对新形势下外资并购问题的思考及政策建议

本文通过分析，主张客观评价外资并购导致的境内资本流出风险。同时分析了当前外资并购管理存在的问题，以及4月1日实施外国投资者收购中方股权外资外汇登记制度以来的政策效果，提出了尽快修改《外商投资外汇登记管理暂行办法》，以使中方转股收汇登记制度能与《暂行办法》、外汇年检制度相结合等的政策建议。     

思考:中国从外资并购中获得什么

外资并购对我国证券市场的影响具有双重性. 一方面,外资并购是跨国资本抢滩中国市场的一种捷径,亦是跨国资本对中国投资策略的重大转变,在一定程度上也是20多年来在中国市场上的投资经验总结.的确,与过去那种耗时费力的"中外合资"模式相比,直接收购国内相对成熟的同类企业,不仅可以早早收摘果实,而且可以免去一些因与中方合资而引发的烦恼,可谓一举两得;另一方面,有利于我国民族促使国家鼓励的产业获得长足的发展,加快相应企业投入正常生产经营的周期.同时,有利于我国完善现代企业制度、培育机构投资者和扩大股市资金供给渠道,实现超常规、创新性发展中国股市的思路.     

外资并购价值取向及外汇管理问题应引起关注

随着我国入世过渡期的结束,外资并购将迎来一个高潮期,同时并购也带来了一些新的经济和安全问题。本文通过对外资并购案例的研究,分析了外方并购的价值取向、特点及外资并购过程中外汇管理的制度缺陷,提出了外资并购中方股权外汇管理应该注意的问题和政策建议。     

解读产权市场的外资并购

外资并购的市场体系外国投资者在中国进行并购活动主要通过有形的资本市场和无形的场外市场。其中,资本市场以证券市场和产权市场为主,场外市场以私下交易为主,它们共同构成了我国外资并购交易市场的框架。多层次的资本市场可以涵盖各种外资并购的交易标的,满足外国投资者对不同规模,不同成长阶段的目标企业以及不同类型目标资产的需求,使各类外国并购者都有交易场所。     

论外资并购对我国企业的影响

在企业融资中,外资并购作为市场创造的投资手段,对企业的发展起着重要的作用.外国资本通过产权交易取得我国公司的一定程度的控制权,以实现一定的经济目标的一种经济行为,对我国的企业产生巨大的影响.在经济贸易全球化的大背景下分析外资并购对我国企业的影响,意义深远.     

对一起股权重组案例的分析

随着我国资本市场的日趋发达,特别是加入WTO后,我国经济对外开放的领域和程度进一步拓宽和提高,在一股外资并购国企过程中,由于被并购企业资产庞大和经济关系复杂等原因,导致在并购实践中涉及的税收政策判断也相对困难很多。案件缘由A企业是一家大型国有企业,1988年该公司投资1     

关于加强对外资并购中国企业的预警和监管探析

中国作为世界上最大的发展中国家,外国资本市场对中国企业和中国市场的关注自上个世纪九十年代以来,一直处于持续升温的状态.这其中最典型的一个表现就是越来越多的外资开始对中国的企业进行并购,我国越来越多的企业、大型企业开始在悄无声息的过程中变为外国的企业.企业并购是经济全球化和市场竞争的产物,它的存在有着自身的合理性.但是没有监管的并购则会对本国的企业、经济发展带来负面的消极影响,在新时期,我们必须重视对外资在中国并购中国企业的预警和监管.     

对规范外资并购管理的思考

外资并购国内企业已成为我国利用外商直接投资的热点。外资并购能够引进国外先进技术和成熟的管理模式,提高企业竞争力。同时,外资并购对我国发展民族工业、优化产业结构带来负面影响。本文通过研究外资并购发展的成因和管理中的问题,提出完善外资并购管理的相关建议。     

外资并购国企 现实需要 理性选择

<正> 跨国并购这一以资本整合资源的直接利用外资方式对于我国扩大利用外资规模和国有企业战略性调整既是现实的需要,也是中国加入WTO后企业增强国际竞争力的理性选择。我国在外资并购国有企业困境的情况下,要加快政府职能转变,实现国有资产的市场化定价,以市场化的方式来实现外资对国有企业的并购。     

外资并购中国企业的动因分析

20世纪90年代以来,跨国并购在我国引进的全部外资中所占比重不断提高,本文在分析外资并购中国企业现状的基础上,从并购这种形式的特点来分析并购的原因,进一步通过分析中国的特殊国情来解释外资并购中国企业的动因。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original