人力资源会计理论框架研究

会计学能否"敏感"地触及经济环境的变化,"反应性"地拓展自己的边界,将人力资源作为对象纳入自己的范畴,决定着会计学能否继往开来地进行理论创新.目前财务会计的"权益理论"主要是根植于工业经济年代的、以财务资本为中心的理论.要想将人力资源纳入财务会计的体系,在解决计量问题之后,最重要的是考虑修正权益理论,将财务会计对象由财务资源扩大到能够导致企业价值增值的财务资源与人力资源,并将之反映到相应的权益理论中,为人力资源会计信息进入财务会计信息系统扫清障碍.     

社会责任投入增进价值创造的路径与时点研究——一个理论分析

本文在Godfrey等学者的社会责任交易观的基础上,结合利益相关者理论、资源基础理论、利益相关者重要性理论等不同层面理论的学术思想,构建了一条"社会责任投入—利益相关者感知—信誉资本形成—积极交易实现—公司价值创造"的理论路径来解释社会责任投入与公司价值的关系,并将信誉资本解构为交易信誉资本、财务信誉资本和道德信誉资本三类,对顾客、员工、投资者和社区等维度的社会责任投入增进价值创造的具体路径和时点进行深入分析。通过探讨从企业社会责任行为、政策到结果的过程和潜在机制,本文拓展了社会责任领域的研究范围和思路,为企业正确承担社会责任提供了理论支持和决策指引。     

影响宿迁纺织服装企业价值的财务因素探究

目前宿迁纺织服装企业正处于中小规模的发展阶段,对宿迁经济增长和社会稳定做出了很大的贡献。笔者从财务层面对中小纺织服装企业价值影响因素进行探究,通过描述性统计、相关性分析和回归分析得出结论:中小纺织服装企业的价值与盈利能力、营运能力和偿债能力正相关,与流动资产占总资产比值正相关,其中反映前三个财务能力的关键指标有销售利润率、总资产报酬率和权益报酬率;应收账款和总资产周转率以及资产负债率、权益乘数和利息保障倍数。最后,笔者从盈利能力、盈利质量、营运能力、偿债能力以及资产结构几个财务层面指出提高宿迁纺织服装企业价值的建议。     

碳信息披露与资本成本的关系研究

资本市场上企业的信息披露行为从财务信息披露到非财务信息披露,从企业社会责任报告披露到碳排放披露。企业自愿披露更多的信息都是为了自身利益,包括提高企业价值,降低资本成本等。本文从碳信息披露与资本成本的关系视角出发,以剖析企业的资本成本是否受益于更好的碳信息披露。     

现代企业社会责任履行的环境信息披露研究——基于“生态社会经济人”假设视角

人类文明不同的发展形态决定了有与之相适应的"经济人"假设。"生态社会经济人"假设是生态文明发展催生的一种文明主体。本文以"生态社会经济人"假设为视角,以环境信息披露为核心,探讨企业履行社会责任与披露环境信息之间的关系。提出企业在履行社会责任中加强环境信息披露的建议。     

政府角色、所有权性质与权益资本成本

基于我国各地市场化进程中政府对企业干预程度的差异,本文研究政府角色转变对不同所有权性质企业权益资本成本的影响。政府减少对企业的干预会产生两个效应:一方面,增强企业经营行为和经营环境的可预期性,从而降低权益资本成本,即"可预期效应";另一方面,会减少对企业的保护,增加企业的风险,提高权益资本成本,即"保护效应"。两个效应的强弱与企业所有权性质密切相关。我们的研究发现,最终控制人是地方政府的企业,"保护效应"比较强,抵消了"可预期效应"的作用,政府角色转变对权益资本成本没有显著影响;对非国有企业,政府保护比较弱,因此在"可预期效应"的作用下,权益资本成本随着政府对经济干预程度减小而降低。     

上市公司财务困境成本的定量分析--基于1998～2002年度ST公司的实证研究

选取1998～2002年度沪深股市42家ST摘帽公司为财务困境企业样本,从财务和市场两个视角定量考察我国上市公司是否存在财务困境成本.研究发现,从陷入财务困境之前到解除财务困境之后企业经行业调整之后的经营业绩平均增长了8%,但从权益市场价值的变化角度来看,投资者平均承担4.91%的财务困境成本.     

浅析企业社会责任与公司价值的关系——基于资本利益相关者视角

本文基于资本利益相关者的视角通过阐述企业的财务资本利益相关者、人力资源资本利益相关者、社会资本利益相关者、市场资本利益相关者、生态资本利益相关者与公司价值的关系,说明社会资源是一个整体的大资本,企业是其中的中心资本,为了使中心资本不断地壮大企业就要非常重视与其他社会资本的关系.     

“经济人”与“道德人”的和谐对企业社会责任的指导意义

从"经济人"和企业利益的关系,探寻企业追求利润最大化的动因,从"道德人"与企业社会责任的关系,分析企业承担社会责任的缘由。通过将企业是"经济人"与"道德人"的统一,并构建理论模型,探索"经济人"与"道德人"对企业社会责任的影响,分别运用经济激励与道德激励措施鼓励企业获得经济利益的同时承担更多的社会责任,并提出相应的策略激励企业逐渐从法律责任过渡到最终实现企业对股东、顾客、利益相关者及整个社会的慈善责任。     

对资本结构涵义的重新认识

何谓企业资本结构?目前中外学术界有不同的解释,但归纳起来,大致有如下四种:一是认为,资本结构是由企业全部资本构成的,是权益资本与债务资本的比例关系,这就是通常所说的"广义的资本结构";二是认为,资本结构是由企业长期资本构成的,是权益资本与长期债务资本的比例关系,这就是通常所说的"狭义的资本结构";三是认为,资本结构是由企业直接融资构成的,是股票融资与债券融资的比例关系;四是认为,资本结构是由企业价值构成的,是权益资本市场价值与债务资本市场价值的比例关系。分析这四种观点便不难看出,这四种观点都存在着如下两个值得深入研究的问题:一、关于企业资本结构的内容问题上述四种观点都是把资本结构的内     

股权资本与区域经济增长的内生性实证检验

在Lucas(1988)模型基础上引入金融资本建立内生经济增长分析框架,研究分析表征区域股票市场发展的两个变量(股权资本和股东权益)对经济增长的影响,并重点强调对内生性问题的分析。借助省级面板数据进行实证检验后发现,经济增长动力的地区差异十分明显,股权资本对经济增长的贡献不显著。     

IMPLEMENTING ECONOMIC CAPITAL IN AN INDUSTRIAL COMPANY: THE CASE OF MICHELIN

Economic capital (also referred to as "risk capital" or "risk-based capital") is the amount of capital, generally in the form of equity or equity equivalents, that is necessary to provide an adequate cushion against lower-than-expected operating results. Over the last two decades, the concept has taken root among banks, particularly in determining the amount of capital needed to protect against financial distress in the event of unexpectedly large credit losses.
Michelin is in the vanguard of industrial companies that are beginning to apply economic capital concepts. The company uses an option-pricing approach that effectively allows the market to identify the level of economic capital that is expected to maximize corporate value. Michelin has also begun the process of attributing economic capital to individual business units and activities. By so doing, the company is able to use a single, company-wide hurdle rate for all projects and business units. Thus, instead of raising the discount rate when evaluating riskier projects and businesses, management assigns them larger amounts of economic capital (and, hence, a higher charge for use of that capital).
The use of economic capital to evaluate ongoing activities and contemplated investments makes it more likely that decisions will translate into increased shareholder value. A case in point is outsourcing. As illustrated in an example analyzing the company's decision to sell but continue sourcing from a textile factory, outsourcing decisions typically reduce a firm's required amount of economic capital—and thus an analysis based on the use of economic capital provides a more realistic picture of the expected value added from such transactions.     

论要素资本——由一则故事引发的思考

现代经济的生产要素不仅包括人力资源、财务资源、自然资源和物质设备资源,而且包括技术、信息和知识等新的要素.经济组织使用财务资本从市场上购置生产要素,则生产要素经过市场交易就转变为要素资本.要素资本结构的形成,决定着企业所有权结构模式的形成.技术、信息和知识等新的生产要素的投入已成为经济发展的核心驱动因素.要素资本价值的投入产出和计量则成为公司财务研究亟待解决的问题.     

Corporate governance,SFAS 157 and cost of equity capital: evidence from US financial institutions

This study examines the association between fair value measurements and the cost of equity capital under different fair value valuation methods, and assesses the impact of corporate governance on this relationship for US financial firms. We find that firms’ cost of equity capital is negatively associated with more verifiable fair value assets and positively related to less verifiable fair value assets. Furthermore, the positive association between less verifiable fair value assets and the cost of equity capital is mitigated under better corporate governance. The differential impact between more and less verifiable assets becomes smaller for firms with stronger governance. Our findings contribute to the ongoing debate on fair value regulation by investigating the economic consequences of adopting Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) and the importance of audit committee financial expertise on fair value reporting. We also provide evidence on the importance of board independence, internal control strength, auditor industry specialists, and audit committee financial experts in fair value reporting.     

我国金融发展与经济增长关系的区域差异分析——兼论分税制改革对金融发展与经济增长关系的影响

本文利用1979～2003年的省级面板数据,将我国分为东、中、西三大区域,考察了金融发展对经济增长的影响,结果表明:把国有商业银行贷款占GDP的比例作为金融发展的衡量指标对三大地区人均GDP均具有显著的正相关性,金融发展促进经济增长的理论在我国同样成立;但金融发展与实体经济部门之间均不存在良性互动的关系,其对经济增长的贡献仅仅停留在增加资本积累上,对资本配置效率的改善作用不大;1994年的分税制改革对金融发展促进经济增长的作用造成了显著的负面影响。因此,我国的金融体制改革需要将金融体制改革、国有企业改革、财税体制改革和政府体制改革纳入同一个分析框架中进行。     

人力资本偏向金融部门如何影响实体经济增长？

通过构建一个包含银行和生产性企业的两部门增长模型,本文系统考察人力资本偏向金融部门如何影响实体经济增长,并利用2008年中国经济普查数据、2003-2015年地级市数据及2011-2013年中国工业企业数据开展实证检验。理论分析表明,人力资本在金融部门与实体部门之间的配置结构对实体经济增长存在两种效应,依次为资本“挤入”效应和创新“挤出”效应,进而导致人力资本配置情况与实体经济增长率之间呈现倒“U”形关系。随后,计量结果为上述理论推断提供了系列经验证据,且机制检验证实人力资本配置到金融部门有助于促进信贷规模扩张。特别地,反事实框架的测算结果显示,人力资本有效配置将提升实体经济增长率约0.45%,而且贡献率随经济发展更加凸显。本文结论表明,应理性看待人力资本向金融部门的不断聚集,不以简单线性关系进行判断,要综合权衡资本“挤入”效应和创新“挤出”效应的相对重要性。     

SOME NEW EVIDENCE ON WHY COMPANIES USE CONVERTIBLE BONDS

The popular argument for convertibles holds that they provide issuers with "cheap" debt and allow them to sell equity at a premium over current value. Objecting to the "free lunch" implied by such an argument, financial economists have offered other explanations that show how the combination of debt and equity built into convertibles can serve to reduce information and agency costs faced by companies and their investors.
In this article, the authors use the results of their recent study to reconcile the two positions. Following Jeremy Stein's view of convertibles as "backdoor equity," the authors argue that convertible bond financing is an attractive alternative for companies that have large growth potential but find both conventional debt and equity financing very costly. Such companies are often deterred from funding their capital investments with straight public bonds by their high risk, relatively short track records, and high expected costs of financial distress. At the same time, the information "asymmetry" between management and outside investors can make equity very expensive in such cases. In layman's terms, management may feel that the company's share price does not accurately reflect its growth prospects, or be concerned that the mere announcement of a new equity offering will cause the share price to fall sharply.
To the extent the stock market is persuaded that management's choice of convertibles is based on this combination of promising growth prospects with limited financing options, it is likely to respond more favorably to the announcement of a new convertible offering. The authors furnish evidence in support of this argument by reporting that the market reacts less negatively to those convertible issuers with higher post-issue capital expenditures and higher market-to-book ratios, but with lower credit ratings and higher (post-offering) debt-equity ratios.     

工业革命、金融革命与系统性风险治理

本文以历史上三次工业革命为切入点,探讨工业革命、金融革命与系统性风险治理间的关系。在工业革命演进过程中,先进技术创新应用、经济结构转变和社会环境变迁,推动了金融业演进发展和升级;反过来,资本的快速积累和有效融通对科技进步转化为工业革命不可或缺,以现代商业银行、现代投资银行和创业投资体系为特征的三次金融革命分别是三次工业革命的重要推动力量。但如果制度规则建设和监管滞后,金融发展失序也会导致系统性风险逐步累积,引发金融危机,反过来催生重大金融体制或监管制度变革。当前第四次工业革命已拉开序幕,金融科技引领的金融业集成创新有望成为第四次金融革命的突出特征。我国是全球金融科技发展领先的国家之一,应统筹发展与安全,在金融科技带动下发挥好银行体系、资本市场、创投体系和金融科技企业服务实体经济创新发展的合力,同时做好风险防范,引导从业机构在服务实体经济和遵从审慎监管的前提下守正创新,防止资本无序扩张,牢牢守住不发生系统性风险的底线。     

资本市场融资、经济增长与产业结构升级——基于中国省际面板数据的检验

本文利用扩展柯布-道格拉斯生产函数,分析我国金融深化的背景下,利用多层次资本市场的不同渠道资本融资、经济增长以及产业结构升级之间的动态关系。文章利用29个省、市、自治区2006~2010年的面板数据,实证结果发现:多层次资本市场融资对经济增长具有显著的促进效应,但债券市场与FDI对经济增长的作用较弱。总量促进经济增长的背后,不同的融资渠道之间的相互作用不尽相同:银行信贷与债券对股票市场筹资存在显著的"溢出效应",FDI对股票市场筹资存在显著的"挤出效应",说明股票市场融资可以替代FDI在实体经济中的作用。随后对多层次资本市场与产业结构转型关系的数据进行实证。研究发现:股票融资、债券融资在一定程度上推动了中国的经济结构转型,但FDI与结构转型负相关,银行信贷与经济转型的关系不显著。     

The Evolution of Private Equity in Emerging Markets: The Case of Poland

In the last ten years, there has been a pronounced shift toward emerging markets in institutional investor allocations of capital to private equity. While the lion's share of the allocations to emerging markets have gone to the “BRIC” nations, lesser‐known markets like Poland are threatening to steal the spotlight. Economic stabilization, development of the private sector, a favorable business outlook, and continuous improvement of the local institutional infrastructure (laws, accounting rules, and fiscal regimes) have all contributed to the development of a vibrant private equity industry in Poland. Most private equity firms in Poland structure their deals around five broad investment themes: technology; media; and telecommunications; manufacturing; consumer services; business services; and financial services. Local private equity firms have traditionally adopted two different strategies towards these sectors. The first group of private equity firms initially targeted manufacturing, with the conviction that, as the Polish economy developed, the satisfaction of consumer needs for basic products would be the largest source of market demand. The second group assumed that the market would require access to more services to accommodate the growing local economy. Both approaches have proved reasonably successful, as the leaders among these two groups of firms have continued to succeed in raising new funds while achieving high returns for their limited partners. And while the accomplishments of the private equity industry have been made possible by the extent of Poland's transformation from a socialist into a market economy, the industry itself continues to play an important role in this transformation by providing both outside capital and know‐how for local firms and managers.