Copula   Chinese stock market   dependence structure  

摘要： To investigate changes in the dependence structure between China's stock market and other important international stock markets as a result of the 2008 global financial crisis, the ARMA-GARCH skewed-t Vine Copula method is used and an empirical study is undertaken using daily closing prices for seven key international stock markets from 4 January 2002 to 29 December 2017. The results indicate that the CAC and the HSI are the key indices connecting all the other indices in Europe and Asia, respectively. In addition, the financial crisis resulted in significant changes to the dependence structure, and the FTSE has gradually become more important in connecting European stock markets with Asian markets. Moreover, Tree 2 of the Vine Copula shows that the entire high-dimensional dependence structure has been modified by the crisis, and the indices are now more correlated than they were before the crisis.

关键词： 投资者情绪   股票收益   主成分分析   情绪综合指数  

摘要： 随着行为金融研究的发展,投资者情绪有效度量及其对股票投资收益的影响日益受到金融风险管理学者的关注.分析了中国股票市场投资者的典型特征,提取了与之相适应的投资者情绪度量指标,构建了反映投资者情绪的综合指数,并实证检验了投资者情绪对股票投资收益的影响.实证结果表明,投资者情绪综合指数与证券市场股票投资收益存在显著的相关性,研究结果对指导投资者个体决策行为以及监管层规范市场监管机制具有一定的理论和实践意义.

摘要： 财政部日前发布重要的放宽释令，对於继承而来的房地与房贷，房地出售时如果房贷尚未付清，计算房地交易所得时，可减除房贷余额与房地现值的差额。不过，房地合一新制与旧制的算法有所不同，因此新旧制适用的判断将是重点。

关键词： 股票回购   管理层持股   企业价值  

摘要： 2017~2018年,金融去杠杆的推进使得股市低迷,全国人大常委会对《中华人民共和国公司法》中股票回购的内容进行了专项修订,在二者的共同作用下,上市公司开始大规模进行股票回购,以提升企业价值。本文以2017~2018年以集中竞价方式回购了A股股票的上市公司为样本,实证检验了股票回购、高管持股与企业价值的关系。结果表明,股票回购对企业价值有显著的负向影响,而高管持股则可以调节这种负向影响。本文的研究印证了利益聚汇假说在股票回购领域的重要性,也为上市公司实施回购提供了新的参考。

关键词： Quality of life   Older people   Stock market participation   Structural equation modelling   Psychometric properties  

摘要： Using data from the Survey of Health, Aging and Retirement in Europe (SHARE), we studied the relationship between four quality of life domains (Control, Autonomy, Pleasure, and Self-realization) and stock market participation of the elderly in 13 European countries. We first assessed the psychometric properties of the CASP-12 scale used in SHARE and then proposed a structural equation model wherein quality of life affects stock market participation indirectly through its effect on trust and risk behavior. We found that risk preference had a greater effect on stock market participation than trust. Furthermore, our results indicated a consistent positive effect of the Self-realization domain and a negative effect of the Pleasure domain on stock market participation. Finally, the empirical results showed that the joint Control and Autonomy domain can have both a positive and a negative effect on stock market participation, depending on the country.

关键词： Corporate social responsibility   Profitability   Corporate governance   Corporate value  

摘要： Purpose The purpose of this study is to examine the relationship of corporate governance and corporate profitability on corporate value with corporate social responsibility (CSR) disclosure as the intervening variable. Design/methodology/approach The population of this study was all companies listed in Indonesia, China and India Stock Exchange in 2013-2016. The inferential statistics used in this study applied the partial least square-based (PLS-based) structural equation model (SEM) method with PLS. The PLS method was selected based on the consideration that there was a construct formed with reflective indicators in this study. Findings In Indonesia, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate profitability have a significant and positive impact on corporate value. Corporate governance indirectly influences corporate value, through mediation CSR disclosure. In China, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. Similarly, CSR disclosure and corporate governance have a significant and positive impact on corporate value. Corporate profitability indirectly affects corporate value, through mediation CSR disclosure. In India, corporate governance and corporate profitability have a significant and positive effect on CSR disclosure. The same thing is seen that CSR disclosure has a significant and positive effect on corporate value. Corporate governance and corporate profitability influence indirectly corporate value, through mediation CSR disclosure. Originality/value The study is one of the few studies to investigate and compare the relationship between corporate governance, corporate profitability, CSR and corporate value. The originality of this study is on the reason that many studies that have been conducted still indicated the inconsistency in the results and diversity of the indicators, so that a simila

关键词： 价值投资   中国股票市场   问题   建议  

摘要： 中国股市是一个新兴市场,由于我国资本市场仍处于发展的初级阶段,股市的正常发展受到市场中潜在的过度投机套利行为、上市公司治理不完善,信息传递机制不健全以及市场制度建设滞后等多重风险的严重影响,这些现象也极大得损害了众多中小投资者的切身利益。中国资本市场因其特殊性,在践行价值投资的同时,需要依据我国基本国情做一些调整。本文针对中国股票市场特殊性,结合中国经济结构发展不平衡背景,指出了中国股票市场当前存在的主要问题,并针对性的就我国科技教育、中国股票市场的运行机制与监管提出了相关建议。