本文以我国2000年1月-2012年5月的数据为样本,运用单位根检验、协整检验、Granger因果检验的计量方法研究我国货币供应量与物价水平之间的关系,并提出了提高货币政策有效性和稳定物价水平的有关政策建议。

本文按照终极控股权理论和第一大股东身份将终极控股股东分为政府终极控股和非政府终极控股,并验证不同大股东身份对价值创造能力指标——经济增加值的影响,发现在0.1的显著水平上第一大股东身份对EVA有显著影响;控股比例与价值创造之间不存在简单相关关系,通过多类曲线回归分析,没有发现控股比例与经济增加值之间的规律;根据第一大股东身份和控股比例区间将样本分为18类,发现两者联合对经济增加值的影响显著;通过对EVA的方差进行两两比较,发现只有政府控股25%~30%的公司与其他类型公司的EVA值差别比较显著。

我国国有企业的深化改革以及与国企有关的宏观管制措施的不断完善,要求我们科学地对待国企的资本成本问题,并合理地估算我国国企的资本成本水平。研究的核心问题就是分析不同层级国家控股状态下的国有企业股权资本成本水平,并在数据支持的基础上,探讨我国国家控股及其控制层级对于国企资本成本的影响程度。分析表明,政府控股对于我国国有企业而言,并没有形成明显的资本成本约束。在没有资本成本约束的情况下,企业的财务决策、治理行为等必然会趋于低效和非理性。

As a performance evaluating tool,Economic Value-Added(EVA) is too simple for it only tells us the result but with no reason while the Balanced Score Card is too complicated for it is too detailed and lacks the operability.The result is unsatisfactory if either is used alone.According to Integration Theory,there will be an effect of 1+1≥2 if they are integrated.It is theoretically feasible that EVA integrates with the Balanced Score Card,with EVA as the key evaluating index,with both the process of internal production and operation and the process of selling and after-sale service as direct motivation indexes,with the staff's self-learning and growth as internal indirect motivation indexes,with the external environment as external motivation index,with its target to maximize the enterprise value creation while the indexes at all levels are easy to understand with mutual support.

Although group finance company shoulders the mission of strengthening the group financial centralized management and increasing the service efficiency of funds.However,little supporting evidence was found in literature,even some scholars pointed out: the funds were not optimized because of its aiding characteristic.Getting the information of group finance companies and confirming the groups controlling them,then,taking the listed companies controlled by groups as samples,we tested the group finance companies' influence over member companies on its value,the debt ratio and cost of debt.The result showed the after book value was higher than that before group finance company set up,while there was no significant change in market value;the debt-to-long capital ratio was increased significantly,while the financial cost ratio changed little.The results did not prove that group finance company created value for its member companies.

营销本土化虽然规避了标准化的陷阱,但营销本土化依然存在宏观环境风险、微观环境风险和营销活动过程风险。识别并规避风险,需要围绕营销本土化活动过程并结合环境分析来认识潜在的致险因子并整体把握风险产生机理。在准确认识风险基础上,跨国企业应在营销本土化全程风险管控观念和意识指导下,通过事前风险预测与适应性考虑,事中风险辨识、估计与评价,风险管理与控制,事后企业管理模式调适等步骤对营销本土化风险进行管理与控制。