现金流不确定状态下财务指标IRR的应用探析

内含报酬率是目前评价项目可行性的主要指标之一,在应用时都是建立在对现金净流量值给出确切估计的基础上,但在实际经营活动中现金净流量存在着很多不确定性,往往是不能确切地估计出来。在此基础上考虑了各期现金流是概率排序型、各期现金净流量值是一个区间数以及各期现金净流量满足特定的概率分布这三种不确定状态下的IRR应用情形,使其能够更加贴近现实,提高项目评估的准确性。     

大股东资产注入的股东财富效应——来自我国上市公司的经验证据

大股东的资产注入行为理论上存在掏空和支持两种动机。文章通过运用事件分析法和回归分析法实证研究了大股东资产注入对上市公司股东财富的影响。研究发现,大股东资产注入的股东财富效应取决于资产注入的具体代理变量:资产注入的短期宣告效应与注入资产规模和注入模式显著正相关,而与注入资产类型和所有权性质关系不显著;资产注入的长期股价表现与注入资产的类型和规模呈显著的正向关系,而与所有权性质和注入模式呈负向关系。     

Social Return on Investment for Good Foot Delivery

This article provides reflections on a social return on investment (SROI) research process with Good Foot Delivery, a work integration social enterprise in Toronto, Canada, engaged in package delivery and employing people with developmental challenges. The article has three aims: (1) to assess Good Foot's key business inputs, activities, and outputs, and the social impact that these have had on its key stakeholders for the 2013 calendar year; (2) to critically reflect on how the research team arrived at the SROI’s inputs, outputs, outcomes, proxies, and other findings; and (3) to discuss some of the strengths and challenges of the SROI process in practice.     

Social Return on Investment of an Innovative Employment Option for Persons with Developmental Disabilities

Common Ground Co‐operative (CGC) provides training, administrative, and job coach support to five social enterprises for which persons with developmental disabilities are the non‐share‐capital partners. This study examines the use of social return on investment (SROI) as a means of determining the value of program impacts related to quality‐of‐life changes for enterprise partners and their families. The process of conducting this SROI analysis is described and analyzed in terms of its utility in employment services for persons with developmental disabilities.     

What's In It for the Volunteers?

This article reports on a social return on investment (SROI) analysis of volunteers of the Good Food Market program, a food access initiative run by FoodShare Toronto, one of Canada's largest food‐justice organizations. Unlike conventional SROI research, which typically focuses on the entire ecology of an organization or program, this article focuses solely on isolating the return volunteers receive on their investment of time, skills, energy, and the like—an SROI of volunteering. The article reviews the challenges of adapting the SROI methodology to the context of volunteer benefits and finds that ultimately SROI is a useful tool for articulating the value of volunteering.     

Social Return on Investment Analysis

This article uses a social return on investment (SROI) methodology to analyze the social impact of a social enterprise offering a job and skills training program to an unemployed, largely female population. The social enterprise is based in Toronto (Canada) and run by a nonprofit agency dedicated to the advancement and empowerment of women, primarily immigrants, through access to employment. We focus our analysis on a job and skills training program that provides clients with the skills and tools that they need to successfully seek employment in their efforts to (re‐)enter the Canadian labor market. Our goal is to determine the tangible and intangible program outcomes by applying and testing the SROI methodology.     

凉山彝区防止返贫的困境与对策

十八大以来,在党和国家的高度重视下,凉山彝区脱贫攻坚成绩斐然。2020年,凉山彝区10县区域性整体贫困问题全面消除。为了巩固彝区脱贫成果,守住不发生规模性返贫底线,推进彝区乡村振兴,实现彝区农业稳产、农民稳收、农村稳定,本文主要从凉山彝区的社会发育程度低、自然环境恶劣、交通发展滞后、公共基础薄弱、市场发展缓慢、内生动力缺乏等详细地分析了制约凉山彝区持久脱贫的困境因素;并就防止凉山彝区规模性返贫的困境因素,首先从政策、产业和互助合作方面对已有的主要帮扶措施进行了优化与健全,其次,从构建与完善保障督查、政策联动、内生动力激发、贫困文化消解、禁毒防艾和监测评估等机制方面提出了防止凉山彝区规模性返贫的对策建议。     

国家社会主义市场转型：问题与争议

市场转型研究通常包括四类问题: 各种资本(特别是政治资本和人力资本 ) 的回报率变化、倪志伟之“市场转型理论”的普适性问题、产权结构变化以及转型的最终结局。本文试图厘清上述诸问题研究的基本发展脉络，并着重阐述它们间理论上的关联。在制度转型研究中，凡研究当今中国和东欧市场转型的人员应当注重分析国家在大规模制度变迁中所起的中心作用，并意识到所谓的制度变迁，不仅包括正式制度的改变，也包括非正式限制的变化。     

基准收益率与经济增长的关系依存度研究

基准收益率是厂商投资所要求的回报率,是衡量投资项目在财务上是否达到要求的一个主要标准。在不存在制度性障碍和充分的市场竞争的条件下,根据均衡市场的思想,从理论上导出了基准收益率与经济增长正相关的结论,为基准收益率与经济增长的依附性提供理论基础。     

论资本维持原则和公司资产的保护

在大陆法系法定资本制下,其实只存在资本真实缴纳和维持两原则,公司的资本和资产、资本的维持和资产的保护是始终紧密联系在一起的,资本维持原则的保护范围已延伸至公司整个资产。当出现公然或隐蔽的公司向股东的资本返还时,可产生一系列法律后果。