Mergers and acquisitions research in finance and accounting: Past,present, and future

This study presents an analysis of publication patterns and major themes in research on mergers and acquisitions in finance and accounting. We find that takeovers as mechanisms of governance, drivers of mergers, mechanisms of mergers, bank mergers, cross-border mergers, shareholder wealth effects of mergers and related events, and the role of financial experts and ownership structure form major themes of research in the finance area, while in accounting area major themes are corporate governance and accounting outcomes, predicting takeovers and their outcomes, valuation, financial reporting and takeover decisions, and financial reporting and performance.     

用物联网构筑“智慧金融”

本文探讨物与物、人与人、人与物之间进行信息交换和通信的物联网概念,分析美国、欧盟、日韩和中国物联网的发展现状和未来,提出物联网从提高金融业务的效率和安全性以及金融业务管理和服务、检查交易真实性、质押物监管和定制服务、监控和管理受控人员和以及保险业的实时监测服务等方面构筑的＂智慧金融＂。     

自由贸易港需要什么样的金融服务？——再论FT账户和海南自由贸易港的账户选择问题

2025年海南全岛封关运作、实现“一线放开、二线管住、岛内自由”后,海南自由贸易港市场主体及其商品、劳务和金融资产都将具有离岸法律属性,遵守以《自由港法》为核心的离岸法律法规,既有的内地在岸银行账户体系,以及FT账户体系都将无法满足为海南市场主体及其离岸经济活动提供金融服务和基础设施支持的要求,有必要尽快着手建立适应海南自由港经济金融活动需求的,独立于内地既有银行账户体系,包含海南自由港货币当局、商业银行和其他相关金融机构在内,设计清晰、系统简洁、功能完备的海南离岸银行账户体系。同时,在账户规则、监督管理、金融市场建设、中央银行货币发行和其他微宏观审慎管理,以及配套基础设施上抓紧研究方案,尽早着手设计、建设和模拟运行,以期在中央宣布海南全岛封关运作后,能及时投入运行,为全岛封关运作后的海南经济活动提供相应的金融服务和基础设施支持。基于相关规划和设想,本文做学术和学理探讨。     

自由贸易港需要什么样的金融服务？——再论FT账户和海南自由贸易港的账户选择问题

2025年海南全岛封关运作、实现“一线放开、二线管住、岛内自由”后,海南自由贸易港市场主体及其商品、劳务和金融资产都将具有离岸法律属性,遵守以《自由港法》为核心的离岸法律法规,既有的内地在岸银行账户体系,以及FT账户体系都将无法满足为海南市场主体及其离岸经济活动提供金融服务和基础设施支持的要求,有必要尽快着手建立适应海南自由港经济金融活动需求的,独立于内地既有银行账户体系,包含海南自由港货币当局、商业银行和其他相关金融机构在内,设计清晰、系统简洁、功能完备的海南离岸银行账户体系。同时,在账户规则、监督管理、金融市场建设、中央银行货币发行和其他微宏观审慎管理,以及配套基础设施上抓紧研究方案,尽早着手设计、建设和模拟运行,以期在中央宣布海南全岛封关运作后,能及时投入运行,为全岛封关运作后的海南经济活动提供相应的金融服务和基础设施支持。基于相关规划和设想,本文做学术和学理探讨。     

Africa in the 1990s and beyond: Alternative prescriptions and projections

This article examines the origins, dimensions and implications of Africa's crisis. It draws attention to the impact of historical experiences, the distortions and disarticulations of that experience, and to the coalitions, contradictions, crises and conflicts inherited at independence. It looks at postcolonial alignment and realignment of social and political forces, the crisis of accumulation and power, and the implications of the region's marginal location and role in the global division of labour and power. Calling for a need to transcend the manifestations of the African predicament, the article looks at regional and international responses to the crisis. It concludes by prescribing the need for a fundamental political restructuring, the empowerment of the people and their communities and organizations, a socially sensitive structural adjustment programme, and the recomposition of the content and context of politics and social relations.     

金融包容的逻辑起点及体系构建——兼论新背景下金融包容的推进与应用

鉴于国内对金融排斥、普惠金融、金融包容的研究还存在诸多分歧,地理学者和金融学者对其可达性及使用性维度仍有不同理解,从学术溯源的角度,通过梳理金融包容的历史沿革和内涵演化,界定不同理念之间的区别与联系,并结合最新的数字金融、虚拟集聚背景,提出“三度”“三维”“三协调”为一体的金融包容体系。从复杂系统论的角度,创新性地将其分为金融包容的协调体系、风险管理体系、创新体系、组织体系及传导体系,并探索了主流金融范畴的扩展、格莱珉模式的思考以及传递渠道的创新等,剖析了新的研究范式的不足,为未来理论研究和实践推进提供路径及展望。     

国家治理与国家审计:基于国家建构理论的分析

基于福山的国家构建理论,本文从本源上对国家治理与国家审计的关系及其互动机制进行了详细剖析,认为国家治理与国家审计的互动主要是透过组织的设计与管理、政治制度的设计、合法化的基础、文化与社会等四个决定制度供给的要素展开的。具体而言,组织的设计与管理、政治制度的设计、合法化的基础、文化与社会等要素的完善有助于国家审计的完善,同时国家审计通过对组织的设计与管理、政治制度的设计、合法化的基础、文化与社会等要素的反向作用改进国家治理。     

保险透明度监管的相关理论及文献研究综述

采用文献研究、比较分析等方法,对透明度监管的相关理论和历史文献进行回顾,从保险透明度监管产生的理论根源以及透明度监管与金融保险市场风险防范、保险公司治理、保险法律制度建设之间的影响关系进行综述,并对未来的研究进行展望。     

货币政策和宏观审慎政策的关联及启示——基于英格兰银行的经验

时至今日,宏观审慎政策在内涵、工具和框架等方面快速发展,不仅政策目标更加清晰,工具类型更加丰富,相关理论基础也在不断完善。作为危机后形成的新政策框架,宏观审慎政策在工具有效性、作用机制、政策框架设计及与货币政策的关系方面都还有待深入研究。特别是在制度框架中,如何考虑宏观审慎政策与货币政策的关联,合理设计政策决策框架均已成为关键。对中国而言,系统风险识别、监测与分析更加复杂、困难,需要对宏观审慎政策开展更加精细、深入研究,尤其应吸收借鉴国际经验,建立、完善适合中国的宏观审慎政策框架。基于此,本文首先对宏观审慎政策的理论基础、政策目标及工具等进行系统综述,而后从两类政策关联中涉及的三个重要问题出发,着重分析宏观审慎政策与货币政策之间关系,并分别从组织架构设计、货币政策框架改革、金融政策框架设计等方面,系统介绍了英格兰银行在货币政策和宏观审慎政策框架改革的经验,重点阐述英格兰银行如何实现理论发展与制度设计的较好融合。最后,给出我国宏观审慎政策发展的若干启示和政策建议。     

中国影子银行的经济学分析:定义、构成和规模测算

2008年国际金融危机以后,中国金融体系发生的重大变化之一是影子银行的较快发展,其规模迅速膨胀,交易结构日趋复杂,各类市场主体都牵涉其中。这些变化吸引了政策制订者和学术界的广泛关注。本文给出了中国影子银行的功能性定义,即依赖于银行信用、从事银行业务、但又没接受严格的银行业监管的金融业务,具体指传统的银行表内贷款和债券投资以外的,具备完整的信用转换、期限转换和流动性转换功能的金融业务。本文逐项分析影子银行业务,详细总结各类型业务的交易结构、业务主体、业务实质、资金来源、法律基础、资产负债表表示,准确测算了2002年至今影子银行总量和资产负债表结构月度数据。只从资产负债表的负债端着手加总,既完整地涵盖了影子银行的全部业务,得到其宏观总量,又剔除了重复计算。本文测算数据为后续研究打下了基础。     

企业持续竞争优势的决定及企业核心竞争力的源泉

本文分析企业持续竞争优势的决定和企业核心竞争力的源泉。首先对企业资源、关键资源、企业能力、核心能力、企业竞争力、核心竞争力进行了概念上的界定,并分析了企业资源、能力和行业结构在企业竞争优势的决定中所起的作用,从而提出基于静态分析的企业竞争优势决定模型;然后本文从动态分析的角度对企业持续竞争优势和企业竞争优势加以区别,并提出创新性知识资源和创造性核心能力的概念,进而提出了基于动态分析的企业持续竞争优势的决定模型和企业核心竞争力的源泉。     

Reprint of “Discourses of transdisciplinarity: Looking back to the future”

The current ascendancy of transdisciplinarity (TD) is marked by an exponential growth of publications, a widening array of contexts, and increased interest across academic, public and private sectors. This investigation traces historical trends, rhetorical claims, and social formations that have shaped three major discourses of TD: transcendence, problem solving, and transgression. In doing so, it also takes account of developments that have emerged or gained traction since the early 21st century when a 2004 issue of Futures on the same topic was being written.The epistemological problem at the heart of the discourse of transcendence is the idea of unity, traced in the West to ancient Greece. The emergence of transdisciplinarity was not a complete departure from this historical quest, but it signalled the need for new syntheses at a time of growing fragmentation of knowledge and culture. New synthetic frameworks emerged, including general systems, post/structuralism, feminist theory, and sustainability. New organizations also formed to advance conceptual frameworks aimed at transcending the narrowness of disciplinary worldviews and interdisciplinary combinations of approaches that did not supplant the status quo of academic structure and classification.The discourse of problem solving is not new. It was fundamental to conceptions of interdisciplinarity in the first half of the 20th century. Heightened pressure to solve problems of society, though, fostered growing alignment of TD with solving complex problems as well as trans-sector participation of stakeholders in society and team-based science. The discourse of transgression was forged in critique of the existing system of knowledge and education. TD became aligned with imperatives of cultural critique, socio-political movements, and conceptions of post-normal science and wicked problems that break free of reductionist and mechanistic approaches. It also became a recognized premise in interdisciplinary fields, including cultural studies, women's and gender studies, urban studies, and environmental studies. And, calls for TD arrived at a moment of wider crisis in the privileging of dominant forms of knowledge, human rights accountability, and democratic participation.Even with distinct patterns of definition, though, discourses are not air-tight categories. Transcendence was initially an epistemological project, but the claim of transcendence overlaps increasingly with problem solving. The imperatives of transgression also cut across the discourses of transcendence and problem solving. Broadly speaking, though, emphasis is shifting from traditional epistemology to problem solving, from the pre-given to the emergent, and from universality to hybridity and contextuality.     

Ethical impact of artificial intelligence in managerial accounting

Recent advances in technology have accelerated digitalization and intelligence in modern business. Particularly, the increasing use of Artificial Intelligence (AI) in managerial accounting is expected to accurately measure corporate performance, provide intelligent analyses, and predict the future of a company. However, along with the benefits, ethical concerns of using AI also arise, such as deprofessionalization, data breach, and isolation among accountants. This paper explores the ethical impact of AI in managerial accounting at both pre- and post-adoption stages. Based on 47 interviews conducted with companies, an AI system vendor, and regulators, we found that data security, privacy, and misuse; accountability; accessibility; benefits and challenges; and transparency and trust of AI are among the most common ethical risks in the development and use of AI in managerial accounting. Unique ethical impacts on four types of stakeholders: developers, managers in charge of AI adoption, managerial accountants, and regulators, were also discovered.     

高风险形式下企业欺诈与舞弊的防范

随着社会经济与技术的不断发展,企业经营环境的变化,与企业战略制定与修正、法律法规的不完备、会计准则的"空隙"等相关的经营风险日益加大。利用与这些经营风险相关的不确定性与复杂性作掩护的欺诈与舞弊已成为必须面对和急需解决的一个重要问题。根据高风险形式下企业欺诈与舞弊的成因分析,对其的防范应通过合理地设定企业的战略目标、严格地控制战略目标实施过程中的修正程序、提高识别风险因素的能力,建立良好的企业文化,即诚信与道德价值观等来实现。     

行为视角下的疫情分析:成因、影响与对策综述

本文从流行性传染病特征和医学传染病模型出发,对影响疫情的非理性因素、疫情的直接与间接结果进行文献综述,分析极端事件中的反应不足与过度反应。在成因上,本文梳理了不完全信息贝叶斯学习和显著性理论等决策行为假说,来理解人们行为背后的信息处理机制和情感作用渠道。在结果上,疫情及有关政策对经济金融活动的直接影响尚缺准确评估,恐慌情绪与羊群行为、社会信任危机、风险态度转变及异质性信念等疫情间接结果也有待深入研究。最后,本文基于已有文献和疫情行为分析,对未来学术研究及政策管理提供思路和建议。     

Merging art and design in foresight: Making sense of Emerge

Emerge: Artists and Scientists Redesign the Future, hosted by Arizona State University in 2012, united artists, engineers, bioscientists, social scientists, storytellers and designers to build, draw, write and play with the future. Over three days, and in nine different workshops, participants created games, products, monuments, images and stories in an effort to reveal the texture and feel of emergent futures. The Emerge workshops drew from a burgeoning field of future-oriented methods that infuse art, design and information technology into the development and delivery of scenarios and design fictions – a constellation of practices I call “mediated scenarios”. This introduction and the articles in this special issue, work to make sense of these emerging practices, and of Emerge itself, in order to develop appreciation of this rising genre. In doing so, the papers in this issue ask critical questions about the nature of these novel forms of foresight practice and investigate the trade-offs and potencies involved in the workings of mediated scenarios.     

动态能力构建与保险公司竞争优势——基于中国保险市场的多案例研究

当前,中国保险市场发展十分迅猛,同时也面临多变和不确定的内外部环境,为研究动态能力提供了理想情境。根据国内外最近研究进展,识别保险公司动态能力的构建维度,探索动态能力和保险公司竞争优势之间的关系。通过对三个案例的研究,发现保险公司的动态能力是个多维度聚合构念,包括感知机会和威胁的能力、对新知识的吸收能力、重构资源基础的能力、产品和服务的创新能力。研究的主要贡献是对保险公司动态能力构念的定义和操作化,以及企业动态能力和保险公司竞争优势之间的关系,对我国保险业的持续健康发展有一定的实践参考价值。     

基于跨越式发展对新疆高等教育经费投入的思考

2010年中央新疆工作座谈会提出了推进新疆跨越式发展和长治久安的战略部署,丰富和发展了稳疆兴疆的基本方略。然而随着经济全球化深入发展,科技进步日新月异,知识经济方兴未艾,人才已经成为一个地区的核心竞争力,发挥着基础性、战略性和决定性的作用。本文正是在新疆跨越式发展的前提下,通过分析新疆高等教育经费投入的现状,以及存在经费投入不足的问题,引发对高等教育经费投入的思考,并提出了加大高等教育经费投入的政策建议,通过加大对高等教育经费投入,促进高水平大学建设与发展,培养更多的高素质、专业化、创新性的人才队伍,为实现新疆经济社会跨越式发展提供人才保障和智力支持。     

百年大变局下的国际法与国际法治

当今世界正经历百年未有之大变局，对现行国际法与国际法治提出了前所未有的挑战。二战后逐渐建立和发展起来的现代国际法与国际法治从总体上讲是进步的，对战后世界和平及安全、国际合作与发展、人权尊重和保障，发挥了不可替代的作用。但现代国际法与国际法治并不完善，无论是国际法规则制度本身还是国际法治的运行，都存在深层次的问题，还有许多不公正、不合理、不符合国际格局演变大势的国际规则、国际机制需要改进。当代中国已深度融入全球治理与国际法治体系，从学习者、追随者、受益者发展成为维护者、建设者、贡献者，坚定维护以联合国为核心的国际体系、以国际法为基础的国际秩序、以联合国宪章宗旨和原则为基础的国际关系基本准则，并在理念、原则、规则、制度等方面对现代国际法与国际法治贡献了中国智慧和中国方案。面对百年未有之大变局，中国要立足中国、胸怀天下，与时俱进、守正创新，加强国际法研究和运用，善于运用国际法治思维和法治方式有效应对挑战、防范风险，坚持统筹推进国内法治和涉外法治、协调推进国内法治和国际法治，积极参与全球治理体系改革和建设，积极参与国际规则的制定，推动构建人类命运共同体。 一     

Hunting humans: A future for tourism in 2200

This paper offers a future scenario to expose the potential engagement of tourism in the year 2200. Taking a socio-constructionist approach to research and through the analysis of secondary data, it explores current issues and debates concerned with the environment, disasters and depletion of natural resources; social context including movies and entertainment, the media and technology, the evolution of the theme park and cultural transmission; and economical realities, covering poverty vs. world elite and global culture, all of which are seen as drivers of the potential future tourism market. In so doing, it presents a narrative (scenario), provoking the notion that in the year 2200 death and hunting humans will form part of the tourism entertainment industry and a practice carried out by the wealthy-elite, a view backed with substance. It argues, that as a result of past and current engagements with murder, death and human atrocities, and significantly our relationship with death, humans will gradually become more accustomed to death as a form of spectacle, influenced by current entertainment, movies and the media. Death as entertainment by form of detachment (emotionally and physically) will further influence the future fun aspect of hunting humans. Significantly, changes in our natural environment will lead to great challenges, lack of water, depleted food resources and greater disparity between the wealthy and impoverished; all of which will drive the change in our humanly existence. This papers aims to provide a provocative account of the ‘potential future meaning of tourism’, through the application of current knowledge, and significantly, it is our relationship with death and violence that are central, death and violence are becoming diluted and thus, will be a source of future entertainment and a tourism activity – in less humans can reach a level of transcendence that has never been present, to transcend the culture they have created, one that has always witnessed violence as a means to survival. If violence can be detached then we will be presented with a ‘wild card’, a future that is truly out of this world.