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投资者审视公司价值的主要视角——以五大国际石油公司为例
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作者 冯保国 丁泉 戚振忠 《国际石油经济》 2024年第3期8-18,共11页
选取净资产收益率等6个指标维度,从投资者视角审视公司的市场价值。净资产收益率是衡量资本获利能力的“一把尺子”;投入资本回报率反映公司运用长期资本的能力和效果;资产负债率考察公司利用合适的财务杠杆创造价值的能力;经营活动现... 选取净资产收益率等6个指标维度,从投资者视角审视公司的市场价值。净资产收益率是衡量资本获利能力的“一把尺子”;投入资本回报率反映公司运用长期资本的能力和效果;资产负债率考察公司利用合适的财务杠杆创造价值的能力;经营活动现金流能够真实客观反映企业的经营情况和实现利润的质量;销售毛利率衡量公司主营业务盈利能力和行业发展潜力、在行业中的地位以及市场竞争力;企业所得税综合税率反映了公司组织架构的基本特点、资本运作能力、子公司之间盈利能力差异、公司业务与税收优惠政策鼓励方向之间的契合度等基本情况。启示中国投资者应坚持把价值投资放在首位,主动分析现有价值合理性,研究未来价值提升空间;中国石油公司应学会使用资本市场语言,将客观准确揭示和解释公司价值作为主线,加强与投资者之间的沟通,缩小双方对公司价值认知的差异。 展开更多
关键词 上市公司 公司价值 投资者 财务指标 净资产收益率 资产负债率 销售毛利率
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基于梯形模糊数的贷款组合优化管理决策 被引量:2
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作者 周圣 史本山 +1 位作者 孟伟 文忠平 《软科学》 CSSCI 北大核心 2013年第12期17-22,共6页
利用梯形模糊变量刻画了期望收益率及其方差,构建了相应的贷款组合优化模型,解决因缺乏数据而无法进行合理决策提供了有效途径。同时考虑综合风险收益下的RAROC最大化以及引入资本运用效率作为约束条件,进一步调整贷款配置结构和管理思... 利用梯形模糊变量刻画了期望收益率及其方差,构建了相应的贷款组合优化模型,解决因缺乏数据而无法进行合理决策提供了有效途径。同时考虑综合风险收益下的RAROC最大化以及引入资本运用效率作为约束条件,进一步调整贷款配置结构和管理思路,更好地考察了每笔贷款的利用效率。研究表明引入梯形模糊数的贷款组合决策模型能够有效地配置贷款资源,并且容许区间和左右宽度的变化会对组合模型有效边界产生不同的影响。 展开更多
关键词 梯形模糊数 综合风险收益 资本运用效率 贷款组合
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贷款收益与综合收益RAROC优化组合的比较分析 被引量:1
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作者 文忠平 周圣 史本山 《技术经济与管理研究》 2012年第8期92-96,共5页
有效匹配稀缺的贷款资源以创造银行的最大价值是商业银行提升经营和精细化管理能力的关键。本文立足于商业银行信贷经营实际,采用综合收益(包括贷款收益、存款收益和中间业务收益)下的RAROC指标来代替传统的贷款收益指标,并且从商业银... 有效匹配稀缺的贷款资源以创造银行的最大价值是商业银行提升经营和精细化管理能力的关键。本文立足于商业银行信贷经营实际,采用综合收益(包括贷款收益、存款收益和中间业务收益)下的RAROC指标来代替传统的贷款收益指标,并且从商业银行贷款客户选择的角度,构建了基于RAROC最优的客户组合优化决策模型。运用该模型,通过对以贷款风险收益最大化和以客户综合风险收益最大化为目标的贷款优化组合的比较分析,研究贷款组合目标函数选择的科学性和有效性。研究表明,以贷款风险收益最大化为目标去匹配贷款将产生资源错配,银行无法得到最优经营结果,以客户综合风险收益最大化为目标匹配贷款资源才是商业银行信贷经营的最优选择。 展开更多
关键词 贷款收益 综合收益 资源错配 优化组合
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调和保费的进一步分析
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作者 张鸿雁 邵学清 《系统工程》 CSCD 北大核心 2001年第3期30-33,共4页
主要对一种新的保险定价模型——调和保费模型进行更深入的分析。引入一个保险调和指数 R,利用这个定价模型分析了在具体的需求下 ,根据 R的不同取值 ,如何优化总保费、限定破产概率范围、预估毛利润等具体问题 ,得到一些对保险理论研... 主要对一种新的保险定价模型——调和保费模型进行更深入的分析。引入一个保险调和指数 R,利用这个定价模型分析了在具体的需求下 ,根据 R的不同取值 ,如何优化总保费、限定破产概率范围、预估毛利润等具体问题 ,得到一些对保险理论研究和保险实务有一定参考价值的结果。 展开更多
关键词 调和保费 调和指数 总保费 破产概率 毛利润 保险理论
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混交林杉木观光木细根分解过程能量变化 被引量:6
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作者 邹双全 《福建师范大学学报(自然科学版)》 CAS CSCD 北大核心 2005年第3期61-64,共4页
对福建三明杉木观光木混交林中杉木和观光木细根分解过程中干质量热值、能量残留率、能量年归还量及释放量进行了系统的研究,结果表明,细根在分解过程中干质量热值呈递减趋势变化.同一树种细根径级越小其能量残留率也越小.杉木细根的年... 对福建三明杉木观光木混交林中杉木和观光木细根分解过程中干质量热值、能量残留率、能量年归还量及释放量进行了系统的研究,结果表明,细根在分解过程中干质量热值呈递减趋势变化.同一树种细根径级越小其能量残留率也越小.杉木细根的年能量归还量为2.8184×106J.m-2,观光木细根的能量年归还量为0.6435×106J.m-2,在不同径级细根能量年归还量组成中,两个树种的<0.5 mm径级细根的能量年归还量均占60%以上,表明在细根的能量流动中,<0.5 mm细根起着重要的作用.杉木细根的能量年释放量为1.8187×106J.m-2,观光木细根的能量年释放量为0.5864×106J.m-2. 展开更多
关键词 杉木 观光木 细根 干质量热值 能量残留率 能量年归还量
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比亚迪盈利能力财务指标分析与建议
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作者 张兴东 叶雨薇 《时代汽车》 2022年第24期163-165,共3页
在国家政策支持下,新能源汽车行业得到了蓬勃发展,比亚迪作为龙头企业,其销售毛利率与净利率、总资产收益率、净资产收益率、收入增长率等盈利指标表现得也很不理想,说明其盈利能力偏低,且波动较大,主要是因为研发成本居高不下、核心业... 在国家政策支持下,新能源汽车行业得到了蓬勃发展,比亚迪作为龙头企业,其销售毛利率与净利率、总资产收益率、净资产收益率、收入增长率等盈利指标表现得也很不理想,说明其盈利能力偏低,且波动较大,主要是因为研发成本居高不下、核心业务不够突出、过度依赖政府补贴等原因导致,因此,本文提出了选择差异化竞争、合理降低研发费用、专注核心业务,提高市场竞争能力、顺应国家政策,积极拓展市场等建议。 展开更多
关键词 销售毛利率 资产收益率 销售现金比率
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NSR计算在多金属矿床勘探及经济评价中的应用——以加拿大BC省J金多金属矿为例 被引量:1
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作者 金文洪 段焕春 张伟民 《矿产勘查》 2011年第3期298-303,共6页
文章阐述了NSR的基本概念,并通过在加拿大BC省J多金属矿床中的应用实例,介绍了NSR的计算过程,及其在确定多金属矿石边界、不同见矿工程对比、圈定有望勘查靶区中的运用。同时介绍了NSR在经济评价及矿权转让中的作用。
关键词 NSR 潜在价值 J多金属矿床 加拿大
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Feasibility of using polypropylene ground cover upon consideration of long-term responses of sweet cherry nutrition and profitability 被引量:3
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作者 Xinhua Yin Clark F. Seavert 《Agricultural Sciences》 2012年第4期594-601,共8页
The impacts of synthetic polypropylene ground cover in the row area of sweet cherry (Prunus avium L.) trees (‘Regina’/’Gisela 6’) on soil nutrient availability, tree mineral nutrition and productivity, and economi... The impacts of synthetic polypropylene ground cover in the row area of sweet cherry (Prunus avium L.) trees (‘Regina’/’Gisela 6’) on soil nutrient availability, tree mineral nutrition and productivity, and economic returns were investigated on a Van Horn fine sandy loam soil at Hood River OR, from 2000 to 2007. Treatments included 2.44-m wide synthetic fabric ground cover made of black, woven poly-propylene over the row area of cherry trees (woven fabric), and no ground cover but with herbicide applications in the row area with the same width as the polypropylene ground cover (herbicide strip) – standard industry practice. This article reports the plant nutrition and soil fertility results of 2006 and 2007 and profitability and feasibility results of 2000 to 2007. Tree leaf nitrogen (N) concentrations were significantly higher with 9 to 14% increases using woven fabric compared with herbicide strip in 2006 and 2007. However, leaf sulfur (S) concentrations were significantly lowered with woven fabric in the two seasons. Woven fabric resulted in fruit with comparable quality and possible greater storability under enhanced fruit yields than herbicide strip in both years. Woven fabric was more profitable than herbicide strip based on an additional net present value of $2,606 ha-1 by the end of this study. Woven fabric had annual gross returns greater than annual costs in the fourth year after planting by $8,181 ha-1 relative to herbicide strip, and had cumulative net returns greater than total costs of all previous years in the sixth year after planting by $17,796 ha-1 over herbicide strip. However, to establish a sweet cherry orchard with woven fabric, the grower would spend an additional $4,332 ha-1 over herbicide strip. In conclusion, woven fabric is a profitable and sustainable in-row ground management alternative to herbicide strip for orchards from a long-term perspective. 展开更多
关键词 POLYPROPYLENE Ground Cover Sweet CHERRY Leaf NUTRITION Fruit STORABILITY ANNUAL gross returns ANNUAL Cost ANNUAL NET returns Cumulative NET returns Present Value
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住宅精细化设计的探讨与实践 被引量:1
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作者 唐京波 李建波 《智能建筑电气技术》 2019年第2期37-42,共6页
通过探讨住宅变电所的设计特点、电表箱的设置方式、配电系统方案等,介绍为减少公摊面积,最小化竖井布置空间、利用BIM技术等方式进行管线综合,减少车库、标准层层高的经验;介绍住宅精装、毛坯灵活转换的设计方式;根据市场情况,顺应甲... 通过探讨住宅变电所的设计特点、电表箱的设置方式、配电系统方案等,介绍为减少公摊面积,最小化竖井布置空间、利用BIM技术等方式进行管线综合,减少车库、标准层层高的经验;介绍住宅精装、毛坯灵活转换的设计方式;根据市场情况,顺应甲方调整精装或毛坯交房方式的要求;结合住宅产业化的趋势,论述电气专业在装配式住宅中电气设计的要点。 展开更多
关键词 配变电所的设置 配电系统方案 精装 毛坯转换 装配式住宅
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Crop productivity,soil health,and energy dynamics of Indian Himalayan intensified organic maize-based systems 被引量:1
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作者 Raghavendra Singh Subhash Babu +6 位作者 R.K.Avasthe Gulab Singh Yadav Anup Das K.P.Mohapatra Amit Kumar Vinod K.Singh Puran Chandra 《International Soil and Water Conservation Research》 SCIE CSCD 2021年第2期260-270,共11页
The sustainability of prevailing maize-fallow system in rainfed ecosystems of the Eastern Himalayan region(EHR)of India is often questioned due to poor economic return and negative impact on soil health.Hence,the six ... The sustainability of prevailing maize-fallow system in rainfed ecosystems of the Eastern Himalayan region(EHR)of India is often questioned due to poor economic return and negative impact on soil health.Hence,the six cropping systems,maize-fallow(M-F),maize t cowpea-rapeseed(M t C-Rs),maize t cowpea-buckwheat(M t C-Bw),maize t cowpea-barley(M t CeB),maize t cowpea-garden pea(M t C-GP)and maize t cowpeaerajmash(M t C-R)in the main plot and three soil moisture conservation measures,no-mulch(NM),maize stover mulch(MSM)and maize stover t weed biomass mulch(MSM t WBM)in sub-plot were evaluated for four consecutive years(2014-18)at a Research Farm in fixed plot fashion.Results indicated that cowpea co-culture with maize and inclusion of winter crop increased maize yield by 6.2e23.5%over M-F.Among the systems,the M t C-GP recorded the highest crop productivity.The residual effect of MSM t WBM increased maize grain yield by 19.1%over NM.Cultivation of maize t cowpea-winter crops significantly improved the available N(3.2e12.9%),P(3.6 e12.7%),K(1.9e26.3%),organic carbon(9.2e16.8%),microbial biomass carbon-MBC(15.2e43.9%)and dehydrogenases-DHA(17.2e42.3%)in soil at 0e15 cm depth as compared to M-F.The M t C-GP also recorded maximum net return(US$2460 ha1),benefit:cost(B:C)ratio(2.86)and energy use efficiency(7.9%).The MSM t WBM recorded higher net return(US$1680 ha1)and B:C ratio(2.46)over NM.Hence,cowpea t maize-garden pea(M t C-GP)along with the application of MSM t WBM is a sustainable production practice to intensify the organically managed maize-fallow system in rainfed regions of the EHR of India and other similar ecosystems. 展开更多
关键词 Crop intensification Energy productivity gross return Soil health Water productivity
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Balanced nitrogen economy as a flexible strategy on yield stabilizing and quality of aquatic food crops in wetland ecosystem
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作者 A.M.Puste P.K.Sarkar D.K.Das 《Science China(Life Sciences)》 SCIE CAS 2005年第z2期980-987,共8页
In wetland ecosystem, nitrogen along with other elements and its management is most imperative for the production of so many aquatic food, non-food and beneficial medicinal plants and for the improvement of soil and w... In wetland ecosystem, nitrogen along with other elements and its management is most imperative for the production of so many aquatic food, non-food and beneficial medicinal plants and for the improvement of soil and water characteristics. With great significant importance of INM (integrated nutrient management) as sources, emphasizing on management on nitrogen as a key element and its divergence, a case study was undertaken on such aquatic food crops (starch and protein-rich, most popular and remunerative) in the farmers' field of low-lying 'Tal' situation of New Alluvial Zone of Indian subtropics. The study was designed in factorial randomized block design, where, three important aquatic food crops (water chestnut (Trapa bispinosa Roxb.), makhana (Euryale ferox Salisb.) and water lily (Nymphaea spp.) as major factor and eleven combinations of organic and inorganic sources of nutrients as sub-factor was considered in the experiment. It revealed from the results that the production of fresh kernels or nuts of water chestnut (8.571 ha-1), matured nut yield of makhana (3.06 t ha-1) and flower stalks of water-lily as vegetables (6.38 t ha-1) including its nutritional quality (starch, protein, sugar and minerals) was remarkably influenced with the application of both organic (neem oilcake @ 0.2 t ha-1) and inorganic sources (NPK @ 30:20:20 kg ha-1 along with spraying of NPK @ 0.5% each over crop canopy at 20 days interval after transplanting) than the other INM combinations applied to the crops. Among the crops, highest WCYE (water chestnut yield equivalence) exhibited in makhana due to its high price of popped-form in the country, which is being exported to other countries at now. Sole application of both (organic and inorganic sources) with lower range did not produce any significant outcome from the study and exhibited lower value for all the crops. Besides production of food crops, INM also greatly influenced the soil and water characterization and it was favourably reflected in this study. The physico-chemical characteristics of soil (textural class, pH, organic carbon, organic matter, ammoniacal nitrogen, nitrate nitrogen, available nitrogen, phosphorus and potassium) are most important and contributed a significant improvement due to cultivation of these aquatic crops. Analysis of such wet bodies represented the water characteristics (pH, BOD, COD, CO3 =, HCO3-, NO3- N, SO4-S and Cl-) were most responsive, adaptable and quite favourable for the cultivation of these crops in this vast waste unused wetlands for the mankind without any environmental degradation. 展开更多
关键词 aquatic food crops INM NITROGEN soil & water characterization ECONOMICS wetland ecosystem.
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