创新与完善公司财务治理结构的对策

有效的公司财务治理结构是提高公司财务决策效率、完善公司治理结构的重要保证。本文从财务目标选择、资本结构理论、财权决策机制和激励约束机制四方面提出了创新和完善公司财务治理结构的对策。     

国家开发银行在我国银行间债券市场做市商服务透析

COSO发布的风险管理框架完全适用于企业财务风险管理，是衡量企业风险管理有效性的一个标准。依据此标准，通过对企业财务风险控制体系的评价，在评价的基础上，进行符合性测试，可以确定企业财务风险控制体系的健全程度和得到遵循的程度，进而确定财务风险控制体系是否可以依赖以及可以依赖的程度，以此来发现企业财务风险控制体系的不足。     

Performance of Ethical Mutual Funds in Spain: Sacrifice or Premium?

There is currently much debate in the economic literature about whether ethical investment involves a financial sacrifice or premium. One of the most common methods of testing this compares the financial performance of ethical investment funds with that of other funds not considered “socially responsible” or ethical. The majority of these research studies evaluate the performance of the ethical funds according to classic measures, whereby different financial markets, in different countries and for different periods of time serve as reference for evaluation. The ultimate conclusion of all of these studies is that there are no significant differences between the performance results of one type of funds and the other. In Spain, ethical investment funds are still an incipient sector of investment. To date, the Spanish market has not been included in any type of analysis of these characteristics. Therefore the main objective of this article is to compare the financial performance of ethical investment funds to that of other funds in the Spanish retail market. We propose the aggregate type of analysis as the Spanish ethical investment funds have experienced a weaker development in comparison to those of other developed countries. In the first step we suggest the financial performance to be compared by style analysis since the asset distribution of the Spanish Social Return Investment (SRI) funds differs from the European trend. In particular, we use the multifactor regression model with style benchmarks. We found that their financial performance is in all cases superior or similar to that achieved by the rest of the funds. In the second step, to achieve a more robust and homogeneous comparison, we used the bootstrap method, comparing ethical and non-ethical fund subsamples by homogeneous groups. No significant differences between these two types of funds have been found. Thus, if we assume the positive o neutral effect of ethical investment on investor utility in the retail Spanish market the financial and social performance (FSP) of ethical funds will be, in aggregate, superior to the FSP achieved by conventional funds. In conclusion, the financial performance of ethical mutual funds in Spain is no sacrifice.     

并购中财务风险的预警及控制

财务风险可以概括为目标企业价值评估风险、融资风险、流动性风险、杠杆收购的偿债风险四种。文章试图建立财务风险预警体系，以防范和化解财务风险，并帮助企业经营者在并购过程中作出合理的选择，以达到降低财务风险的目的。     

试论高职院校财务工作的机制建设——对高职院校深化财务管理防范风险的思考

为了适应高职院校教育事业的发展，高职院校需要深化对财务管理的改革。要明确以科学发展观作为改革的指导思想，建立财务管理机制、运行机制、防范风险机制，提高资金的使用效率，保证学校持续、健康的发展。     

House prices, money, credit, and the macroeconomy

This paper assesses the links between money, credit, house prices,and economic activity in industrialized countries over the lastthree decades. The analysis is based on a fixed-effects panelvector autoregression, estimated using quarterly data for 17industrialized countries spanning the period 1970–2006.The main results of the analysis are the following. (i) Thereis evidence of a significant multidirectional link between houseprices, monetary variables, and the macroeconomy. (ii) The linkbetween house prices and monetary variables is found to be strongerover a more recent sub-sample from 1985 to 2006. (iii) The effectsof shocks to money and credit are found to be stronger whenhouse prices are booming.     

政府主导、思想诱致与金融学术创新——转轨以来我国金融改革的回顾与展望

我国金融经过近30年的改革和发展，取得了一些重要的成就，但改革的成败却尚无定论。迄今为止的金融改革一直都受政府行为的深刻主导，但已越来越受到金融思想、价值体系甚至意识形态等因素的促进或者阻碍，从而面临发展的“节点”。我国金融进一步发展的动力需要依靠包括政府在内的全社会的思维和观念更加民主、理性、务实．要依靠更广泛、更深刻的金融学术创新。     

How to Offset Interior Debts in Consolidated Financial Statement for Reformed Group Enterprises

The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.     

Usury and Just Compensation: Religious and Financial Ethics in Historical Perspective

Usury is a concept often associated more with religiously based financial ethics, whether Christian or Islamic, than with the secular world of contemporary finance. The problem is compounded by a tendency to interpret riba, prohibited within Islam, as both usury and interest, without adequately distinguishing these concepts. This paper argues that in Christian tradition usury has always evoked the notion of money demanded in excess of what is owed on a loan, disrupting a relationship of equality between people, whereas interest was seen as referring to just compensation to the lender. Although it is often claimed that hostility towards ‘usury’ has been in retreat in the West since the protestant Reformation, we would argue that the crucial break came not with Calvin, but with Jeremy Bentham, whose critique of the arguments of Adam Smith, upholding the reasonableness of the laws against usury, led to the abolition of the usury laws in England in 1854. There has to be a role for law, whether Islamic or secular, in regulating financial relationships. We argue that by retrieving the necessary distinction between demanding usury as illegitimate predatory lending and interest as legitimate compensation, we can discover common ground behind the driving principles of financial ethics within both Islamic and Christian tradition that may still be of relevance today. By re-examining past ethical discussions of the distinction between usury and just compensation, we argue that the world’s religious traditions can make significant contributions to contemporary debate. Constant Mews is Director of the Centre for Studies in Religion and Theology at Monash University. He holds PhD and Masters degrees in medieval history, and pursues research in medieval religion, thought and ethics. Ibrahim Abraham is a PhD student in the School of Political and Social Inquiry, Monash University, with degrees in religion studies as well as law. His research interests include religion and culture, fair trade, and human rights.