企业股权资本成本的计量与核算探析

文章从计量企业股权资本成本的理论依据入手,介绍了企业股权资本成本的核算模式,阐明了在现行财务会计实务中确认和计量股权资本成本的必要性和可行性。     

商业银行股权结构分析

本文在世界范围内选取了392家商业银行,从所属地区和金融体系对其股权结构分析,得出的结论从股权分散与集中的角度来看与以往的相似,而从最大股东的性质来看却是公司控股占据主导地位。     

股权结构、财务杠杆对ST公司投资行为的影响——来自ST上市公司的经验数据

ST公司的投资行为是资本市场所关注的重要问题。基于此,从股东和债权人的视角,分别检验了公司股权结构和财务杠杆对ST公司投资支出的影响。以2005-2012年被ST的A股上市公司为背景,研究发现：股权集中度和长期负债均促进了企业投资,而股权制衡和短期负债抑制了企业投资。此外,规模越大的ST公司投资越少,自由现金流则与投资支出正相关。     

Examining heterogeneity in implied equity risk premium using penalized splines

Financial data exhibit complex structures and relations and it is therefore not always possible or expedient to find a suitable parametric functional form to adequately describe the data. To overcome this problem, nonparametric techniques can be used to extract the functional process directly from the data without any a priori specification of the functional shape. We take advantage of this flexibility and use a penalized spline approach to model, over time, the implied equity risk premiums of companies that belong to a local stock exchange index. In finance and macroeconomic research it is common practice to use simple averaging techniques to aggregate the single values, thus obtaining an overview of the stock market of a country or particular groups defined by stock-specific characteristics. The objective is to obtain common patterns or dependencies from individual characteristics. A precondition here is a substantial heterogeneity of the individual stocks, because otherwise one constituent can represent the whole index and the required diversification effect fails. Hence, in this paper we explore if and how this assumption is justified. The examined stock indices are the Dow Jones Industrial Index and the German DAX 30. It turns out that the constituents of both indices show very stock-specific behaviors of their equity risk premium over time. Thus the application of these indices in, e.g., macroeconomic research seems adequate.     

Asset Prices Under Habit Formation and Reference-Dependent Preferences

This article explains the high level and the countercyclical variation of the equity premium in a consumption-based asset pricing model with low large-scale risk aversion. Investors have gain-loss utility over consumption relative to slowly time-varying habit. Stocks deliver low returns in recessions when consumption falls below habit; investors therefore require a high premium for holding stocks. The model's conditional moment restrictions are tested on consumption and asset returns data. The empirical estimate of large-scale risk aversion is low, whereas the estimate of loss aversion agrees with prior experimental evidence.     

The Vexed Question of Market Stewardship in the Public Sector: Examining Equity and the Social Contract through the Australian National Disability Insurance Scheme

Personalized care and market‐based approaches to public service provision have gained prominence in a range of Organisation for Economic Co‐operation and Development countries. Australia has recently joined this trend, launching a complex and expansive programme of individualized care funding for disability through the National Disability Insurance Scheme. Public sector markets (i.e. where governments either directly fund a market by way of competitive tendering, or through personal budgets) have been embraced by actors at different points of the political spectrum and for a range of reasons, including efficacy and efficiency gains, empowerment of citizens and efforts to cater for diversity. Despite the growing dominance of public sector markets and individualized funding, many questions about the role and responsibility of governments in managing and regulating these markets remain unanswered. In this article we outline different roles governments might assume in the creation and management of public sector markets, based on the types of risks governments are willing to take responsibility for. We argue that to fulfil the social contract between government and citizens, governments need to ensure that markets are properly stewarded and embedded in broader social safety nets. This, we contend, can ensure citizens receive the gains of market models while being protected from market failures or market‐produced inequities.     

Expanding theory-based evaluation: Incorporating value creation in a theory of change

Evaluations of policies and programs often use a theory of change to articulate how the intervention is intended to function and the mechanisms by which it is supposed to generate outcomes. When an evaluation includes cost and efficiency considerations, economic and other concepts can be added to a theory of change to articulate a theory of value creation that articulates the mechanisms by which the intervention should use resources efficiently, effectively and create sufficient value to justify the resource use.This paper introduces some theories of value creation that are often implicit in program designs. Making these theories explicit can support clearer evaluative thinking about value for money - including specification of criteria and standards that are aligned with the theory, methods of inquiry that test the theory, and well-reasoned judgements that answer evaluative questions about value for money. Implications for evaluation practice will be discussed.     

教育公平视阈下职业教育浅析

教育公平问题一直以来都是教育领域的热点话题,职业教育的发展近几年越来越受到国家和人们的重视。本文旨在通过分析目前我国教育公平方面存在的问题及其发展状况,同时结合职业教育的发展对教育公平产生的影响,对于今后职业教育公平的实现提出笔者的一些建议,希望对教育政策的制定和教育理论的完善提供一定参考价值。     

德国解雇保护法律制度述评

德国解雇保护法律制度有一个完整体系。它有专门的《解雇保护法》,《民法典》、《劳动法》和《劳动合同法》有许多相关条文,辅之以《母亲保护法》、《企业委员会法》等专门法的相关规定。从内容上看,它可以归纳为两个方面:一是对解雇的事前保护,旨在预防不正当解雇行为的发生;二是对雇员被解雇后的救助,称为解雇的事后保护。这些法律制度为西德经济的迅速复苏提供了良好的保障,上个世纪60年代以后的一个时期,效率和公平在西德确实达到了较好的平衡。     

大股东持股比例对代理成本影响的实证分析

本文以上海和深圳证券交易所1080家上市公司为研究样本,采用管理费用率、总资产周转率计量代理成本,采用股权集中度和股权制衡度反映大股东持股比例。对代理成本与股权集中度和股权制衡度之间的关系进行了实证分析,结果表明,代理成本与股权集中度显著负相关,与股权制衡度显著正相关。