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关键词： 科创板股票   投资价值   因子分析   聚类分析   SPSS  

摘要： 针对科创板股票投资价值问题,基于科创板首批上市的25家公司最新财务报表数据,首先从偿债能力、盈利能力、经营能力、成长能力四个方面选取8个财务指标构建股票投资价值评价指标体系;其次采用因子分析法,提取四个主因子,计算各主因子及综合能力的得分,对25家上市公司进行综合评价;最后根据因子分析结果,采用系统聚类分析法,将25家上市公司的股票分成劣质股、成长股、绩优股三类,为投资者提供投资建议,帮助投资者缩小投资范围,降低投资风险,实现投资收益最大化。

关键词： 风险投资   总投资额   风险资本市场   各个阶段   期望值   宏观经济环境   十年  

摘要： 虽然在新冠肺炎疫情之后,全球的宏观经济环境将发生重大的调整,但大概率来看,2020年有望成为风险投资又一个令人振奋的十年的开始,而且业界对此期望值还很高。根据Crunchbase的数据,过去十年,全球在风险投资交易中投入了惊人的1.5万亿美元。仅在2019年,在各个阶段的近32800笔交易中总投资额近3000亿美元,这是有史以来最高的纪录。整个资本市场的投资需求并未消失。

关键词： 投资分析   财务可行性   净现值   基准折现率   投资决策  

摘要： "项目资金流量预测"和"项目基准折现率的确定"是计算项目净现值指标的基础,其准确程度直接决定了项目投资财务可行性分析评价的质量,本文结合案例阐述了在使用"净现值法"进行项目投资分析时经常出现的"高估未来收入"、"低估项目基准折现率"的问题,并提出建议解决方案,以达到项目收益与风险相匹配,确保投资决策的科学准确性,对于实务操作具有一定的借鉴意义。

关键词： 变额年金保险   随机利率   利息力   Wiener过程   Ornstein-Uhlenbeck过程  

摘要： 以变额年金保险为对象,分别利用Wiener过程和Ornstein-Uhlenbeck过程对利息力函数建模,研究了这两类随机利率模型下变额年金保险给付的精算现值,得到了给付现值各阶矩的表达式。在死亡分布分别服从De Moivre分布和指数分布的情形下,给出了给付现值各阶矩的解析表达式,为变额年金保险的定价提供了理论基础。

关键词： Value-based pricing   Value-based selling   Value discovery   Learning   Industrial services   Integrated solutions   RESOURCE-BASED VIEW   DYNAMIC CAPABILITIES   INDUSTRIAL-MARKETS   VALUE CAPTURE   LED GROWTH   BUSINESS   STRATEGY   PRODUCT   SALES   PERFORMANCE  

摘要： Many manufacturers invest in advanced services and solutions to achieve superior customer value; however, research has only begun to examine capabilities for value-based pricing (VBP) and value-based selling (VBS) in relation to such offerings. This article explores (1) which capabilities firms seek to develop for VBP and VBS of industrial services and solutions and (2) how learning influences the development of these capabilities. An indepth exploratory study of two global market leaders in their respective industries includes interviews with 66 respondents from the firms, as well as 12 interviews with customer and supplier informants, which reveal important capabilities for VBP and VBS. Higher-level learning supports value discovery, through dialogue with customers over time; this value in turn forms the basis for VBP and VBS. Higher-level learning capabilities also facilitate the adaptation and replication of the developed pricing and selling capabilities in various contexts.

关键词： 缓慢增长型   内在价值   股票估值   价值投资  

摘要： 资本市场中股票的价格与股票的内在价值在短期内可能会出现背离的现象,但随着时间的流逝,股票的价格总是会围绕着它的内在价值波动。因此利用股票估值方法进行价值投资就显得尤为重要。本文在彼得·林奇对公司进行分类研究的基础上,选取缓慢增长型公司长江电力为标的,探索价值投资策略在股票市场的适用性,并为更好地建设资本市场提出一些政策建议。

关键词： Structural break   Empirical mode decomposition   Hurst exponent   Detrended fluctuation analysis   Short-term time scale   Long-term time scale   RANGE CORRELATIONS   MEMORY   SERIES   HYPOTHESIS   RETURNS   PRICES  

摘要： The paper presents the comparative study of the nature of stock markets in short-term and long-term time scales (tau) with and without structural break in the stock data. Structural break point has been identified by applying Zivot and Andrews structural trend break model to break the original time series (TSO) into two time series: time series before structural break (TSB) and time series after structural break (TSA). In order to identify the tau of short-term and long-term market, the Hurst exponent (H) technique has been applied on the intrinsic mode functions (IMF) obtained from the TSO, TSB and TSA by using empirical mode decomposition method. H approximate to 0.5 for all the IMFs of TSO, TSB and TSA having tau in the range of few days (D) to 3 months (M), and H >= 0.75 for all the IMFs of TSO, TSB and TSA having tau >= 5 M. Based on the value of H, the market has been divided into two time horizons: short-term market having 3 D >= tau >= 3 M and H approximate to 0.5, and long-term market having tau >= 5 M and H >= 0.75. As H approximate to 0.5 in short-term and H >= 0.75 in long-term, the market is random in short-term and has longrange correlation in long-term. Robustness of the results has also been verified by using detrended fluctuation exponent (nu) analysis and normalised variance (NV) techniques. We obtained nu approximate to 0.5 for reconstructed short-term time series and nu approximate to 1.68 for longterm reconstructed time series. Separation of short-term and long-term market are also identified using NV technique. The time scales for short-term and long-term markets are independent of structural break happened due to extreme event. The tau obtained using the proposed method for short-term and long-term market may be useful for investors to identify the investment time horizon, and hence to design the investment and trading strategies. (C) 2019 Elsevier B.V. All rights reserved.

关键词： bilibili   ACG   NPV法则  

摘要： 近年来,动漫游戏产业逐渐受到更多关注。我国动漫游戏产业虽然起步较晚,但发展势头迅猛。依靠更庞大的受众群体,更优秀的经营战略,越来越多与该产业密切相关的公司获得了可观的收入。从国内ACG领域知名网站bilibili的经营策略出发,通过NPV法则对公司现状进行分析,并总结其成功经验。

关键词： 农商银行   中小银行   传统银行业   经济结构调整   零售转型   策略探析   宏观经济环境   利差收窄  

摘要： 当前,宏观经济环境正发生深刻变化,伴随着经济结构调整的持续深入,传统银行业面临需求低迷、利差收窄等诸多挑战。作为区域性中小银行,农商银行面临存款难增、贷款难放、风险难控、效益难升的压力,零售转型已成为未来持续发展的必由之路。

关键词： 经济下行压力   冲击影响   全球金融危机   服务业增加值   三大需求   第三产业   一季度   环比  

摘要： 一、一季度经济下行压力甚于以往2020年一季度国内生产总值(GDP)20.65万亿元,按可比价格计算,同比下降6.8%,环比下降9.8%,GDP增速创历史新低,当前经济下行程度远超2003年“非典”时期和2008年全球金融危机时期。分产业看,第三产业中的金融业、信息服务业增加值同比正增长。从经济增长内涵来看,受疫情影响,三大需求均出现下滑,第二产业占GDP比重下降,第三产业占GDP比重上升。总体看,一季度国民经济受疫情冲击影响较为显著,工业经济大幅下滑,但降幅环比前两月收窄,逐步向好趋势没有改变。