股东商誉出资可行性探究

随着经济的发展,商誉在公司企业的经营中显示着越来越重要的作用,我国现实经济生活中也有大量的商誉出资的现象,可是法律却漠视这些经济现象,没有确认商誉出资的可行性地位。事实上,商誉出资不会必然导致诚信不实,反而在一定程度上体现了法律的公平、自由和效益。因此,本文认为商誉可以用作出资。     

浅谈商誉的确认与计量

随着我国资本市场的迅猛发展,企业改革,并购,重组日益成为资本市场的热点之一,商誉在企业的并购处理中的地位也越来越重要,商誉的确认,计量和会计处理也成为会计界讨论的焦点问题.本文对商誉的定义,却以和计量等问题所涉及的诸多观点进行评述,相应提出了笔者的一些观点,对一些发达国家和国际会计准则委员会关于商誉的会计规范进行比较和分析,并对我国的商誉研究及规范提出了一些建议.     

商誉后续计量方法下企业经营管理中存在的问题探析

随着我国经济水平的不断发展,并购重组成为公司扩展自身版图的重要方式。商誉减值作为并购重组中绕不开的话题,直接影响着会计信息的可靠性。由于现行的商誉后续计量方法赋予了企业管理者较大的自主权,导致如今资本市场上商誉泡沫一触即溃,引起了实务界和学术界的重视。结合现状以坚瑞沃能公司为案例,分析了现行商誉减值测试后续计量方法下企业经营管理中存在的问题,并提出了相应的解决措施,希望能改善资本市场上积重难返的商誉问题。     

论认缴制下有限责任公司小股东权益的保护

随着公司资本制度的持续发展,尤其是由资本信用转变为资产信用、资本确定原则逐渐趋于缓和的背景下,我国的公司资本在出资环节由实缴资本制向认缴制转变。在认缴制下,股东出资问题也引发了对保护小股东权益问题进行重新思考。在有限责任公司中,控股股东可利用其控制地位延长自己的出资期限,从而在未出资的情况下经营其他股东的出资、控制股东大会以及侵害公司和其他股东的利益。虽然我国现行法律有关于保护小股东利益的规定,但是对上述问题的解决还是软弱无力,为此,很有必要对其进行深入探讨,并借鉴国外立法经验,进而提出相关措施以保护小股东的权益。     

公司资本制度研究

我国实行法定资本制度,奉行资本三原则,但实践中虚假出资、抽逃出资等现象频繁出现,出资责任追究不力,严重扰乱了经济秩序。通过对公司资本制度的有关问题进行了梳理,指出我国公司资本制度的某些缺陷并提出建设性的建议。     

广告传媒行业合并商誉减值问题研究——以G公司为例

近年来,随着我国经济的快速增长和资本市场的不断完善,我国上市公司并购活动越来越活跃。2012—2016年,我国A股市场一共发生并购项目19 811起,并购总额10.8万亿元,呈现快速增长趋势。2016年,在A股市场上拥有商誉资产的公司超过半数,并购带来的商誉资产总额超过1万亿元,商誉已成为A股上市公司的重要资产。但与此同时,我国上市公司商誉减值严重,减值风险巨大,2012—2016年,我国商誉减值金额五年内增加10倍。上市公司如何防范并购带来的巨额商誉减值风险,成为亟待研究的问题。文章以GIMC公司2017年巨额商誉减值为例,通过文献分析、调查访谈、公司年报数据,以及各种渠道收集的关于GIMC公司并购信息的研究,分析了GIMC公司巨额商誉减值风险产生的原因,并提出相应的防范措施。     

公司资本制度研究

我国实行法定资本制度，奉行资本三原则，但实践中虚假出资、抽逃出资等现象频繁出现，出资责任追究不力，严重扰乱了经济秩序。通过对公司资本制度的有关问题进行了梳理，指出我国公司资本制度的某些缺陷并提出建设性的建议。     

基于A股市场的商誉计量方法研究

中国资本市场不断发展,上市公司的商誉规模不断扩大。2019年1月4日,财政部会计准则委员会网站发布的《企业会计准则动态》(2018年第9期)中关于商誉摊销与商誉减值问题的讨论引发市场广泛关注。本文通过与国际相关会计准则进行对比,结合我国A股市场实际情况,对我国商誉的处理方法进行深入探究,从而提出相应的完善措施,以达到保护投资者利益,促进资本市场更加繁荣发展的目的。     

我国商誉会计制度存在的主要问题及完善

近年来,我国的并购热潮带来了巨量的商誉,而商誉减值准备的计提影响着公司利润、投资者利益和资本市场的健康发展。在商誉确认、初始计量、后续计量和信息披露等方面,我国现有的商誉会计制度还存在着规则不健全、规定不合理、落实不到位等问题。针对上述问题,我国应通过制订专门的商誉会计准则、采用系统摊销与减值相结合的后续计量方法、完善信息披露和监管措施等方式,对现有商誉会计制度体系加以完善。     

商誉出资中需要解决的几个问题

当股东以商誉作为出资标的时,商誉的计量表现为“企业整体价值与单项有形资产及可辨认无形资产价值之间的差额”。对于投资者来说,这里的企业整体价值表现为一种可转让价值,它不以企业现有的可辨认资产为限,而是取决于企业在未来持续经营中的获利能力。由于商誉具有依附性、整体性、价值波动性。以及商誉价值与其形成成本的弱相关性等特点,企业在商誉出资过程中不可避免地会遇到一些问题。     

网络理财探析

网络理财是指投资者使用电脑或移动终端基于互联网对理财产品进行买进、卖出或转让的行为,其目的是使投资者的投资保值、增值的一种行为。我们通过对网络理财产品进行SWOT分析,对比网络理财与其他理财产品,给出了网络理财产品健康发展亟需解决的问题和建议。此外,种类繁多的网络理财企业难免良莠不齐,银行的加入和反击也将改变市场的格局,这些都需要政府监管部门加大监管力度和网络理财的行业自律,这样才能使网络理财得到良性发展,一个多元化发展的网络理财时代必将到来。     

资本市场与中国经济社会发展

世界资本市场的发展历程表明,资本市场与一国经济社会发展相伴相生,脱离经济社会需求的金融发展会带来灾难;资本市场代表着市场化资源配置方式,但诚信缺失和非理性因素也会带来市场失灵;金融危机对全球化时代的资本市场发展和监督提出了新的挑战,对世界经济金融格局将产生深远影响。我国的资本市场存在着市场发展水平不高、投资回报未能充分体现、法制建设和监管需要加强、国际竞争力不强等问题,应该采取措施完善市场体系,加快场外市场建设;提高监管水平,改革监管体制;强化投资者保护机制,加强投资者教育;推动社会保障和养老体系与资本市场的良性互动发展。     

A Puzzle in SRI: The Investor and the Judge

As Socially Responsible Investment (SRI) enters the mainstream of professional and institutional investment practice, some perplexities arise. Some SRI market participants are well schooled in finance but are hesitative as to how to apply non-financial criteria in the management of portfolios. Governments too are giving SRI more attention and, in some countries, are discussion whether and how to regulate the SRI market. Advocacy groups are targeting SRI projects through media campaigns using political discourse. Many of the pertinent questions that come with these perplexities are of the philosophical or ethical type and concern legitimisation, demarcation of responsibilities, interpretation of norms and policy formulation. The inclusion of non-financial criteria into investment decision-making leads to a ‹puzzle in SRI’ for which this article offers a solution. The puzzle arises when the day-to-day implementation of an SRI-policy coincides with the process of administering justice. Three questions make up that puzzle: (1) what should an␣investor do when allegations arise about a corporation, (2) what should an investor do when a corporation is brought before a court, (3) what should an investor do when a corporation is found guilty by a court. This article argues, by distinguishing between the rationality of the investor and that of the judge, that allegations, court cases or court verdicts should not be reasons to disinvest from a corporation. This article offers examples from investor practice and points out in which way allegations, court cases and court verdicts make sense for investor behaviour.     

Corporate venture capitalists: Autonomy,obstacles, and performance

This report presents the results of a formal study of the corporate venture capital community in the United States, and is based upon responses to a questionnaire completed by 52 corporate venture capitalists (CVCs).The central question addressed in this study involves which approach to corporate venture capital is most likely to produce successful results.This question was addressed via cluster analysis which segregated the CVC community into two broad classes—“pilots,” which are marked by substantial organizational independence and “copilots,” which are highly dependent on corporate management with respect to venture funding and decision authority.Pilots achieve equal or higher levels of performance, and are plagued by far fewer obstacles, than their highly dependent counterparts. The results suggest the following: 1. The corporate venture fund should be established as an independent entity and should have access to a committed, separate pool of funds. This will enable CVCs to respond aggressively to, and manage, investment opportunities with minimal corporate interference. Such an independent entity will defuse justifiable concerns on the part of entrepreneurs related to such interference. 2. The fund should be managed by skilled venture professionals who may be drawn from the independent venture community or the small but growing pool of experienced CVCs. Corporate executives may comprise a part of the management team. 3. If the corporate venture fund hopes to attract top quality managers, it must be prepared to offer compensation and authority commensurate with their skill level. In short, corporate venture capitalists should be treated like independent venture capitalists. By organizing the fund as an independent entity, the political problem associated with establishing compensation levels above those of the corporation can be minimized. 4. All CVCs should establish a primary focus on the realization of financial objectives (i.e., return on investment). Strategic benefit objectives are not necessarily ill advised so long as they do not interfere with sound financial decision making. When they do, the corporate venture capital process is likely to become less effective. For instance, a corporate venture fund should only confine itself to investing in a few industries if there are sufficient high-grade investment opportunities within those industries to ensure adequate deal flow. The venture fund should not be pressured. Investments that appear exciting from a corporate perspective, for technological or marketing reasons, but are not financially attractive may well drain resources rather than produce opportunities. 5. Venture proposals failing on financial criteria might be referred to other parts of the corporation with the purpose of exploring an alternate relationship (e.g., a development contract or joint venture). If this is appealing to the corporation, a mechanism such as a corporate liaison or reporting system might be established to facilitate the flow of information. 6. A corporation should be willing to make a complete commitment of talent and capital if it establishes its own corporate venture fund. The corporation should then be willing to accept a limited role. If the corporation is unable to accept a limited role with respect to its own fund, it may be best for it to participate as an investor in a traditional fund, where such limitations will be enforced. However, this latter approach may significantly dilute or eliminate potential for strategic benefits.     

Similarities and differences in small and large corporation beliefs about capital structure policy

Theoretical researchers posit many factors that affect a firm's capital structure decisions. Theory also suggests that these influences will have different impacts on small and large firms. However, empiricists face difficulties in testing these hypotheses due to problems of quantifying the motivations, expectations, and preferences prevalent in the various theories.To test some of the strands of theory and to determine differences between small and large corporation capital structure beliefs, a survey was sent to financial managers of 405 small corporations; 27% of the surveys were completed and returned. By comparing the results of this survey to those of previously published large corporation surveys, similarities (e.g., belief in a financing pecking order, little belief in the importance of bankruptcy costs, agency costs, and information asymmetries) and differences (e.g., less reliance by small firms on target debt ratios, greater preference for zero debt by the small firms) were identified.     

发展我国期货投资基金研究

国际期货市场发展的历程表明,以机构投资者为主体的投资者结构是期货市场走向成熟的一个重要标志。而期货投资基金正是机构投资者中非常重要的一种组织形式。发展期货投资基金不但有利于解决我国期货市场规模小、流动性差的问题,同时对我国资本市场的持续、健康、稳定发展也将起到巨大的推动作用。发展期货投资基金已经成为整个期货业和资本市场梦寐以求的目标。     

Lifesizing in an Era of Downsizing: An Ethical Quandary

Corporate executives, at the behest of Wall Street, have embraced the heresy of upsizing short-term shareholder profits by downsizing the long-term work force. This restructuring of corporate America, which views the corporation as an investment organization rather than a social organization, has created an ethical quandary by removing from the equation a sense of larger-purpose. This paper proposes a new paradigm, LIFESIZING, to address the issues raised by this ethical quandary. The paper will explore the effect the creation of fictitious personhood (Corporations, Government, Wall Street, Unions, etc.) has had on the concept of personal responsibility and common good when responsible individuals are but transient members of such a legal entity. It will briefly recap the history of downsizing, the practice of treating workers as an expense rather than a capital asset, stakeholder theory, and the rise of a "me-first" culture. It will then define and apply LIFESIZING to both the individual and the corporation in an attempt to provide a sense of balance missing from current discourse.     

全球化视角下的企业文化资本研究

本文从文化资本的角度出发,通过对文化资本在企业管理中的博弈分析及企业获得和提高文化资本的途径分析,认为全球化企业为了从员工的文化资本中获得更多的收益,需要成功地预见并寻求到能够使企业受益的文化资本来源,然后将这些文化资本整合到企业的策略中。     

论我国基本养老保险基金进入资本市场的方式选择

随着资本市场的完善 ,养老基金进入资本市场已经提上议事日程。但养老基金入市选择的方式 ,根据我国实际情况 ,能进入资本市场运作的只有个人帐户基金 ,投资受益人应是职工本人。如果由国家劳动和社会保障部作投资主体 ,不管是直接入市还是间接入市 ,都有许多弊端。如果职工作投资主体采用信托的方式入市 ,则可以克服这些弊端。     

全流通时代我国资本市场制度建设的设想

在解决股权分置这一根本性制度缺陷以后,中国资本市场即将迎来全流通时代,但资本市场制度层面的建设任务还远没有结束。从这一思路出发,本文从多层次资本市场的建立、发行制度的市场化改革、完善上市公司的法人治理、信息披露、保护中小投资者制度及加强市场文化建设等多方面进行了探讨。