市场环境、公允价值输入值层次及估值技术

适宜的市场环境是公允价值计量准则得以实施的前提,也是公允价值估值方法选择的依据。我国2014年发布的公允价值计量准则虽对公允价值的输入值层次和估值技术给出了具体描述,但对于活跃市场、主要市场等不同的市场概念,以及这些市场与输入值层次和估值技术的关系并没有给出进一步的阐释和说明,实务中极易被混淆和误述。文章以准则为依据,采用理论分析和推理的研究方法,在对公允价值计量赖以存在的市场进行辨析的基础上,通过阐释市场环境对公允价值输入值及所使用估值技术的影响,以图表的方式勾勒了市场环境、公允价值输入值和估值技术三者之间的逻辑关系,演示了公允价值估值的思路和步骤,并提出了准则进一步完善的建议。教育部人文社会科学重点研究基地重大项目(14JJD790008、16JJD790035);;国家社科基金重点项目(13AJY005

Property Taxation in the People\u27s Republic of China

A property tax is a general tax imposed on all property owners based on the value of their properties. Property taxation is common throughout the world due to its numerous advantages. It is regarded as a steady source of local government revenue. The property taxation system in the People’s Republic of China (PRC) is still developing and does not include important features that would make it efficient. For instance, residential property is excluded from the tax base. This has contributed to real estate speculation, income disparity, and revenue losses. A well-functioning local property tax system in the PRC would provide an efficient, equitable and sustainable way to finance local development and government spending. By helping to align expenditure responsibilities with revenue allocations at the local level, property taxation could reduce inequality in the provision of public goods and foster local government ability to provide them. Further, it will reduce the incentive for speculative behavior mitigating housing bubbles. To further develop property taxation in the PRC it is recommended to gradually strengthen and expand the existing pilots, supported by clear principles on the delegation of taxation responsibilities, the definition of a nationally standardized tax base, an affordable tax rate, and enhanced local government capacity

关于会计信息质量特征的几个问题——兼为“公允价值”正名

公允价值必须由市场参与者在市场上共同决定,即只能是活跃市场上的公开标价。因此,FAS157的第三级估计是资产和负债的不可观察的输入值,按第三级估计计量的价值只能称为"估计价格",而不是"公允价值"或"公允价格"

GoGlobal Rural-Urban

This is a book of edited articles and design projects from five years of collaborative international design projects in developed and developing economies, including China, Thailand, Ghana and Japan. Part One contains articles on initiatives including e-commerce models for developing economies, massclusivity and craft design. Part Two is dedicated to design solutions for China’s rural-urban migration issues, which affect 55 million people a year. The project enhances knowledge about the application of design thinking to national-level issues connecting policy to implementation, extending design activity into large-scale social and economic areas. The book follows an exhibition of design outcomes in London and Beijing (2010). Hall developed his chapter (‘Go Global: Ghana’) from a conference paper given at the ‘International Association of Societies of Design Research Conference’, South Korea (2009) and further expanded as a book chapter (with Barker) entitled ‘e-Artisans: Contemporary design for the global market’ in Global Design History (2011). ‘eArtisans’ researched a proposed e-commerce model linking designer-craftsmen with a global Internet sale and distribution model for African countries. The originality lay in proposing and testing knowledge, through design collaborations, in a combination of e-commerce enterprise models; it was significant in deploying the proposed model in an experimental educational initiative. The research was based on previous experience of design, craft and enterprise projects in Thailand and China, and aligned with a creative economies report by UNESCO (2008). The context was a collaboration at the KNUST, Kumasi, Ghana, where action-based research methods resulted in a case study illustrating cultural transfer. Support and partnership were also provided by Aid To Artisans, the British Council and Africa 53. A vital aspect was the discovery of how an e-commerce model changed design concepts and creative proposals. The GoGlobal project has continued with an edited publication, Designing Social City Experiences (Jin Nam and Hall 2013)

Study on China's Stock Market Value Investing System Approach and Applications

本文研究目的是借鉴美国股票市场上部分成功的投资方法，结合我国股市发展和投资者自身的特点，从基本面、技术面和操作面三个层次建立一套以价值投资为前提、技术分析为辅助、理性操作为保障的价值投资系统方法。 在中国经济转型与中国股市自身双重变革发展叠加的背景下，首先根据我国股市现状提出研究一套适用的价值投资系统方法。其次阐述了美国股市经典价值投资理论及典型技术分析投资体系，从成熟资本市场理论与方法中借鉴成功的经验。再次分析我国股票二级市场投资方法应用情况，试图寻找中国股市自身发展过程中的规律和未来趋势。然后通过价值投资系统方法宏观、中观、微观因素的分析和界定，与个股技术分析操作、资金管理、情绪控制等股...Purpose of the study is to learn from the US stock market partially successful investment approach, combined with the development of China's stock market and investors own characteristics, establishing three levels of fundamental, technical and operational side set as a precondition to value investing, technical analysis auxiliary, rational operating systems approach to value investment. Under Ch...学位：工商管理硕士院系专业：管理学院_工商管理硕士(工商管理硕士)学号：1792012115090

Corporate Governance, Excess Cash and Market Value of Company

2008年全球金融危机使企业家意识到持有现金的重要性，而现金持有带来的经济后果到底是“价值创造”还是“价值毁灭”，是值得研究的问题。本文以2007年前在A股挂牌交易的公司为样本，通过主成分分析法构建企业治理指数，并在借鉴已有公司持有现金影响因素模型的基础上，计算出样本公司超额持有现金水平。通过面板数据固定效应模型，研究超额现金与公司市场价值的关系，以及企业治理对上述二者关系的影响。 本文研究发现，公司超额持有现金数量与公司市场价值呈负相关关系，并且公司治理效力的提高将改善超额现金与公司市场价值的关系。这是因为，拥有高效的企业治理机制，经营者运用现金的行为在所有者和投资者的监督之下，能够提高持...The occurrence of the financial crisis in 2008 made entrepreneurs aware of the importance of holding cash. It’s a worth studying to answer the question that what is the economic consequence of the cash holdings: value creating or value destroying. This paper builds a corporate governance index by principal component analysis. On the basis the model that including the influencing factors of cash ho...学位：经济学硕士院系专业：经济学院_政治经济学学号：1532013115217

Market Competitive Strategy Analysis of Trade Settlement Customer Groups------Based on Financial Agent of Fuzhou Post Case Study

商贸客户群体交易结算量大、资金（特别是活期资金）沉淀率高，是各大商业银行重点关注的优质客户群体。中国邮政集团公司福州市分公司（以下简称：福州邮政）的代理金融早在2007年就推出了邮储“商易通”、“生意通”等商贸终端类产品，为客户提供转账汇款及交易便利。但近年来，福州邮政商贸类产品更新换代慢，产品竞争力不足；与此同时，各大商业银行纷纷瞄准此类商贸客户，并推出了丰富的结算类产品及增值服务来争夺客户，市场竞争愈演愈烈，福州邮政代理金融商贸市场份额逐渐萎缩，客户流失较为严重。如何通过正确的战略定位，充分发挥福州邮政自身的比较优势，以为客户、企业创造价值为核心，打破业务发展瓶颈，在竞争激烈的“红海”市场...Trade settlement customer groups who have amount of settlement of transactions and precipitation of funds, especially current funds, are the coveted high quality customers for commercial banks. Financial agent of Fuzhou Post promoted trading terminal equipment productions for transaction convenience as far back as 2007. During recent years, Fuzhou Post lacks of product competitiveness because of t...学位：工商管理硕士院系专业：管理学院_工商管理硕士(工商管理硕士)学号：1792012115090

Analysis on Shell qualification value of Listed Companies in China

改革开发以来的三十九年间，中国的资本市场取得了巨大的进步，中国的股票市场已经变成全世界范围内重要的资本市场。股票上市给企业带来了诸多的收益，大幅度提高了企业的商誉与品牌价值、降低了企业的融资成本、可以通过更广泛的信誉提升企业的战略平台，然而当人们用西方通用的估值方法比如股利折现或者现金流折现来评估中国人民币普通股(A股)价格的时候却经常谬之千里，于是有很多声音一直认为中国人民币普通股是个无效的市场。笔者认为这是忽视了中国人民币普通股（A股）因为国情以及特殊的历史阶段产生的壳资格价值的原因。 壳资格价格是个非常复杂的问题，已经有针对其的无数理论研究，但是至今未有能形成明确理论体系的估值系统。一...Accompany with the fast growth ofthe Chinese capital market, Chinese stock market has become an important capital market around the world. Stock market bring a lot of benefits to the enterprise, Increase in corporate reputation and brand value, reducing the financing costs of enterprises, Enhance the strategic platform for enterprises. But when people use the Western common estimate Value method s...学位：管理学硕士院系专业：管理学院_工商管理硕士(工商管理硕士)学号：1792010115097

A Research on Enterprise Financial Strategy Based on Value Management —An Application Study on Yunnan EXPO Tourism Group Holdings LTD

财务战略是企业总体战略的不可或缺的重要组成部分，本文研究如何基于内外部环境分析制定集团战略，立足于集团公司战略统筹下，应如何制定以价值管理为核心的财务战略，如何实施财务战略，如何进行财务战略实施绩效评价以及实施以价值管理为核心的财务战略的辅助机制等。 本文以云南世博旅游控股集团有限公司的财务战略管理实践为基础进行研究分析。从集团战略优化方案到财务战略制定，采用理论结合实际的研究方法。以战略管理理论为依据，结合企业实际情况，运用经济学、管理学、会计学、财务管理学等知识，系统的论述企业价值管理相关内容并结合云南世博旅游集团的实际情况进行深入的价值管理的路径选择、实施和控制与评估。以真实的案例，从...The financial strategy is one of the essential parts constituting the enterprise’s overall strategy, this paper researches the formulating of group strategy based on internal and external environment, then how the financial strategy develops, implements, evaluates and the Value Management( VM) assistant system works with the coordination of group strategy. The paper analyzes the practice of fina...学位：工程管理硕士院系专业：管理学院_工商管理硕士(高级管理人员工商管理硕士)学号：X201415622

市场经济与集体主义价值观

我国是一个社会主义国家,集体主义价值观为我国价值观的核心,然而,目前,在社会主义市场经济体制下,伴随市场经济的快速发展,集体主义价值观却逐步衰弱。文章通过对市场经济形成以及运作的基础,以及个人主义与集体主义价值观的内涵及差别的分析,以期明确市场经济的发展与集体主义价值观是否存在冲突,以及其与个人主义价值观是否存在正向促进,进而探究引致价值观变化的原因