论可供出售金融资产对上市公司财务的影响——以内蒙古上市公司为例

2006年我国颁布的新会计准则规定,交易性金融资产和可供出售金融资产均按公允价值计价,但其公允价值的变动对企业的影响是不同的。从内蒙古上市公司的情况来看,大多数公司更喜欢选择可供出售金融资产进行投资。本文分析了可供出售金融资产投资对上市公司营业利润的影响,并从资本保全角度讨论公司损益情况。文章得出如下结论:可供出售金融资产与其他金融资产相比,时间更自由,更易于进行盈余管理。

金融资产未实现损益的确认与计量

本文在阐述我国企业会计准则对金融资产未实现损益会计处理和报表列报相关规定的基础上,基于会计信息中立与经济后果的理论分析,指出这种处理将导致会计信息质量降低,建议取消对交易性金融资产和可供出售金融资产会计处理的区别,将金融资产所有已实现和未实现损益都计入企业财务报表。

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

Investor＇s Portfolio Allocation by Financial Asset Classes Using Fuzzy Logic-Based Approach in Decision Support System

The paper present the fuzzy logic expert system called MADSYS for an investor＇s portfolio allocation by financial asset classes. MADSYS system will be used in the interface agent （agents） of multi-agent investment management information system. One of the principal tasks of the multi-agent system is to help an investor to make investment decisions and to provide appropriate investment proposals according to the investor＇s profile. From MADSYS depends a lot of things, namely the multi-agent investment management information system accuracy, proposed investment decisions, the right portfolio allocation of financial assets, reliability and investor satisfaction. The usage of MADSYS system in the multi-agent system makes it more intellectual, i.e. the system will be able to adjust automatically to the changing of investor profile. The MADSYS system may be tried online at the following address：www.sprendimutechnologij os.lt/webapp.

Factors affecting profitability of multi-finance company in Indonesia

The aim of this study is to examine the profitabilily of multi-finance companies. This study uses macroeconomic determinants and fundamental variables as factors that affected profitability. The samples of the study was multifinance company in Indonesia over period 2005-2007. The study uses an unbalanced panel data as a methodology. The result suggests that, the ownership of financial assets doesn＇t significantly affect multi-finance performances. This result indicates that multi-finance face difficult situation to generate profit from the credit given. And the result also suggests that all macroeconomic determinants affect multi-finance profitability, with more concern on inflation that have negative significant.

Pricing and Valuation of Intangible Assets

Intangible assets are parts of the companies＇ balance sheet, but given their intangible nature, they cannot be qualified as financial assets as other incomes can be. Therefore, the valuation, even if reflected in accounting reports, is far from objective, and each company considers it in accordance with their sectors or auditors. Auditors, consultants, and business schools are developing alternative tools for measuring these assets, but there is not a consensus formula that quantifies the business value of intangibles. In recent years, communication analysts and consultants have developed brand valuation and reputation methodologies, which are starting to have a relative weight in business management. The proposed research work is a review of the current methodologies of reputation valuation as a starting point for creating a reference model formula for the valuation of intangibles that provide professionals and experts in the field with a worldwide recognized tool.

An Analysis of Annual Household Income From the Survey of Consumer Finances

This paper presents a brief analysis of the frequency and cumulative distributions of Americans＇ annual household income. In addition, a thorough discussion of the correlations between average income and some key demographic variables are included. The data come from the 2004 Survey of Consumer Finances. Utilizing the Survey a new, extraordinarily close, power law, relationship between current annual household income and accumulated financial assets is demonstrated. Another startling result is that the dependence of mean annual income on portfolio composition has nearly perfect power law dependence too. As money has scale, and power laws do not, this makes no sense.

SME share transfer system financing Efficiency Analysis

SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.

Analysis on using UPREITs in real estate finance in United States

This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.

How Financial Knowledge Affect Household Wealth

This paper is based on the research conducted in Shanghai. We use Probit model empirically analysis how tinanclal hteracy affect household wealth. The results are as follows： financial literacy does have positive effects on household financial wealth and debt, but do not have significant effect on fixed wealth. Age growth, household income growth, self-owned house and seeking for financial consultant will significantly boost household wealth. Moreover, consumer＇ s self-confidence and risk aversion have positive effects on both fixed and financial assets, but do not have significant effect on debt.

Asymptotic Inefficiency of Incomplete Asset Markets and Symmetric Event Trees

Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.

Demand Model for Investment-oriented Life Insurance under uncertain lifetime

In this paper, we set up continuous time model with Poisson Process to analyze demand of investment-oriented life insurance. Individual life time is assumed random, and he is received fixed income, investment-oriented life insurance is an important financial asset under this model. Dynamic programming is applied to analyze this problem. The optimal explicit solutions are obtained in the case of CRRA utilities, and draw its demand curve with numerical simulation.

家庭资产配置的国际比较研究

合理有效的家庭资产配置结构会促进家庭财富增值、提高消费水平、推动社会经济发展,而我国经济结构失衡、法律法规不完善、金融市场不发达等因素影响了居民对资产进行有效配置。本文试图通过对美国、欧洲及亚太地区家庭资产配置构成及发展环境的对比研究,来挖掘我国家庭资产配置的存在问题并给出可行性政策建议。

A Win-Win Choice

ACCORDING to a report in the Financial Times,European countries and enterprises that are teetering on the edge of a debt crisis are looking to China for investment.While the European debt crisis has eroded the value of the euro,falling asset prices have attracted the interest of foreign companies,including Chinese enterprises.

Debt financing and firm performance ： a perspective of overindebtedness

The asset-liability ratio of most listed companies in China is more than 50% and that of some unlisted companies is even higher. Debt financing has actually become an important source of funds for the companies. Faced with the description of over-indebtedness, the author put forward the method to make the definition of over-indebtedness creatively and carried out empirical research on the impact the over- indebtedness having on firm performance as well as optimal asset-liability ratio from the perspective of over-indebtedness and at the same time gave some relevant suggestions, which makes this study have an important practical significance.

The Influence of Market and Company Characteristics on Voluntary Disclosure

In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.

Dynamic assets allocation based on market microstructure model with variable-intensity jumps

In order to characterizc large fluctuations of the financial markets and optimize financial portfolio, a new dynamic asset control strategy was proposed in this work. Firstly, a random process item with variable jump intensity was introduced to the existing discrete microstructure model to denote large price fluctuations. The nonparametric method of LEE was used for detecting jumps. Further, the extended Kalman filter and the maximum likelihood method were applied to discrete microstructure modeling and the estimation of two market potential variables： market excess demand and liquidity. At last, based on the estimated variables, an assets allocation strategy using evolutionary algorithm was designed to control the weight of each asset dynamically. Case studies on IBM Stock show that jumps with variable intensity are detected successfully, and the assets allocation strategy may effectively keep the total assets growth or prevent assets loss at the stochastic financial market.

Effective Management of Own Funds in Polish Cooperative Banks

Today cooperative banks belong to the most significant financial institution in the world. Moreover, they can compete with commercial banks. The own funds of the cooperative bank are important in their activity. The main goal of this paper is to investigate how much the level of the own funds of the Polish cooperative banks influenced their efficiency. The research pertained to operating cooperative banks in Poland. The following measures of the efficiency were used in the research： return on Equity （ROE）, net profit, index C/I, and financial margin. The results of the study indicate that banks from the Quartile III （highest aggregate own funds）, had the highest net profits, the highest ROE, the lowest C/I value, the lowest ROE, and the lowest financial markups. On this basis, it remains to be recommended that banks of highest aggregate own funds continue expansion of own funds which will increase lending capacity and subsequently contribute to higher effectiveness.

Chemical and Isotopic Approach to Groundwater Cycle in Western Qaidam Basin,China

Due to the extremely arid climate in the western Qaidam Basin,the groundwater almost becomes the single water source for local residents and industrial production.It is necessary to know the reliable information on the groundwater cycle in this region for reasonable and sustainable exploitation of the groundwater resources with the further execution of recycling economy policies.This study focused on the recharge,the flow rate and the discharge of groundwater in the western Qaidam Basin through investigations on water chemistry and isotopes.Hydrological,chemical and isotopic characteristics show that the groundwater in the western Qaidam Basin was recharged by meltwater from new surface snow and old bottom glaciers on the northern slope of the Kunlun Mountains.In addition,the results also prove that the source water is enough and stable,and the rates of the circulation and renewal of the groundwater are relatively quick.Therefore,it can be concluded that the groundwater resources would guarantee the regional requirement if the meltwater volume of the mountains has not a great changes in future,moreover,water exploitation should be limited to the renewable amount of the groundwater reservoir in the western Qaidam Basin.