现金股利对会计信息的治理

会计只能提供相对相关和可靠的信息，在控制逆向选择和道德风险方面作用有限，形成了会计目标实现的障碍，这迫使投资者不得不去寻找其他信息渠道，以期更有效地决策。现金股利就是投资者寻找的信息渠道之一，它和会计信息在提高信息的相关性、可靠性以及控制逆向选择和道德风险方面共同发挥作用，并形成竞争态势，这种竞争态势实质上起到了对会计信息的治理作用。     

国外女性创业研究的历程、动态与发展趋势

在过去二十多年时间中，全球女性创业发展十分迅速，对女性创业的研究也由此成为了学术界新的热点。研究内容从早期关注女性创业家的个体特征和创业动机扩展到资源获取、创业管理、创业绩效、社会网络、工作与家庭冲突等各个方面。本文首先回顾了国外女性创业研究的历程，并把它分为了萌芽、基础和发展三个阶段；其次，围绕个体、组织和环境三个层面对女性创业的研究动态进行文献疏理；最后，对女性创业研究将来可能的发展趋势做了展望。     

论会计资产的能力观

企业会计资产的定义经历了成本观→资源观→未来经济利益观→产权观的演变过程.观念的每一次转变都带动企业财务报告的改进和信息披露质量的提升.但这些观念都难以解释企业竞争能力和企业创造价值的能力.因此,本文提出会计资产的能力观,期望能加深对企业会计资产的理论认识,促进企业财务报告的改进和提高财务信息的披露质量.     

A multiregional model of China and its application

China's rapid economic transformation since 1979 has been accompanied by a stark regional disparity with the coastal provinces integrating swiftly into the world markets while inland regions lagging far behind in the industrialisation process. The growth imbalance has placed China's provinces into different stages of development and called for different policy responses to deal with different challenges they are facing. Similarly, a national policy initiated by the central government is likely to be interpreted and implemented in different ways when local governments take into consideration the different conditions in their localities. Therefore, it would be extremely valuable for policy makers and researchers to have an analytical tool that is capable of studying interactions among the provincial economies and the dynamic relationship between the centre and local governments. The multiregional econometric model of China presented in this paper is the first attempt to provide such a tool. The pioneering model consists of over 1200 equations, covering 30 provinces of China that are linked by inter-regional flows of goods and services. The model is used to study the impact of fiscal recentralisation in the 1990s. The counterfactual simulation results show that when China's central government diverted tax revenue from provincial governments, it achieved higher budgetary revenue for the central government but at the expense of lower overall budgetary revenue and slower economic growth.     

企业价值评估方法研究

企业价值评估诸多方法中,现金流指标的重要性日益显现,其中,自由现金流量最具可行性。企业规模 的大小、发展的阶段和经营的盈亏成为影响企业现金流的基本内因,而季节性、周期性和竞争是其外因。企业价值评 估从企业历史业绩分析开始,再预测未来绩效,并评估连续价值,最终确定企业价值总额。     

代理成本视角下的股权结构与现金股利波动

选取中国2001-2004年连续发放现金股利的196家上市公司为研究样本,利用四个股利调整模型（PAM模型、FAM模型、Waud模型和ETM模型）和固定效应面板数据对样本公司的股利波动进行了分析,结果发现,每股收益及其变动是引起每股现金股利变动的关键因素。同时还发现,股利波动与公司股权结构相关,第一大股东持股比例越高,股利波动越大;第二大股东持股比例越高,股利越稳定。     

农村邻里吃请行为的经济学和社会学分析

邻里吃请在农户年支出中占相当高的比重，所谓的人情开支已经演变成农民沉重的经济负担。农村非正常邻里吃请行为应该得到矫正。     

财产保险公司资产负债管理多维量化评估体系研究

良好的资产负债管理是保险业可持续发展的基石,也是支持保险业在日益复杂的风险环境中保持稳健发展、防范系统性风险的重要保障。近年来,随着我国金融市场发展,业务产品创新加快,保险业在资产端与负债端的业务结构和风险特征出现了新情况、新变化。特别是部分保险公司缺乏有效的治理结构,采取激进经营、激进投资的策略,导致业务快进快出、风险敞口过大以及流动性问题,对保险公司资产负债匹配管理、风险控制提出了挑战。本文介绍了财产保险公司资产负债多维度量化评估规则设计原理、主要评估模型和评估方法,针对财产保险公司的负债特性提出的沉淀资金匹配,在成本收益匹配中有机地将资产投资收益与承保业务综合成本进行匹配,在现金流匹配模式中打破了僵化的匹配模式,解决了长期困扰财产保险公司的资产负债期限不匹配的问题,对财产保险公司资产负债管理具有重要意义。     

我国企业财务决策分析框架的构建

本文提出建立适应我国资本市场化条件下的企业财务决策分析框架问题,主要包括价值极大化目标问题、无风险利率的形成机制及测算、市场风险的定价、权益资本风险溢价、试算财务报表的编制、自由现金流量测算以及股权资本价值测算等.     

The Usefulness of Direct and Indirect Cash Flow Disclosures

We investigate the ability of disclosed operating cash flow and indirect accruals components to explain annual returns for a sample of Australian firms. Consistent with claims made by accounting standard setters, we find evidence of significant explanatory power for disclosed operating cash flow components beyond aggregate operating cash flows when they also have significant incremental predictive power for future (one year ahead) operating cash flows. Accrual components also have incremental explanatory power for returns. In addition, we find evidence of significant explanatory power for operating cash flow components beyond estimates of the components (based on other financial statement disclosures) for firms with large differences between disclosed and estimated components.