沃尔沃入主东风 汽车业合资时代的新一轮博弈

1月22日,东风汽车发布公告称,沃尔沃有意向投资东风汽车有限公司的重型及中型商用车业务。消息传出,市场为之瞩目。近年来,中外双方在汽车合资企业内部的控制权纷争不断。在我国对外资控股限制日渐减弱的后合资时代,沃尔沃想入主东风汽车又意味着什么呢?     

我国上市公司股权托管绩效研究

本文通过对股权托管前后公司实际控制权发生转移的公司经营业绩指标对比,分析了股权托管的绩效.实证结果表明,我国上市公司股东采取股权托管形式转移公司控制权,并没有达到预期效果,托管后公司经营业绩并没有得到明显改善.     

中国石化对合资原油码头公司的控制权问题研究

有关合资公司的控制权,现有的有关理论认为,对资源的依赖、出资比率、公司治理下的总经理控制是合资公司控制权的主要来源.本文通过对实华公司的控制权问题研究表明,在中国石化在未来的合资原油码头申谋取总经理职务和提高原油码头专业化管理水平对合资公司控制权的取得至关重要.     

中国民营上市公司家族控制权特征与公司绩效实证研究

在股权集中体系中,控制权成为公司治理的核心问题。本文以最终控股股东及其一致行动人股权为基础,整理和计算了我国家族控制权及其现金流权;并从家族控制权的持有比例、取得途径、实现方式、内部结构,以及现金流权比例、管理参与度、所在地域差异等方面分析了中国民营上市公司家族控制权特征对公司绩效的影响,取得了不少新的发现。     

中国石化对合资原油码头公司的控制权问题研究

有关合资公司的控制权，现有的有关理论认为，对资源的依赖、出资比率、公司治理下的总经理控制是合资公司控制权的主要来源。本文通过对实华公司的控制权问题研究表明，在中国石化在未来的合资原油码头中谋取总经理职务和提高原油码头专业化管理水平对合资公司控制权的取得至关重要。     

财务报表合并范围界定案例分析

在经济快速发展的背景下,各种合资公司纷纷成立,但新设立的公司如何才能合理的纳入投资者的合并财务报表范围之内,成了众多企业在设立合资公司之前所考虑的重点.本文以案例分析的方式阐述了财务报表合并范围的界定并非简单依据持股比例,而是通过对合资企业的控制权力来确定.     

中国企业利用外资的风险与启示——娃哈哈和达能纠纷的解剖

跨国合资暗藏风险 改革开放后,我国在"以市场换技术"思路的指引下,建立了大量合资企业.当时企业利用外资主要是为了获得资金快速发展起来,把合资作为企业融资的一种手段.但就外方看来,却并非这么简单.     

表决权争夺：中小股东不再“用脚投票”

表决权争夺是不同的公司股东组成的不同利益集团，通过争夺股东的委托表决权以获得董事会的控制权，进而达到更改管理或公司战略的目的的行为，根据传统的委托-代理理论，在现代公司制中股东与董事会存在委托一代理关系，股东大会将决定谁进入董事会，大股东推荐的董事人选当选的人较多的话，大股东就控制了董事会，从而取得了对公司的控制权，控制权的争夺，传统上一般是通过公司并购以获得多数股权而达到目的，但表决权争夺则是一种金融创新，它是争夺股东的委托表决权而不是股权的方式得到控制权的，其中向证券市场中的公司中小股东公开征集委托表决权授权书，是表决权争夺达到白热化的标志，这为中小股东积极参与企业经营管理开辟了一条新的途径，表决权争夺与公司并购都是力图控制公司，但前争夺的目的不仅是股权（尽管可能同时争夺股权），而是股票表决权，双方不再一味攀比拥有股份的多寡，可以说，这种借助第三方力量的方式更注重决策权，下面我们来看看中国证券市场发生的表决权争夺事件。     

公告栏

素有“钢铁大鳄”之称的日本第一大钢铁生产商新日本制铁株式会社与中国的宝山钢铁公司达成协议，双方投资1000亿日元(约合65亿元人民币)在上海建立一家高等级的汽车钢板生产厂。英国《金融时报》以《新日铁与宝钢组建中国最大合资企业》为题报道了这一新闻，称这笔交易将使新日铁直接进入全球增长最迅速的汽车市场，中国规模最大的合资钢铁项目由此诞生。     

中国合资寿险公司股权更迭的原因及影响

股权更迭是近两年我国合资寿险公司出现的新问题.目前合资寿险公司的股权更迭表现出四方面的明显特征.合资寿险公司的股权更迭是两方面原因相互交织的结果:一是经营业绩低于股东的最初预期,二是中外股东之间存在着内部冲突.股权更迭不只是简单地改变了合资寿险公司的股权结构,它给合资寿险公司的经营理念带来了冲击,而且还影响着寿险行业的生态环境.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.