Systematic risk and the theory of the firm: A reexamination

A recent microeconomic model of the determinants of equity betas (Subrahmanyam and Thomadakis 1980) is generalized by including risky human capital in the market portfolio and allowing a general covariance structure between the model's sources of uncertainty. This provides an explanation of the ambiguous effect of operating leverage on beta by viewing human capital and equity contributors as risk sharers in the firm's output risk. This explanation may help to clarify the apparent conflict with the previous literature. The relationship between systematic risk and monopoly power is rederived and shown to depend upon a plausible condition on the correlation between wage rate and price uncertainty. Finally, the public policy implications of this analysis are presented.     

A look at the public policy conflict regarding the discovery of accountants' tax accrual workpapers

This article focuses on the conflict in public policy between the need to provide the investing public with accurate information with regard to corporate financial statements and the need to provide the IRS with the necessary tools in order to assure corporate compliance with the tax laws of the country. The conflict arises because of the contention of the IRS that it is entitled to have access to an independent auditor's tax accrual workpapers on the one hand, and the contention by CPAs that such access will prevent adequate disclosure to the independent auditor. The article examines the policy questions on both sides of the issue and concludes that regardless of any decision by the Supreme Court in a pendingcase, Congress should pass legislation to resolve the conflict and clearly identify the scope of any previlage accorded with regard to tax accrual workpapers.     

Failure prediction: Sensitivity of classification accuracy to alternative statistical methods and variable sets

The purpose of this study was to assess the sensitivity of the prediction of business failure to the use of different variable sets and different statistical methods. This objective was accomplished by comparing the performance of failure prediction models using four alternative variable sets on firms which failed from 1966–1975. The four sets of variables were those used by Altman (1968), Deakin (1972), Blum (1974), and Ohlson (1980). A linear discriminant model, a quadratic discriminant model, and a logit model were developed for each of the four variable sets. For a given variable sets, the linear and logit models had comparable misclassification rates and performed at least as well as the quadratic models. Using linear discriminant analysis or logit analysis, all four variable sets performed comparably.     

Inventories,credit transactions,and the marginal effective tax rate

It is observed that marginal effective tax rates (METR), as conventionally calculated, can only consider working capital requirements to a limited extent. A formula is derived to incorporate inventory requirements into the calculation and, via a numerical example, it is shown that such an incorporation can radically alter METRs from those conventionally calculated. The analysis is extended to credit transactions without affecting the above conclusion. Thus, if METRs are to be used as a means of evaluating the effects of tax policy on the incentive to invest, working capital requirements need to be explicitly allowed for.     

Accounting and budgeting systems: The issue of congruency

The importance of designing an accounting system that is congruent with an organization's budgeting system has been noted in the literature. Unfortunately, in many government organization it is common to find incompatible budgeting and accounting systems. The purpose of this study is to investigate whether gearing the accounting information system to a zero-base budgeting system increases the perceived usefulness of the budgeting process. This issue is examined under conditions of both scare and abundant resources. Based on an empirical study, it is shown that the usefulness of a budgeting system to budget recipients may indeed be dependent on the accounting information system, conditioned on the availability of resources. Given the relationship between budgeting and public policy, implications of the study for the public policy making process are discussed.     

全国大学俄语四级测试改革对大学俄语教学的影响

全国大学俄语四级统考客观上存在着难度偏大的问题,为了深入贯彻《大学俄语教学大纲》的要求,并且逐步降低四级统考的试题难度,从2004年起全国已开始实施大学俄语四级测试的新方案,这必将对我国大学俄语教学产生深远的影响。本文在详尽分析大学俄语四级测试改革内容的基础上,深入剖析了大学俄语四级测试改革能够更加适应《大学俄语教学大纲》的要求,以及极大地降低四级统考测试难度的现实意义,最后提出在相对宽松的大学俄语教学环境中,进行更为扎实、有效的大学俄语教学活动的建议。     

基于作业成本法的高校学生培养成本计量研究

本文采用作业成本法的基本原理,将学校各单位之功能加以区别,依作业活动分摊各项成本。通过构建多阶段的作业成本模型,来辨别、测算各种教育投入要素成本,了解成本发生之原因,最终提供学校、政府、家长等社会各有关方面进行教育决策所需要的教育成本信息。     

国家助学贷款的风险与控制

国家助学贷款在我国有了一定的发展,但是远不尽人意.究其原因是银行在经营这一项业务时面临着社会风险、管理风险、道德风险等一系列风险,政府、银行、学校和社会必须共同控制和规避这些风险,才能确保国家助学贷款成为帮助贫困大学生圆大学梦的"绿色通道".     

The economic rationale for the nature and extent of corporate financial disclosure regulation: A critical assessment

The regulatory framework for corporate financial disclosure has been the subject of a large literature, most of which has focused on the economic rationale for disclosure requirements. This extant economic analysis has not led to any definitive conclusions regarding the necessity for disclosure regulation nor has it provided public policy guidance as to the nature and extent of required corporate financial disclosure. It is evident that broader-based analysis and research incorporating relevant social and political (as well as economic) factors is necessary to gauge appropriate public policy for financial information disclosure.     

Accounting information and municipal bond net interest cost: An empirical evaluation

The objective of this study was to test the association between the surplus/deficit of selected Minnesota municipalities and the net interest cost of the general obligation bonds issued by these municipalities. This objective was accomplished by employing a pooled time-series design.A two-way analysis of variance was used to determine if there was a significant difference in the effect of net interest cost between positive and negative forecast errors. The ANOVA results of both tests indicate that the surplus/deficit is not correlated with increases/ decreases in the net interest cost of the bonds issued by a municipality. The results were unaffected by the exclusion of bond ratings as an independent variable.     

高职院校财务管理工作创新研究

地方高职院校面临资金需求加大、资金周转困难、财务管理方式落后、资金使用效益低、财务决策科学性不强、财务人员素质偏低、财务管理职能弱化等亟待解决的财务管理问题,这些问题已经严重制约了地方高职院校快速健康可持续发展。我们只有创新财务管理理念、财务管理体制、财务管理方式、财务内控机制,提高财务人员创新能力,全面提升地方高职院校财务管理水平,才能满足高职教育事业发展对财务管理的新要求。     

论当代大学生公民教育的价值功能与实现路径

公民教育是现代民主性国家建构与发展的基本出路。大学生公民教育是实现中国特色社会主义现代化与大学生主体现代化的时代要求。大学生公民教育的培养路径创新既要坚持民主教育和实践教育的基本理念,也要勇于改革和创新教育的方式方法。     

民族认同是构建和谐社会的基础——对三所高校调研情况的分析

中华文明源远流长,汉族与少数民族共同创造了伟大的中华文明。少数民族文化丰富多彩、博大精深,然而由于历史和现实的原因,部分汉族大学生对少数民族文化抱有偏见,甚至轻视。本文通过对在三所民族院校读书的汉族大学生进行调查,分析了现在汉族大学生对少数民族文化的认识情况,总结了出现这种情况的原因,并提出了几点提高汉族大学生对少数民族文化认识的建议。     

大学数学多媒体教学的优劣与对策

目前,在大学数学多媒体教学中存在着课堂信息量过大、影响知识的吸收效果,忽略教师的主导作用,多媒体教学和传统数学教学的冲突,课件制作时间较长、耗费精力大等弊端。针对问题本文提出了注重与传统教学方法的有效结合,注重发挥课堂教师的主导作用,精心制作多媒体教学课件、提高教学质量,灵活放映多媒体课件、改善教学效果的对策。科学的应用多媒体教学,可以提高学生的素质,进一步推进教育教学的改革。     

大学生体育意识培养之解析

体育意识是自觉进行体育活动的前提和基础。努力培养大学生的体育意识,使学生积极从事体育锻炼并最终与社会体育接轨,发挥校园体育的辐射作用至关重要。本文重点论述了采取有效的途径和方法,加强大学生体育意识的培养,希望能为高校体育教学改革提供有价值的参考。