“一带一路”背景下宁夏中小企业跨境电商发展路径研究

在“一带一路”倡议不断推进的背景下,我国充分发挥各地区优势,实行更加积极主动的开放战略,加强东中西互动合作,全面提升开放型经济水平。在此背景下,全国经济与科技迅猛发展,贸易模式逐步向跨境电子商务方向发展。但在实际发展过程中,跨境电子商务在我国东部地区的发展较为迅猛,西北地区的发展仍较为缓慢。论文以西部地区的宁夏为例,从中小企业跨境电商的发展优势入手,分析宁夏中小企业跨境电商面临的挑战,并为宁夏地区中小企业加速跨境电商发展提出新的路径,以期助力宁夏地区中小企业跨境电商的健康发展。     

我国商业银行并购绩效文献综述

并购重组是典型的市场配置资源手段,是经济效率提升的重要载体,市场经济条件下的并购同样是银行业寻找新的增长点的关键。西方国家的银行并购经验对我国商业银行并购有借鉴意义,以市场化手段开展银行并购,有助于提升我国商业银行的国际竞争能力。     

Impacts of Additional Guidance Provided on International Financial Reporting Standards on the Judgments of Accountants

This pioneering study examines the impact of the provision of additional guidance on International Financial Reporting Standards (IFRS) as a “decision aid” on the accuracy of judgments of the accountants. To extend the prior research on accounting judgment and decision-making, we also examine the interactive effects of task complexity and additional guidance on the judgments of accountants. The results provide evidence that those accountants who are provided with decision aid in the form of additional guidance on IFRS make more accurate judgments than accountants who are not provided with such guidance. Furthermore, the study provides evidence that this additional guidance improves the judgments of accountants when they undertake tasks which they find complex. The results indicate that additional guidance on IFRS needs to be provided and suggests that accountants should exploit any guidance which is currently provided in IFRS and by the International Financial Reporting Standards Interpretations Committee.     

The Effects of Uncertainty and Disclosure on Auditors' Fair Value Materiality Decisions

Financial accounting standards increasingly require fair value measurements. I experimentally examine how uncertainty affects auditors’ adjustment decisions when evaluating fair values. I manipulate two types of uncertainty, input subjectivity and outcome imprecision, and one reporting choice, supplemental disclosure. I find that auditors are most likely to require adjustments when fair values contain both more input subjectivity and more outcome imprecision, but that this likelihood diminishes when clients supplement recognized fair values with additional disclosure. Thus, consistent with moral licensing, I find that auditors tolerate greater potential misstatement in the financial statements when clients provide disclosure, suggesting that the SEC's preference for supplemental disclosure may have the unintended consequence of affecting fair values recognized in the body of the financial statements. I also provide evidence that auditors determine adjustment size by comparing recorded fair value to the nearest bound, rather than the midpoint, of the auditors’ own range estimate, consistent with strict application of auditing standards.     

Bank Earnings Management and Tail Risk during the Financial Crisis

We show that a pattern of earnings management in bank financial statements has little bearing on downside risk during quiet periods, but seems to have a big impact during a financial crisis. Banks demonstrating more aggressive earnings management prior to 2007 exhibit substantially higher stock market risk once the financial crisis begins as measured by the incidence of large weekly stock price “crashes” as well as by the pattern of full‐year returns. Stock price crashes also predict future deterioration in operating performance. Bank regulators may therefore interpret them as early warning signs of impending problems.     

Accountability of independent directors: Evidence from firms subject to securities litigation

We examine which independent directors are held accountable when investors sue firms for financial and disclosure-related fraud. Investors can name independent directors as defendants in lawsuits, and they can vote against their reelection to express displeasure over the directors’ ineffectiveness at monitoring managers. In a sample of securities class action lawsuits from 1996 to 2010, about 11% of independent directors are named as defendants. The likelihood of being named is greater for audit committee members and directors who sell stock during the class period. Named directors receive more negative recommendations from Institutional Shareholder Services, a proxy advisory firm, and significantly more negative votes from shareholders than directors in a benchmark sample. They are also more likely than other independent directors to leave sued firms. Overall, shareholders use litigation along with director elections and director retention to hold some independent directors more accountable than others when firms experience financial fraud.     

Audit committee performance: ownership vs.independence – Did SOX get it wrong?

This study documents a positive relationship between audit committee stock ownership and firm performance in large US firms from 1998 to 2008. This study also finds a positive relationship between changes in ownership and performance. These results persist throughout the sample period, do not weaken after Sarbanes–Oxley and are robust to controlling for endogeneity between ownership and performance. After testing shows that there is no relationship between audit committee independence and firm performance, these findings suggest that audit committee stock ownership is an important corporate governance mechanism and potentially a more relevant variable than audit committee independence from a policy perspective.     

浅谈中小外贸企业与跨境电子商务

后危机时代出现的低碳贸易壁垒,严重影响了我国出口利益。日趋恶化的外部环境,已威胁到国内中小外贸企业的生存。本文认为跨境电子商务应成为中小外贸企业脱困的首选方法。     

不同文化模式对跨国并购知识转移的影响作用研究

获取知识,提升创新能力是现阶段我国企业进行跨国并购的重要动因之一。而知识在跨国背景下的转移深受其所处的文化背景影响。本文首先对知识进行分类,并总结了不同类型知识之间的转移特征;接着对不同的国家文化类型进行对比,得出了国家文化模式对知识转移具有不同影响作用的结论。     

煤炭消费减速背景下煤炭企业发展战略研究——以山西省为例

目前全国在建煤炭产能14亿t,按照规划,2012—2014年年均投产规模应为5亿t左右,实际上2012—2013年平均每年产量只增长1亿t左右。2013年,我国煤炭产量增速仍继续下滑,同比回落1.4个百分点。试图用战略管理的基本工具分析我国煤炭大省——山西省煤炭企业面临的市场环境,同时提出该省煤炭企业相应的发展战略,即相关多元化战略和并购整合战略,希望对煤炭企业的发展具有借鉴意义。