外企动态

<正>壳牌进津营销 壳牌在天津推出了包括勘探开发、新能源研发利用及扩大油品销售业务的一条龙计划,预示着外资石油巨头将全方位进入国内市场。 在壳牌与天津市签署的《友好合作框架协议》中,壳牌将就有关天然气、太阳能等再生资源的开发利用及扩大油品零售业务与本市企业寻求合作。此前,壳牌已与中石化合作在江苏建立500家加油站,法国道达尔、埃克森美孚等外资也已建立了成品油零售网络。     

动作频仍 壳牌中国布局谋变?

<正>值得关注的是,最近壳牌几位领导人频频拜访中海油。除了外界普遍猜测的为收购英国天然气集团BG获得中海油首肯来游说,合作内容还包含国内、天然气一体化、海外等领域开展全领域、全方位合作。近期,荷兰皇家壳牌集团(以下简称"壳牌")在中国的动作频频,先是将中国业务中心迁往上海,紧接着中国区掌门人更换,原任海博将主要负责当下壳牌最大一     

壳牌中国不变的承诺

<正> 荷兰皇家/壳牌集团是与中国合作历史最久、在中国投资额最大的国际能源公司之一。壳牌在中国大陆的宗旨是:为中国提供长期可持续的清洁能源方案,并和中国一起努力减轻环境污染问题。 近日,记者从壳牌中国集团了解到,随着新项目的落实和新协议的签署,壳牌未来几年内在华投资额还将大幅增加。     

印象·特色·期望——壳牌(中国)有限公司税务总监韩家俊访谈录

由荷兰皇家石油与英国的壳牌两家公司合并组成的荷兰皇家壳牌集团是知名的国际石油公司,投资遍及1 00多个国家和地区,是国际上主要的石油、天然气和石油化工的生产商,同时也是全球最大的汽车燃油和润滑油零售商。作为荷兰最大的工业公司,其在201 2年《财富》杂志世界500强中名列第一位。壳牌在中国的总部位于北京,在中国的发展轨迹已经超过一个世纪。壳牌所有的核心业务都已进入中国,包括上游业务、下游业务和项目与技术部门。壳牌已成为在中国投资最多的国际能源公司之一;是中国最大的国际润滑油供应商。随着在华业务的发展,壳牌在华纳税贡献也不断提高,2008至201 2年五年间,壳牌在华各个业务共计纳税近90亿元人民币。     

跨国公司与中国可持续发展(之三) 中海壳牌南海石化项目

<正>作为国内最大的投资项目之一,同时又是被认为高污染的化工项目,中海壳牌在南海的石化联合厂,以可持续发展为项目核心,为当地带来经济繁荣。同时,中海壳牌参酌并尊重各个利益相关者的立场,制定了《环境与社会管理计划》,完成了对3700多名的动迁村民的安置并     

中海壳牌项目融资中的外汇服务创新

中海壳牌南海石化有限公司(简称中海壳牌)是我国迄今为止最大的中外合资项目之一，投资总额约43亿美元。该项目2000年12月在惠州注册，2002年11月正式动工．目前已进入建设高峰期，完成总工程量的80％，预计今年5月试投产，2006年1月正式投产。该项目有关外正业务的管理实践值得关注。     

国内投资大事(2005年9月)

能源壳牌与中国联手开发油页岩壳牌(中国)有限公司和吉林省光正矿业有限责任公司及荷兰皇家壳牌中国吉林能源控股有限公司1日正式签署合作合同,共同建立“吉林壳牌油页岩开发有限公司”,对中国东北吉林省境内的油页岩资源进行勘探与开发。该合作公司首期投资1.5亿美元。全国最大的坑口节能环保电厂在山西建成全国最大的燃用洗中煤坑口节能环保电厂一期工程在山西省古交市建成。该项目由我国最大的焦煤企业——山西焦煤集团投资建设,整体规划容量为4台30万千瓦, 分两期建设。其中一期工程为2台30万千瓦发电机组,总投资26亿多元。     

财务变革:使壳牌决策流程更加优化

<正>没有危机的企业是企业最大的危机。壳牌就是这样一个历经无数危机,不断从危机中走出,进而茁壮成长的巨人。2005年7月20日,在两大母公司董事会合并方案获得通过后,荷兰皇家和壳牌运输正式统一,成立荷兰皇家壳牌石油公司,从而结束了壳牌长达98年历史的"双董事会"的二元化结构。简化后的新结构呈流线型,让决策制定机制更顺畅,使得壳牌更富有竞争力。在     

发展评价:我国与世界银行知识合作的典范

我国与世界银行的合作,经历了不断深化的发展过程,从项目合作、资金支持到知识合作、技术支持,战略伙伴关系不断深化,合作内容和领域不断拓宽。在知识合作和技术支持方面,发展评价的合作是我国与世界银行成功合作的一个典范案例。通过合作开展发展评价理论与技术的培训,对贷款项目实施结果导向绩效评价,对我国转变观念、科学发展有着重要作用。     

PPP项目在政府综合财务报告中的列报

随着时代不断的发展,国家政府与社会资本的合作越来越密切,从而有效的提高了政府为公共服务的办事效率,经过双方不断努力有效的为各地方解决政府融资平台的债务风险的问题。PPP项目为政府与社会资本合作。近年来,我国的财政部门像各地方政府公布了近30个PPP项目,同时还开展了PPP合作项目的在政府财务报告中的具体操作指南与注意事项。传统的政府财务报告制度经过不断的改革形成了新的政府和社会资本合作,即为现在的PPP项目。随着时代的发展,PPP被认为是规范项目的最有效措施。     

中国地方政府债务管理制度与能力测评——基于世界银行DeMPA模型

基于世界银行地方政府DeMPA模型,予以修正后的测评代表省份的地方政府债务管理制度设计和执行绩效。结果显示：我国地方政府债务总体管理制度和能力达到或超过国际合格标准;制度性指标（法律框架、管理结构等）评分各省基本趋同;实践性指标（债务报告、数据记录等）东部和中部省份略优于西部省份,国际接轨多的省份略优于其他省份;普遍表现薄弱的指标集中在债务管理中期战略、债务数据管理、国库现金管理和政府隐性债务方面。     

The role of wealth in the money demand function: A comment

This paper raises two criticisms with respect to the result advanced by Ando and Shell according to which money demand should be independent from wealth variations. First, it is shown that, even within the assumptions of the Ando and Shell model, there is in general a range of wealth variation over which money balances respond positively to wealth. Second, the result of those authors is criticized on the basis that it essentially derives from an inadequate comparative statics experiment on asset demands.     

Impact of IT governance mechanisms on organizational agility and the role of top management support and IT ambidexterity

Organizations have increasingly relied on information technology (IT) to remain agile in today’s business environment. This study examines the antecedents of organizational agility by integrating top management support, IT governance mechanisms (i.e., structural, process-based, and relational governance), and IT ambidexterity (i.e., IT exploration and exploitation) into a research model. We test our model using statistical data collected from 326 firms in China. Our findings indicate that top management support positively influences structural, process-based, and relational governance. Results show that process-based and relational governance positively influence IT exploration and exploitation, whereas IT exploration and exploitation positively influence organizational agility. In addition, top management support positively impacts organizational agility through the dual mediation of process-based and relational governance and IT exploration and exploitation. We interpret and discuss these findings as well as their theoretical and practical implications.     

小失误引发大风险——对话操作风险管控

4月14日,河北省邯郸市发生震惊全国的金库盗窃案。由此大案所引发了国内银行业对操作风险防范的一系列思考。现代风险管理理论认为,银行业面临的风险主要有信用风险、市场风险、操作风险。与市场风险、信用风险相比,商业银行对操作风险的理解、认识和管理都处于较低水平。20世纪80年代以来,全球金融机构因操作风险已经损失了2000多亿美元。巴塞尔委员会在2002年举行过一次全球操作性风险调查,被调查银行共计报告47269起损失金额超过1万欧元的操作性风险事件,平均每家银行发生操作风险事件528起。操作风险频繁引爆,破坏力量之大令人震惊,建立和完善操作风险管理体系已经成为现代商业银行急需解决的重大课题。为推进我国银行业对操作风险的理论研究与实践研究,本刊将围绕操作风险这一话题,邀请国内资深学者、银行业高管,从理论框架、监管策略、技术防范和风险模型研究的多维角度,共同探讨我国操作风险体系的建立。     

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＂。     

Dynamic Linkages Between the China and International Stock Markets

China has become recognized a fourth world economy and is playing a much more important role than ever before in the world economy. In this paper, we study the relationship between the China and the international main stock markets, including the stock markets in the U.S., the U.K., Japan and Hong Kong. Both long-term and short-term dynamic linkages between the China and the international main stock markets are explored by applying a Markov-Switching Vector Error Correction Model (MS-VECM), which takes into account the three regimes of depression, boom and speculation in the market. Our new findings with the data under study include: (i) There has been a significant trend of long-term co-movement between the China and the international stock markets since 1999. (ii) In short term, the stock market in China has been impacted directly or indirectly by the international main stock markets, which varies under different regimes. This impact is still weak in the depression regime, but strong in the boom regime, and, in particular, it has become very strong through the co-integration error correction in the regime of speculation. These findings are different from those documented in the literature and are potentially interesting for international investment and risk management.     

The Covid-19 outbreak,corporate financial distress and earnings management

This study explores the association between the Covid-19 outbreak, corporate financial distress and earnings management practices in China. We investigate whether firms took advantage of the downturn in economic conditions during the pandemic to adjust their earnings using different earnings management techniques. Utilising a sample of 1832 listed firms and underlying theoretical frameworks (i.e., positive accounting and signalling theory), we find that firms were more inclined to manage earnings during the pandemic period. They favoured using the accrual-based rather than the real activity-based earnings management technique. We also find that firms engaged more in income-increasing practices in the shadow of the outbreak. In addition, our results further demonstrate that financially distressed firms were involved in earnings management, particularly accrual-based earnings management. However, compared to privately-owned firms, state-owned enterprises seem to be involved less in earnings management during the Covid-19 pandemic. Findings from this study raise some concerns for policymakers about the credibility of financial reporting information during Covid-19.     

Do auditing standards improve the accounting disclosure and information environment of public companies? Evidence from the emerging markets in China

In this paper, we investigate the impact of the implementation of a set of new auditing standards in 1996 on the information environment in the emerging markets in China. Because the implementation of such standards can increase the quality and/or quantity of accounting disclosures, it can be conceptualized as an improvement in the information environment of public companies. We investigate the improvement in accounting disclosure and information environment from both the market perspective and the accounting perspective. First, consistent with the information economics literature (e.g., [Holthausen, R., & Verrecchia, R., (1990). The effect of informedness and consensus on price and volume behavior. The Accounting Review, 65, 191–208]), we find that companies experience a significant increase in trading volume and price volatility subsequent to the implementation of the standards. Second, consistent with the literature on earnings management (e.g., [Chen, C. W. K., & Yuan, H. Q., (2004). Earnings management and capital resource allocation: evidence from China's accounting-based regulation of right issue. The Accounting Review, 79, 645–665, Jian, M., & Wong, T. J., (2004). Earnings management and tunneling through related party transactions: evidence from Chinese corporate groups. Working Paper, Nanyang Technological University and Hong Kong University of Science and Technology]), we find a decrease in earnings management and, hence, an increase in quality of earnings. Finally, we find a decrease in the synchronicity of stock prices and, hence, an increase in the quality of firm-specific information available to investors, which is consistent with the literature on price synchronicity (e.g., [Morck, R., Yeung, B., & Yu, W., (2000). The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics, 58, 215–260]). Our results have significant implications for standard setters, regulators, researchers, managers, and investors in general and those in the emerging markets in particular.     

推进利率市场化进程亟待完善金融安全网建设

“十二五”规划明确指出,我国将稳步推进利率市场化改革。关系金融稳定的金融安全网三道防线一审慎监管、最后贷款人制度、存款保险制度的建立与完善,成为深化利率市场化改革的重要保证。文章指出,应从完善宏观审慎管理框架、明确央行最后贷款人职责和加快建立存款保险制度这三个方面完善金融安全网建设,有规划、有步骤、坚定不移地推进利率市场化改革。     

A factor analysis on knowledge and skill components of accounting education: Chinese case

Accounting education reform is being called upon by the profession and business communities in many countries under new business environment with high-tech production, economic globalization and intensified market competition. This study, by applying the factor analysis research method, has empirically-developed 6 latent constructs about the desirable knowledge and skill components that should be emphasized in accounting education in order to meet the challenges stemming from the changing business environment, i.e., business/management skills, business/management knowledge, core accounting knowledge, personal characteristics, general knowledge, and basic techniques. The structural order of, or the interrelationship among, these six dimensions of the knowledge and skill requirements in accounting education is also elaborated based on the analysis of factor loading results. The findings of this study should assist various groups of stakeholder (e.g., accounting practitioners, educators and students) to gain a better understanding of needed changes in accounting education and provide input for redesigning accounting curriculum to promote a smooth progress of accounting education reform in China and other countries.