中国沿海集装箱运价指数与波罗的海运价指数的比较

为研究全球金融危机以来中国沿海集装箱运价指数（CCFI）与波罗的海运价指数（BDI）的波动趋势及关联，通过Eviews分析两者2008年9月至2009牟5月的数值，并运用向量自回归模型和格兰杰因果检验等统计方法对其进行分析比较，发现CCFI同BDI一样具有股票收益率序列的特征，适合作为运价指数期货的标的，有助于预估我国集装箱航运市场的运价走势以规避运价风险，并为我国运价指数期货的推出提供理论基础。     

财务预警的Z-计分模型检出力实证研究

介绍了财务预警的Z计分模型,并以沪市的PT企业为例来验证Z计分模型的检出力,用深市中小企业板的所有企业作为对照,说明Z计分模型对中国上市公司财务预警的适用性.最后提出Z计分模型的一些不足及改进意见.     

2000年港口上市公司年报综述

目前深沪两市共有港口上市公司9家,2000年年报已于4月17日全部公布完毕,从9家公布的年报来看,2000年的经营业绩存在较大差异.每股收益最高的为上港集箱(600018)0.603元,每股收益最低的为北海新力(0582)0.083元;每股净资产最高的为上港集箱(600018)4.37元,最低的为锦州港(600190)2.15元;港口主营收入和利润增长最快的为天津港(600717)分别达到31.81%和61.32%.深市港口上市公司五家,平均加权每股收益0.213元,高于深市0.18元的平均水平,平均加权净资产收益率6.677%,低于8.57%的平均水平;沪市港口上市公司四家,平均加权每股收益0.409元,平均加权净资产收益率11.30%,分别高于沪市0.2217元和8.277%的平均水平.     

投资组合理论在干散货船经营上的应用

本文将构成波罗的海干散货指数的航线租金水平转化为船舶经营收益率,引入现代投资组合理论对干散货船的经营问题进行研究,通过寻求预期市场中船舶分散经营的最佳组合来降低收益率波动风险,以求达到船舶经营收益率和收益率波动风险之间的最佳平衡。     

利率、股票有跳跃扩散行为的期权定价

由于一些不可预测的随机事件的影响纯粹的连续扩散过程难以正确描述利率、股票的变动行为.因此,构建当利率、股票出现跳跃行为时的随机模型.建立期权价格必须满足的随机微分方程,得出欧式买入期权的定价公式.     

国际干散货运价指数的杠杆效应分析

本文选取国际干散货运费指数最具代表性的上升期为研究对象,提取样本期内BCI、BPI、BSI指数日收益率序列,采用EGARCH和TGARCH模型对三种船型收益率的杠杆效应进行讨论,并对各船型不同模型的拟合效果进行分析比较,确定最佳拟合模型。     

宁波远洋“A拆A”上市改革下的协同“样板”

<正>宁波远洋“A拆A”上市,除了满足自身发展需求之外,在国企改革和港航协同发展趋势的背景下,提供了一个“样板”。12月8日上午9时30分,宁波远洋运输股份有限公司在上交所正式挂牌交易,证券简称：宁波远洋,股票代码601022,成功登陆沪市主板,成为国内港航企业首家“A拆A”上市公司。截至12月14日,宁波远洋股票实现五连涨,股价报17.33元,当日总市值226.8亿元。     

航运企业投资项目评价中基准收益率的研究

本文针对航运企业所面临的新的经济环境，论述了确定企业基准收益率的三个理论依据，进而建立了适用于不同资金来源和投资组合情况下确定企业基准收益率的模型。     

上海集装箱运价衍生品市场多重分形特征研究

论文在介绍分形理论和分形市场理论的基本原理的基础上,阐述有效市场理论的研究局限。以集装箱运价衍生品为研究对象,采用多重分形消除趋势波动分析方法（MF-DFA）研究了欧洲航线和美西航线集装箱衍生品价格日收益率序列的非线性动力学特征,研究认为集装箱运价衍生品市场普遍存在多重分形特征,价格系统具有对信息的长期记忆性;通过研究不同阶数下广义Hurst指数的变化轨迹,发现不同 q值下集装箱运价衍生品市场分别表现出反持久性和持久性特征。还发现,对于给定的阶数 q,欧洲航线衍生品价格收益率序列具有更强的状态持续性,更弱的反状态持续性。上述研究结论证明了分形市场理论存在于集装箱运价衍生品市场之中。     

中西方经营者股票期权制度比较

我国引进经营者股票期权制度,必须考虑到与西方发达国家在实施经营者股票期权制度的一些制度与环境上的差异性,不能照搬西方模式,必须在努力创造条件与环境的基础上,科学实施股票期权制度.     

A cross-section analysis of stock returns: The case of shipping firms

This paper undertakes an analysis of the determinants of the cross-section of expected stock returns of 19 shipping companies listed in the US, Norway, Stockholm and London. Various factors, including company stock market beta, divided yield, and financial leverage have been identified in the finance literature as determinants of share price performance. We capitalize on these findings and add one more industry specific factor, the average age of the company's fleet, to quantitatively analyse the determinants of the performance of shipping shock returns. We use the Fama-MacBeth methodology to empirically test whether the five factors above have a significant effect on shipping stocks' performance. Our results indicate that the industry specific factor (the average age of the fleet) plus financial leverage, are significant in explaining shipping stocks' returns, wheras the stock market beta and the dividend yield are far less significant.     

Beta comparisons across industries—a Water transportation industry perspective

This paper undertakes a comparative analysis of the stock market perception of risk in US listed water transportation companies and seven other main sectors, air transportation; rail transportation; trucks; electricity; gas; petroleum refining; and real estate over the period July 1984-June 1995. This is done by employing the Capital Asset Pricing Model (CAPM) to model the stock returns of each industry and hence compare their betas (systematic risk). Multiequation Regression Models are used for estimation. The findings suggest that the water transportation industry exhibits significantly lower market risk than the average stock and the rail transportation industry, significantly higher systematic risk than the real estate industry, while its systematic risk is insignificantly different from the rest of the industries. These results are useful to investors basing their decisions on relative market exposures to risk in different industries.     

Risk and return of U.S. water transportation stocks over time and over bull and bear market conditions

The aim of this paper is to investigate the behaviour of water transportation company stock returns in the U.S. stock exchanges from 1985 to 1994 in order to determine whether the systematic risk of this industry is different from that of the 'average' company in the market, whether it has changed over the ten year period, over bull and bear market conditions, and whether there is a firm 'size' effect in the industry. In the context of the Capital Asset Pricing Model (Capm), we find that the systematic risk of the shipping industry return is not different from that of the 'average' company. It is also found that the covariance of water transportation companies with respect to the overall stock market return did not change over the ten year period although it appears that it has changed over normal upward/downward market movements. There is also reasonable evidence that the intercept of the equation might have changed over normal upward/downward market movements. Finally, we document contradictory evidence regarding the size effect; during the period 1985-1989 we find small companies to have significantly higher returns and risk while during the period 1990-1994 medium size companies tend to have higher risk than small and large firms, which is not however compensated by higher returns.     

International comparison of market risks across shipping-related industries

This paper compares the behaviour of shipping and shipping-related company stock returns to reveal whether systematic risk differs from the average in the market and across sub-sectors of the maritime industry. Following an extensive collection of information through a postal questionnaire survey, 108 publicly listed shipping and shipping-related companies, across stock exchanges of the world, are classified by sector according to their core business activity. The Capital Asset Pricing Model (CAPM) is employed for the period 1996-1999 to model stock returns and measure sector βs (systematic risk). Stock returns over the period are mostly negative. The systematic risks of the Drilling and Offshore sectors are significantly higher than those of all other sectors, but are not different from each other. There is no significant difference between the systematic risks of the Bulk, Tanker, Container and Ferry sectors. The systematic risk of the Cruise sector lies somewhere between these two groups. There is no difference in the systematic risk of companies that diversified within shipping or shipping-related industries when compared to companies that diversified in other areas. Over all companies in the sample, βis lower than the market average, and so are the βs of the Ferry, Tanker, Bulk, Container and Yard sectors. Only the βof the Drilling sector is statistically higher than one, while the Cruise, Diversified and Offshore sectors are statistically one.     

Investor herding behaviour in globally listed shipping stocks

ABSTRACT

This study undertakes one of the first empirical attempts to investigate and contribute a set of innovative findings to investor herding behavior and herding spillover effects in globally listed shipping company stock returns. Distinguishing between OECD and Non-OECD markets, herding behavior is tested on a diversified set of shipping companies traded in international equity markets, over different business cycle phases, financial crises, and external shocks. A set of dynamic models, well established in the relevant behavioral finance literature, is implemented. Empirical evidence indicates investor herding behavior in shipping stock returns and herding spillover effects between different shipping sectors, albeit not robust in all cases. These challenging findings can have a material impact on efficient investment and financing decisions of shipping market players.     

Asset allocation and value at risk in shipping equity portfolios

This study employs alternative dynamic volatility models to investigate the risk and return characteristics of a carefully selected sample of shipping stocks, in order to enhance asset allocation opportunities. As private and institutional investors are in search of alternative style investments, the assessment of stock volatility is a critical issue for efficient asset allocation, dynamic portfolio management and firm valuation. The empirical findings indicate a highly volatile profile for shipping stock returns, in line with respective (tanker and dry bulk) earnings. Sectoral and company fundamentals may affect shipping stock volatility, which is found to be sensitive to asymmetric shocks. The results support high portfolio returns for shipping stock portfolios that appear to be superior to standard market benchmarks but are associated with higher risk level.     

航运企业的最优资本结构及其确定

随着我国市场经济体制的建立与投、融资体制的改革，企业已成为投、融资的主体，其资本结构问题相应地成为了企业财务管理中的核心问题之一。本文从航运业的固有特性出发，论述了航运企业的资本结构及其与企业收益之间的关系，在这一基础上，提出了航运企业的最优资本结构及其确定方法，并对影响航运企业资本结构的因素进行了分析。     

上海建立低碳式国际航运中心的思考

近些年来国际掀起了一场无硝烟的"低碳战",国内外的一切建设都以此为指导思想。在这种大背景下,上海国际航运中心的建设也不例外。要促使上海尽快成为影响全球航运市场的重要力量,就必须将上海建成低碳式国际航运中心。     

集装箱船舶大型化对上海港发展的影响和机遇

在集装箱航运市场中,由于超大型集装箱船优良的经济性能及全球集装箱航运结构的重组,并且在全球国际集装箱运输呈增长的趋势背景下,大批超大型集装箱船投入运营,对上海港的运营和发展形成一定的影响,但同时也给上海港的发展带来了机遇。上海港要应对国际航运市场的这种变化,就必须采取相应的策略。随着长三角经济圈的发展和洋山深水港一期、二期工程的完工,进一步巩固了上海港的国际集装箱枢纽港地位,上海港应抓住新的发展机遇,为上海早日建成国际航运中心奠定更加坚实的基础。     

广西海岸的开发

中国目前致力建设和谐社会使我想尽绵薄之力在自己熟悉的领域提供一些资讯,能让全国青少年及一般老百姓有休闲度假的地区;同时也给国内一些热衷于此行业投资的人士一些参考,避免不当的投资、破坏国土和浪费国力。[编者按]