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简介：本期丛书即将发稿时，编辑部意外获悉湖北省荆州市荆州区川店镇农民，从1990年开始，不要国家一分钱，自办合作医疗16年，惠及全镇农民3万人，有效遏制了农民“因病致贫、因病返贫”现象的发生。欣喜之余，编辑们慕名前往古城荆州实地考察。

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简介：１６万元的“农发”专款哪里去了？今年，我随当地县农开办、财政局、农业银行联合检查组赴某县参加了１９９１年至１９９３年的农业开发专款的审计检查。针对该县农开资金计划落实情况，进行了核实，该县三年应配套开发专款４４万元，由于财政困难，只配套了１６万元。在...

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简介：China’sstockmarkethasexperiencedmorethan20yearsofdevelopment.Despitetheconceptofvalueinvestmenthasalreadybeenreflectedinstockinvestment,manyinvestors,especiallysmallandmediuminvestors,stilldonotpaymuchattentiontovalueinvestment.Blindnessandspeculativethinkingstillaffectinvestment.Thispaperchoosesthebankingindustryastheanalysisobjectandusestherelativevaluationapproachtoevaluatetheprice-earningsratio(P/Eratio),price-to-bookvalueratio(P/Bratio),andprice-earningstogrowth(PEG)ofthe10listedbanks,thenjudgestheinvestmentvalueofeachbankandfocusesonthevaluationandpricingofthebankingwithrapidgrowth.Basedonthis,thechoiceofvalueinvestmentdecisionsismade,tryingtoprovideademonstrationforinvestorstomakevalueinvestmentdecisions.Finally,itisrecommendedtoinvestinChinaMerchantsBank(CMB),MinshengBank,ShanghaiPudongDevelopmentBank(SPDB),IndustrialandCommercialBankofChina(ICBC),HSBCBank,andBankofChina.ItisnotrecommendedtoinvestinPingAnBank,BankofCommunications,IndustrialBank,andChinaCITICBank.

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简介：一、汽车4S店税务筹划的必要性近几年，我国汽车经销行业呈现供需两旺，4S店在我国发展非常迅猛，数量增加的同时行业竞争异常激烈。许多4S店在薄利经销的同时依靠行业“潜规则”获取利润，如购车送礼包、送保养；车身亏本卖，暗中有返利等。税务部门开展税收检查中发现不少4S店存在大量税务违规行为。

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简介：“售后回租”交易可能涉及销售、租赁、融资等不同形式的交易实质，现行会计准则对售后回租没有形成统一的处理原则。国际会计准则理事会2016年发布的新租赁准则IFRS16号，确定了基于使用权转移的售后回租会计处理原则，简化并改进了售后回租会计处理方法。文章结合具体实例分析新旧租赁准则制度下售后回租会计处理的差异。

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简介：TheZimbabweanfinancialsectorhasbeenretrogressive,constrained,andunpredictablesincetheyear2000,servingforthemultiplecurrencyperiods(2009-2013)afterthedemonetizationofthedomesticdollar.ThesectorsincethenhasseenanumberofcommercialbanksfailtomeetRBZ(ReserveBankofZimbabwe)minimumcapitalrequirements,putundercuratorship,delistedorliquidatedbecauseofamyriadofoperationalandfinancialchallenges.Theobjectiveofthisstudyistomakeanassessmentofwhetherornottheintroductionofbondnoteshasbeenacurseorblessing.Thestudydrewrawdatafrombankaccountholders,academics,generalpublic,corporateworldandcommercialbanksinMasvingoforanalysisandinterpretation.Thestudyestablishedthatthemajorityofpeople,corporateworldandcommercialbankswerescepticaltoembracethesurrogatebondnotesbecauseoftheuncertainties,operationalandfinancialrisksthattheypausedonthedomesticfinancialmarkets.Itwasalsodiscoveredthatmostbankswerequicktopayclients’withdrawalsinbondnotes,deductUSdollarequivalencesfromtheiraccounts,anddistinguishbondnotesfromUSdollarsatthepointofmakingdepositsandforeignbusinesstransactions.ItwasalsorealizedthattherewasmarketindisciplineandtradinginbiggerUSdollarnotesintheinformalsectorandseriousshortageofthesamenotesintheformalsector.ThestudyconcludedthattheintroductionofbondnotestotradeparalleltotheUSdollarbroughtaseriousshortageofcashonformalmarketsandincreasesinthegeneralpricelevelofgoodsandservices.ThestudythereforerecommendsthattheRBZshouldcompletelywithdrawthebondnotesfromthemarkettoaccordtheUSdollaritsworldmarketvalueandrestoreconfidenceanddisciplineintheZimbabweanfinancialsector.ThestudyalsorecommendsanotheroptionoftheadoptionoftheSouthAfricanRandasaninterventionistwayofsolvingZimbabwe’sliquiditycrises.

简介：ByusingGARCHandEGARCHmodels,theauthorsexaminetherelationshipbetweenpricevolatilityandnewinformationflow,representedbytradingvolume,andpastinformationflow,representedbytheARCHeffect,intheShanghaiStockMarketforthethreedifferentperiodsfromJuly1998toDecember2002:thesoftperiod,thebullperiod,andthebearperiod.Theempiricalresultsshowthat:(1)thereexistsa'leverageeffect'inthestockmarket;thatis,negativenewshadagreaterimpactonstockpricevolatilitythandidpositivenewsinthesoftperiodandbearperiod,butinthebullperiodthe'leverageeffect'behavesdifferently；(2)thereisasignificantlypositiverelationshipbetweentradingvolumeandstockpricevolatility,andsucharelationshipisevenmoresignificantinthebearperiod;(3)itturnsoutthatinthethreeperiods,therelationshipsbetweenstockpricevolatilityandinformationflow,bothpastandnew,arenotthesame;thatis,inboththesoftandbullperiods,boththeARCHeffect,reflecting'pastinformationflow',andtradingvolume,reflecting'newinformationflow',explainpricevolatilitysimultaneously,butinthebearperiod,theARCHeffectissubstantiallyreduced.Thesefindingsprovidekeyevidenceforunderstanding,explaining,andtrackingthecharacteristicsofpricevolatilityandthechangingrulesofthestockmarketinChinamorecomprehensively.

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简介：Thisstudyinvestigatestheeffectsofchangesinlocalmacroeconomicriskfactorsonreturnsonthebanking,chemicals,insurance,telecommunication,andutilitiesindustriesintheU.S.market.Usingamultifactorpricingmodelanddatafrom1998:01to2017:12,empiricalresultsshowthatthebanking,chemical,andtelecommunicationindustriesshowmoredifferencesintheirstockreactionstolocalmacroeconomicriskfactors.Theinsuranceandtelecommunicationindustriesdonotreactsignificantlytoriskfactors.However,alltheindustriesshowstrongreactionstolocalmarketportfolio.