Measurement in Financial Reporting: Half a Century of Research and Practice

The paper explores developments in the choice of measurement method in financial reporting over the half century that has elapsed since the foundation of Abacus in 1965. The discussion is confined to the specific problem of measuring individual assets and liabilities, rather than the wider problems of the choice of measurement unit (as in inflation accounting) or capital maintenance (as in income measurement). Changes in financial reporting practice and standards are considered in relation to developments in academic research. This has been a two‐way process: research has been stimulated by problems of practice, and practice, particularly as embodied in standards, has been influenced by the results of research. Both have been influenced by significant events in the world economy, notably the inflation of the 1970s and the global financial crisis that started in 2007. Historical cost has retained its position as the predominant measurement technique in practice, but considerable progress has been made in the implementation and understanding of current value measurements, although the principles for choosing between alternative current values (particularly ‘entry’ values as opposed to ‘exit’ values) require further exploration by standard setters, assisted by academic research.     

Earnings Metrics,Information Processing,and Price Efficiency in Laboratory Markets

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecessarily for further information about these elements and to overestimate their effect on fundamental value relative to a rational benchmark. In contrast, separately displaying persistent elements in earnings increases the accuracy of traders’ value estimates. Prices generally reflect traders’ beliefs about value, and prices are most efficient when transitory elements are excluded from earnings metrics entirely. Our study contributes to research on salience effects in financial reporting by showing that including transitory elements in salient earnings metrics causes inefficient information search and biased beliefs about value that can aggregate to affect market prices. We also contribute to research in experimental markets by showing that redundant disclosure is not always beneficial; redundant disclosure of transitory earnings elements, in particular, appears to have negative consequences for investor behavior and market efficiency.     

关系营销背景下维护商业银行顾客忠诚的策略研究

随着各商业银行规模的扩大以及外资商业银行的冲击,国内商业银行面临着巨大的挑战,如何维护顾客忠诚成为商业银行的一大难题。文章以关系营销为背景,分析了目前商业银行在维护顾客忠诚所面临的挑战及其影响因素,并从提高消费者的意识、获得消费者信任、建立银行与消费者的联系、提升顾客满意、鼓励顾客分享和巩固顾客忠诚等角度进行了探讨。不但丰富了商业银行维护顾客忠诚策略的理论研究,而且给商业银行维护顾客忠诚提供了具体的可操作性建议,具有一定的现实意义。     

Tracing Trade Interdependence between EU and East Asia

Abstract

There have been two related trends shaping global trade during the past couple of decades: the increasing role of international supply chains and the rise of China. Increased complexity in global trade has generated a need to construct more processed trade data — trade in value added — in order to deepen our understanding of trade relations between countries. In this article, we present a broad picture of trade in value added between the EU28 and East Asian countries. We find that East Asia is important as a final demand and supply chain export destination, especially for Northern European countries, while for CEE countries it is more important as an import source for both final demand and supply chain trade. Trade with East Asia is least important for Southern European countries. The production structure of an EU country seems to be one of the main factors explaining the importance of supply chain trade with East Asian countries. The data also suggest that supply chain trade could support the growth of domestic value-added exports to the supply chain trade partner country as well as to other countries.     

对2008-2018年《共产党宣言》研究的分析

在2008-2018年间,学界对《共产党宣言》的研究长期保持较高热度,研究的重点和热点与实践保持着密切的相关性。在此期间,研究相对集中在《共产党宣言》的翻译与传播研究、《共产党宣言》内在原理的研究,以及《共产党宣言》的当代价值与中国特色社会主义研究。研究呈现出角度多样化、内容深入细致化、跨学科研究趋势明显的特点。     

社群营销模式创新研究——以“黎贝卡的异想世界”为例

在客户关系社会化的基础上,企业营销模式不断创新,其中以社群成员为主要营销对象的社群营销模式取得了显著效果。本文以"黎贝卡的异想世界"为研究对象,分析了社群营销模式的运用及成果,为中小企业营销模式创新提供一些思路。     

外国直接投资、加工贸易利益分配:U形价值链模型

文章指出,价值链各环节利益与市场结构和竞争力有关,一个国家在特定行业竞争力越大,就越能占据具有垄断优势的战略环节,提供价值链上越多的价值增加量。文章将企业价值链活动分为上游、中游、下游三个环节,并假定委托方为发达国家的跨国公司,代理人为发展中国家的加工企业,装配加工企业的产品通过加工贸易方式全部出口,加工贸易委托方决策服从收益最大化或成本最小化原则,从而建立了加工贸易U形价值链模型。分析表明,加工贸易利益的分配轨迹呈U形曲线,且会随着代理方数量的增加变得越来越陡峭,使代理方净贸易条件趋于恶化;跨国公司运用转移价格手段使U形曲线变得更加陡峭,代理方利益受损。这正是我国在国际分工中处于U形曲线底端的原因,我国贸易条件的变化与外国直接投资流入以及加工贸易发展有较大关系,单纯依靠数量扩张来改善收入贸易条件的空间越来越小,我国应把利用外资的主要目标放在外资的技术含量和产业结构调整上,应对成本动机的外国直接投资予以高度关注并给以必要的政策引导。     

一种基于顾客价值维度的满意测评基准设计方法

设计满意基准是顾客满意评测体系中的重要环节。本文以顾客价值理论为依据,探讨顾客满意与顾客价值的关系,并针对现行满意评测结果失效问题,提出了基于顾客价值维度的满意评测基准设计方法,最后以银行互动渠道的顾客价值维度建模,维度重要差异分类及基准设计实例,说明了该新方法主要实施过程。     

从价值链分析理论看我国的成本管理

企业价值链分析是一种战略性的分析工具。通过对价值链的分析,可以确认企业的价值活动有哪些,确定其发生的合理性,进而决定对其是消除还是改进;通过对竞争对手的价值链分析,还可以发现企业目前的成本是处于竞争优势还是竞争劣势,从而进行成本竞争地位的维持或改进。从价值链分析理论来看,我国的成本管理还存在诸多问题,我国企业必须从观念上、制度上、方法上对传统的成本管理系统进行重整再造,以适应日益激烈的国内及国外竞争环境。     

服务质量开发过程的质量管理体系

由于服务业在质量管理中存在许多问题,很难找到现成和权威的答案,因此要对服务质量管理所涉及的内容和方法进行分析与研究,借带制造业产品质量开发的步骤和技术,构建一种面向服务质量开发过程的服务质量管理体系构架。