Financial Statement Valuations in Italian Accounting Thought Between the 19th and the 20th Century： From ＂Exchange Value＂ to ＂Historical Cost＂

The main subject of this paper is the theory of financial statement valuations observed in its historical development. More notably, regarding the subject, the research is concerned with some theoretical concepts developed by the Italian doctrine in a very specific age, namely, between the 19th and the 20th century, which in fact, devoid of any accounting regulation. This paper analyzes in particular the shift from the exchange value rule to the historical cost method and tries to explain the reasons of such a development. In the second half of the 19th century, some of the best Italian scholars, who were faced with the need to properly develop the problem of accounting valuations, thought that it was appropriate to rely on concepts that belonged to similar sciences, such as economics and real estate appraisal, by blindly borrowing the theory of value from the former and the theory of valuations from the latter. During that age, everything hinged around the concept of exchange value. At the dawn of the 20th century, the Italian accounting doctrine began to wonder about a subject that was crucial to the financial statement theory： the informative purposes underlying the financial statements. At the same time, the first principle took shape, which might be called as the ＂finalistic principle of value＂. It is still the basis of the theory of financial accounting measurements, for which different evaluative criteria must be applied to different informative purposes. Thus, an alternative criterion to that of the exchange value makes its appearance on the scene of the accounting valuations, notably the historical cost. The introduction of the historical cost criteria and above all the relinquishment of the combination of the ＂economic cost＂ in favor of that of the ＂manufacturing cost＂ allow the Italian accounting to get rid of the theories of economics and real estate appraisal, thus, becoming independent regarding the financial statement valuations.

A Simultaneous Optimization Method for the Structure and Compo-sition Differences of a Mass Exchange Network

This article presents a new method to calculate the composition differences （e） for tar g.etin.g the minimum total annualized cost （TAC） of a mass exchange network （MEN）,which is based on the combination of composition interval diagram （CID） with mathematical programming.The total cost target consists of the capital cost of the process units and the operating cost for mass separating agents （MS.As）. The value of total cost varies considerablv with the composition differences, so the values of e should be optimized in order to obtain minimum TAC of a MEN. This articleconsiders ε as a set of unequal variables for each equilibrium equation of a rich-lean stream pair, employing them to build the CID and mathematical model, which optimizes the structure and composition differences simultaneously. Two examples are applied to illustrate the proposed method and the results demonstrate that the approach introduced by this article is simpler and more convenient than the methods in previous literatures.

COMPUTER AIDED OPTIMAL HEAT EXCHANGER NETWORK SYNTHESIS BY A TWO-STAGE METHOD

This paper presents a two-stage method for the optimal heat exchanger network synthesis.In the firststage based on the study of the pinch point properties,a network minimizing the utility consumption and thenumber of exchangers is developed.Usually,this network is close to the optimal.In the second stage,anonlinear programming formulation is developed,and its solution with features of minimum capital andannual operating costs provides an improvement on the network obtained in the first stage.An integratedsoftware package for heat exchanger network synthesis has been developed.This package consists of a sp-readsheet,a graphics program,a data base management system,a menu program,an application networksynthesis program,a network simulation program and a data base of standard size exchangers.The appli-cation of this method is illustrated with several examples which include a complex crude oil preheating heatexchanger network.

FOREIGN CURRENCY OPTION PRICING WITH PROPORTIONAL TRANSACTION COSTS

The purpose of present work is to examine the financial problem of finding the universal reservation prices of a European call option written on exchange rate when there is proportional transaction costs of trading foreign currency in the market. An approach is suggested to compute the reservation bid-ask price of foreign currency call option based on maximizing the investor＇s expected utility. Option prices are determined from the investor＇s basic portfolio selection problem, without the need to solve a more complex optimization problem involving the insertion of the option payoffs into the terminal value function. Option prices are computed numerically in a Markov chain approximation for the case of exponential utility. Numerical results show that the option price bounds are almost independent of the alternative risk aversion parameter, but the bounds of NT region becomes narrower and the range of values of the initial holding for which the fair price lies within the bid-ask spread is shifted to a lower value when the risk aversion parameter increases.

THE SIMULATION ANALYSIS OF A PROPOSED‘HYDRONIC RADIATOR’SYSTEM TOWARDS LOW COST HOUSING OPERATION IN TEMPERATE AND HOT TROPICAL CLIMATES

Fuel poverty is one of the global concerns affecting not only users’financial capacity or affordability for maintaining housing operation but also the occupants’health and wellbeing.Space heating and cooling require a relatively large amount of domestic energy use in housing.Therefore,this study was formed with the aim to propose an innovative approach to utilising free,clean renewable sources of energy applicable to the space heating and cooling of housing in both cold and hot regions.Accordingly,housing test facilities based in Melbourne,Australia,and Kuching,Malaysia,were selected and used for this study that examined the thermal performance of a proposed‘hydronic radiator’(HR)system through simulation and onsite measurements.The geothermal heat capacity of a‘vertical ground heat exchanger’(VGHE)installed in the house in Melbourne was examined previously by the authors and the VGHE measured data was also applied to this HR performance simulation.The water that circulates through the HRs is heated by sunlight and VGHE or cooled by night sky radiation.This study drew conclusions that the sole utilisation of renewable sources through these proposed HR space heating and cooling systems can provide thermally accessible or comfortable indoor living environments in both heating or cooling dominant regions.Thus,fuel poverty issues may be alleviated through HR system application.The HRs can remove a‘sensible’portion of metabolic heat,but they cannot effectively contribute to the‘latent’heat removal.Thus,the future potential use or effect of‘flow-through’HRs,which are integrated into a underfloor air distribution(UFAD)plenum,was also dsicussed in this study.In the test house located in Melbourne,the flow-through HR UFAD system is currently under development.Therefore,the performance will be measured once the system has come into operation for further testing.

交易所问询监管与股权融资成本--基于投资者风险感知视角

本文以2013—2021年中国沪深A股上市公司为样本,从投资者风险感知视角实证检验交易所问询监管对股权融资成本的影响。结果显示:公司收到定期报告问询函后股权融资成本显著上升,并且同年收到定期报告问询函数量越多、同一份定期报告被问询次数越多、定期报告问询函中的问题总数量越多,股权融资成本上升幅度越大,说明交易所问询监管会增加投资者的风险感知,进而导致股权融资成本升高。异质性检验结果显示,当投资者专业能力较强、交易风险较大、市场化程度较低和审计质量较低时,投资者对定期报告问询函所披露风险的感知能力更强,交易所问询监管对股权融资成本的正向影响更大。进一步研究发现,作为一种非处罚性监管,交易所问询监管是处罚性监管的有力补充,二者都具有良好的市场监管效果。本文的研究结论为证券监管部门依法保护投资者合法权益和防范市场风险提供了政策参考。

旅游虚拟社区用户持续性分享行为研究

培养用户粘性,保持用户持续且积极地分享是旅游虚拟社区繁荣发展的关键,然而事实上用户持续分享不足一直是困扰旅游虚拟社区发展的一大难题。本研究尝试引入社会交换理论,从成本和收益双元视角分析旅游虚拟社区用户感知分享成本和收益对其持续性分享的影响,通过问卷调研327名旅游虚拟社区用户,利用SPSS和AMOS进行统计分析和假设检验。研究结果表明:利他愉悦、感知面子、自我效能感和社区奖励显著正向影响旅游虚拟社区用户的分享满意度和持续分享意愿;执行成本负向影响旅游虚拟社区用户的分享满意度,但对用户持续分享意愿影响不显著;风险成本对旅游虚拟社区用户的分享满意度和持续分享意愿的影响作用不显著。研究结果对理解旅游虚拟社区用户持续分享的原因具有理论意义,对旅游虚拟社区运营具有实践指导作用。

Transmission Cost Allocation by Power Tracing Based Equivalent Bilateral Exchanges

The allocation of transmission cost provides important references and signals for system expansions and investments.This paper proposes a power tracing based equivalent bilateral exchange(PTEBX)method in which network users are responsible for not only their induced power flows,but also power flows induced by whom they have equivalent bilateral exchanges with.The equivalent bilateral exchanges are recognized based on the power tracing.To evaluate the performance of different methods of allocating transmission cost,seven criteria are put forward that take into consideration characteristics of power systems.Theoretical analysis is then conducted to certify whether the methods satisfy the criteria.The results indicate that only the PTEBX method is able to satisfy all the seven criteria.Numerical examples based on the IEEE-30 system are presented to further demonstrate the applicability of the proposed method.

中国纺织外贸企业面临的多重冲击及应对策略

随着近年来国际贸易环境的变化和国际市场竞争的加剧,中国纺织外贸企业面临诸多困境和挑战,如原料成本增大、汇率波动起伏、国际船运紧张、市场需求不稳定等。但各种稳外贸措施的出台、对东盟及“一带一路”沿线各国进出口贸易的持续增长、海外仓及多式联运货运方式的发展也给中国纺织外贸企业带来新机遇。鉴于此,政府应加强对纺织行业的规范管理,建立解决贸易壁垒的专门机构,中国纺织外贸企业要建数字外贸平台、树品牌形象、开拓多元市场、利用好海外营商环境等,多措并举,才能转危为机,更好地在全球纺织行业站稳脚跟。

换热器网络调优过程中热负荷回路的量化处理

本研究对换热器网络调优时的热负荷回路提出一种定量化处理方法。对于存在热负荷回路且断开回路后需要能量松弛的换热器网络,分别计算改进前后年度操作费用和年度设备费用的增减幅度,得到年度总费用的变化情况,以便对是否需要改进换热器网络进行决策。年度操作费用与能量松弛幅度和公用工程价格相关,而年度设备费用则与换热器面积、换热器材质和投资回收期等因素相关。能量松弛幅度和换热器材质对年度总费用有显著影响,在本换热器网络案例的研究中考虑了换热器材质对年度总费用的影响。本案例中,随着材质价格升高,换热器网络改进后与改进前年度总费用之差呈下降趋势,当其正负号发生改变时,换热器网络方案也将产生变化。当本案例中换热器使用低廉的材质使年度总费用之差为正值时,应维持原换热器网络方案不变;若使用昂贵的材质使总费用之差为负值时,则应采用能量松弛后的换热器网络方案。本研究对于过程工业中换热器网络的设计调优具有一定的指导意义。

经济视角下直播电商对实体商业的影响机理研究

随着直播电商的日益普及,直播电商为生产厂商带来了极大的市场拓展空间,同时也为消费者带来了更为便捷和高效的购物体验。因此,越来越多的消费者逐渐从实体店消费转向线上购物。商业起源于商品交换,从生产、交换、消费视角解析,运用数理推导说明直播电商技术的出现,推动了产品交易成本的降低,进而促使产品的均衡价格下降,供给和消费的均衡数量增加,有利于促进商业效率的提高。在直播电商对实体商业的替代效应作用下,消费者到实体店消费的交易量减少致使实体商业的需求萎缩,这是在技术推动下不可逆转的产业结构调整的演变过程。面对直播电商带来的挑战,实体商业应积极应对,转变经营理念,主动适应新的商业模式,更好地为顾客提供线上线下融合的产品与服务,推动商业产业实现新发展。

广东地区办公楼多联机系统新风方案探讨

本文介绍了多联机空调系统的几种新风方案(常规新风机、热交换新风机组、直膨式新风机组、风冷热泵+组合式新风机组、热泵热回收新风机组等)。同时,以广东地区某办公楼为例,对三种预处理的新风方案系统布置、初投资、运行费用及年运行成本进行了分析,并建议优先采用热泵热回收新风机组,具有较好的推广价值。

电子商务环境下的企业信息决策价值研究

电子商务环境下信息的不确定性和不对称性以及相应商务决策的风险性 ,使得信息决策价值成为网络环境下企业核心竞争能力形成和发展的关键。本文在电子商务理论和信息经济学的基础上 ,分析了电子商务环境下的信息及其决策特性 ,并通过信息的决策价值传递机制分析 ,讨论了信息的交易费用和决策价值。

应用遗传算法优化设计壳管式换热器

针对壳管式换热器传统设计方法繁杂且结果又不能满足最佳经济费用的缺点,引入遗传算法对壳管式换热器进行设计。建立了相应的数学模型并以设备总费用为目标函数,对换热器进行优化设计。利用遗传算法智能及多点搜索等特性,不断地迭代优化变量,在优化变量值和约束条件范围内,得到最小目标函数的设计结果。采用了2个实际算例进行测试,结果显示在满足换热性能的前提下,优化后总费用都有降低,降幅分别为18.2%,7.98%。

基于知识交流的两种产业协同模式

本 文旨 在 通过 综合 运 用知 识管 理 理论 和交 易 成本 理论 ,建 立通 过 产业 协同 促 进分 工发 展 的模 型,以研 究 基于知 识交 流 的产 业协 同 模式 。得 出结 论 即在 分工 节 点间 知识 交 流效 率很 低 的情 况下 ,由 于协 调 风险 的存 在 ,单 纯依 靠企业 或者 市 场都 无法 很 好的 进行 产 业协 同,使某 些有 利 可图 的新 分 工得 到发 展 。协 调风 险相 当 于交 易成 本 ,故 可利 用交易 成本 理 论得 出两 种 促进 知识 交 流的 产业 协同 模 式。

超结构法分步综合热集成的质量交换网络

质量交换网络(MEN)和热交换网络(HEN)之间有较强的交互作用,传统的夹点技术很难考虑两个网络之间的相互作用。针对这一问题,采用基于分级超结构的数学规划法分步综合热集成的MEN。该方法首先分析了连接两个网络的关键参数,将其离散化处理后组合成多个备选方案,然后对每个备选方案采用分步策略。第一步,用超结构法以总年度费用(TAC)最小为目标综合MEN;第二步,从第一步的结果中抽提出HEN综合所需数据,通过求解基于HEN超结构的非线性规划(NLP)模型,得到优化的HEN总年度费用。加和两步中的TAC结果得到该方案下两个网络的总费用,通过比较所有备选方案下的总网络TAC,以总网络TAC最小的方案为最佳方案。与文献中例子比较,表明本方法具有更好的可行性和有效性。

换血疗法治疗急性胆红素脑病的成本效益分析

目的比较换血疗法（ET）治疗不同程度急性胆红素脑病（ABE）的成本效益，为ABE干预方案的选择提供参考。方法回顾性分析2009～20lO年该中心137例ABE患儿的临床资料。轻度ABE换血组（SE组）40例、轻度ABE非换血组（SNE组）29例、中重度ABE换血组（ME组）49例和中重度ABE非换血组（MNE组）19例。结果SE组血清总胆红素（TSB）、TSB与血浆清蛋白的比值（B／A）、新生儿溶血病比例和人均住院费用均明显高于SNE组（P〈0．05），无死亡发生，不良预后发生率15．0％与SNE组13．8％相似；最大效益成本比分别为87．5和121．5。ME组TSB、B／A、新生儿溶血病比例和人均住院费用均显著高于MNE组（P〈0．05）；5例死亡，死亡一不良预后发生率32．7％，为MNE组15．8％的2．1倍；最大效益成本比分别为89．8和160．0。ME组TSB、B／A高于SE组（P〈0．05），死亡一不良预后发生率为SE组的2．2倍，换血疗法相关严重不良反应发生率12．2％为SE组5．0％的2．4倍，人均住院费用与SE组相似（P〉0．05）。结论换血疗法对于轻度ABE的成本效益较好，可作为抢救治疗的首选；中重度ABE尤其是重度ABE需权衡利弊。新生儿病理性黄疸尽早光疗，避免或减轻ABE，降低死亡一不良预后发生率，减少资源消耗和经济损失。

知识分享及其研究理论基础

知识分享是知识管理的一个关键阶段。本研究首先从知识分享的内容和过程分别对知识分享的概念及其内涵进行阐述。在此基础上,从交易成本、社会交换、信息技术等三个不同角度对知识分享的研究进行了分析。最后,我们将这三个不同的理论视角进行了整合,从关系动态发展的角度出发建立知识分享的整体研究框架。

我国外汇储备的成本—收益分析

随着我国外汇储备的持续增加,持有外汇储备的成本也在不断上升。本文全面、系统地分析了我国持有外汇储备的各项可量化成本,包括冲销成本、资本损失、债务性储备的成本和机会成本等;分析了我国外汇储备的收益,并提出了相应的政策建议。

B2B电子交易市场采纳问题的研究现状与发展趋势

B2B电子交易市场作为一种新兴的企业之间的交易合作方式,能够为企业带来多种利益。因此,它的采纳问题受到了众多学者的关注。但是,由于研究角度和方法的多样性,学者们提出的影响电子交易市场采纳的因素仍然显得不够清晰。本文通过整理现阶段对B2B电子交易市场采纳研究的文献,归纳了现有文献的研究方法和所应用的理论框架,并从交易成本角度和关系交换角度对采纳电子交易市场的影响因素进行了分类分析。本文的研究结论既是对现有关于电子交易市场采纳研究的总结,又可以为今后对电子交易市场的深入研究提供借鉴。