家族企业代际传承及二代推动战略转型的绩效研究

本文将家族企业代际传承分为参与管理、共同管理和接收管理三个阶段,探究了处于不同阶段家族企业的绩效情况以及二代推动的家族企业战略转型对企业绩效的影响。利用2010－2012年我国A股主板上市公司中家族企业的样本展开实证研究,得出如下结论：二代进入家族企业高管,参与家族企业的日常经营和战略决策,或者与一代共同管理家族企业,对企业业绩产生正面影响;由于样本数量较少的客观原因,接收管理后企业绩效的经济后果关系未能得到证实;二代推动的战略转型对共同管理和企业绩效的关系起反向调节作用,在代际传承的共同管理阶段实施战略转型会降低原有真实绩效。     

分析师能发现审计合谋吗？--基于我国上市公司的经验证据

以异常审计收费作为审计合谋的代理变量,研究分析师是否能发现审计合谋行为。研究发现,分析师跟踪人数会随异常审计费用的增加而显著减少,这说明分析师能觉察到审计合谋可能带来的风险,并通过放弃跟踪该公司的方式向市场传递信息;进一步研究发现,分析师对上市时间较长的公司,以及民营上市公司的异常审计费用更为敏感,跟踪数量下降较为明显。     

基于IP分布式MSC的CDMA2000系统A接口设计与实现

针对传统集中式移动交换中心(MSC)容量小、安全性低、不易扩展的不足,基于IP技术和软交换技术,提出了一种分布式MSC架构.在此架构下对A接口协议进行了分析并给出了基于IP的实现方案:兼顾TCP的可靠性和UDP的简洁性定义了承载A接口中的信令和业务的一个增强性UDP协议(EUDP).此外,也描述了分布式MSC负荷分担的选择原则:轮选、处理最近和资源最近;最后以8 kbit/s语音业务为例,对基于IP传输语音业务的带宽需求进行了简单分析.实践表明,该方案不仅提高了系统的经济性,也改善了网络容量扩展和新业务提供的灵活性.     

变电站直流高频开关电源的检测与验收

直流系统可靠与否直接关系到电网的安全,随着高频开关直流电源系统大量使用,该种电源系统的建成投运验收交接和运行检测、检查,已显得极为重要,从柜体、元器件外观的检查、整套系统电气技术参数检测都必须严格进行,并根据不同的目的进行相应项目的检查,运行中更应定期检查,及时发现存在的隐患,保证其在规定的参数下运行,以提高电池的服役年限。     

Interest Rates and Credit Risk

This paper explores the effects of shifts in interest rates on corporate leverage and default in the context of a dynamic model in which the link between leverage and default risk comes from the lower incentives of overindebted entrepreneurs to guarantee firm survival. The need to finance new investment pushes firms' leverage ratio above some state‐contingent target toward which firms gradually adjust through earnings retention. The response to interest rate rises and cuts is both asymmetric and heterogeneously distributed across firms. Our results help rationalize some of the evidence regarding the risk‐taking channel of monetary policy.     

Audit Firm Tenure,Non‐Audit Services,and Internal Assessments of Audit Quality

We use data from internal assessments of audit quality in a Big 4 firm to investigate the impact of audit firm tenure and auditor‐provided non‐audit services (NAS) on audit quality. We find that first‐year audits receive lower assessments of audit quality and that quality improves shortly thereafter and then declines as tenure becomes very long. Partitioning our sample between SEC registrants and private clients, we find that the decline in audit quality in the long tenure range is attributable to audits of private clients. For audits of SEC registrants, the probability of a high quality audit reaches its maximum with very long tenure. We also find that audit fees are discounted for first‐year audits but auditor effort is higher than in subsequent years. We find no association, on average, between total NAS fees and audit quality in the full sample but observe that total NAS fees are positively associated with quality for SEC registrants and negatively associated with quality for privately held clients. Our findings are important for regulatory policies related to audit firm tenure and auditor‐provided NAS.     

Financing obstacles and growth: an analysis for euro area non-financial firms

This paper investigates the determinants of financing obstacles (FOs) and their impact on firm growth. For this purpose, we rely on both balance sheet data and survey data for a sample of non-financial firms in the euro area. The latter allows us to devise a direct measure of the firms’ probability of facing FOs. First, our results indicate that FOs are linked to characteristics such as the age of the firm, its size, its sales level or the sector in which it operates. Second, we find that, though based on few variables, our measure of FOs appears to be relevant in explaining firm growth in four out of the five countries considered; likewise, growth is found to be positively linked to cash flow.     

国家审计理论的几个基本问题研究——基于多学科的视角

国家审计是国家治理的基石与保障,国家审计体现了国家政治意志,国家政治、经济和文化的发展又调整着国家审计的功能和边界。基于多学科视角探讨国家治理与国家审计的协同关系,揭示国家审计的哲学本质与政治功能,理清国家审计的经济边界,分析国家审计的法治建设与文化建构等基本问题,构建国家审计基础理论的分析框架,认为国家审计可以通过提升组织的设计与管理、政治制度的设计、合法化的基础及文化与社会等要素来改进国家治理。     

独董与其他高管的公司治理作用有差异吗？——基于政治关联与审计契约视角的检验

以2007—2011年A股非金融保险业上市公司为样本,从政治关联与审计契约角度揭示独立董事与其他高管在公司治理中的差异。研究发现:在审计师选择方面,独立董事存在政治关联的企业倾向于选择高质量的审计服务,其他高管存在政治关联的企业倾向于选择低质量的审计服务。结合对审计费用考察发现,其他高管存在政治关联的企业选择较低质量审计服务的同时却支付相对较高的审计费用,但又并没有支付显著高于独立董事存在政治关联的企业选择高质量审计服务时支付的审计费用。     

Location choices under strategic interactions

We explore a fundamental aspect of firms' location choices largely overlooked in the literature: strategic interaction. We formalize the notion that strategic interaction renders collocation less appealing by fostering competition, which erodes firms' profits. Strategic interaction also impacts location choices across time. Specifically, because firms learn by doing in markets, location choices are shaped by two novel effects: entrenchment benefits from entering early in a market and improving capabilities relative to rivals, and opportunity costs from postponing entry to other markets where rivals enter and learn. When learning is local, firms collocate more: rivals are preempted from improving relative capabilities in higher‐value markets. However, when learning is global, firms collocate less: they can transfer capabilities from lower‐value to higher‐value markets, blocking rivals from achieving entrenchment benefits. Copyright © 2013 John Wiley & Sons, Ltd.