基于二叉树模型的可转债定价的Excel方法

利用二叉树模型对可转债定价是一种常用的数值方法,其计算一般较为繁琐,需要借助专业软件编程才能实现。由于Microsoft Excel具有操作方便、普及性广泛等优势,该文给出了一种利用Excel创建和求解可转债二叉树模型的方法,并用这种方法对我国5支可转债进行了简单的定价。     

我国公司债券的公司治理效应实证研究

我国公司债券从2007年《公司债券发行试点办法》颁布后才正式发行,之后我国公司债券发行呈高速发展的态势。本文选取已发行公司债券的企业作为研究样本,从公司治理的角度,研究了公司债券对公司治理效应的影响。实证研究表明,公司债券具有一定的管理者激励和约束作用,并且具有较强的破产威胁作用,但是信号传递作用并不明显。针对以上研究结果,本文提出进一步推进我国公司债市场的发展和完善我国偿债保障机制的建议。     

上市可转换公司债券的定价模型及应用

介绍了可转换公司债券的特点，阐述了可转换公司债券的价值构成，分析了可转换债券的定价模型，并举例说明了其定价过程。     

The importance of rule fairness: the influence of school bonds on at-risk students in an alternative school

Using Hirschi’s social bonds theory as a foundation, this study examines the effects of at-risk students’ school bonds on their classroom behaviour. In this article, school bonds are defined as the students’ attachment to teachers/staff, students’ affiliation to the school, students’ belief in the fairness of the school rules and students’ involvement in school-related activities. The data are from a sample of 77 at-risk students attending an alternative middle school in a small city in the northeastern region of the USA. The findings based on results of a school-wide survey and students’ school records, parallel prior research demonstrate a statistically significant inverse relationship between school bonds (namely the affiliation and the belief bonds) and classroom misconduct. The results of this study reveal the driving force behind reducing classroom misconduct is students’ perception of fairness of school rules (as defined by the belief bond).     

试论建国初期陈云的反通货膨胀对策

陈云同志领导了建国初期的反通货膨胀斗争,从而使旧中国持续了12年的通货膨胀得到控制,本文从四个方面初步探讨了建国初期他的反通货膨胀对策,主要是:(一)采取行政手段和经济手段,打击投机势力.(二)运用政策工具,进行综合调控,从根本上治理通货膨胀.(三)发行公债,弥补财政赤字缺口,(四)大力发展农业生产,促进经济发展     

Early career science teacher experiences of social bonds and emotion management

High demand for suitably qualified, high-quality science teachers is undermined by elevated teacher burnout/attrition rates within the early years of teaching. Effective emotion management can alleviate feelings of burnout and is also linked theoretically to sustaining positive social bonds. Scant attention has been directed at the importance of emotion management and social bonds in science education research. This study presents a methodology for studying emotion management and social bonds, delivering novel outcomes that elucidate how these two phenomena are interrelated. Video recordings of classroom interactions and reflective accounts in an early-career science teacher's ninth grade class were analyzed through a combination of ethnomethodology and interpretive techniques. Situated actions that constitute emotion management at the classroom level impacted the status of bonds between the teacher and one of his students, ultimately leading to a breakdown in their relationship. Results of the study detail how social actions of numerous students and the teacher led to the co-construction of emotion management and how this impacted social bonds. Theoretical and practical insights about the co-constructed nature of emotion management and social bonds present novel perspectives that can help to avoid pathologizing the actions of individual students and teachers for sustaining positive social bonds. Implications for science teaching and teacher education are offered. Study outcomes extend previous perspectives on emotion management in science education, which treat emotion management as an individual cognitive phenomenon.     

多事件触发巨灾债券设计与定价研究:以中国台风债券为例

巨灾损失具有多样化、立体性特征,多国已经开始多事件触发巨灾债券尝试,定价问题成为研究难点与热点。本文设计并阐述了多事件触发巨灾债券产品定价模型及其实现过程,首次基于中国台风巨灾财产损失、受灾面积两事件,进行了产品初步设计和价格估算。具体通过建立委托代理定价模型,对中国1990年以来历次台风直接经济损失和受灾面积的边缘分布分别进行拟合,借助Clayton Copula得到联合概率分布函数确定定价水平,最后进行了价格敏感性和稳定性检验和动态分析。     

高管社会联结与并购绩效——来自中国A股上市公司的经验证据

基于社会镶嵌理论,从主并企业和目标企业高管之间的社会联结关系的角度出发,选择2005~2014年间的沪深两市A股上市公司的并购事件为样本,探讨高管社会联结对并购绩效的影响,并且进一步分析因学历和任职而造成高管间两种不同的社会联结对并购绩效的作用差异。研究发现:并购双方的高管社会联结,尤其是由于学历而造成的社会联结,会降低主并企业、目标企业以及并购后合并实体的价值;并且当企业存在两职合一的情况时,这种价值的减损会在一定程度上加剧。     

秦汉以来中国哲学主体意识的逻辑演变

先秦是中国哲学以“仁义道德”和“自然无为”为特征的主体意识觉醒和确立的时期。然而自秦汉之后 ,伴随农耕自然经济的持续发展 ,中央集权封建专制制度在全国的确立 ,以及高度的思想文化专制 ,中国哲学的主体意识受到来自群体规范的过强约束 ,使主体的主动性和创造性不断消解 ,甚至于被极端化、畸形化和抽象化 ,致使先秦哲学高涨的主体意识难以结出丰硕果实。     

推进国有企业债转股的对策研究

债转股政策出台的目的是关国有企业的负担，防范和化解金融风险。但现阶段金融资产管理公司在处置银行不良资产，实施债转股的实践中，已经面临拓展渠道，加大处置力度的关键时刻，也已经逐渐暴露出其力所不逮之处，所以，探讨这个问题是很有现实意义的。