低碳经济下电力会计探析

随着人们对生活质量要求的不断提高,对生存环境的保护意识也逐渐增强,近年来,低碳一词越来越被高频使用,低碳经济成为一种全新的符合人类共同意志的经济形态。在低碳经济下,电力行业的生产模式有所调整,电力会计工作也相应有所影响,电力行业的会计工作被赋予了更多的低碳责任。本文从低碳经济内容入手,对低碳经济下电力会计的工作方式进行分析和探索,以期为会计工作者更好的从业电力行业服务。     

电力财务中的预算管理与风险管理的探讨

科学技术和计算机技术的迅速发展和提高推动了我国经济行业全面信息化建设发展进程,也使得现代人们的工作和生活也越来越离不开电力体系,这也在另一个程度上推动了现代电力行业的发展步伐,扩大了电力企业的发展空间。随着市场电力需求量的日益剧增,电力行业的规模也在不断扩大,但是很多电力企业的发展却在一定程度上受到了阻碍,其主要因为部分电力企业财务的管理工作没有跟上企业的发展步伐,其预算管理和风险管理存在很多缺陷和不足。     

电力企业会计内部控制体系的建设分析

随着我国的经济快速发展,电力的需求也不断地增加,电力行业是支撑整个国民经济基础性产业.如何进行电力企业会计内部控制体系的建设,是关系到当前整个电力行业的发展的重大问题.本文主要针对当前我国电力行业存在的问题,提出了几点完善电力企业会计内部控制体系建设的建议.     

企业并购绩效分析——以我国电力企业为例

在电力需求高速增长及电力体制改革深入进行的特殊时期,电力行业如何通过并购必将获得更大的资产重组空间．实现资源整合提高效率和竞争力是电力行业改革过程中应该关注的问题。本文旨在通过对电力行业上市公司并购前后财务状况的分析,研究电力行业上市公司的并购绩效,初步探讨电力行业的并购活动能否提高电力企业的经营业绩,分析我国电力行业并购的效率效果,为电力行业的深入改革提供参考。     

小议电力企业内部控制体系的构建与完善

作为我国国民经济稳定发展的重要性支撑,电力行业一直是我国经济结构中关乎他行业生存与发展的基础。近年来,基于我国市场经济体制的不断深入与完善,电力市场的开放性不断提升,而电力企业运营发展所面临的内外环境也都发生了一定的转变。与此同时,由于经济发展对电力需求的不断增长,在我国电力缺口不断扩大的基础上,电力行业发展的稳定性直接影响着我国国民经济发展的健康性和持续性。因此,针对环境的变化、结合电力行业和我国国民经济的稳定发展来看,加快电力企业内部控制体系的构建与完善显得尤为必要。为此,以下将主要围绕我国电力企业内部控制体系的构建与完善问题进行简单的分析与探讨。     

分析电力经济运行存在的问题及解决措施

经济的发展对电力企业的发展有着非常重要的带动作用,本文结合笔者在电力行业经济管理的工作经验对当前我国电力经济运行存在的问题进行相关的分析,并提出相应的解决措施,希望对我国电力行业的发展能有一定的指导与借鉴意义。     

电力企业经营管理研究分析

电力行业为现代社会发展建设供给了优质电力能源,为国民经济建设发展的核心支柱,体现了显著的经济效益与社会效益.但相对而言,我国电力企业起步较晚,经验不足,经营管理水平较低,不利于电力企业的长远发展.对此,本文分析了电力企业经营管理现状,并探讨了控制对策.     

电力企业经济管理创新策略探析

电力企业作为国家电网公司旗下的子公司,以规划、投资、建设、运用国家电力资源为核心业务,为整个国家的经济的稳步发展起到重要的推动作用.在市场经济的大潮下,低碳减排的国际电力指标下,我国的电力企业也要开始求新求变,以适应不断变换的经济环境.那么如何能在风云变幻的经济浪潮中脱颖而出,电力企业需要对经济管理进行创新性实践.本文将从电力企业的经济管理对市场营销的影响作为关注点,探讨电力企业经济管理的创新策略.     

电力行业营运资金管理效率对企业绩效的影响

针对电力行业营运资金管理效率对企业绩效的影响进行分析,突出表现在采购途径营运资金管理,提升电力企业运行绩效稳定性;生产途径营运资金管理,加速电力企业资金周转速度以及营销途径营运资金管理,达到电力企业自身规划目的等方面,并结合电力行业特点,突出企业营运资金管理的相关建议,旨在促进电力企业绩效水平的不断提升.     

我国电力企业内部会计控制若干问题的思考

随着我国经济的不断发展,电力行业也进行了相应的改革,顺应社会经济的改革才能够更好地适应社会主义经济的发展。电力行业的改革,让电力企业开始面临激烈的社会竞争。如何能够在激烈的市场竞争中得到生存机会和发展是每一个电力企业都必须要考虑和解决的问题。企业内部会计控制能够有效地提高企业财务管理的质量,提升企业的综合竞争力[1]。但是因为电力企业本身改革的不完善,电力企业内部会计控制的工作上还有很多的不足。本文首先分析了电力企业内部会计控制工作中存在的不足,然后进一步提出了相关的解决办法。     

Auditor selection and corporate social responsibility

This study examines the association between the selection of an industry‐specialist auditor and corporate social responsibility (CSR). We find that firms with higher CSR ratings are more likely to hire industry‐specialist auditors (national‐level industry leaders, city‐level industry leaders or joint city‐national industry leaders). Moreover, firms with better CSR performance related to product quality and the environment in controversial industries are found to select non‐specialized auditors. The results suggest that such firms may overinvest in CSR activities associated with the environment and product issues to disguise the sin nature of their manufactured goods, and simultaneously engage low quality auditors perhaps to avoid full disclosure of potential environmental and legal liabilities. Overall, we conclude that CSR is associated with the non‐controversial firms ensuring high quality financial reporting in response to societal expectations, and thus CSR firms in such industries have strong incentives to engage industry‐specialist auditors.     

Equity market response to natural disasters: Does firm's corporate social responsibility make difference?

This study investigates the role of corporate social responsibility (CSR) in explaining firms' stock performance in the wake of natural disasters in the United States. Using event study and multivariate regression analyses, we find that market performance of CSR firms is better than that of non-CSR firms when such disasters occur. We also highlight the importance of environmentally friendly practices in driving the performance of CSR firms. Our results indicate that firms practicing environmental CSR are more resilient to such disasters than nonenvironmental CSR firms. Cross-sectional analyses show that such positive market reaction of CSR firms is more pronounced when firms have low financial constraints, low information asymmetry, and high social capital.     

企业社会责任效率与生产前沿面研究

从战略、投资、资源的角度对企业社会责任活动与企业绩效之间的关系进行了阐述,认为战略性的企业社会责任能够使企业获得最优绩效.并以制造业和信息传输、软件和信息技术服务业2010～2014年财务数据为基础,根据DEA理论,采用C2R模型对两个行业进行企业社会责任效率与企业社会责任生产前沿面分析.实证结果表明:两个行业履行企业社会责任平均效率不高,主要是由于技术效率较低导致;不同的行业存在不同的企业社会责任生产前沿面.     

Corporate social responsibility and the wealth gains from dividend increases

This study examines whether corporate social responsibility (CSR) influences the stock price response to dividend increase announcements and changes in subsequent operating performance. We find that dividend increasing firms with lower CSR scores elicit higher abnormal announcement returns and greater improvements in industry‐adjusted operating performance. These findings support the argument in the literature that socially responsible firms are more transparent and commit to higher ethical standards than other firms, suggesting that they suffer fewer agency and informational problems (Kim, Park, & Wier, 2012). Consequently, larger dividend payouts reduce agency costs in firms with lower CSR commitments, thereby generating higher wealth gains for shareholders.     

Corporate social responsibility and stakeholder value maximization: Evidence from mergers

Using a large sample of mergers in the US, we examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders. We find that compared with low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in post-merger long-term operating performance. They also realize positive long-term stock returns, suggesting that the market does not fully value the benefits of CSR immediately. In addition, we find that mergers by high CSR acquirers take less time to complete and are less likely to fail than mergers by low CSR acquirers. These results suggest that acquirers' social performance is an important determinant of merger performance and the probability of its completion, and they support the stakeholder value maximization view of stakeholder theory.     

Is corporate social responsibility sufficient enough to explain the investment by socially responsible funds?

I propose an explanation for investment decisions by socially responsible investment funds (SRI) on the firms with higher corporate social responsibility (CSR). Different from the previous literature, I use a unique and comprehensive measure that considers both firm CSR ratings and fund CSR perception. I show SRI mutual funds increase their ownership about 15 % for one unit increase in the firm CSR score when those funds are highly sensitive to CSR. This finding is more pronounced for employee relations and society areas of CSR. The results also hold for a broader range of mutual funds. While industry concentration does not have influence on the fund investment, SRI funds particularly choose socially responsible firms operating in construction, transportation, personal services, and financial sector. I show the funds with CSR sensitivity underperform the market in general and fail to improve their portfolio performance after they invest in the firms with high CSR.     

Cross-border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms

This study examines the impact of cross-border mergers and acquisitions (M&As) on acquirers’ corporate social responsibility (CSR). Based on a sample of Chinese listed firms, we find that firms with cross-border M&A activities experience an improvement in subsequent CSR performance. Specifically, the CSR rating is approximately 8.24% higher in firms with cross-border M&As than in those without such activities. We also find that this positive influence is more pronounced in firms with low initial CSR ratings than in those with high initial CSR ratings at the time when a cross-border M&A deal is completed. Additional analyses reveal that this positive effect is mainly driven by the target firms from countries with high social preference relative to China and that the enhancement in CSR driven by cross-border M&As translates into higher operating performance and easier access to finance. Overall, our findings demonstrate that cross-border M&As can serve as a critical channel for acquirers from a country with low institutional quality to build a better reputation through environmentally friendly behaviour and socially responsible engagement, and therefore gain capital market benefits.     

The impact of CSR performance and CSR disclosure readability on investors’ earnings estimates

We investigate how the valence of corporate social responsibility (CSR) performance and the readability of CSR disclosure impact investors’ earnings estimates. Ninety-seven part-time MBA students participate in an experiment, in which we manipulate the valence of CSR performance (positive versus neutral) and the readability of CSR reports (high versus low), while holding financial information constant. Our findings reveal that investors make more positive earnings estimates when CSR performance is positive. The readability level of CSR reports also influences investors’ decision-making process. Moreover, by using an eye-tracking device, we are able to observe investors’ different reading behaviours upon the different levels of readability.     

Multi-dimensional corporate social responsibilities and stock price crash risk: Evidence from China

Worldwide, there has been an ongoing debate about whether corporate social responsibility (CSR) can lead to better financial market performance, or whether corporations can do well by doing good. Working with a sample of all listed companies in China from 2010 to 2017, this study examines the impacts of three dimensions of CSR on stock price crash risk. We find that CSR, especially firms' responsibility to the environment and stakeholders, significantly reduces stock price crash risk, while social contributions such as charitable donations have no significant effect on stock crash risk. Attracting long-term institutional investors is the primary mechanism through which CSR can curb crash risk. Mitigating earnings management is also a channel through which overall CSR and stakeholder responsibility contribute to a lower stock crash risk. Finally, we find that stakeholder responsibility and environmental responsibility can help improve stock market performance.     

企业社会责任:“真心”抑或“幌子”?——基于高管内幕交易视角的研究

企业承担社会责任究竟是“真心”还是“幌子”?与现有研究聚焦于考察社会责任对企业行为的影响不同,本文基于高管个体行为视角,实证检验企业社会责任对高管个体证券交易行为的影响。基于2008～2014年中国沪深A股上市公司高管10338个内幕交易样本的实证结果显示:(1)企业承担社会责任不仅能抑制高管内幕交易的规模,更能显著降低高管内幕交易获利性,这表明作为社会责任的谋划者,企业高管并未以社会责任为“幌子”牟取个人证券交易的私利,在一定程度上提供了企业“真心”承担社会责任的证据;(2)进一步从“信息模型”和“声誉模型”双重视角探究发现,在企业信息不透明和高管个人声誉较差的情况下,企业社会责任对高管内幕交易获利性的抑制作用更为显著;并且相较于高管个人声誉较差的情况,企业社会责任在信息不透明的情况下对高管内幕交易获利性的抑制作用更强。总之,本研究从高管个体行为视角提供了企业社会责任具有积极治理作用的证据,不仅丰富了企业承担社会责任经济后果的研究,同时,对利益相关者也具有实践指导意义。