基于公用事业行业特征的资本结构微观影响因素分析

文章以在沪深两市中的公用事业上市公司在2007—2009年间的面板数据为样本,运用因子分析、多元回归分析法对影响我国公用事业上市公司资本结构的微观因素进行了实证分析。实证结果表明,公用事业上市公司的长期和流动资产负债率与公司的成长能力、股权结构均呈正相关关系,与营运能力、偿债能力、企业规模、盈利能力呈负相关关系。     

从科学性与马克思主义“人”的观点相统一的角度看《资本论》的历史价值

《资本论》具有无法磨灭的历史价值，它是马克思主义的科学性和马克思主义的人道主义精神完美的结合，《资本论》摒弃了唯科学主义的片面性和抽象的人本主义空洞说教的褊狭弱点。面对当代经济学的科学化倾向，《资本论》的学术精神值得借鉴和弘扬。     

风险评审技术在方案论证中的应用

本文利用八十年代发展起来的风险评审技术VERT-3,模拟某公司的一项复杂的新产品开发的全过程,从而取得该工程所需时间、费用及产品性能的风险统计数据,为该公司提供了决策依据。     

Extremes for coherent risk measures

Various concepts appeared in the existing literature to evaluate the risk exposure of a financial or insurance firm/subsidiary/line of business due to the occurrence of some extreme scenarios. Many of those concepts, such as Marginal Expected Shortfall or Tail Conditional Expectation, are simply some conditional expectations that evaluate the risk in adverse scenarios and are useful for signaling to a decision-maker the poor performance of its risk portfolio or to identify which sub-portfolio is likely to exhibit a massive downside risk. We investigate the latter risk under the assumption that it is measured via a coherent risk measure, which obviously generalizes the idea of only taking the expectation of the downside risk. Multiple examples are given and our numerical illustrations show how the asymptotic approximations can be used in the capital allocation exercise. We have concluded that the expectation of the downside risk does not fairly take into account the individual risk contribution when allocating the VaR-based regulatory capital, and thus, more conservative risk measurements are recommended. Finally, we have found that more conservative risk measurements do not improve the fairness of the cost of capital allocation when the uncertainty with parameter estimation is present, even at a very high level.     

On the stability of Invariant Capital Stock in a two-dimensional planning model

In this paper, we study the stability of two types of Invariant Capital Stocks which are shown to exist in a two-dimensional planning model. It is shown that, for each type of Invariant Capital Stock, there is a critical discount factor such that when the discount factor falls below it, the corresponding Invariant Capital Stock will become unstable.     

当代西方金融理论的发展

回顾了当代西方金融理论发展的主要内容和重要应用。评述了阿罗—德布鲁均衡模型、莫迪利亚尼—米勒定理、马科威茨均值方差资产组合分析、夏普—林德纳资本资产定价模型和罗斯套利定价理论,并指出了八十年代以后理论的调整与统一。     

风险投资——东莞走出资金循环陷阱的新路径

本文通过对东莞市独特的资金循环路线的分析和描述，指出其进入了一个低质态，低水平的循环陷阱。打破这个陷阱的关键是解决创新经营人才稀缺的问题。对外引进经营人才需要构建一种同舟共济，相互约束的利益机制，而风险投资正是这样一种适用的机制。     

技术创新对融资模式的选择

在技术创新领域,企业和银行均有降低风险和追求短期利润的激励,选择渐进式技术研发项目并以信贷方式融资成为基本模式,成熟的行业领先者在技术投资中较多地采用这种方式。行业的新进入者为了站稳脚跟并获得更多的市场份额,偏向选择风险和收益率双高的长期技术项目,股市上的风险资本家能够有效为其融资,拥有新技术或进行突破性技术研发的新办企业较多采用这种融资方式。     

The Dynamic Model of Allocation Control in Venture Capital

The allocation of control and stock in venture capital is the key point of the venture capital project. This paper develops a dynamic model of control and stock and profoundly analyses how to allocate the control between the entrepreneur and the venture capitalist. The model reveals the relationship of control and stock＇s structure, the time and the degree of imparting the control to the entrepreneur or the venture capitalist, the condition of retracting the control and compensation accordingly.     

科技型中小企业人力资本与创新成效的关系研究

阐明了创新对与科技型中小企业的重要性,认为创新是其获取竞争优势的源头之水,是其谋求生存和发展的必经之路;然后分析了科技型中小企业创新的特点,指出其创新类型以产品创新为主,其创新来源多是依赖自身开发;分析了人力资本对科技型中小企业创新成效的影响途径。