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关键词： 内外资企业   合并   公平竞争   宏观经济环境   微观经济主体   国家竞争力   税收差异   组织惯例   税收环境  

摘要： 内外资税收差异较大，既不利于公平竞争，也不符合世贸组织惯例。我国应塑造一个有利于微观经济主体公平竞争的宏观经济环境，让内外资企业在同一市场税收环境下公平角逐，这是关系国家竞争力的大问题。

关键词： 市场效率   微观结构   制度供给   投机   结构行为分析   证券市场   微观分析   强制性制度变迁   资源配置效率   市场作用  

摘要： 从证券市场的有效性、市场结构层次、制度供给的连续性、市场个人投资者的非理性投资行为和机构投资者的市场作用等几个方面,对作为典型的政府强制性制度变迁产物的我国证券市场的低资源配置效率、结构和制度缺陷进行了微观分析,试图找出隐藏在表面现象背后的行为动机。

关键词： 基金业绩   评价指标  

摘要： 本文采用数理方法,对基金业绩评价中主要使用的特雷诺指数、夏普指数、詹森指数、M2指数进行了分析,从各个指标的基本原理出发,用数学方法推导了相互之间的异同关系,并且阐述了在进行基金业绩评价时的各个指标的使用条件.

关键词： 货币时间价值   纳税策划   企业财务管理   固定资产折旧方法   资金成本率  

摘要： 通过合理选择会计方法等手段来实现推迟纳税是纳税策划中的一个基本思想,原因是这样做可以获取货币的时间价值.

关键词： R&D项目   实物期权   净现值法   项目评价  

摘要： 分析了R&D项目特点,详细对比实物期权法与传统的净现值法在评价R&D项目的不同,并举例说明两种方法在R&D项目中的应用。

关键词： discrete scale invariance   econophysics   complex systems   DISCRETE-SCALE-INVARIANCE   ORGANIZED CRITICALITY   ANTI-BUBBLE   US   CRASHES   EXPLANATION  

摘要： The presence of log-periodic structures before and after stock market crashes is considered to be an imprint of an intrinsic discrete scale invariance (DSI) in this complex system. The fractal framework of the theory leaves open the possibility of observing self-similar log-periodic structures at different time scales. In the present work, we analyze the daily closures of four of the most important indices worldwide since 2000: the DAX for Germany and the NASDAQ-100, the S&P 500 and the Dow Jones for the United States. The qualitative behavior of these different markets is similar during the temporal frame studied. Evidence is found for decelerating log-periodic oscillations of duration about two years and starting in September 2000. Moreover, a nested sub-structure starting in May 2002 is revealed, bringing more evidence to support the hypothesis of self-similar, log-periodic behavior. Ongoing log-periodic oscillations are also revealed. A Lomb analysis over the aforementioned periods indicates a preferential scaling factor lambda similar to 2. Higher order harmonics are also present. The spectral pattern of the data has been found to be similar to that of a Weierstrass-type function, used as a prototype of a log-periodic fractal function.

关键词： STOCK exchanges   MARKETS   CAPITALISTS & financiers   PORTFOLIO management (Investments)   INVESTMENTS   DIVERSIFICATION in industry  

摘要： This paper examines whether the New Zealand equity market is integrated with the equity markets of Australia and the G7 economies by applying both the Johansen (1988 ) and Gregory and Hansen (1996 ) approaches to cointegration. The Johansen (1988 ) test suggests that there is no long-run relationship between the New Zealand stock market and any of the other stock markets considered in the study. The Gregory and Hansen (1996 ) test finds that the New Zealand and United States stock market is cointegrated, but the New Zealand stock market is not cointegrated with the other stock markets in the study. This suggests that in order to avoid some of the risk through international portfolio diversification there is potential for investors to purchase shares in the New Zealand market and either the Australian market or most of the world's leading equity markets.

关键词： fuzzy time series   intersection   stock index   Type 1   Type 2   union   ARIMA MODEL   ENROLLMENTS   PREDICTION  

摘要： Most conventional fuzz, time series models (Type 1 models) utilize only one variable in forecasting. Furthermore, only part of the observations in relation to that variable are used. To utilize more of that variable's observations in forecasting, this study proposes the use of a Type 2 fuzzy time series model. In such a Type 2 model, extra observations are used to enrich or to refine the fuzzy relationships obtained from Type I models and then to improve forecasting performance. The Taiwan stock index, the TAIEX, is used as the forecasting target. The study period extends over the 2000-2003 period. The TAIEX from January to October in each year is used for the estimation, while that covering November and December is used for forecasting. The empirical analyses show that Type 2 model outperforms Type I model. (c) 2005 Elsevier B.V. All rights reserved.

关键词： 房地产   信托   经济环境   创新   宏观   运作模式   融资方式   研究机构   参考价值   文章   金融   公司   企业  

摘要： 文章从房地产信托融资的理论、现实运作模式出发,对房地产信托融资方式进行详尽的说明,对于房地产信托金融的发展具有指导意义。此外,文章还结合具体的事例,从房地产信托融资的创新的角度提出独特见解,为房地产及金融研究机构、企业和信托公司提供参考价值。

关键词： 资本结构   股票价值   影响方式  

摘要： 股票价值评价受多种因素的影响。资本结构是影响股票价值评价的一个方面。通过分析资本结构理论及其对股票价值评价模型的影响,可以得出资本结构对股票价值的影响在于:直接作用于股本结构、影响收益、改变股利政策,对公司的筹资、投资和利润分配政策都会产生影响和牵制,影响公司未来发展。