公司治理与其融资决策

一、公司治理模式对公司融资方式的影响公司治理是一套制度 ,用以协调若干在公司中有重大利害关系的团体———投资者 (股东和贷款人 )、经理人员、职工之间的关系 ,并从这种联盟中实现经济利益。它主要包括 :如何配置和行使控制权 ;如何监督和评价董事会、经理人员和职工 ;如何设计和实施激励机制。在公司发展的漫长过程中 ,由于受各国不同的政治、经济、法律政策、历史文化等因素的长期影响 ,形成了因国而异的公司治理模式 ,不同的公司治理模式有着不同的财务特征 ,公司融资方式也因之而异。若从公司治理的股权结构及监控机制来看 ,大体可…     

Improving Financial Services of China＇s Central Bank

On August 29,Deputy Governor of People＇s Bank of China,Mr. Su Ning,held a press conference at State Council Information Office,and answered questions from media.The press conference mainly focused on the progress the central bank has made in improving financial services,which raised a lot of concern from public.At the conference, Mr.Su Ning fully illustrated that China has achieved great progress in the recent years, and would perform better in future.[第一段]     

What＇s Lacking at China＇s Auto Shows？

Do we really need so many shows？ What is lacking in these auto exhibitions？ Will these shows keep pace with the growing demand？ It＇s really high time for us to think about these questions.[第一段]     

GLOBAL Auto Shows Boom in 2007

China's independent brands have been booming in recent years when the country's auto industry has seen a rapid growth.They have attract- ed the global attention,but still need to up- grade constantly whether in technology or business performance in order to strength- en their presence in the global market and become internationalized.Global shows have definitely been the arena for them to     

Belgium,Eagerfor Chinese Investment

April 17,2007 was the 36th anniversary day of the diplomatic relations between China and Belgium. According to the press conferece by Belgium Embassy in China, in June, Belgium Prince Philippe will visit China, accompanied by a large Belgium trade and commercial delegatin.     

Standardization,A Hot Issue for IPR Discussion

Since becoming a WTO member in 2001, China has been involved in the discussion of two hot issues： one is the protection of intellectual property rights（IPRs）, and the other is the standardization in the industrial development. Hosted by the Ministry of Commerce（MOFCOM） and State Intellectual Property Office（SIPO）, ＂WTO： IPRs Issues in Standardization International Symposium＂ was held in Beijing on April 17, 2007.     

What about China''''s Trade Deficit?

With its rapid economic growth over recent years,China has become an important force to be reckoned in the world.The ever-rising trade surplus makes a good example.But does Chinese enjoy a trade surplus with every foreign country?The answer is "No".     

More Dialogue and Further Development

In January 2008 Slovenia took over the six-month rotating Presidency of the EU Council and this is the first time since the wide EU expansion in 2004 that a new member state bears this responsibility. China is Slovenia＇s most important trading partner in Asia and in the past few years the turnover between China and Slovenia has been increasing steadily. Since 1992, China and Slovenia have maintained high-level contacts and regular dialogue. In November 2007, Slovenian Prime Minister Janez Jansa paid a visit on the state level, which was very successful and provided a new push for further strengthening of bilateral ties. This year marks the 16th anniversary of the establishment of diplomatic relations between China and Slovenia. China＇s Foreign Trade appreciated the opportunity to interview His Excellency Dr. Marjan Cencen, ambassador of the Republic of Slovenia to the People＇s Republic of China, and discuss bilateral relations of the two countries, the new business exchange, while also taking a look at relations between China and EU.     

审计行业专门化与审计质量相关性分析——基于内生性视角的实证研究

研究结果发现:审计行业专门化越高,审计质量也会越高,审计行业专门化变化量和审计质量变化量也显著正相关;进一步考虑审计行业专门化的内生性后,对审计行业专门化与审计质量之间的关系予以检验,结果仍然表明审计行业专门化具有显著地提高审计质量的作用。     

财务重述、管理层权力与股价崩盘风险：来自中国证券市场的经验证据

股市震荡引发投资者和监管层对股价崩盘风险的关注。从财务重述背后所反映的财务信息质量低下和公司治理失效出发,探讨其对股价崩盘风险的影响,结合管理层权力这一影响组织行为和产出能力的代理人特征,探讨其对财务重述与股价崩盘风险之间关系的影响。研究结果表明：相比未发生财务重述的公司,发生了财务重述的公司的股价崩盘风险明显更高;进一步纳入代理人特征———管理层权力后,发现代理人的这一特征对上述关系有明显的促进作用。