企业财务核心能力及其报告

企业财务报告的核心是增强财务报告的决策有用性。而现行以财务资源与财务状况为重心的企业财务报告体系存在明显的局限 ,忽视了企业未来财务潜力和财务核心能力信息的披露。可持续盈利成长能力是企业财务报告的核心内容和核心指标 ,构建企业财务核心能力报告是增强企业财务报告决策有用性和改进企业财务报告的关键。财务核心能力报告具有非完全会计信息、非完全历史信息、非完全货币信息、非完全数据信息、非完全主体信息、非完全定期信息、非完全规范信息和非完全有形信息八个特征 ,它不是对现行财务报告的否定 ,而是对现行财务报告的发展。     

企业价值报告:现代财务报告演进的必然趋势

本文从传统财务报告体系缺乏直接的企业价值信息披露这一制度安排的分析出发,探讨了企业价值报告的演进及其对财务会计、管理会计和投资会计三大会计领域信息报告的影响,根据现代财务理论的价值发掘,提出了相应的企业价值报告整体设计。     

企业会计报告的理论基石科学吗？——论企业会计方程的变革

本系列论文从会计报告的有用性下降入手,分析了会计报告有用性下降的原因,探讨了会计信息产品生产体系的重构,指出企业价值报告与财富变动报告及能力资产价值报告是企业信息披露的未来方向.同时,我们对企业资产重新进行了定义,指出企业信息披露应该基于价值而非基于历史交易成本①.到此为止,我们已经提出了问题,并对会计学的两个重要基础理论问题之一的以资产为代表的会计要素理论进行了初步探讨,从现在开始,我们将对以会计方程为代表的会计报告理论进行讨论.     

构建基于企业核心能力的财务报告

上世纪80年代以来，人们对企业财务报告与会计信息的批评越来越激烈。批评的焦点集中在企业财务报告没能跟上时代快速变革的步伐，未能提供决策有用的信息。传统的企业财务报告重视企业财务资源和财务状况信息的披露，而事实上，会计信息用户不仅需要企业财务资源与财务状况的信息，而且更加需要企业财务能力尤其是企业核心能力的信息。因此，根据用户信息需求，构建企业核心能力报告是企业财务报告改进的必然要求。     

论企业核心能力信息的自愿披露

核心能力信息是区别于其他企业,反映企业持续竞争优势源泉的信息,是企业信息披露战略的重要内容。由于核心能力信息已经超越了传统财务信息的范畴,具有“非规范性”的总体特征,通过自愿性披露揭示企业核心能力信息成为允当选择。本文在分析核心能力信息自愿披露动因的基础上,从资产角度探讨了核心能力的确认方法,并对核心能力自愿披露的实现方式进行了研究,认为核心能力信息的自愿披露应该遵循循序渐进的原则,以非财务报告披露为起点,逐步过渡到管理层讨论与分析(MD&A)披露,最终实现核心能力报告的披露目标。     

企业财务报告存在的常见问题与改进对策

本篇文章首先对企业财务报告的基本含义进行概述,从财务报告披露缺少完备性、财务信息披露缺乏实时性、存在虚假信息披露情况、财务报告忽视未来经济活动对企业的影响四个方面入手,对当前企业财务报告存在的常见问题进行解析,并以此为依据,提出了企业财务报告的改进措施.希望通过本文的阐述,可以给相关领域提供一些参考.     

实施整合报告能否提高信息的价值相关性——来自第一个强制实施整合报告的国家南非的经验证据

本文以世界上第一个强制实施整合报告的国家(南非)的上市公司为样本,研究了2010年其强制实施后的市场反应结果。通过对整合报告实施前后信息价值相关性变化的考察,来检验整合报告的实施是否对企业价值产生影响。结果发现,在整合报告制度实施前,由于存在自愿性且不规范的披露,投资者对财务信息的决策依赖程度已有所下降,而当正式实施整合报告后,财务信息价值相关性下降的趋势有所减缓,从而使整合信息发挥更强的决策有用性。这说明整合报告的实施,非财务信息对股价的解释力度提升,可以弥补财务信息价值相关性下降的趋势,从而间接支持了国际社会倡导实施整合报告的目的,使得股价更能全面反映企业价值创造及可持续发展能力。     

企业价值报告理论研究(九):企业价值报告信息披露的有关问题

信息披露所具有的经济后果将直接影响到现代企业的生存与发展,因此将其作为一种“制度”来研究,特别是研究信息披露方式具有重要的现实意义。本文探讨企业价值报告信息披露的概括性说明、原则导向、指标分层以及披露模式等问题。     

现行财务报告框架下的顾客权益信息披露研究

自愿信息披露在很大程度上是对企业财务呈报的补充与完善，同时也有利于弥合财务报告目标与现实财务呈报能力之间的鸿沟；自愿性披露的信息一般包括投资者决策所依赖的主要发展趋势与影响因素信息、绩效信息、公司的业务及战略地位信息。而旨在增加顾客价值的公司应当披露相应的顾客权益信息以确保顾客管理与公司财务目标及投资者利益的一致性。本文提出了一种在现行企业财务报告中披露顾客权益或顾客资产信息的方式，帮助投资者（财务报告信息的“消费者”）从顾客资产的视角审视并监控企业的绩效。     

浅析企业财务信息披露存在问题及对策

在企业发展过程中最重要一项内容就是财务信息披露,运用下午信息及其他财务文件向社会披露企业的经营状况,建立完善的信息披露制度,准确及时地披露企业财务信息,让相关信息的披露更加完善和透明,让信息不对称导致企业财务风险能够得以减弱和控制,有利于减少表外因素给企业经营带来的风险,以维持企业的高效健康的运转。     

农村金融交易复杂性与共同治理契约：沂源案例

随着农村资产的多元化，农村金融交易也越来越复杂。复杂的农村金融交易往往使得单一治理契约失效，交易难以达成；而基于多边的共同治理契约虽然不能改变交易主体的风险偏好，但却能够还原企业的真实风险状况，促进信息对称，降低总体交易成本，改善金融交易效率。     

大数据背景下金融隐私权的保护

大数据时代,金融隐私所包含的个人信息已经成为重要的资源和财富。在享受大数据、云计算带来便利的同时,我们也不得不面对其所带来的负面效应,包括但不限于信息被秘密收集、二次利用等新问题。目前,我国有关金融隐私权的保护尚未建立一个完整的法律体系。因此,为保护金融隐私权,需确立金融隐私权的基本概念,明确和强化金融机构隐私保护的义务和责任,完善金融隐私侵权的救济机制。同时,亦可考虑引入选退保护模式。     

Remuneration, Retention, and Reputation Incentives for Outside Directors

I study incentives received by outside directors in Fortune 500 firms from compensation, replacement, and the opportunity to obtain other directorships. Previous research has only shown these relations to apply under limited circumstances such as financial distress. Together these incentive mechanisms provide directors with wealth increases of approximately 11 cents per $1,000 rise in firm value. Although smaller than the performance sensitivities of CEOs, outside directors' incentives imply a change in wealth of about $285,000 for a 1 standard deviation (SD) change in typical firm performance. Cross‐sectional patterns of director equity awards conform to agency and financial theories.     

Is forward-looking financial disclosure really informative? Evidence from UK narrative statements

Forward-looking financial disclosure (FLFD) is potentially uninformative if it does not change from the previous year, especially after a significant change in firm performance. This study aims to examine whether and to what extent FLFD is changed in response to changes in firm performance. Then, it investigates the effect of such change in FLFD on firm value. The study uses a sample of UK narrative statements over the period from 2005 to 2011. It finds an association between change in FLFD and change in firm earnings performance. However, it finds weak evidence that firms with larger changes in earnings performance are likely to change their FLFD more than those with smaller performance changes. In addition, when we distinguish between well-performing and poorly performing firms, it finds that the change in FLFD is more positively associated with poorly performing firms compared to well-performing firms. Finally, the change in FLFD has no effect on the value of well-performing firms, while, it negatively affects poorly performing firms. The results suggest that forward-looking financial information in UK narratives contains some relevant information about firm performance. However, it neither affects the value of well-performing firms nor enhances investors' valuation of poorly performing firms.     

货币价值波动、财富分配差距扩大与系统性金融风险

选取我国1990-2018年的数据为样本,运用结构向量自回归模型（SVAR）对随机变量进行脉冲分析和方差分解分析。结果显示：货币价值波动初期导致系统性金融风险增加,对财富分配差距扩大的影响滞后。财富分配差距扩大初期对导致系统性金融风险影响较小,随后增加;货币价值波动对系统性金融风险的影响较大,并导致财富分配差距扩大。     

A further look at household portfolio choice and health status

This paper investigates the effect of changes in health status on household financial wealth and financial portfolio choice. It is shown that the impact of health events on household financial and non-financial wealth is asymmetric. A diagnosis of a new disease leads to a larger decrease in financial wealth than in non-financial wealth. Moreover, we find that the puzzle pertaining to the relationship between health status and portfolio choice discussed in the extant literature generally disappears after controlling for differences in the amount of financial assets held by healthy and sick people. The results suggest that the effect of changes in health status on household financial portfolios is indirect. A health shock significantly reduces household total financial wealth, in turn leading households to restructure the composition of their financial assets.     

The double entry structural constraint on the econometric estimation of accounting variables

ABSTRACT

This paper develops a structural system for estimating accounting variables, within which the deterministic relationships inherent in financial statement articulation are clearly defined in the econometric model. The key proposition of the paper lies in the treatment of the financial statements as a matrix of codetermined information constrained by double entry, where the expected value of each of the individual items that comprise the financial statements will be mirrored elsewhere in the system with a different sign. Given that the change in net operating assets shares the same variation as the change in net financial claims, it is shown, by formally identifying the articulation, that empirical application will yield increased precision and improved efficiency by comparison to the more traditional methods that fail to specify the structural double entry property.     

Cash Flow Accounting and Liquidity: Cash Flow Potential and Wealth

The persistence of a minority interest in ‘cash flow accounting’ alongside the dominant financial reporting pattern that gives cash flow statements a distinctly secondary role in the line-up of flow statements suggests that something is missing from the analyses of the interested parties. The major theme of this paper is that users rely on historical cash flow reporting for information relevant to projecting enterprise liquidity in the short run, and on financial statements based on accrual-deferral accounting for information relevant to their interest in wealth and income. An explicit distinction between the two accounting objectives (providing information for use in assessing future enterprise liquidity and providing information for use in assessing enterprise wealth and income and performance against investors' augmentation-of-wealth objective) is recommended as a basis for clarifying the issues. That distinction suggests the value of two quite different, but related, sets of data: historical cash flows and stocks and flows of cash potentials.     

What motivates managers?: Evidence from organizational form changes

We formulate and test several hypotheses on managerial motivation using organizational form changes in the real estate industry. We find that firms that switch to a more restrictive structure have increases in stock value and managerial ownership. Firms moving to a less restrictive structure have larger wealth effects when higher monitoring exists. Higher degree of financial distress and forced CEO replacement at the time of organizational form change are taken to be proxies for higher degree of (creditor) monitoring. The wealth effects are decreasing in the firm's level of free cash flow at the time of organizational form change.     

Does Consumption Respond More to Housing Wealth Than to Financial Market Wealth? If So,Why?

This paper uses long-run equilibrium relationship between consumption and different components of wealth to estimate the effect of changes in housing wealth and financial wealth on consumption. By exploiting this long-run property, it has been shown that a dollar increase in housing wealth increases consumption by seven cents, whereas, a corresponding dollar increase in financial wealth increases consumption by only three cents. This difference in the wealth effect arises because transitory shocks dominate variation in financial wealth, whereas permanent shocks account for most of the variation in housing wealth. This paper also shows that the relative importance of permanent component for housing wealth has witnessed an increase over the last thirty years. Therefore, housing wealth effect has also increased over time.