财务共享服务与企业竞争力的关系——基于双重差分模型的实证检验

从分析财务共享服务效果的视角出发，以市场结构、基础资源和新能力理论为依据，建立了评价企业竞争力的财务指标体系。研究结果显示：在市场地位方面，实施财务共享服务增强了企业资金管控效果，使营业收入质量提高，但是营业收入增长率却呈现负增长，说明财务共享服务对市场拓展能力的影响具有延迟效应；在资金资源方面，财务共享服务提高了企业的资金筹措能力和偿债能力，风险控制能力增强，使企业获得资金资源竞争优势；在企业能力方面，财务共享服务能够降低成本、增加绩效，更好地服务企业战略，提升企业的盈利能力和创新能力。总之，实施财务共享服务能够促使企业财务管理转型升级，为未来发展赢得先机，可增强企业竞争力。     

Bayesian analysis of multivariate stochastic volatility with skew return distribution

Multivariate stochastic volatility models with skew distributions are proposed. Exploiting Cholesky stochastic volatility modeling, univariate stochastic volatility processes with leverage effect and generalized hyperbolic skew t-distributions are embedded to multivariate analysis with time-varying correlations. Bayesian modeling allows this approach to provide parsimonious skew structure and to easily scale up for high-dimensional problem. Analyses of daily stock returns are illustrated. Empirical results show that the time-varying correlations and the sparse skew structure contribute to improved prediction performance and Value-at-Risk forecasts.     

中国石油股份实施ERP的思考——基于中国石油华北天然气销售公司的实践

自2007年底开始,中石油在地区公司推行ERP,华北天然气销售公司从2008年5月开始组织ERP项目建设,2008年11月开始实施。华北天然气销售公司在实施ERP过程中对传统会计务实理念产生了冲击,对公司的会计基础工作也产生了影响。从长期看,实施ERP与FMIS融合系统能整合中石油的技术平台,提高企业的整体竞争力。因此,中石油在ERP的实施中,应改变传统会计观念,加强基础数据的维护,保证基础数据的准确性和实效性,完善ERP系统的配套管理机制和运行机制,建立配套的内部控制机制,做好风险管理工作。     

Time series models with asymmetric Laplace innovations

We propose autoregressive moving average (ARMA) and generalized autoregressive conditional heteroscedastic (GARCH) models driven by asymmetric Laplace (AL) noise. The AL distribution plays, in the geometric-stable class, the analogous role played by the normal in the alpha-stable class, and has shown promise in the modelling of certain types of financial and engineering data. In the case of an ARMA model we derive the marginal distribution of the process, as well as its bivariate distribution when separated by a finite number of lags. The calculation of exact confidence bands for minimum mean-squared error linear predictors is shown to be straightforward. Conditional maximum likelihood-based inference is advocated, and corresponding asymptotic results are discussed. The models are particularly suited for processes that are skewed, peaked, and leptokurtic, but which appear to have some higher order moments. A case study of a fund of real estate returns reveals that AL noise models tend to deliver a superior fit with substantially less parameters than normal noise counterparts, and provide both a competitive fit and a greater degree of numerical stability with respect to other skewed distributions.     

完善我国政策性房地产金融机构建设的思考

在市场机制存在资源无法有效配置的局限性下,商业性房地产金融机构与政策性房地产金融机构协同发展的同时,应更重视政策性房地产金融机构的发展。借鉴日本、韩国和新加坡的经验,我国政策性房地产金融机构应该在政府的支持下配合公积金项目,筹集社会各界资金,保障我国房地产业健康稳定发展。     

高等学校财务信息公开问题研究--以江西省98所普通高等学校为例

高等学校财务信息公开不仅是促进我国高等学校提高财务管理水平的一个重要途径，也是社会各界了解我国高等学校运营状况的一个窗口。以江西省98所普通高等学校为样本，分析高等学校财务信息公开的现状及存在的问题，并提出我国高等学校财务信息公开的解决途径。     

Tail asymptotic of discounted aggregate claims with compound dependence under risky investment

This paper considers the tail asymptotic of discounted aggregate claims with compound dependence under risky investment. The price of risky investment is modeled by a geometric Lévy process, while claims are modeled by a one-sided linear process whose innovations further obeying a so-called upper tail asymptotic independence. When the innovations are heavy tailed, we derive some uniform asymptotic formulas. The results show that the linear dependence has significant impact on the tail asymptotic of discounted aggregate claims but the upper tail asymptotic independence is negligible.     

农业保险的保障水平与财政补贴政策优化：一个文献综述 *

近年来，我国农业保险快速发展，在保费收入、保障范围和参保农户数量等指标上都取得了举世瞩目的成绩。与此同时，保障水平不高、农业保险“不解渴、不顶用”也一直是各方反映的焦点之一。本文结合了福利经济学和保险经济学中的相关理论，遵循“提高农业保险保障水平必须优化其财政补贴政策”的逻辑主线，对实施财政补贴政策是提升农业保险保障水平的前提条件、有效途径、有力举措和重要渠道进行了梳理和评析。最后，针对现有研究的不足，结合当前的时代背景，对该领域日后的研究重点进行了预测，并进一步探讨了其优化路径。