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。     

政府管制变迁下 IPO资源配置效率的实证研究

文章借鉴Jeffery Wurgler资源配置效率模型,实证检测了我国IPO市场1992～2013年各年度的资源配置效率,针对政府管制程度不同阶段下的整体配置效率进行了对比,深入挖掘了国有企业比例与上市公司质量对资源配置效率的影响。实证结果表明：政府行政管制的存在确实限致了我国IPO市场资源配置效率功能的发挥,政府管制降低了资本市场资源配置效率;政府管制下国企上市较多以及上市公司质量差的年份对IPO资源配置低效率的负面影响更大。据此,提出了加强IPO市场化制度改革,推进国有企业改制等措施来提高IPO市场资源配置效率的建议。     

The Gendered State of Business: Gender,Enterprises and State in Israeli Society

Whether the state provides different entrepreneurial opportunities for women and men and how is an issue rarely discussed in the growing literature concerning gender and organizations. Integrating gender and organization literature with political theories of the state, this paper compares women's entrepreneurship in one setting (Israeli society) across two time periods: before and after the foundation of a sovereign state. Our analysis identifies three manifestations of the gendering state through which it moulds business opportunities of men and women entrepreneurs. We examine how these manifestations: the delegation of economic actors, managing interactions between individuals and institutions, and administering a bureaucracy, shape access to capital and the structure of networks. The article contributes to the existing scholarship by extending the understanding of direct and indirect influence of the state on the reproduction of the image of the ideal entrepreneur and on gender differences in entrepreneurial activity.     

Understanding sex: the right to legal capacity to consent to sex

This article addresses the right to legal capacity to consent to sex of people with intellectual disabilities. Article 12 of the Convention on the Rights of Persons with Disabilities guarantees the right to legal capacity on an equal basis in all areas of life. This article discusses sex as an area of life in which people with intellectual disabilities are frequently not being granted legal capacity on an equal basis. The article examines current capacity to consent to sex law in Ireland, England and Wales in light of Article 12. It proposes an ‘agreement model’ as a potential alternative that would be Article 12 compliant.     

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 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.     

家庭资本对大学生专业选择影响的调查研究——基于教育公平视角

运用问卷调查法对西南地区6所不同类型高等学校2013年招收的1000名大一学生进行抽样调查,调查发现：大学生专业选择受家庭资本的影响,并且家庭资本一定程度上影响了大学生专业选择的公平性,高资本家庭的学生由于家庭在经济、文化和社会上的优势,更多地就读于经济管理学科、工科等就业率和收入都较高的专业;低家庭资本的学生更多地就读于医科、文科、理科等目前就业较困难或收入较低的专业。因此,消除家庭资本对大学生专业选择影响上的不公平性,要完善高等教育资助体系,减少低经济资本家庭学生负担;加强信息援助,保障低文化资本家庭学生专业知情权;营造公平环境,消除高家庭社会资本在专业选择上的干扰因素。     

评学术界对马克思资本二重性的研究

马克思资本概念的本质是商品,在商品中包含着学者们所说的资本二重性的具体内容。能够增殖的资本只是马克思三种资本中的一种类型,学术界的失误在于把这种类型的资本普遍化为资本的唯一形式。马克思资本概念的局限性,主要表现在两个方面：一是把早期资本主义社会中的奴隶制残余,当做资本主义生产方式的基本现象;二是对资本和资本家强烈的憎恶感情,妨碍了他对资本认识的客观性和公正性。     

民营企业人力资本薪酬策略设计及其运用方法研究

基于薪酬是作为激励企业不同类型人力资本价值实现的重要经济杠杆,对不同类型人力资本采取不同的薪酬策略显得尤为重要。鉴于我国民营企业①人力资本薪酬水平相比其他性质企业仍很低,企业人才的激励、留用与争夺都处于劣势。本文从薪酬结构、薪酬水平以及薪酬组合三方面制定民营企业不同类型人力资本薪酬策略设计原则及其具体运用方法,旨在增强民营企业薪酬的外部竞争性、内部一致性以及绩效激励作用,从而提升民营企业人力资本薪酬竞争力。