中国上市水务公司新型投资模式的选择

在政府财政对于水务行业的支出日渐乏力和我国水务行业市场化进程加快的背景下,我国上市水务公司尝试新型投资模式的水务投资势在必行。由于水务投资规模巨大、投资决策复杂、涉及各参与方众多,影响因素影响方式不确定,新型投资模式面临决策选择问题。通过二元决策模型,建立了新型投资模式的选择模型,认为在发育不完善的投资环境下,一般的决策理论并不适用。

城市水务民营化绩效评价研究

文章以2007年～2011年多家城市民营化水务上市公司为研究样本，结合行业统计数据，运用DEA分析法，测算样本民营水务公司经营效率，并在此基础上运用差异性分析，计算样本公司能够有效经营的指标数值。研究表明：第一，总体而言，我国上市民营水务公司整体绩效水平偏低；第二，东部地区水务公司绩效水平较好于西部地区，南方地区的水务公司较好于北方地区；第三，公司绩效与所处地经济发达程度有正相关关系；第四，公司地域经营范围广与窄直接影响公司绩效。

Evaluation of the Conservatism Level in Kuwait Stock Exchange By Using Basu Model

This study aims to evaluate the level of accounting conservatism when preparing financial statements by companies listed in Kuwait Stock Exchange （KSE）. In addition, the study examines the factors that affect the level of accounting conservatism in those companies with regard to company sizes, debt contracts, and the type of sector the company belongs to. To achieve these goals, the Basu （1997） model was used to measure conservatism level and the factors influencing it. The sample of the study comprises of 225 companies listed in KSE. Findings of the study showed that the KSE succeeded in forcing Kuwait companies to present a reasonable level of accounting conservatism. The study also found out that the financial statements of small companies were conservative, while those of the big ones were not. In addition, the debt contracts left an impact upon financial reports of accounting conservatism. Thus, companies with lower debts were more conservative than those of higher ones. Moreover, the financial statements of the financial sector in KSE were the most conservative.