无形资产计量问题研究

目前理论界对无形资产计量的难点还没解决 ,运用传统会计理论计量无形资产遇到了有力挑战 ,解决无形资产计量的关键问题———自创无形资产的会计处理将是无形资产计量理论的一大突破。

试析期权对财务理论的发展

企业财务管理的主要内容是投资、筹资和股利分配,但是随着经济活动的不断复杂化和多元化,传统财务理论的方法已经不能解决或准确界定企业经营活动中的一些问题,传统财务理论本身的局限性日益明显,财务会计已不能为财务管理所要求的灵活性和战略性提供支撑,对财务理论的创新要求日益迫切,财务理论逐步向跨学科和边缘学科发展,期权理论即是财务理论对其他学科知识的吸收借鉴.

Research on Application of Monte Carlo Simulation in the Income Approach of Asset Valuation A listed Company in China as an Example

The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.

Dynamic Portfolio Choice under Uncertainty about Asset Return Model

The effect of uncertainty about stochastic diffusion model on dynamic portfolio choice of an investor who maximizes utility of terminal portfolio wealth was studied.It applied stochastic control method to obtain the closed-form solution of optimal dynamic portfolio,and used the Bayesian rule to estimate the model parameters to do an empirical study on two different samples of Shanghai Exchange Composite Index.Results show,model uncertainty results in positive or negative hedging demand of portfolio,which depends on investor's attitude toward risk;the effect of model uncertainty is more significant with the increasing of investment horizon,the decreasing of investor's risk-aversion degree,and the decreasing of information;predictability of risky asset return increases its allocation in portfolio,at the same time,the effect of model uncertainty also strengthens.

Significance of Rare Mineral Resources to Strategic Emerging Industries

As non-renewable natural resources, rare minerals＇ are extensively used as important raw materials in strategic emerging industries. As global consumption continues to increase over recent years, international competition in the area of rare mineral minerals has been escalating. On the basis＇ of the identification of 22 rare mineral resources of six categories and analysis of their applications in strategic emerging industries, this paper has adopted a three-factor analytical framework and designed nine indicators from the three dimensions of supply risks, environmental impacts and economic impacts of restricted supply to conduct a quantitative evaluation of the strategic significance of rare mineral resources. The result indicates that the strategic significance of platinum-group metals is the highest and the strategic significance of cesium is the lowest. In order to further increase the reliability of evaluation results, this paper has employed the Monte Carlo simulation for uncertainty analysis＇. Simulation result demonstrates that after the impacts＂ of individual indicators have been taken into account, the results＇ of this paper＇s evaluation of 22 rare mineral resources remain valid. Given the growing significance of rare mineral resources to strategic emerging industries, China should formulate a national strategy on rare mineral resources＇, strive to inerease the supply security of key raw materials for strategic emerging industries and achieve the sustainable development and utilization of rare mineral resources for national security of natural resources.

发展农村商圈与扩大农村消费的探讨

农村消费亟需扩大。农村商圈的发展,能通过增强资产专用性增加经营商户退出成本、推动农村消费知识升级,通过改善信息不完善降低交易不确定性,通过增加交易频率降低交易成本,从而有助于扩大农村消费,促进扩大农村消费的长效机制的建立。发展农村商圈应重视乡村商业网点科学规划,完善农村流通基础设施,优化商圈业态结构,加强市场秩序治理,创新农村消费信贷体系。

DYNAMIC PORTFOLIO CHOICE UNDER THE TIME-VARYING,JUMPS,AND KNIGHT UNCERTAINTY OF ASSET RETURN PROCESS

By introducing a stochastic element to the double-jump diffusion framework to measure the Knight uncertainty of asset return process, this paper builds the model of dynamic portfolio choice, which maximizes the expected utility of terminal portfolio wealth. Through specifying the state function of uncertainty-aversion, it utilizes the max-min method to derive the analytical solution of the model to study the effect of the time-varying, jumps, and Knight uncertainty of asset return process on dynamic portfolio choice and their interactions. Results of comparative analysis show： The time-varying results in positive or negative intertemporal hedging demand of portfolio, which depends on the coefficient of investor＇s risk aversion and the correlation coefficient between return shift and volatility shift; the jumps in asset return overall reduce investor＇s demand for the risky asset, which can be enhanced or weakened by the jumps in volatility; due to the existing of the Knight uncertainty, the investor avoids taking large position on risky asset, and the resulting is the improving of portfolio＇s steady and immunity. At last, an empirical study is done based on the samples of Shanghai Exchange Composite Index monthly return data from January 1997 to December 2009, which not only tests the theoretical analysis but also demonstrates that the proposed method in the paper is useful from the aspect of portfotio＇s equivalent utility.