国有资本减持的财务运作与风险控制

国有资本减持是优化国有资本配置 ,增强国有资本控制力的必由之路。而减持国有资本的财务运作与风险控制尤为重要 ,在财务运作上可通过国有股配售、回购、股转债、向投资者转让及减持方式组合与国有资本重组等方式进行国有股减持。在风险控制上要注意国有股权定价及国有资本控制权等问题 ,在国有股减持步骤上应实施分阶段战略     

国产手机企业发展竞争力探析

目前,国内手机企业的发展局势表现为三分天下的竞争格局。国产手机发展尽管在很多方面具有竞争优势,也取得了可喜的成绩,但与国外洋品牌相比,在核心技术、质量、营销能力、售后服务等多方面还存在问题。为了让国产手机企业把握机会,改变现状,提升企业竞争力,实现国产手机企业稳定快速发展,应在内涵建设、市场开拓、竞争力战略等方面制定发展措施。     

关于国有股减持的若干探讨

本文主要探讨了减持国有股的核心目的,国有股减持的比例问题,减持公司的选择原则和国有股减持与保证股市稳定的关系。     

国有股减持方式比较分析

上市公司的情况千差万别 ,应根据行业特征和不同的股本结构 ,不同的资产质量 ,不同的财务状况分别采取不同的国有股减持方式。主要有 :配售、存量发行、拍卖、协议转让、控股、回购、可转换债券、股权转债权、职工持股减持国有股、普通股变化优先股、票息回构转质等国有股减持方式。     

Measuring the impact of prices on inequality: With applications to Thailand and Korea

This paper develops a new methodology to compute social cost of living indices. These indices indicate whether or not price changes have a favourable (or unfavourable) impact on the welfare of the poor. The indices are derived on the basis of two alternative classes of social welfare functions. The methodology developed in the paper is applied to compute social cost of living indices for Thailand and Korea. The empirical results show that changes in prices have generally affected the poor more adversely than the non-poor.     

关于进一步发展我国资本市场的几个问题

论述了我国资本市场的服务方向、国有股的流通和资本市场的对外开放三个问题。资本市场既然内涵于社会主义市场经济,那么它就应当是为所有的企业服务,而不应当定位于主要为国有企业服务;国有股流通与否属于公司行为,而不是政府行为,卖出价格可以低干净资产价值,因为投资者进行股票投资看中的是公司未来的成长性和未来收益;我国资本市场实行对外开放,既要积极实施请进来战略,更要实施积极走出去战略,分享经济全球化带来的益处。     

Mixtures of Toxic Agents and Attributable Risk Calculations

Calculations of attributable risks have attracted increasing interest recently. However, these efforts have been limited to mostly one agent, radiation, and no interactions with effects of other toxic agents have been taken into account. This paper outlines a generic approach to the calculation of attributable risks for an exposure to several toxic agents and interaction effects associated with them. In this calculation, the partition of interaction terms between the agents responsible is of particular importance. At present, there are no rules on how to assign equitable shares, so one methodology will be proposed and others discussed briefly. For one example of an assignment, the standard errors of the attributable risks are determined in terms of the uncertainties of the input parameters, thus setting the stage for a comparison of the different shares of responsibility.     

Household expenditure patterns and resource pooling: evidence of changes in post-apartheid South Africa

The primary aim of this paper is to examine whether resources accruing to different members of the household and from different sources have differential impacts on household expenditure patterns. The issue is of considerable policy interest for, if the identity of the income recipient does matter in the household’s expenditure decisions, then it indicates the usefulness of targeting income assistance at particular members of the household. The South African evidence is generally supportive of the hypothesis of resource pooling by the income earners in their spending decisions on food, clothing and energy. The results of this paper have been placed in the wider context of social, political and economic developments following the end of apartheid that have caused significant changes in the nature of resource inflow and in the balance of power in decision making within the South African household. The results are indicative of improvements in the standard of living of the majority of South Africans following the end of apartheid.

从集合论看商品的市场赋价——调研宣传以及生产的逻辑

经济不断为数学“立法”的同时,数学也不断为经济提供非直觉现象的研究工具。在数学和经济不断渗透的背景下,跳过传统商品赋价理论,从集合角度重新审视了商品的赋价问题,得出商品的价格包括在消费者正确识别的商品功能集合中被赋的价格,在识别错位的功能集合中被赋的价格以及在扩充的功能集合中被消费者赋的价格三部分;同时顺便考察了厂商的宣传调研以及生产的逻辑,给出为什么商品的生产价格并不总是和市场价格相切合的解释。     

中国上市公司资本结构调整能力的实证研究

以1992—2002年为观测区间,沪、深股市A股市场的所有上市公司为样本,采用FamaMacbeth方法研究我国上市公司资本结构的调整。我们发现,在短期(一年内),上市公司的资本结构变动有近三分之一的原因来自股票市场的波动,上市公司的资本结构会出现向历史比率温和调整的趋势;将观测区间延长至三年时,股票收益的波动对上市公司资本结构变动的影响减弱,资本结构向历史水平调整的力度明显加大。同时,在动态调整过程中,上市公司主动调整资本结构的手段只能依赖负债的主动调整。