Characteristics of non-audit services and financial restatements in Malaysia

Various types of purchased non-audit services (NAS) and their recurring nature affect the likelihood of financial statement restatements in Malaysia. Based on 953 firm-year observations during the period 2007–2009, evidence of a negative relationship between non-audit fees and financial statement restatements is provided. The purchase of both tax-related and audit-related NAS decreases the likelihood of restatements. Recurring (as opposed to non-recurring) tax-related and audit-related NAS are negatively and significantly related to the likelihood of restatements. These findings support our hypothesis that both types of NAS and their recurrence provide knowledge spillover, which enhances audit and financial reporting quality. When considering institutional settings, we find that politically connected firms are more likely to require financial restatements than non-politically connected firms, while audit committee independence and the purchase of tax-related, recurring tax-related and other NAS decrease this likelihood. The purchase of audit-related and recurring audit-related NAS and non-recurring other NAS decreases the likelihood of restatements for non-politically connected firms.     

金融信息化与金融工程:金融创新的制高点

近年来，国际上金融工程（Financial Engineering）的应用快速发展，期货和期权等基础性金融工程产品交易额迅速增长，各类新型金融工程产品层出不穷。据统计，2004年全球柜台衍生品成交总额已达全球国民生产总值的19．7倍。金融工程的应用和发展从一开始就在很大程度上依赖于金融信息化，时至今日，其发展和应用更是无法脱离金融信息化的支持。金融信息化为金融工程的应用和发展提供了必要条件。反之，金融工程也对金融信息化的发展提出了更高的要求。不仅如此，金融工程也越来越广泛地被应用到电子金融产品创新之中。可见，金融工程和金融信息化关系密切，二者的结合将大大促进金融创新。     

The real effects of financial constraints: Evidence from a financial crisis

We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this survey-based measure of financial constraint. Our evidence indicates that constrained firms planned deeper cuts in tech spending, employment, and capital spending. Constrained firms also burned through more cash, drew more heavily on lines of credit for fear banks would restrict access in the future, and sold more assets to fund their operations. We also find that the inability to borrow externally caused many firms to bypass attractive investment opportunities, with 86% of constrained U.S. CFOs saying their investment in attractive projects was restricted during the credit crisis of 2008. More than half of the respondents said they canceled or postponed their planned investments. Our results also hold in Europe and Asia, and in many cases are stronger in those economies. Our analysis adds to the portfolio of approaches and knowledge about the impact of credit constraints on real firm behavior.     

Effect of graphical presentations on insights into a company's financial position: an innovative educational approach to communicating financial information in financial reporting

This article focuses on the graphical presentation of the financial ratios of the firm. Following an earlier plea for visualizing the financial report based on pacioli's treatise Divina Proportione, this study investigates the benefits of visualizing and reports on an experiment into the significance of visual information, designed to compare visual and numerical financial information. The experiment was conducted with the help of third-year accounting students. The study demonstrates an alternative teaching method and indicates that this can be a very effective and stimulating process of accounting education and training. Further the co-operation between teacher and students makes an intersting contribution to the development of better accounting education and training. The exploratory research indicates that presentation of graphical information produces time-gains in comparison with numerical information alone. Memory plays a very important role here. The conclusion are: first, that visual information can be considered as very important in providing a clear insight into the financial position of the firm, thus improving communication; and second, that the integration of accounting research and teaching is a very promising way of preparing academically and professionally future accounting practitioners.     

The development of a modern financial sector in Sweden

Macro economic development must be supported by a stable and efficient financial system. Excessive and inappropriate regulation of the financial system will restrain its functions and may lead to less than optimal resource allocation. But the transition from a highly regulated system must be carefully planned and orchestrated and several mistakes in this regard were made in the Swedish case, eventually leading to a systemic banking crisis. After the crisis, modern forms of regulation and supervision have been introduced leading to a successful and stable financial sector. Experiences from the Swedish case can be applied to many other financial systems, developed as well as emerging.     

Teaching financial literacy in a co-curricular service-learning model

The current economic environment has brought to light the financial literacy epidemic in this country. A lack of personal financial education has contributed to the increase in consumer credit debt, a trend evident for many college students who often have significant credit card debt. One way to combat this problem is through financial literacy education. This paper describes a service-learning project implemented through a Beta Alpha Psi chapter, which fulfills the educational objectives of the accounting curriculum and addresses an educational need. The project provides reciprocity of learning between members of Beta Alpha Psi and their audience, college underclassmen. The results indicate that the project is successful in educating both presenters and audience members on basic financial knowledge as well as developing technical and communication skills of Beta Alpha Psi members. The project outline presented in this paper provides a framework for others to use.     

Role of financial regulation and innovation in the financial crisis

Using the financial and macroeconomic dataset of 132 countries, this study empirically analyzes the effects of financial regulations and innovations on the global financial crisis. It shows that regulatory measures such as restrictions on bank activities and entry requirements have decreased the likelihood of a banking crisis, while capital regulation and government ownership of banks have increased the likelihood of a currency crisis. Financial innovation has contributed to the banking crisis but contained the currency crisis. This study also shows that judicious implementation of regulatory measures is critical to financial stability because some regulations, if implemented simultaneously, can further aggravate or alleviate a crisis.     

惠普领跑中国金融IT外包——专访中国惠普有限公司中国区副总裁潘家驰

近日,中国惠普有限公司(以下简称"惠普")因在金融业外包领域的出色表现而被授予奖项。8月1日,2007服务外包人才培训合作论坛授予惠普"杰出外包战略解决方案贡献奖"和"最佳外包合作关系贡献奖"两大奖项。同时,国家开发银行也因与惠普合作而成为行业信息化建设的典范,获得了"杰出外包战略解决方案贡献奖"。金融企业和IT厂商在外包合作中获得了双赢。日前本刊记者采访了中国惠普有限公司中国区副总裁潘家驰。     

Subsidiary divestiture and acquisition in a financial crisis: Operational focus, financial constraints, and ownership

We exploit parent- and subsidiary-level data for publicly listed firms in Thailand before, during, and after the 1997 Asian Financial Crisis to investigate the extent to which firms with different types of ownership restructure their business portfolios, in terms of divestitures and acquisitions. We compare restructuring choices made by firms mostly owned by (a) domestic individuals with block shares (family firms), (b) domestic firms and/or institutions (DI firms), and (c) foreign investors (foreign firms). We show that following the crisis (1) foreign firms' restructuring behavior is the least affected; (2) domestic firms owned by families and domestic institutions (DI) behave similarly to one another; (3) domestic firms do not increase divestiture in their peripheral segments to improve operational focus or to obtain cash in a credit crunch; they actually reduce divestiture in core segments; and (4) domestic firms also significantly reduce the acquisition of new subsidiaries. Our results challenge traditional explanations for divestiture such as corporate governance, operational refocus, and financial constraints. They indicate that in the great uncertainty of a crisis, domestic firms are able to hold onto their core assets to avoid fire-sale. In essence, they act more conservatively in churning their business portfolios.     

开拓新兴农村金融市场个金业务策略研究

近年来,随着中国城乡一体化建设的推进,数以亿计的农民进入城镇,在城乡建设中逐步形成了新兴农村金融市场。本文通过对在苏州市城乡一体化建设大背景下新兴农村金融市场个人金融业务需求及其特征的分析认为,中国工商银行苏州分行（以下简称“苏州工行”）应抓住机遇,研究落实新兴农村金融市场个人业务的发展策略,确定苏州工行在新农村金融市场上的运作方式,使之适应新农村市场的环境和竞争,以新的策略开拓新农村金融市场。     

为金融资产流动提供交易平台

北京产权交易所（以下简称北交所）集团代表北京市政府逐步完成了北京要素市场的布局,先后投资控股或参股了中国技术交易所、中国林权交易所、北京环境交易所、北京石油交易所、北京黄金交易中心,北京国际矿业权交易所、北京金融资产交易所、北京金马甲产权网络有限公司等产权交易平台。被业界称作“中国产权市场上的领军人物”的该集团董事长、...     

如何申请金融仲裁

中国国际经济贸易仲裁委员会(CIETAC)审理金融行业争议由来已久，并在不断扩大服务范围。1994年8月26日，国务院证券委员会向中国国际经济贸易仲裁委员会下发了证委发(1994)20号《国务院证券委员会关于指定中国国际经济贸易仲裁委员会为证券争议仲裁机构的通知》。1994年10月11日，中国证券监督管理委员会下发了证监发字(1994)     

金融危机是个好案例

关于这场金融危机,2009年值得关注的有两个方面,一个是全球协调应对,一个是全球反思。反思各有侧重,本文作者是国务院发展研究中心金融研究所副所长,他认为：就学术研究而言,危机的确给了我们很好的案例     

外资银行会成为金融危机的导火索吗?

中国经济在全球经济疲弱不振的国际环境下逆风飞扬,引起了全球经济界的广泛关注和瞩目.中国在2001年底加入世贸组织更是使中国成为全球经济界关注的焦点之一.大量外资在对于中国庞大市场的乐观预期下不断涌入中国市场的同时,在2002年初,国际经济界忽然间爆发了看空中国经济的声量不低的合唱,其中一个看空中国经济未来的主要原因,就是认为加入世贸组织之后外资银行的涌入,会促成中国银行体系的破产,进而不可避免地爆发金融危机.随后中国新闻界炒作的南京爱立信公司提前偿还南京交通银行巨额借款、转而向上海花旗银行贷款的有待证实的事件,更是加剧了这种情绪化渲染的气氛.     

巧记注册会计师考试中的财务管理公式

一年一度的注册会计师资格考试又将临近,广大考生在《财务成本管理》复习过程中,痛感记忆公式之苦.笔者通过长期的教学实践,总结出一种形音联想速记的方法,即通过语音、图象联想记忆,以达到准确、快速、持久记忆公式的目的.现介绍给广大应试者,希望对他们有所帮助.     

Brand equity of stock exchange as a mediator in financial decisions

The aim of this study is to investigate investors’ brand equity perception for a stock exchange as a mediator in financial investment decisions. An online survey is conducted in two samples in the developed market context of Ireland and developing one of Turkey. Results indicate that although investors’ risk perception has a negative impact on investment decisions, this impact is partially mediated by brand equity of stock exchanges in question. This mediating effect further differs by the market context, with a larger effect size in the developing Turkish market. It can be concluded that although developing markets face higher volatility in macroeconomic conditions, it could be possible to spread the risk resulting from this volatility with an effective brand equity management, which is found to be especially important in developing markets. The study offers some practical implications to policy makers and managerial sides regarding the need for a careful perception management aimed at individual investors.     

金融全球化进程中金融风险的防范与化解(英文)

在全球金融化的进程中,金融活动在全球范围内得到扩展和深化,同时每个金融主体也面临着不同程度的风险,很多因素都可能加强金融风险,其中包括人为因素和系统因素。而包括中国在内的发展中国家在抵御可能的风险方面能力较弱,所以我们更加需要采取正确并积极的方式来抵御金融风险。