市场认同上市公司研发支出资本化的价值吗?——基于创业板的经验证据

基于创业板的相关数据,利用改进后的股票价格模型和股票收益率模型,检验资本化研发支出的价值相关性,并对不同种类资本化研发支出(自主研发无形资产和开发支出)对公司价值影响的差异性进行了深入分析。研究发现,资本化研发支出与股票价格和股票收益率不相关,费用化研发支出与股票价格和股票收益率显著负相关;自主研发无形资产与股票价格不相关但与股票收益率显著正相关,开发支出与股票价格和股票收益率不相关。研究结果表明创业板上市公司资本化的研发支出具有一定的价值相关性,但股票市场投资者对创业板的资本化研发支出反应不充分,并且这种疑虑主要是由于开发支出导致的。     

中美体育明星无形资产开发比较研究

体育明星作为体育活动的主体之一,其无形资产的开发,越来越受到企业和社会的重视。中美两国体育明星无形资产的开发,是在不同体制下的不同产物。通过剖析美国职业体育在此领域的优势和成功典范,并对照我国体育明星无形资产开发、经纪人制度和职业体育联赛进行比较研究,探讨我国优秀体育明星无形资产的开发和利用。     

体育无形资产开发战略研究

体育无形资产开发,得到体育产业发达市场经济国家极大地重视和发展。国内研究与开发体育无形资产时间较晚,亟待解决其整体规模不足、内部结构不合理、尚未真正走向市场等问题。从市场创建、中介机构、政府决策等方面推进体育无形资产开发。     

New analytical solution for the analysis and design of permanent magnet thrust bearings

On the basis of the current sheet model, a new analytical solution for permanent magnet （PM） bearings is developed. Compared with analytical methods based on the coupling energy model and the magnetic dipole model, the proposed one is more physically intuitive and convenient for engineering designers. According to the analytical model, the thrust characteristics of a novel PM thrust bearing is studied and verified by finite element analysis （FEA）. In the proposed thrust bearing configuration, the rotor is composed of stacked PM tings with alternative axial magnetization directions, and the stator with alternative radial magnetization directions while copper rings are used to separate adjacent PM rings. A prototype PM thrust bearing with the proposed configuration is designed and fabricated. The performances of the PM thrust beating are experimentally validated. It is shown that the calculation accuracy of the presented analytical solution is satisfying.     

谈对企业固定资产管理必须把握资金时间价值理念

固定资产在企业生产经营活动中处于重要地位,具有价值大、耗资多、使用年限长、投资风险大等特点,有效提高固定资产使用效率,可以为企业带来更多收益。资金时间价值是货币随着时间的推移而发生的增值,是客观存在的经济范畴,它的运用对于固定资产管理起到决定性的作用。所以对企业固定资产管理无论在会计实务中还是从财务管理角度都要把握资金时间价值理念。     

《企业会计准则》对交易性金融资产账务处理规定的问题探析

《企业会计准则》没有明确规定金融资产分类的期限标准,交易性金融资产公允价值变动产生的损益计入利润表,导致跨年度持有的交易性金融资产的财务信息误导公众.明确规定金融资产分类的期限标准,交易性金融资产公允价值变动产生的损益计入所有者权益账户,这有助于提高交易性金融资产财务信息的可靠性.     

Prioritization of intellectual capital indicators in knowledge-based industries: Evidence from pharmaceutical industry

During the last decade, intellectual capital (IC) and intangible assets have been widely considered as critical tool to deliver successful business in an intensive-knowledge environment. Accordingly, the main goal of this paper is therefore to develop and prioritize the most important indicators of intellectual capital in knowledge-based industries. Based on an extensive literature review, a valid and reliable questionnaire was designed. In order to data gathering, it was sent out to participants from both academic and university who qualified well in pharmaceutical practice. In order to exact prioritization of indicators, fuzzy TOPSIS technique as a MADM model was used. The fuzzy TOPSIS results revealed participants remark high concerns especially about knowledge and skills of managers and employees regarding to human capital, high concerns particularly about positive climate, ratio of investment in R&D and numbers of R&D projects according to structural capital, while considering the relational capital, more attention was paid to customers and strategic cooperation such as alliances and licensing.     

浅议防止高校国有资产流失的对策

分析了高校国有资产流失的原因，提出了防止高校国有资产流失的长远对策和近期对策，长远对策包括：强化“资产”意识，建立与社会主义市场经济相适应的高校国有资产管理机构，加强国有资产配套管理；近期对策是：对高校国有资产进行核查、评估、建立健全监督约束机制，推进高校内部财管理改革，强化高校财务管理职能，加强思想教育，强化主人公意识。     

顾客让渡价值理论及其战略意义

菲利普·科特勒提出的“顾客让渡价值”理论,为企业在后经济时代维系顾客关系的有效性提供了理论基础。顾客让渡价值的大小决定了顾客满意度的高低,从而决定了顾客忠诚度的强弱。在企业的战略安排上,顾客让渡价值理论的意义在于,企业必须构造完整的产品价值链,从整体顾客价值着手,在顾客心中实现准确定位,从而为企业驾驭顾客资产指明了战略方向。     

用信用违约互换防范商业银行不良资产的增量

商业银行大量的不良资产已经成为阻碍我国经济稳定发展的“绊脚石”。现有的解决思路立足于对不良资产的存量处理,不能从源头上避免不良资产的产生,而增量防范才是解决不良资产问题的关键。结合国际经验和我国具体国情,信用违约互换是最适合于我国现阶段解决银行不良资产增量的信用衍生产品。