Global Harmonisation of Accounting Standards: What Research into Capital Markets Tells Us

There is strong evidence that current levels of accounting diversity are reflected in various dimensions of sharemarket activity. However, there is little available research to help us assess the potential effects of accounting hamonisation on the ASX and its participants. Moreover, the available indications suggest that the answers will not be simple, and not always in accord with some of the arguments that are heard in the hamonisation debate.     

我国智力资本会计应用初探

本文借鉴国内外智力资本的研究成果 ,从智力资本的概念、分类、内容构成、核算体系的设计与现行会计制度的改革等方面对我国智力资本会计系统的建立和应用进行了探讨     

Capital Markets Research And The Goodwill Debate

This paper provides a review of capital markets research relevant to the goodwill accounting debate. Results indicate that the reported goodwill asset under United States GAAP is associated with share values, but there is no clear evidence of a similar association for goodwill amortisation. Similarly, there is no clear evidence of a competitive disadvantage associated with the requirement to amortise goodwill.     

资本市场与资产评估

一、资产评估对我国资本市场持续健康发展的作用 资产评估作为一种专业化中介服务行业,服务于诸多重要经济领域和经济活动．在规范交易行为、降低交易成本、维护经济秩序、保障金融安全、促进经济发展等方面发挥着十分重要的作用。     

Scale Effects in Capital Markets-Based Accounting Research

Abstract:  Based on data simulated using a modified Ohlson (1995) valuation model, we investigate effects on inferences of five potential scale-related effects: multiplicative and additive omitted scale factors, scale-varying coefficients, survivorship, and heteroscedasticity. We find that diagnostics identified in prior research are not successful in detecting or distinguishing these scale effects. Thus, we investigate the effectiveness at mitigating scale effects of six specifications of regressions of equity market value on equity book value and earnings: undeflated, share-deflated, equity book value-deflated, lagged price-deflated, returns, and equity market value-deflated. For each specification, we compare frequency of correct rejection that the coefficients equal zero, coefficient bias and absolute error, and regression explanatory power. We find that share-deflated and undeflated specifications generally perform the best, regardless of the type of scale effect.     

资本成本会计新探

传统会计只确认债务资本成本，不确认股权资本成本，这种“成本”是不完善的，未能体现公司作为会计主体的理念。应建立资本成本会计，完善资本成本理念。     

非活跃市场条件下金融工具计量问题研究

非活跃市场条件下,金融工具价值的确定没有可以直接使用的市场价格,从而产生了非活跃市场条件下金融工具计量的一些特殊问题。中国许多金融机构持有不具有活跃市场的金融工具,在初始计量和后续计量方面面临着诸多方面的挑战。我国现行规范对非活跃市场条件下金融工具的计量缺少必要的操作指南,而金融机构自身缺少必要的估值管理制度、估值能力也相对有限。本文认为,应当通过完善相关规范制度、提供必要的操作指南、推动财务报告目的资产评估业务的发展来解决现实中存在的问题。     

宗教传统与资本市场会计研究:文献述评

近年来宗教正在成为一种"显学"。特别是随着宗教经济理论和研究范式的转换,宗教文化现象受到广泛关注,构成了当前公司治理研究中的新兴领域,对理解非正式制度在资本市场上的作用提供了新的视角和思路。为此,本文对过去十多年来取得的研究进展做了系统回顾和梳理,发现宗教在资本市场上扮演着不可或缺的角色,但对其作用的理解尚显粗浅,缺乏系统性认识,并提出了相应未来研究启示。宗教传统对理解我国资本市场会计信息环境、完善家族企业治理、推动新三板市场和小微企业发展等具有积极意义。     

中国资本市场:2008回顾与2009展望

2008年,全球经济在美国次贷危机的冲击下经历了一个历史上少见的大波动;中国经济因为迅速提高的外向程度,也受到这个危机的显著冲击。作为宏观经济的晴雨表,中国资本市场的波动也是中国资本市场发展至今所少见的。对于市场     

资本会计论与要素复合观

资本实体的价值由资产、负债、收益和费用四大要素构成 ,这种复合观念为资本的核算与监控提供了新的概念框架 ,揭示了会计对象构成的整体性和层次性 ,也指出了资本信息相对于其他会计信息的优先性     

International Capital Markets and Foreign Exchange Risk

Relations between foreign exchange risk premia, exchange ratevolatility, and the volatilities of the pricing kernels forthe underlying currencies, are derived under the assumptionof integrated capital markets. As predicted, the volatilityof exchange rates is significantly associated with the estimatedvolatility of the relevant pricing kernels, and foreign exchangerisk premia are significantly related to both the estimatedvolatility of the pricing kernels and the volatility of exchangerates. The estimated foreign exchange risk premia mostly satisfyFama’s (1984) necessary conditions for explaining theforward premium puzzle, but the puzzle remains in several caseseven after taking account of the pricing kernel volatilities.     

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three‐quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.     

把货币放到资本市场去

留易顺差导致外汇储备增加，使货币投放无法抑制。过去的货币投放是央行根据经济增长需要主动安排的，但是现在是根据外汇流入的数量．包括外国直接投资、贸易顺差和大量的热钱。货币政策从主动性变成了被动性，其中的重要原因就是贸易顺差。如果贸易顺差是可控的．在未来相当一段时间内不会持续增长．那我们现在面临的矛盾就是短期问题．用对冲操作就可以应付。但我认为这个观点有很大问题。     

摩根大通看好中国资本市场

2003年,摩根大通在股本资本市场仅排名第十一,去年才刚刚挤进前十名的位置,当时有部分评论家认为摩根大通并未采取行之有效的中国策略.     

税务会计计量属性及其与财务会计计量属性的比较

文章在借鉴财务会计计量属性的基础上,结合对税法的理解与认识,初步界定出税务会计的计量属性,进而分析税务会计计量属性与财务会计计量属性之异同。在会计理论与实务中,既要重视财务会计计量属性,又应重视税务会计计量属性,而税务会计计量属性散见于税法之中,需要进行归纳、提炼。对税务会计计量属性的研究,既是税务会计理论与实务的需要,又是对会计理论与实务的丰富与拓展。     

The Bright Side of Internal Capital Markets

We examine capital expenditure decisions of discount firms in response to Wal-Mart's entry into their markets. Before Wal-Mart's entry, focused incumbents and discount divisions of diversified incumbents are similar in size, geographic dispersion, and firm debt levels. However, discount divisions of diversified firms are significantly more productive. After Wal-Mart's entry, diversified firms are quicker to either "exit" the discount business or "stay and fight." Also, their capital expenditures are more sensitive to the productivity of their discount business. Internal capital markets function well, as transfers are away from the worsening discount divisions. It appears diversified firms make better investment decisions.     

国际资本市场监管的最新理论

近十余年来，全球资本市场发展迅速，庞大的投机资金在全球资本市场的流动加剧了世界金融市场的动荡，尤其是给金融体系脆弱的广大发展中国家带来了具有严重破坏性的后果或者威胁。全球资本市场监管体系的建立已经提上了各国政府的议事日程。……