资本结构决策方法新探

目前财务学界探讨和介绍较多的资本结构决策方法———每股收益分析法,存在着没有考虑权益资本成本和决策准则不尽合理等诸多弊端,因此在实际工作中难以应用,而作为一种新的资本结构决策方法———边际收益分析法则弥补了这些不足。按照边际收益分析法,只有当资本的边际收益大于或等于零时,企业方可进行筹资;由于资本成本高低不同,权益筹资和债务筹资必须符合不同的边际资本产出水平条件。在边际资本产出达到一定水平的前提下,企业应结合多种因素对筹资方式和资本结构作出灵活、合理的选择,从而确保企业利润和股东财富的增加。     

An Approach to Economic Evaluation in Undergraduate Anatomy Education

Medical education research is becoming increasingly concerned with the value (defined as “educational outcomes per dollar spent”) of different teaching approaches. However, the financial costs of various approaches to teaching anatomy are under-researched, making evidence-based comparisons of the value of different teaching approaches impossible. Therefore, the aims of this study were to report the cost of six popular anatomy teaching methods through a specific, yet generalizable approach, and to demonstrate a process in which these results can be used in conjunction with existing effectiveness data to undertake an economic evaluation. A cost analysis was conducted to report the direct and indirect costs of six anatomy teaching methods, using an established approach to cost-reporting. The financial information was then combined with previously published information about the effectiveness of these six teaching methods in increasing anatomy knowledge, thereby demonstrating how estimations of value can be made. Dissection was reported as the most expensive teaching approach and computer aided instruction/learning (CAI/L) was the least, based on an estimation of total cost per student per year and assuming a student cohort size of just over 1,000 (the United Kingdom average). The demonstrated approach to economic evaluation suggested computer aided instruction/learning as the approach that provided the most value, in terms of education outcomes per dollar spent. The study concludes by suggesting that future medical education research should incorporate substantially greater consideration of cost, in order to draw important conclusions about value for learners.     

确定成本约束下学费、财政经费的市场化互补模型-向成本补偿本义的回归

对教育成本的深入分析表明 ,是学费和财政经费决定了生均教育成本而非相反 ,应用成本补偿理论中的成本决定法确定合理学费的方法在逻辑上是错误的。合理学费应由教育消费者依据教育投资私人收益判断 ;财政拨款应由政府依据教育社会收益判断 ,并据此确定大学生均拨款。确定成本约束下的市场化互补模型作为向成本补偿理论本义的回归 ,清晰地解决了市场经济条件下收益各方如何依据私人收益和社会收益负担教育成本比例的问题 ,同时透明、公正、高效地解决了中国高等教育中分工形成和合理分类发展等多个重大问题。     

甘肃省属本科院校绩效评估研究——基于应用因子分析法

对高校投入与产出进行绩效评估是激励高校提升自身生存与发展的有效手段,对于优化高校的资源配置、提高高校的办学效益及帮助政府对高校实行绩效拨款都有非常重要的参考价值和指导意义。文章以涉及高校人力、物力和财力的14项投入指标和人才培养、科学研究、社会服务职能的5项产出指标作为绩效评估指标体系,采用因子分析法对甘肃省属12所本科院校的绩效水平进行评估,并且以绝对绩效得分的形式对这12所高校进行绩效排名,从而在一定程度上反映出甘肃省属本科院校的教育资源利用状况。     

企业兼并与收购成本构成分析

企业兼并是当今经济的热点,企业并购中的重中之重是如何确定并购成本问题。并购的成本不只是一个普通的财务成本概念,而应该是以目标企业的被评估价值为基础,以企业并购成交价格为核心,综合考虑多方面因素,而形成的成本之和。因此并购的决策要全面考虑整体平衡,确保企业并购的成功。     

Effective Cost-Sharing Models in Higher Education: Insights from Low-Income Students in Australian Universities

This study examines the global trend in shifting university costs from national governments to individual students and families, with a specific focus on the existing cost-sharing model in Australian higher education. The research examines the manner in which the availability of income-contingent loans (through the Higher Education Contribution Scheme, or HECS) enters into individual cost assessments and evaluative frameworks during the university exploration and search process of low-income Australian youth, and the resulting lessons that might be applied to other national contexts. Semi-structured interviews with 16 participants addressed a broad range of issues related to the development of educational aspirations, and how beliefs and attitudes about cost influenced participants’ understanding and decision-making regarding tertiary enrollment and post-graduate plans. A number of discreet and related themes emerged from analysis of the interviews, including motivations for attending university; pre-university cost considerations; self-assessments of skills, abilities, and personal traits and characteristics; general financial orientation; pre-university experiences and influences; and the role of others including family, peers, teachers and other school staff. The author concludes that the Australian system is worthy of consideration by other nations as a possible mechanism for enhancing access to higher education for individuals who might otherwise not possess the opportunity to participate.     

Do Costs Differ Between For-Profit and Not-for-Profit Producers of Higher Education?

In theory, not-for-profit organizations will be characterized by higher production costs per unit of output than for-profit producers of otherwise-identical goods/services, since profit maximization implies cost minimization per unit of output; breaking even does not imply cost minimization and, indeed, may imply inflated costs. We explore the empirical validity of this hypothesis in the context of higher education. Using 1996 data, we estimate multiproduct cost functions for 1,450 public, 1,316 private, not-for-profit, and 176 private, for-profit institutions of higher education in the United States. We fail to find a statistically significant difference between for-profit and not-for-profit private providers, but do find a statistically significant difference between private, not-for-profit institutions and public institutions.     

企业财务危机成本研究

负债经营的企业，往往潜伏着财务危机。财务危机将对企业产生成本支出，称之为财务危机成本。财务危机成本中包含两类成本，即破产成本和代理成本。本文对财务危机成本的产生和起因进行了分析，并对代理成本中企业扭曲行为的类型及对债权人和股东的危害进行了探讨。     

以杜邦分析法为例谈统计方法在财务会计中的应用

杜邦分析法是财务会计进行财务分析的经典方法,但由于其指标体系庞大,教学中学生不易理解。如果借助各种各样的统计方法,或者说将统计方法融合到财务会计中,对大量的会计信息进行分析处理,来解释现行的会计实务和预测未来的财务变动,不仅可以提高会计信息在企业经营决策中的价值,也有利于提高教学效果。     

Assessing the Impact of Formula Funding on Schools

Abstract

Local management of schools was implemented in England and Wales from 1990/91. A crucial aspect of this implementation was the introduction of a new method of funding schools by formula. The impact of formula funding was investigated by means of statistical analysis of hypothesised determinants of the resulting budget changes experienced by all schools in one large local education authority over the financial years 1989/90 to 1991/92. While the largest determinant of budget changes was the change in pupil numbers, schools with high unit costs due to having excess capacity or being relatively small tended to lose budget. Above average staff costs contributed to budget losses in the primary sector but not in the secondary. Thus the formula promoted cost efficiency by reducing the number of schools which had large positive discrepancies between their unit costs and the average for their sector. Schools with higher proportions of socially disadvantaged pupils did not lose budget while schools with poor examination results did. The formula is shown to be a sensitive instrument by which LEAs can transmit policies such as those with respect to special needs and support for small schools.     

The effects of the tax deduction for postsecondary tuition: Implications for structuring tax-based aid

The tax deduction for tuition potentially increases investments in education at minimal administrative cost. We assess whether it actually does this using regression discontinuity on the income cutoffs that govern eligibility. Although many eligible households take the maximum, we find no evidence that it affects attending college, attending full-time, attending four-year college, the resources experienced, the amount paid, or student loans. Our analysis suggests that the deduction's inefficacy may be due to salience, timing, and the method of receipt. We argue that the deduction might increase college-going if it were modified in simple ways that would not increase potential costs but would make it more likely to relax liquidity constraints and be perceived as a price change (which it is) as opposed to an income change. We find that households who would be just above a cut-off manage their incomes to fall slightly below it. Such income management generates bias due to reverse causality. We choose optimal “doughnut-holes” that trade-off bias and statistical power.     

基于统计学观点的成本差异计算分析

财务管理中的成本差异分析是个难点,通过统计学中的同度量因素分析方法就很清晰的对直接材料成本、直接人工成本、变动制造费用成本和固定制造费用成本进行分析。     

财务与会计教学中成本的解构分析

财务与会计教学中,成本概念一般从会计核算角度对固化成本进行解释,缺乏对成本的全局和动态认识。针对财务与会计课程的课堂教学,提出一种面向初学者的成本概念的引导启发式教学方法。为使学生理解系统的成本概念和思想,通过对各种成本概念的比较和梳理,根据企业生产的动态过程,对成本形成过程进行分析,解析成本构成。     

Student loans repayment and recovery: international comparisons

Student loans schemes are in operation in more than seventy countries around the world. Most loans schemes benefit from sizeable built-in government subsidies and, in addition, are subject to repayment default and administrative costs that are not passed on to student borrowers. We probe two issues in this paper, for 44 loans schemes in 39 countries: how much of the original loan is an individual student required to repay (the “repayment ratio”) and what percentage of the total costs of loans schemes can the lending body expect to receive back in repayments (the “recovery ratio”)? The analysis shows considerable variation in the size of the repayment and recovery ratios across schemes. Moreover, many loans schemes exhibit sizeable built-in subsidies accruing to student borrowers—in over 40% of the schemes examined, the repayment ratio is 40% or less. Overall loans recovery is considerably lower. Policy implications of these findings are discussed together with a consideration of steps that may be taken to improve the financial outcome of loans schemes.     

基于交易成本视角下的城市商业银行

以交易成本理论为基础,比较了我国主要的三类银行即国有商业银行,合作金融组织和城市商业银行的交易成本,以威廉姆森的理论为基础分析了城市商业银行的交易成本大小及对效益的影响,提出降低交易成本的办法。     

论研究生学费与资助政策中的公平问题--兼论研究生教育的适度规模

从伦理学公正(公平)的角度对研究生教育的深入分析表明，研究生学费与资助政策中存在着两个主体的社会公正：研究生教育的享有者和纳税人。社会分配给两个主体权利与义务不相等都是根本的社会不公正。如果仅以配置职能为主，政府财政资助的分配适用比例平等原则，基于学生未来可能贡献的比例很可能被转化为基于才能(或综合指标)的比例进行分配。如将配置职能与分配职能相结合，则应同时给予弱势群体以补偿。社会应允许个人负担全部成本接受研究生教育的权利得到实行。在对适度研究生规模的探索中，由财政经费和私人自有经费支持的研究生规模应形成互补关系，政府应注意保证由财政经费支持的研究生规模不导致过度教育而产生社会不公正和纳税人过重的税收负担。     

Considering equity in basic education reform in Japan from the perspective of private costs of education

It is widely acknowledged that the private costs of education occupy a substantial part of the overall education cost and thus they have implications for quality and equity in education. The case of Japan demonstrates that access to basic education at junior high school level is unequal and inequitable when considering private costs of education borne within and outside the school system. It was also found that household spending on supplementary education in public schools is likely to be determined by local implementation of education reforms. Current education reform with its absence of financial and technical support to schools under the guise of deregulation does not seem to generate good levels of choice nor does it seem to sustain quality and equity in education.     

我国高等学校生均成本变动分析

根据1952～2002年我国高等学校生均运行成本的数据,可以发现:按当年价格计算的生均成本快速增加,但按不变价格计算的生均成本缓慢提高;生均成本在短期内波动很大;预算外收入的比例越来越高;人员成本比例相对稳定。运用高等学校生均成本模型并结合我国的高等教育改革与发展的背景,对高等学校生均成本进行分析,可以发现:改革开放以来,我国高等学校实际生均成本在缓慢增加,学校规模的扩大和生师比的提高,减缓了生均成本的上升;生均成本年度之间波动很大,原因在于学校收入的波动;伴随高等教育财政体制的改革,预算外收入占成本的比重迅速提高;由于高等教育技术变化不大,高等学校运行成本中人员成本的比例长期基本稳定。     

A comparative analysis of education costs and outcomes: The United States vs. other OECD countries

In this paper we confirm the universality of steadily rising education expenditures among OECD nations, as predicted by “Baumol and Bowen's cost disease”, and show that this trajectory of costs can be expected to continue for the foreseeable future. However, we find that while the level of education costs in America is significantly higher than that of all other OECD countries, education spending per student in the United States is increasing about as quickly as it is in many other countries—perhaps even less quickly. Although these cost increases undoubtedly will contribute to each nation's fiscal problems, we conclude that effective education contributes to improvement of the economic performance of each country and can mitigate resulting financial pressures by spurring growth in overall purchasing power.     

基于资本市场的农业上市公司创值能力分析

相对于传统财务绩效指标,EVA考虑了包括债务成本和股权资金的机会成本在内的全部资本成本,是评价公司的盈利能力与创值能力的有力指标。基于51家农业上市公司2004～2006年3年的财务数据的EVA实证分析表明,EVA值为负数的公司比例较大,业绩差异显著,各个子行业间的差异也较为明显,我国农业上市公司的整体业绩偏差。这说明我国农业上市公司的业绩水平还有待提高,而提高的关键在于如何提高资金的使用效率,尤其是提高权益资本的有效使用;在提高盈利能力的同时努力降低资本成本,以改善经营业绩。具体说来,有以下3点：1．有选择性地投资;2．削减成本、降低纳税;3．调整资本结构,使得债务和资本比例更加合理,实现资金成本的最小化。