Entebbe Ltd.: A Tax Case

This case is designed to integrate two major tax issues—wind‐up of a company versus sale of shares—with business valuations. Thus, it is designed to incorporate key tax and finance CPA competency areas. There are two valuations required in this case. One is the valuation of shares; the other is the valuation of an intangible asset (a patent). Students have to recognize that before they can decide whether a wind‐up or sale of shares is preferred, they first need to determine the fair market value (FMV) of the shares. However, to determine the FMV of the shares, the valuation of a patent must be done first, as its value will impact the FMV of the shares. Thus, this case requires students to sequence their analysis. Residency issues (“departure tax”) upon leaving Canada permanently are also indirectly identified in the case.     

公司亏损就意味着其股价下跌吗?——基于2004～2006年度中国亏损上市公司的数据

本文将2004～2006年度中国A股亏损上市公司分为4种亏损类型进行了实证研究。结果表明：（1）对于单赤字公司,亏损信息可能使其股价上涨,而且其股价变动更多地是与公司发生的各种“表外事件”相关;（2）对于虚双赤公司,亏损信息对其股票价格的影响比较微弱,而是否有较大项目的投资或研发费用支出等信息对其股价的影响较大;（3）对于实双赤公司和三赤字公司,亏损信息引起这两类公司的股价急剧下跌,而且三赤字公司股价下跌的幅度比实双赤公司下跌的幅度更大。     

美国保险人财务危机处置制度对我国的启示

本文探讨的主旨在于研究美国保险监管机构处置面临财务危机的保险人的制度体系以及对国内相关制度的启示。通过介绍分析美国保险监督官协会制定的示范法以及据此订立的爱荷华州相关的法律,对督导、接管、重整以及清算这四种处置保险人财务危机的程序制度进行了系统的分析,并对保险保障基金以及抵消这两个在清算程序中至关重要的问题进行了探讨。通过对美国这一制度的具体分析,为国内的比较研究和实践立法提供有益的参考。     

Knightian uncertainty and insurance regulation decision

In contrast to insurance companies, regulatory authorities or regulators can obtain only limited information about the companies’ value. It hence leads to some effects on the regulation design, which is however often overlooked in the literature. This article characterizes the limited/imperfect information as Knightian (Risk, Uncertainty, and Profit, Houghton Mifflin, Boston, 1921) uncertainty (ambiguity). In order to stress the analytical effects of ambiguity on the regulation decisions, we firstly carry out an analysis in a standard immediate bankruptcy regulation where default and liquidation are considered as indistinguishable events. It is noticed that ambiguity-averse regulators require more “ambiguity equity”. We show then that under ambiguity an immediate liquidation policy delivers wrong liquidation with a positive probability. As an illustrative example to fix the wrong liquidation problem under ambiguity, a new regulation rule is developed with a regulatory auditing process. Based on this new model setup, we focus on examining how the riskiness of the firm’s value and the debt ratio affect liquidation probability.      

论我国破产重整程序存在的问题——以英国法为视角

我国2006年颁布的《企业破产法》首次引入了重整制度,试图给陷入财务困境又有重生希望的企业提供一个法律保障机制。但实践中重整程序应用的不多且条文本身也存在着各种问题。在制度设计上,如程序的启动、自动冻结的效果、破产管理人权利的分配、法院的介入以及强制裁定权的运用等方面存在着缺陷。英国公司重整制度自上世纪八十年代以来进行了多次重大修改,其制度的改革和完善给我国立法者提供了很多启示。     

台湾《消费者债务清理条例》评析及对大陆出台个人破产制度的展望

随着中国大陆地区社会主义市场经济体制的确立和深化,无论是在法律制度的设计上还是广大群众的观念接受程度,都需要一定的磨合期,再加上城乡二元结构的差异,使得中国大陆在个人破产制度的推动上难度较大。本文尝试借鉴台湾经验,期望对未来中国大陆个人破产制度的增修作一比较参考,使整体市场退出机制更加完善。     

企业清算的所得税处理

《中华人民共和国企业所得税法实施条例》(以下简称《实施条例》)对企业清算所得的确定仅给出了原则性的规定,在实际操作中不容易把握。本文在《中华人民共和国企业所得税法》(以下简称《企业所得税法》)的框架下,对企业清算所涉及的企业所得税问题进行详细地说明与探讨,重点包括清算所得的确定原则、清算所得的具体计算、清算所得应纳所得税额的确定以及企业股东分得的剩余财产如何进行所得税处理等。     

基于期权分析角度谈企业负债的破产及清算

破产与清算是困境企业经营活动的两个相互联系的阶段。本文首先在企业瞬时收益流遵循几何布朗运动的条件下,建立了困境企业在负债时的破产与清算的实物期权分析模型,并利用工程数学软件Matlab7.0对已建立的决策模型进行数值模拟分析,得出了有关的研究结论。研究表明,困境企业在负债投资经营的情况下,由债权人经营,债权人会提早清算;当瞬时现金流的不确定程度加剧时,困境企业负债投资后会延迟清算与破产。     

The CALM Method

Abstract

This paper addresses the need for an assessment/summative evaluation regarding the CALM (The Consignment Auction Li—quidation Marketing) Method of Mass Product Distribution. Originally developed and initiated in 1993, in response to the common need business organizations have for product liquidation outlets, this nontraditional form of distribution targets audiences contemplating the distribution of products, including manufacturers, wholesalers, retailers, and other entrepreneurs.

The topic of distribution is considered to be one of four primary “marketing tools” referred to as the “marketing mix.” In addition to distribution, the other three components of the marketing mix are product, price, and promotion. The mass distribution of products via consignment auction liquidation outlets may be viewed as an additional channel of distribution. However, mass consignment auction liquidation on a national basis has not been adequately assessed or evaluated. There is little published about this type of product distribution.

The effectiveness of the CALM Method utilized on a national basis and covering a 10-year time span is presented. Effectiveness was largely assessed through statistical observations of the effect of various independent variables on the dependent variable, “auction outlet profitability.” Independent variables include geographic location/region of each consignment auction outlet; population size of each consignment auction outlet's community; merchandise type; consignment term, etc. The CALM Method yields the opportunity for profitable liquidation of mass quantities of merchandise on a national basis. This assessment/summative evaluation yields the opportunity for insight regarding the method's actual effectiveness and adds to the limited amount of research found in this area of mass distribution.