中国年

中国年,是一幅民俗的画卷朝天的锣鼓敲响了节日的喜庆,红彤彤的春联是新年里一道最动人的风景,新剪的窗花呵,它淋漓尽致地开成了春天的第一朵花儿,让我们在快乐中忘却了昔日的烦恼与忧伤。大红的灯笼,火红的日子,那是燃烧在隆冬的火苗,红灯笼随     

冲刺，用脚步拉近生命的距离——记人保财险阿坝分公司总经理雷云

"天翻地覆"的地震 一切都发生得那么突然! 5月12日下午14点28分,当伴随巨大的轰鸣声,脚下的土地和身处的办公大楼开始剧烈地摇晃时,正在公司如常工作的中国人保阿坝分公司的干部员工们突然愣住了.当办公桌面的物品在摇摆中摔落地面,天花板在异响中掉落尘渣的几秒钟之后,有人醒悟地喊了一声"地震了,快跑!"人们这才踩着慌乱的脚步冲向门外.     

玲珑袜屋别树一帜

在桂林热闹的步行街上,有一家"美艺袜屋"。小巧的店堂只有十几平方米,却宛如一片袜子的海洋。四壁上悬挂的袜子五花八门:活泼俏皮的卡通袜、艳丽灵动的彩条袜、优雅别致的花纹袜、性感撩人的网眼袜,还有袖珍玲珑的连裤、连鞋     

沐浴着十七大的阳光

永远都会记得这么一天,当中央电视台"新闻联播"专题——喜迎十七大党代表风采录介绍了我以后,我的手机不停地作响,我收到了来自社会各界朋友、我的客户的祝福电话;永远都会记得这么一天,当我准备赴京参加会议,我的领导、我们建行的团队还有很多我们的客户、普通的百姓来到车站为我送行时的情景永远都会记得这么一天,我怀着无比激动的心情走进人民大会堂,那鲜红的地毯、那鲜艳的红旗、那庄重的党徽,如今已在我的心中定格;永远都会记得那一刻,当胡锦涛总书记从主席台上站起,走向讲台,那如潮水般的掌声,让坐在第一排的我置身于巨大的潮涌中……十七大,我亲耳聆听了党中央和国家领导人的教诲,我庄严而又郑重地投下了一票,我和我们,这些来自全国各地的代表们,共同见证了新一届领导班子的产生……这一切的一切,都让我激动不已,永生难忘.能够参加这一场富有历史意义的党的盛会,是党给予我至高无上的荣誉!     

网上支付洗钱:反洗钱领域的新挑战

面对着日益强大的反洗钱网,洗钱者积极运用高科技手段创新洗钱方式,其中利用网上支付洗钱就是一种新型的更为隐蔽的洗钱方式.本文对利用网上支付洗钱的特点和流程进行分析和阐述,并针对我国目前网上支付发展的现状,指出网上支付中存在的风险,据此提出我国打击网上支付洗钱犯罪的对策建议,包括加强网上交易主体的身份确认,建立健全网上支付的法律法规,发展网上反洗钱监管技术等等.     

ATM技术发展趋势及应用前景分析

随着信息技术的发展,银行自动柜员机(ATM)的体系架构也在不断地发展变化,从以往的完全依赖于硬件、发展到依赖于少数的专有操作系统平台,再到目前的开放式ATM体系架构.新的体系架构大大降低了ATM软硬件个性化设计的门槛,降低了银行的商家依赖性,银行可以根据自己的一些个性化业务和特殊应用情景提出定制要求,或自行采购不同的硬件配件并自主设计个性化ATM的软件.这一变化给银行发展新的衍生业务提供了机遇,本文在综合总结当前ATM技术在各方面发展的前沿趋势的基础上,对这些新技术的应用前景、可能给银行业带来的创新业务模式进行了分析.     

强国之路30年 《中国改革开放30年学术研讨会》发言摘要

以中国共产党十一届中央委员会第三次全体会议为起点的中国改革开放事业已经走过30年的历程，在这30年中，我国的社会、经济等各个方面都发生了深刻的变化。国民经济和综合国力正在向着世界强国迈进，我们这个具有悠久历史和灿烂文化的传统文明古国，焕发出了勃勃生机，正如毛泽东同志所言：“我们正在前进，我们正在做我们的前人从来没有做过的极其伟大光荣的事业，我们的目的一定要达到，我们的目的一定能够达到!”为纪念改革开放30周年，对改革开放的历程进行总结，以期将之推向前进，本刊特开设“改革回眸与展望”栏目，对改革开放事业进行回顾与展望。[编者按]     

给员工以客户待遇

笔者有一位朋友在一家灯具工厂工作,但是他家里装置的吊灯、壁灯全是其他灯具厂家的.我问他为什么不使用自己厂家的产品,而去购买竞争对手的.朋友告诉我:购买其他厂家的灯具更能享受上帝的待遇.中国有句俗语"买卖不养自家人",说的就是这个道理吧.     

从身边的公司发现投资机会

投资必须坚持理性的原则,如果你不了解它,就不要行动。一个人的精力总是有限的,股市上的股票则数以千计,不同的企业从事着不同的业务,这些业务不可能是我们都熟悉和了解的。不如将我们有限的精力集中在我们熟悉的企业上,尽可能多地了解这些企业的情况,这有利于我们的投资决策。——沃伦·巴菲特     

世界经济失衡是否意味着美国的衰退？

美国巨额的贸易逆差与来自以中国为代表的新兴市场国家的贸易盈余构成了世界经济失衡的表面特征.美中两国各自经济结构的差异是世界经济失衡的内在动因.美国巨额贸易逆差有利于美国产业结构调整和高级化,有利于美国充分利用其他国家的资源发展本国经济,是美国跨国公司全球范围内组织生产销售的结果,是美国经济强大的表现.美国世界领先的竞争力为经济提供了保障.     

CFO重新定义

CFO简简单单的三个字母,在中国却有不同的演绎。最标准的说法是,CFO是Chief Financial Officer的缩写,即公司首席财政官或财务总监,是现代公司中最重要、最有价值的职位,是掌握着企业的神经系统(财务信息)和血液系统(现金资源)的灵魂人物。曾几何时,CFO也一度成为过街老鼠,甚     

Overconfidence and tax avoidance: The role of CEO and CFO interaction

We investigate how overconfident CEOs and CFOs may interact to influence firms’ tax avoidance. We adopt an equity measure to capture overconfident CEOs and CFOs and utilize multiple measures to identify companies’ tax-avoidance activities. We document that CFOs, as CEOs’ business partners, play an important role in facilitating and executing overconfident CEOs’ decisions in regard to tax avoidance. Specifically, we find that companies are more likely to engage in tax-avoidance activities when they have both overconfident CEOs and overconfident CFOs, compared with companies that have other combinations of CEO/CFO overconfidence (e.g., an overconfident CEO with a non-overconfident CFO), which is consistent with the False Consensus Effect Theory. Our study helps investors, regulators, and policymakers understand companies’ decision-making processes with regard to tax avoidance.     

A Corporate View of Research Needs in Corporate Finance

This paper reports the results of a survey of UK chief financial officers (CFOs) drawn from 72 large, 34 medium and 37 small companies on potentially important research topics in corporate finance. The paper suggests that there are gaps between extant academic research and the CFOs ‘needs for such research. The topics that the 143 CFOs would like to see on the research agenda include: the influence of tax laws on financial decision-making; investor reactions to companies concentrating on short-term gains to the almost total neglect of long-term benefits; effects of changes to the law on pension funds; cash flow planning and forecasting; regulators’ awareness of financial issues; and methods for determining the riskiness of a project. Of least importance to the CFOs are research on the significance of bankruptcy costs, influence of the City on corporate financial operations and impact of seasons on operational decisions. The degree of importance attributed to research topics seems to vary with firm size. In general, the findings of this study are similar to those from a survey of financial managers in the US.     

IPO“再”行动

在本刊所采访的四位CFO中,除了环球教育李巧恩之外,其余三位——博纳影业许亮、当当网杨嘉宏和斯凯网络杨家康均是在第一波海外上市浪潮当中兴起的。实际上,相比第一次IPO时的紧张和不知所措,在IPO"再"行动中,他们已经从容地掌控全局,更加注意节奏。对于已经经历过一次IPO的CFO们来说,除了过硬的专业能力之外,技巧和经验已经成为最重要的因素。     

产权性质、CFO背景特征与内部控制质量

基于高层梯队理论和社会网络理论,以2008-2015年我国A股上市公司为样本,实证考察CFO背景特征对公司内部控制质量的影响。研究发现：CFO的年龄越大、任期越长,内部控制质量越低;CFO的学历越高,内部控制质量越高;女性CFO较男性CFO在内部控制建设方面存在相对劣势;CFO外部兼职有助于提升内部控制质量。进一步研究发现：在国有企业和非国有企业中,CFO背景特征对内部控制质量的影响存在显著的差异。     

CAP Forum on Enron: Former Audit Firm Personnel as CFOs: Effect on Earnings Management*

Corporate hiring of former audit personnel to fill key financial positions is a practice that has attracted attention from the media, the accounting profession, and regulators. The concern is that the former external auditor who now holds a key position with the client may be able to circumvent the audit or exert pressure on the audit team and adversely influence audit quality. We compare a sample of 172 test companies that appointed to the position of chief financial officer (CFO) personnel who are former employees of the companies' auditors, with a control sample of companies that appointed new CFOs who were not affiliated with their auditors. We investigate whether the level of discretionary accruals is greater for the test sample compared with the control sample during the two years following appointment of the CFO. Both univariate and multivariate results for signed discretionary accruals suggest some support for the hypothesis that firms with affiliated CFOs are associated with greater earnings management than firms with unaffiliated CFOs. Furthermore, the results for signed discretionary accruals suggest that the association is stronger for nonpartners who moved from the audit firm to the client with little or no time gap. On average, the results for absolute discretionary accruals do not suggest differences in earnings management between affiliated and unaffiliated CFOs. However, they do indicate some earnings management relative to unaffiliated CFOs by CFOs who had little or no time gap between leaving the audit firm and joining the client firm, although at a weaker level of significance.     

发现财务价值之路

在全球经济真正复苏的前夜,企业需要彻底的"蜕变"。这种"蜕变"将以企业价值增长为核心,而如何权衡回报、增长、风险三者之间的关系,成为摆在所有CFO面前的考题。无论是中石油式"大司库",还是烟台万华式"财务云",答案不同,但目标唯一。中国企业的财务管理似乎正处在"最好的时代"和"最坏的时代":一方面,经济全球化的快速发展、高新技术的迅猛推进与CFO阶层的日渐崛起等因素,为企业财务管理水平的提升带来妙不可言的助益;另一方面,始于     

Differences in the sophistication of Value-based Management – The role of top executives

This paper responds to recent calls for studying the diffusion of management practices beyond classifying companies as adopters and non-adopters (Ansari et al., 2010, Lounsbury, 2008). In particular, we examine how characteristics of CEOs and CFOs as well as perceived environmental uncertainty (PEU) of the top management team (TMT) affect the sophistication of Value-based Management (VBM) for which we develop a multi-dimensional construct.We base our analyses on a unique dataset that comprises archival data, interviews and survey data from top executives of German HDAX companies (58% response rate). The results of our Partial Least Squares (PLS) model (R² = 55%) support most of our hypotheses and provide interesting findings.We find that the CFOs in our sample have substantially more influence on VBM-sophistication than CEOs. In particular, we document that cognitive styles (educational background in business) of CFOs have a substantial impact on VBM-sophistication. Moreover, short-tenured CFOs are associated with high VBM-sophistication. As expected, the related negative effect of long tenure on VBM sophistication is practically offset if the CFO has an educational background in business.Another relevant finding is that high perceived environmental uncertainty of the top management team is significantly associated with lower VBM-sophistication. The results of our control variables moreover reveal that systematic risk (‘beta’) leads to higher VBM sophistication.     

Evidence on What CFOs Think About the IPO Process: Practice,Theory, and Managerial Implications

Many privately held companies aspire to go public through an initial public offering. But the IPO process is time‐consuming, expensive, and fraught with uncertainty. With the aim of shedding light on the process and reducing at least some of the uncertainty, the authors asked several hundred CFOs to share their experiences and perceptions with regard to six specific aspects of the IPO process: (1) motives for going public; (2) the timing of IPOs; (3) criteria for choosing an underwriter; (4) cause of IPO underpricing; (5) IPO signaling; and (6) reasons to stay private. The main findings from the survey are summarized below:

• ? The primary motive for going public is to create a currency‐publicly traded shares‐that can be used to fund acquisitions.
• ? CFOs strongly base the timing of their IPOs on overall stock market conditions, while paying relatively little attention to IPO market conditions.
• ? CFOs choose underwriters based on their overall reputation and industry expertise. Somewhat surprisingly, issuers did not express much concern about the underwriter fee structure.
• ? CFOs view underpricing mainly as a means of compensating investors for taking on the risk of IPOs in the after‐market.
• ? The two strongest perceived positive signals for issuer quality are a history of strong earnings and the use of a reputable investment bank. The strongest negative signal is the sale of insider shares in the IPO.
• ? The primary reason for staying private cited by the CFOs of private companies is the desire to maintain decision‐making control.

     

HOW DO CFOs MAKE CAPITAL BUDGETING AND CAPITAL STRUCTURE DECISIONS?

This paper summarizes the findings of the authors' recent survey of 392 CFOs about the current practice of corporate finance, with main focus on the areas of capital budgeting and capital structure. The findings of the survey are predictable in some respects but surprising in others. For example, although the discounted cash flow method taught in our business schools is much more widely used as a project evaluation method than it was ten or 20 years ago, the popularity of the payback method continues despite shortcomings that have been pointed out for years. In setting capital structure policy, CFOs appear to place less emphasis on formal leverage targets that reflect the trade‐off between the costs and benefits of debt than on “informal” criteria such as credit ratings and financial flexibility. And despite the efforts of academics to demonstrate that EPS dilution per se should be irrelevant to stock valuation, avoiding dilution of EPS was the most cited reason for companies reluctance to issue equity. But despite such apparent contradictions between theory and practice, finance theory does seem to be gaining ground. For example, large companies were much more likely than their smaller counterparts to use DCF and NPV techniques, while small firms still tended to rely heavily on the payback criterion. And a majority of the CFOs of the large companies said they had “strict” or “somewhat strict” target debt ratios, whereas only a third of small firms claimed to have such targets. What does the future hold? On the one hand, the authors suggest that we are likely to see greater corporate acceptance of certain aspects of financial theory, including the use of real options techniques for evaluating corporate investments. But we are also likely to see further modifications and refinements of the theory, particularly with respect to smaller companies that have limited access to capital markets.