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关键词： F-O模型   价值相关性   经营利润率   股东收益  

摘要： 本文以沪、深两市A股上市公司为研究对象,在F-O模型(剩余收益定价模型)的基础上,进一步探讨了分解后的会计信息:经营利润率和股东收益与股价的价值相关性。研究结果表明,上市公司的经营利润率和股东收益对股价有显著的解释能力。本研究的贡献在于进一步拓展了市场定价模型,为证券投资提供具有实用价值的参考。

关键词： 现金流量   折现法   上市公司   股票价值评估   市场监管  

摘要： 2007年10月份，上证指数在创出历史新高6124.

关键词： 计量属性   公允价值   现值   企业所得税   纳税调整  

摘要： 新的会计准则规定了五种计量属性,实现了计量属性的多元化。特别是公允价值和现值的使用,在提高会计信息对投资者和债权人决策相关性的同时,也对企业所得税产生了较大的影响,纳税人在年终进行企业所得税汇算时需要进行相应的纳税调整。

关键词： 现值   公允价值   现金流量  

摘要： 现值计量是一项十分复杂的计量方法,这一方法在2006年颁布的新的企业会计准则中得到了广泛的应用,是今后一种重要的计量方法。采用现值计量对历史成本原则进行了修正,也确认了公允价值在会计计量中的必要性。文章就在我国推行现值计量存在的障碍提出了自己的看法。

关键词： apple   dwarfing   growth unit   flowering   interstock   Malus x domestica   modelling   plant architecture   polycyclic growth   shoot growth   rootstock   MALUS-X-DOMESTICA   ARCHITECTURE   TREES   PLANT  

摘要： Background and Aims Precocious flowering in apple trees is often associated with a smaller tree size. The hypothesis was tested that floral evocation in axillary buds, induced by dwarfing rootstocks, reduces the vigour of annual shoots developing from these buds compared with shoots developing from vegetative buds. Methods The experimental system provided a wide range of possible tree vigour using 'Royal Gala' scions and M.9 (dwarfing) and MM.106 (non-dwarfing) as rootstocks and interstocks. Second-year annual shoots were divided into growth units corresponding to periods (flushes) of growth namely, vegetative spur, extension growth unit, uninterrupted growth unit, floral growth unit (bourse) and extended bourse. The differences between the floral and vegetative shoots were quantified by the constituent growth units produced. Key Results The dwarfing influence was expressed, firstly, in reduced proportions of shoots that contained at least one extension growth unit and secondly, in reduced proportions of bicyclic shoots (containing two extension growth units) and shoots with an uninterrupted growth unit. In treatments where floral shoots were present, they were markedly less vigorous than vegetative shoots with respect to both measures. In treatments with M.9 rootstock, vegetative and floral shoots produced on average 0.52 and 0.17 extension growth units, compared with 0.77 extension growth units per shoot in the MM.106 rootstock treatment. Remarkably, the number of nodes per extension growth unit was not affected by the rootstock/interstock treatments. Conclusions These results showed that rootstocks/interstocks affect the type of growth units produced during the annual growth cycle, reducing the number of extension growth units, thus affecting the composition and vigour of annual shoots. This effect is particularly amplified by the transition to flowering induced by dwarfing rootstocks. The division of annual shoot into growth units will also be useful for measuri

关键词： Momentum   SETS   SEAQ  

摘要： The aim of this study is to examine the relationship between momentum profitability and the stock market trading mechanism and is motivated by recent changes to the trading systems that have taken place on the London Stock Exchange. Since 1975 the London stock market has employed three different trading systems: a floor based system, a computerized dealer system called SEAQ and the automated auction system SETS. Since each new trading system has reduced the level of execution costs, one might expect, a priori, the magnitude of momentum profits to decline with each amendment to the trading system. However, the opposite empirical result is found showing that shares trading on the automated system generate higher momentum profits than those trading on the floor system and companies trading on the SETS system display greater momentum profitability than those trading on SEAQ. Our empirical results concur with the theoretical findings of the trader's hesitation model of Du [Du, J., 2002. Heterogeneity in investor confidence and asset market under-and overreaction. Working paper] and the empirical findings of Arena et al. [Arena, M., Haggard, S., Yan, X., Price momentum and idiosyncratic volatility. Financial Review, in press]. (C) 2007 Elsevier B.V. All rights reserved.

关键词： Market Data Sales   Transparency   Price Discovery   Latency   Hirshleifer effect.  

摘要： We consider a multi-period rational expectations model in which risk-averse investors dier in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay. As prices are informative about the asset payo, insiders get a strictly larger expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other in- vestors. Thus, investors average welfare is maximal when access to price infor- mation is rationed. We show that a market for price information can implement the fraction of insiders that maximizes investors average welfare. This market features a high price to curb excessive acquisition of ticker *** also show that informational eciency is greater when the dissemination of ticker information is broader and more timely.

关键词： 股利政策   信号传递理论   上市公司  

摘要： 文章阐述了股利政策信号传递理论的由来,以及中国上市公司股利政策的信号传递理论研究现状,并通过与国外成熟市场股利分配的基本做法比较,分析中国证券市场现状和特点以及中国上市公司股利政策信号传递理论研究中存在的缺陷,进而得出研究结论并提出改进建议。

关键词： 劳埃德银行   地下金库   数名   现值   大媒体   令人   抢劫案   玛格丽特   大侦探   尺长  

摘要： 1971年9月,英国发生一起震惊世界的"银行大劫案",数名劫匪潜入伦敦劳埃德银行的地下金库,抢走现值高达500万英镑的珠宝和金块。令人蹊跷的是,就在各大媒体打算深挖真相时,当时警方下达了"封嘴令"。1973年,4名男子被作为案犯投入大牢,无人知道他们的姓名。

关键词： 资金时间价值   现值   终值   年金  

摘要： 资金的时间价值是财务管理、工程经济分析与评价等课程中的重要的基本概念,其基本计算公式是工程项目进行动态经济评价的基础。该文就如何更有效地理解和掌握资金时间价值及其基本计算公式谈了作者在教学过程中总结的几个要点,并给出实例,供参考。