欠发达地区国有企业资本金预算管理探析

在企业管理方式的选择中,资本预算管理以其独到功能和作用,越来越引起人们的重视。本文介绍了资本预算管理的内涵、特征和功能,分析了西部欠发达地区国有企业资本预算管理的特点,提出了完善西部欠发达地区国有企业资本预算管理制度的对策。     

浅析以期权理论为基础改进企业资本预算方法体系的可行性

随着市场需求的多样化和灵活化,企业生产经营风险加大、竞争加剧,传统的资本预算方法已不能准确、系统、简便地服务于企业的资本预算实物,改进企业资本预算方法体系已成为必要。将期权理论引入资本预算方法体系,弥补了传统资本预算方法忽视投资不可逆性和可延迟性的缺陷,在理论上和技术上都是可行的。     

资本项目主要外汇管制及可兑换思路探析

资本项目可兑换是指一国应避免对跨国界的资本交易及与之相关的支付和转移进行限制,避免实行歧视性的货币安排,避免对跨国资本交易征税或补贴。资本项目可兑换一直以来是国家外汇管理局及相关涉外部门密切关注并深入研究的问题。本文通过针对当前资本项目主要外汇管制,思考探索逐步推进可兑换的方式方法,以期为实现我国资本项目可兑换添砖加瓦。     

全面预算管理在煤炭企业成本控制中的功能定位及实践

预算管理的对象—资金构成了企业价值层面的资本,而成本控制的对象—原材料则构成了实物层面的资本。从而,以资本为纽带建立起全面预算管理与成本控制相契合的态势是可能的。具体而言,功能定位可归纳为采购、生产、销售等三个方面。在此基础上,应围绕着完善采购预算审批工作、设计生产资金使用方式,以及弹性执行销售预算管理等环节展开实践。     

国有企业软预算约束对资本结构的影响研究

软预算约束问题一直是中国国有企业面临的基本问题,资本结构也对企业决策有重要影响。本文用2000～2016年的上市国有企业数据考察了软预算约束对国有企业资本结构的影响情况。研究发现,作为软预算约束代理变量的过度投资与企业不同期限的杠杆率存在显著的正相关关系,软预算约束的存在会提高企业的杠杆水平。     

拓开境外证券融资渠道

<正> 纵观当今国际资本运动,90年代以来一个重要的特点,就是在于跨国股权证券投资日渐兴盛,并成为国际资本流动的主流。这种跨国股权证券投资,相当部分流向经济迅速增长的新工业化国家。改革开放以来,中国经济保持快速而平稳的增长速度。发     

金融危机给中国企业跨国并购带来的机遇——以三一重工并购德国普茨迈斯特为例

随着中国企业实力的增强,跨国并购已经成为中国企业进入或扩大海外市场,扩大国际化经营战略的一种必然选择。特别是在金融危机爆发后,给我国企业跨国并购带来了一些机遇,上市公司的资金似乎越来越充裕,资本已经不是发展的瓶颈,这也激发了中国企业走出去的动机。近年来,中国企业的跨国并购越来越活跃,本文将结合案例具体分析危机后中国企业跨国并购的机遇。     

资本预算的层次与相宜经济指标的应用方法

资本预算应该划分为三个层次。不同层次适用的经济评价指标及其应用方法大不相同。对资本预算不同层次间差异的清醒认识对于避免投资决策失误意义重大。     

谈企业集团发展不同时期的预算管理的模式

根据企业生命周期理论,企业集团预算管理可分为不同模式:企业集团初创期形成以资本预算为中心的预算管理模式,成长期形成以销售为中心的预算管理模式,成熟期形成以成本控制为中心的预算管理模式,衰退期形成以现金流量为中心的预算管理模式。     

关于我国企业跨国并购风险的研究

随着中国经济融入世界经济步伐的加快,并购作为企业实现资本运营的核心方式已引起了高度重视。我国企业实施跨国并购,不仅是企业自身发展的需求,也是适应经济全球化的需要。面对我国企业的跨国并购,我们既要看到并购给企业发展带来的机遇,也要清醒的意识到潜在的风险。本文针对我国企业跨国并购风险进行探究。     

基于Vidale-Wolfe模型的多市场广告预算分配决策模型

广告决策问题很长时间以来都是营销经理和学者们关注的热点。随着社会经济发展,越来越多的企业面对多个市场。如何在多个市场、广告总预算固定的状况下,合理分配各个市场广告预算以收到最优广告效果,是一个企业关心的较为重要的问题。经过比较,选择Vidale-Wolfe模型作为广告反应模型,在此基础上建立了多市场广告预算分配决策模型。考虑到一些营销策略对某些市场有特殊销售速率要求,该模型分为无特殊销售速率维持要求的多市场广告预算分配决策模型和有特殊销售速率维持要求的多市场广告预算分配决策模型两类,后者探讨了销售速率变化与达到指定销售速率两种要求下的广告预算最优分配问题,构建了优化模型,提出了模型参数取值与模型求解方法,最后给出了一个算例。     

软预算约束、银行危机与金融监管

本文利用不完全信息动态博弈模型,探讨了金融危机、监管者的软预算约束与银行道德风险之间的关系.研究发现:金融危机愈高,监管者的软预算约束愈大,因此,消除软预算约束是降低金融危机最重要的监管措施;建设性模糊策略能够有效消除金融机构对软预算约束的预期心理;随着银行的道德风险上升,金融危机也会升高.     

Optimal Resource Allocation for Defense of Targets Based on Differing Measures of Attractiveness

This article describes the results of applying a rigorous computational model to the problem of the optimal defensive resource allocation among potential terrorist targets. In particular, our study explores how the optimal budget allocation depends on the cost effectiveness of security investments, the defender's valuations of the various targets, and the extent of the defender's uncertainty about the attacker's target valuations. We use expected property damage, expected fatalities, and two metrics of critical infrastructure (airports and bridges) as our measures of target attractiveness. Our results show that the cost effectiveness of security investment has a large impact on the optimal budget allocation. Also, different measures of target attractiveness yield different optimal budget allocations, emphasizing the importance of developing more realistic terrorist objective functions for use in budget allocation decisions for homeland security.     

基于双层规划的反恐应急设施选址模型及算法

恐怖袭击常以人流密集地区的平民作为袭击目标，并存在突发性和随机性等特点，极易造成严重的袭击后果。通过反恐应急设施的合理布局可以缩短救援人员和物资的到达时间，从而减轻袭击后果。首先，对反恐应急设施选址问题进行描述，并将其构造为一类离散双层规划模型。其中，上层规划是关于政府选址的0-1规划问题，下层规划则是关于恐怖分子袭击目标选择的0-1规划问题。其次，结合模型和问题的特征设计算法，利用分支定界算法实现上层选址变量的隐枚举，同时通过下层问题的求解来确定上下界并判断是否满足分枝或剪枝的条件。最后，结合南疆地区的交通拓扑网络进行算例分析，结果证明有效的选址方案可以大大降低袭击损失。     

Approximation Algorithms for Certain Network Improvement Problems

We study budget constrained network upgrading problems. Such problems aim at finding optimal strategies for improving a network under some cost measure subject to certain budget constraints. Given an edge weighted graph G = (V, E), in the edge based upgrading model, it is assumed that each edge e of the given network also has an associated function ce (t) that specifies the cost of upgrading the edge by an amount t. A reduction strategy specifies for each edge e the amount by which the length (e) is to be reduced. In the node based upgrading model, a node v can be upgraded at an expense of c(v). Such an upgrade reduces the delay of each edge incident on v. For a given budget B, the goal is to find an improvement strategy such that the total cost of reduction is at most the given budget B and the cost of a subgraph (e.g. minimum spanning tree) under the modified edge lengths is the best over all possible strategies which obey the budget constraint.After providing a brief overview of the models and definitions of the various problems considered, we present several new results on the complexity and approximability of network improvement problems.     

Implementation of Equity in Resource Allocation for Regional Earthquake Risk Mitigation Using Two‐Stage Stochastic Programming

This article presents a new methodology to implement the concept of equity in regional earthquake risk mitigation programs using an optimization framework. It presents a framework that could be used by decisionmakers (government and authorities) to structure budget allocation strategy toward different seismic risk mitigation measures, i.e., structural retrofitting for different building structural types in different locations and planning horizons. A two‐stage stochastic model is developed here to seek optimal mitigation measures based on minimizing mitigation expenditures, reconstruction expenditures, and especially large losses in highly seismically active countries. To consider fairness in the distribution of financial resources among different groups of people, the equity concept is incorporated using constraints in model formulation. These constraints limit inequity to the user‐defined level to achieve the equity‐efficiency tradeoff in the decision‐making process. To present practical application of the proposed model, it is applied to a pilot area in Tehran, the capital city of Iran. Building stocks, structural vulnerability functions, and regional seismic hazard characteristics are incorporated to compile a probabilistic seismic risk model for the pilot area. Results illustrate the variation of mitigation expenditures by location and structural type for buildings. These expenditures are sensitive to the amount of available budget and equity consideration for the constant risk aversion. Most significantly, equity is more easily achieved if the budget is unlimited. Conversely, increasing equity where the budget is limited decreases the efficiency. The risk‐return tradeoff, equity‐reconstruction expenditures tradeoff, and variation of per‐capita expected earthquake loss in different income classes are also presented.     

MODELING MANAGERS' EFFORT-LEVEL DECISIONS FOR A WITHIN-PERSONS EXAMINATION OF EXPECTANCY THEORY IN A BUDGET SETTING

Ronen and Livingstone [42] have proposed that expectancy theory can provide a unifying framework for accounting research aimed at the motivational impact of budgets on managers. Unfortunately, researchers attempting to use this approach have employed an inappropriate across-persons methodology. This paper uses the decision modeling approach we recently developed [48] to provide a within-persons examination of Vroom's force model in a budget setting. An examination of two hypotheses questions the belief expressed in the budget literature to the effect that the use of currently attainable cost standards results in a cost budget with unique motivating characteristics. Strengths of this research are the use of the within-persons approach and the use of an innovative measure of motivational force.     

产品优化设计的用户满意模型

研究品质功能展开的产品优化设计问题. 考虑产品设计过程中的设计预算和非精确性, 引进计划可达水平、实际计划水平等概念,提出产品优化设计的用户满意模型及参数规划求解 方法. 此方法给出满足设计预算的不同可能性条件下的设计方案,供产品设计负责人做出不同 的方案选择,更能反映设计过程的实际情况.     

因子模型在风险预算分析中的应用

风险预算在国外正赢得学术界、养老基金和资产管理领域等许多方面的广泛关注,并认为是组合管理的一种创新。国内投资者日益认识到投资组合管理与风险控制的重要意义,并近乎成为他们的第一要务。本文利用因子模型,通过风险预算这一投资管理和风险控制技术与方法,讨论投资组合因子风险分解并进行实证分析。     

消费者预算约束对推荐奖励策略的影响研究

在社会化商务研究中,大多数研究考虑消费者的购买意愿对企业决策的影响,很少有文献探讨消费者的资金不足时对企业开展在线营销活动效果的影响.本文讨论了当消费者消费预算有约束情况下,在线企业采用推荐奖励策略对营销效果的影响.首先建立了销售企业、已有顾客、已有顾客的朋友(潜在顾客)三者之间的博弈模型,其中假设朋友的预算是私有信息,企业和已有顾客不知道该信息.通过对博弈模型的求解,发现当朋友存在预算约束时,企业采用高价格、高奖励的推荐奖励策略并不总是有效;当潜在顾客(朋友)对产品的购买意愿处于中间状态时,只有其预算偏高时,企业采取推荐奖励策略才能获得更高的利润.此外,在基本推荐奖励策略的基础上,拓展企业提供融资策略以及考虑朋友对推荐奖励反感程度的情况.研究发现,融资成本较高时,融资和奖励之间存在相互替代效果,但融资成本较低时,与融资效果与消费者的购买意愿程度相关;当潜在消费者对推荐策略存在反感时,企业仍存在一定的赢利空间.研究结果对在线企业开展推荐奖励策略的实践具有参考价值.