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关键词： 经济评价   净现值   能源投资回报  

摘要： 油气资源勘探开发面临投资成本高、风险高、不确定性等诸多问题,传统的油气资源经济评价方法有净现值法、级差地租(矿利)法、储量成本法以及未广泛使用的勘察费用倍数法等,近年来国际上涌现了新的经济评价方法——能源投资回报(Energy Return on Investment)方法,这些方法在油气资源经济评价过程中各有优劣。从能源经济评价的理论和方法角度,阐述了净现值法和能源投资回报方法在实际应用中的优点和不足。在国际油气项目开发经济评价案例中,应该综合各种经济评价方法的优点,规避缺陷,建立动态的经济评价体系,为油气资源开发的时间选择、最佳开发方式、环境社会影响等重要投资决策提供科学依据。

关键词： 股利贴现模型   相对估值法   证券估值  

摘要： 本文以民生银行为研究对象,从其经营特性和资产负债表的特点出发,基于合理的增长趋势假设,对其进行股利现金流折现模型的估值,同时以P/B、P/E的相对估值法进行验证。实证研究结果显示,民生银行目前股价被低估,股票价格与内在价值有较大差距,未来升值空间大,建议增持该股以待未来收益。

关键词： Lead-lag structure   Investor sentiment   Symmetric thermal optimal path  

摘要： This paper uses the thermal path method to study the lead-lag structure of sentiment and the stock market. First, based on principal component analysis, four indicators are selected to construct the sentiment index. Furthermore, the effectiveness of the thermal path method is verified by numerical simulation. Finally, the lead-lag characteristics of the Shanghai Stock Index and the sentiment index are studied via the symmetric thermal optimal path method. The analysis results show that in the short term, investor sentiment has a leading position in the stock market, which may be related to the herd effect and buying the winners behavior. However, over a longer period of time, investor sentiment is affected mainly by fluctuation in the market, which may be related to the existence of cyclical fluctuations in the market and futures arbitrage. In addition, the stock market's leading effect appears mainly from January 2006 to January 2012, with an average lead time of one month.

关键词： Asymmetric dependence   Regional stock market   Global economic factor   Stock market condition   Unconditional quantile regression  

摘要： Owing to the asymmetry of stock markets, this study investigates the dependence structures for six regional stock markets according to different market conditions by applying the unconditional quantile regression (UQR) approach. This approach can address the traditional conditional quantile regression (CQR) approach's limitation that its distributions are defined conditional on specific covariates. Specifically, we not only examine the detailed linkages among these six regional stock markets, but also explore the effect of global economic factors on them, given the strengthening of both international investment and the globalization of financial markets. The results show these dependence structures are often an asymmetric U-shaped or inverted U-shaped structure, which indicates that the impacts of both other geographically and economically close stock markets and economic factors are more pronounced during bear and bull markets than during normal markets, especially so in bear markets. Moreover, the UQR approach provides stronger extreme-value relationships and more significant asymmetric effects than the traditional CQR approach.

关键词： Hierarchical structure   SL hierarchy theory   Market dynamics   Financial crisis  

摘要： The financial market dynamics has been widely studied by theoretical methods developed in turbulence. The hierarchical structure of stock market related to multifractal scaling has been found by She-Leveque (SL) hierarchy theory. In this paper, we further quantitatively investigate the universal and nonuniversal properties of such hierarchical structure based on diverse price indices and sector indices in various stock markets. Meanwhile, we consider the sampling duration of these indices spanning 6 fiscal years from 2006 to 2011, and mainly investigate the impact of subprime mortgage crisis on the hierarchical structure of stock market. In the perspective of price index and sector index, the empirical results show that the hierarchical structure is universal and generic to stock market dynamics, but its degree is nonuniversal in restricted to different scaling exponent beta among the stock markets or sectors. We understand that the nonuniversal degrees of hierarchical structure are induced by the imbalance of state or sector economic development. More importantly, we comprehensively analyze the evolution of beta in respect to each fiscal year to understand the impact of global financial crisis on the stock market dynamics. In the perspective of price index, we find the evolutionary trends of beta are different between Euramerican and Asian regions, and the deviations of beta in the fiscal year 2007 and 2008 are much smaller. Also, in the perspective of sector index, similar results are unveiled that the deviation of beta is the smallest in the fiscal year 2008. These empirical results based on the evolution of beta to some extent imply the great impact of global financial crisis on the collective dynamics of stock markets. (C) 2019 Elsevier B.V. All rights reserved.

关键词： 信息化教学设计   课堂教学实践   有效转化  

摘要： 《教育信息化2.0行动计划》要求全体教育战线工作者提高自身信息素养,充分将现代信息技术与教育教学实践相融合,结合信息化教学大赛省赛一等奖作品《货币时间价值》的教学设计思路,在课堂教学实践中进行改革与探讨,总结出信息化教学设计大赛成果转化为真实的课堂教学环节有效途径。

关键词： 收入准则   售后回购   租赁准则   会计处理  

摘要： 新收入准则及应用指南仅对售后回购业务不考虑货币时间价值的情形进行说明,并未对考虑货币时间价值的情况进行解析。文章依据新收入准则和租赁准则,对考虑货币时间价值时售后回购业务的会计处理进行解读与探讨。

摘要： The Indian securities market regulator intervened in June 2010 with a regulatory amendment in the listing requirement that mandated all the listed firms other than PSUs (government-owned companies) to have a minimum public shareholding of 25%. The affected firms were given a 3-year window to comply with the regulation. This study examines the impact of the new regulation on the affected firms' value. We explore the relationship between improvement in firms' value and stock liquidity. This regulatory intervention offers a natural experiment to examine direct causality between stock liquidity and firms' value. The findings of the empirical analysis confirm the existence of a direct causal relationship between stock liquidity and firm value, stemming from an improved operating performance.

关键词： 股票期权   异质价值   预期价值   禀赋价值   风险承担  

摘要： 目前围绕股票期权激励对高管风险承担影响的研究结论不一。经典代理理论基于代理人风险规避假设,认为授予高管股票期权越多,收入就越具凸性,其风险承担水平也就越高;而行为代理理论突破这一假设后却认为,高管对股票期权产生心理禀赋,其风险承担水平并不随着股票期权授予的增加而提高。将股票期权激励区分为预期价值和禀赋价值两种异质价值,运用P-P法和F-L法两种测量高管风险承担水平的方法,以2006年至2016年中国沪深上市公司为分析样本,采用面板数据固定效应模型研究股票期权激励两种异质价值分别与高管风险承担的关系;在此基础上,进一步考察股票期权激励异质价值对不同产业下高管风险承担方向的影响,并借鉴HOVAKIMIAN et al.的研究思想构建最优风险承担估计模型,探讨股票期权激励是否导致高管过度风险承担的问题。研究结果表明,①股票期权激励预期价值与高管风险承担呈显著正相关关系,股票期权激励禀赋价值与高管风险承担呈显著负相关关系。②货币薪酬强化了股票期权激励预期价值与高管风险承担的正相关关系,弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;任职危机弱化了股票期权激励预期价值与高管风险承担的正相关关系,也弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;但在职消费对上述关系的影响并不明显。③股票期权激励异质价值对不同产业类型高管风险承担影响的方向有所不同,在高科产业中,主要影响高管研发投入和经营集中度方面的风险承担;在传统产业中,主要影响研发投入和杠杆水平方面的风险承担。另外,高管对股票期权激励预期价值的追逐导致其过度风险承担。研究结果对经典代理理论与行为代理理论的分歧给予了一个新的解释。建议公司在制定高管股票期权激励计划时统筹考虑行权价格、薪酬组合和业绩考核标准等因素,以促进激励目标的达成。

关键词： 股票估值   沃尔评分法   FCFF   相对估值法  

摘要： 股票价格围绕其内在价值上下波动,因此对内在价值的评估将有助于确定股票的合理价格,同时,内在价值评估也是投资价值分析的关键步骤。文章以创新驱动型企业康辰药业为例,在对其行业前景、公司前景、财务状况进行分析的基础上,利用FCFF绝对估值法和三种相对估值法评估康辰药业的股票内在价值,最终测算出该公司的投资价值,进而为广大投资者的投资决策提出合理化建议。文章的分析方法对于相关行业上市公司的投资价值分析也具有一定的借鉴意义。