公司价值与投入资本收益率、增长率关系的实证研究

以上证180指数中180个公司作为样本，对1998～2002年期间公司市值／帐面值比率(市净率，P／B)和增长率、投入资本收益率和资本成本的差幅之间的关系进行了实证研究．研究表明，市场倾向于根据销售增长与投入资本收益率和资本成本的差幅来对公司价值进行评估．P／B比率相对平均差幅的回归的R^2达到35．2％，即对于任何增长水平而言，差幅越大，P／B比率就越大．研究亦指出，对相同的差幅水平而言，随着增长率水平的提高，P／B比率的变动趋势不明显．相比较而言，差幅比增长率更为重要．     

点滴

美国各大公司发给各股东的1956年红利共115亿美元,和这个数字相比,1955年是112亿美元,1929年只有58.23亿美元。根据许多公司发表的分红报告说,股息是空前庞大的。利率从1％到100％,额外的和特别的红利也是在较过去更大的基础上发放的。汽油和天然气业付出的红利现款占各行业的首位。通用汽车公司付出的红利现款占各大公司的首位,它共支付552,760,000美元。下表是在1956年红利中占最大数字的12家公司(单位:千美元): 通用汽车公司 552,760 美国电话电报公司 521,991 新泽西美孚油公司 412,425 杜邦公司 296,049 克里奥尔石油公司 290,049 通用电气公司 174,176 美国钢铁公司 139,316 福特汽车公司 129,634     

成长型股票价值及股利支付路径之最优化模型

对成长型股票建立了两阶段EBO价值评估模型，利用动态规划法求解最优股利支付路径及股票价值．基于该估值模型，进行了实际的股票投资价值计算与筛选．理论分析表明，成长型股票在成长期内不分配红利的股利政策才符合股票价值最大化，成长型股票的价值与公司的盈利能力、盈利持续性(预测期长短)、资本成本、预测期期末资本溢价有关。     

管理的一招一式

1．让客户成为股东 瑞士米格罗斯超市把公司的一部分股票赠送给主要客户，使他们在营业年度结束时能根据公司的盈利状况得到一份红利。     

重庆市人口红利与居民储蓄水平关系的研究

人口红利是人口转变的特定阶段形成的,即人口再生产类型由高出生率、低死亡率、高自然增长率向低出生率、低死亡率、低自然增长率转变的阶段;通过对重庆市从1997-2011年间的人口储蓄余额和国内生产总值、少儿抚养系数、老年抚养系数的数据分析,得出后3个因素对人口储蓄水平的影响,进而分析得出重庆市人口红利也即人口年龄结构是造成储蓄水平波动和变化的一个不可忽略的因素的结论.     

带随机红利的双险种复合二项模型

在单险种支付红利的基础上进一步讨论了双险种支付红利的模型,并规定当盈余大于或等于某一非负整数a,且两险种都不发生索赔时才以概率P0支付一个单位红利.本文还得到有关这个模型的破产概率,破产时赤字的分布等的递推公式.     

带随机红利的双险种复合二项模型

在单险种支付红利的基础上进一步讨论了双险种支付红利的模型,并规定当盈余大于或等于某一非负整数a,且两险种都不发生索赔时才以概率P0支付一个单位红利.本文还得到有关这个模型的破产概率,破产时赤字的分布等的递推公式.     

考虑红利支付和随机波动的确定缴费型养老金最优投资策略

为研究红利支付和随机波动情形下确定缴费型养老金的最优投资问题,假设:(1)金融市场有2种资产,即无风险资产(银行存款)和风险资产(股票),且养老金计划的基金投资在这2种资产上;(2)风险资产的方差服从Heston模型,且考虑了风险资产(股票)所得的红利收入。通过随机控制原理,在指数效用函数情形下获得DC型养老金最优投资的显式解,从而得出其最优投资策略为:红利率越大,相同的养老金财富水平在股票上的投资比例越大;在一定范围内,通胀波动率的增加使得投资者追加对股票的投资,但当通胀波动率较大时,投资者反而减少对股票的投资。     

浅论EVA与企业管理

EVA即经济增加值（Economic Value Added），作为一个评价企业的新指标，它运用在企业管理中，反映了资本所增加的经济效益或收益，全面衡量企业的生产经营的真正盈利或创造价值，简单地说就是扣除投资于企业的资本的机会成本后所得到的纯利润。从计算的角度，EVA等于税后净营业利润NOPAT（Net Operating Profit After Taxes）减去该公司现有资产经济价值总成本后的余额，用公式表示为：     

俄欲出台“无子女税”引人深思

当国家用人口谋取“红利”时，人口是宝贵的资源；但当国家需为人口提供福利和社会保障时，人口俨然又变身为可怕的负担。     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Lower Paleozoic oil relationships within Williston Basin, Canada

The Williston Basin is a significant petroleum province, containing oil production zones that include the Middle Cambrian to Lower Ordovician, Upper Ordovician, Middle Devonian, Upper Devonian and Mississippian and within the Jurassic and Cretaceous. The oils of the Williston Basin exhibit a wide range of geochemical characteristics defined as "oil families", although the geochemical signature of the Cambrian Deadwood Formation and Lower Ordovician Winnipeg reservoired oils does not match any "oil family". Despite their close stratigraphic proximity, it is evident that the oils of the Lower Palaeozoic within the Williston Basin are distinct. This suggests the presence of a new "oil family" within the Williston Basin. Diagnostic geochemical signatures occur in the gasoline range chromatograms, within saturate fraction gas chromatograms and biomarker fingerprints. However, some of the established criteria and cross-plots that are currently used to segregate oils into distinct genetic families within the basin do not always meet with success, particularly when applied to the Lower Palaeozoic oils of the Deadwood and Winnipeg Formation.     

An Analysis of Catherine＇s Character——Wuthering Heights

Wuthering Heights, Emily Bronte＇s only novel, was published in December of 1847 under the pseudonym Ellis Bell. The book did not gain immediate success, but it is now thought one of the finest novels in the English language. Catherine is the key character of this masterpiece, because everybody and everything center on her though she had a short life. We can understand this masterpiece better if we know Catherine well.     

Characterization of Ordovician carbonate reservoirs, southeastern Saskatchewan, Canada

The discovery of the prolific Ordovician Red River reservoirs in 1995 in southeastern Saskatchewan was the catalyst for extensive exploration activity which resulted in the discovery of more than 15 new Red River pools. The best yields of Red River production to date have been from dolomite reservoirs. Understanding the processes of dolomitization is, therefore, crucial for the prediction of the connectivity, spatial distribution and heterogeneity of dolomite reservoirs.The Red River reservoirs in the Midale area consist of 3～4 thin dolomitized zones, with a total thickness of about 20 m, which occur at the top of the Yeoman Formation. Two types of replacement dolomite were recognized in the Red River reservoir: dolomitized burrow infills and dolomitized host matrix. The spatial distribution of dolomite suggests that burrowing organisms played an important role in facilitating the fluid flow in the backfilled sediments. This resulted in penecontemporaneous dolomitization of burrow infills by normal seawater. The dolomite in the host matrix is interpreted as having occurred at shallow burial by evaporitic seawater during precipitation of Lake Almar anhydrite that immediately overlies the Yeoman Formation. However, the low δ18O values of dolomited burrow infills (-5.9‰～ -7.8‰, PDB) and matrix dolomites (-6.6‰～ -8.1‰, avg. -7.4‰ PDB) compared to the estimated values for the late Ordovician marine dolomite could be attributed to modification and alteration of dolomite at higher temperatures during deeper burial, which could also be responsible for its 87Sr/86Sr ratios (0.7084～0.7088) that are higher than suggested for the late Ordovician seawaters (0.7078～0.7080). The trace amounts of saddle dolomite cement in the Red River carbonates are probably related to "cannibalization" of earlier replacement dolomite during the chemical compaction.     

Design and analysis of generic LBS application developing platform

Location based services is promising due to its novel working style and contents.A software platform is proposed to provide application programs of typical location based services and support new applications developing efficiently. The analysis shows that this scheme is easy implemented, low cost and adapt to all kinds of mobile nework system.     

橡胶颗粒沥青混合料低温抗裂性试验研究

以AC-13级配为基础,将橡胶颗粒代替部分集料掺入混合料中,以低温弯曲试验为评价方法对不同橡胶颗粒掺量下沥青混合料的低温抗裂性进行研究,并引入应变能密度值对混合料的低温抗裂性进行综合评价.试验结果表明:橡胶颗粒沥青混合料试件的破坏微应变均超过2 300,满足冬寒区的技术指标;无论是否掺加橡胶颗粒,随着温度的下降,沥青混合料破坏时的最大弯拉强度增大,弯拉应变降低,劲度模量增大;弯曲应变能密度在胶粒掺量为1%左右时具有较大的弯曲应变能密度值,此时橡胶颗粒沥青混合料具有较好的低温抗裂性.     

A computer generator for randomly layered structures

AcomputergeneratorforrandomlylayeredstructuresYUJia shun1,2,HEZhen hua2(1.TheInstituteofGeologicalandNuclearSciences,NewZealand;2.StateKeyLaboratoryofOilandGasReservoirGeologyandExploitation,ChengduUniversityofTechnology,China)Abstract:Analgorithmisintrod…     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

Quantitative trait loci （QTLs） for quality traits related to protein and starch in wheat

Quality traits in wheat （Triticum aestirum L.） were studied by quantitative trait locus （QTL） analysis in a recombinant inbred line （RIL） population, a set of 131 lines derived from Chuan 35050 × Shannong 483 cross （ChSh）. Grains from RILs were assayed for 21 quality traits related to protein and starch. A total of 35 putative QTLs for 19 traits with a single QTL explaining 7.99-40.52% of phenotypic variations were detected on 10 chromosomes, 1D, 2A, 2D, 3B, 3D, 5A, 6A, 6B, 6D, and 7B. The additive effects of 30 QTLs were positive, contributed by Chuan 35050, the remaining 5 QTLs were negative with the additive effect contributed by Shannong 483. For protein traits, 15 QTLs were obtained and most of them were located on chromosomes 1 D, 3B and 6D, while 20 QTLs for starch traits were detected and most of them were located on chromosomes 3D, 6B and 7B. Only 7 QTLs for protein and starch traits were co-located in three regions on chromosomes 1D, 2A and 2D. These protein and starch trait QTLs showed a distinct distribution pattern in certain regions and chromosomes. Twenty-two QTLs were clustered in 6 regions of 5 chromosomes. Two QTL clusters for protein traits were located on chromosomes 1D and 3B, respectively, three clusters for starch traits on chromosomes 3D, 6B and 7B, and one cluster including protein and starch traits on chromosome 1D.     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.