论开发区投资—效益分析中的几个问题

以开发区运作的实际情况为基础 ,认为盈利企业的成本与开发区运作的成本存在着不同的构成要素和采用不同的项目投资分析方法。而开发区的投资—效益分析 ,往往不是建立在一次性投入的基础上 ,必须考虑逐步投入、梯次开发、滚动发展的问题 ,同时要根据具体情况和不断出现的变因 ,将有关的税费纳入预期收益中 ,以便加强成本的可操作性。

Private equity investment return analysis based on the earning persistence and trading strategy of new economic enterprise

For the purpose of analyzing the private equity investment return, this paper investigates the extent to which current earnings performance persisting into future depends on the components of earnings, and tries to find out whether stock price reflects the information of earnings. Comparing to accrued components of earnings, cash flow components of earnings has more explanatory ability for abnormal returns and with higher persistence, especially for new economic industry. Eventually we find that investors＇ inability to distinguish correctly among the components of earnings. Constructing a portfolio based on the magnitudes of accrued components of earnings, we can earn 4% to 13% of excess returns for new economic industry and general industry.