杠杆融资项目净现值计算方法的比较与分析

负债融资具有杠杆效应,有节税收益。计算杠杆融资项目的净现值,如仍按全权益融资项目的方法计算,其结果会有所不同,直接影响投资决策的正确性。本文介绍三种西方常用的杠杆融资项目的净现值计算方法,并对其适用条件进行比较和分析。

湖泊和水库营养分类的研究

根据我国实际情况,并参考国外对湖泊营养分类的标准,建立了湖泊和水库FTE营养分类方法。应用Fuzzy综合评判的理论和方法,对参加分类评判的各项指标参数通过映射的方法,使每一个指标参数转换成在区间[0,1]的特性指数(d_1),同时引入一个能反映每项指标参数在评判中重要程度的权值(a_1),求得一个能统一反映湖库营养程度的综合性评价指数的计算公式:e=∑a_1d_1。以何志辉教授对我国87个湖库营养分类结果为基准,计算并确定出贫、中、富三种营养类型互不相交的FTE指数范围,作为湖库FTE营养分类标准。对任一湖库,根据九项指标参数计算获得的FTE指数e,不仅能客观地反映其营养程度,同时又以它作为唯一的数值来确定该湖库的营养类型的归属。用FTE营养分类方法对我国87个湖库营养分类结果与何氏的分类结果吻合率达97.7％。

Changing Trend and Mutation Analysis of Number of Fog and Haze Days in Baoji City during 1981-2013

Based on data of number of fog and haze days in Baoji City from 1981 to 2013,the changing trends and mutation of number of fog and haze days in Baoji over the past 33 years were analyzed by using trend coefficient,tendency rate,linear regression analysis,anomaly percentage,Mann-Kendall mutation test and sliding t test.The results showed that during the 33 years,the number of fog and haze days in Baoji declined by 16.253d/10 a,and there was a cyclical turbulence every 6,15 or 28years.The frequency of fog and haze weather was the highest in winter,followed by spring and autumn,while it was the lowest in summer.According to the anomaly percentage of the number of fog and haze days in 12 months during 1981-2013,the anomaly percentage changed most greatly in July,followed by September,October,April,May,June,August,February and March,but it fluctuated less greatly in January.The number of fog and haze days from 1981 to 2013had obvious mutation trends in a single year and a single season,and mutation types are different.

考虑财务杠杆的项目评价方法研究

首先介绍了传统的项目评价方法,之后,在阐明CAPM模型和MM理论下的融资成本的基础上,重点介绍了三种要考虑负债影响的项目评价方法:修正现值法、权益现金流量法、加权平均资本成本法,并通过实例分析,对三种方法进行对比,得出其适用的条件。