Auditing private companies: what do we know?

The purpose of this article is to provide an overview of the literature on what we currently know about the costs and benefits of auditing private company accounts. Our main conclusions are the following. First, there is much heterogeneity in factors driving audit demand in private companies and the value derived from the audit. Second, research provides support for improved financial reporting quality due to, and real economic benefits from, private company audits. Third, the cost–benefit analysis for private company audits is firm-specific and mandating the audit does not seem to be cost-effective and thus economically optimal for all private companies. Alternative services may better meet the needs of especially smaller private companies. Furthermore, mandating the audit is not necessarily an optimal solution since private companies with low demand for a high-quality audit are able to find an auditor that meets their requirements even under a mandatory regime. Hence, having a mandatory audit in place is no guarantee for universally high-quality audits and this seems most salient for private companies where auditors may be more prone to independence issues. We conclude by providing a number of directions for future research.     

新发展阶段北京生态产品价值实现路径研究

生态产品的价值实现彰显"绿水青山就是金山银山"的发展理念,将丰富的生态价值有效地转化为经济价值,成为推动经济与环境脱钩的新引擎。北京生态产品价值实现存在生态产品定价难、生态价值核算难、市场化交易难等困境。立足新发展阶段,加快北京生态产品的价值实现,应创新价值核算体系,明确生态产品产权,完善市场化交易机制,增加生态产品供给,强化绿色政绩考核,助推绿色低碳的高质量发展。     

The visible hand: the role of government in China’s long-awaited industrial revolution

China is undergoing its long-awaited industrial revolution. There is no shortage of commentary and opinion on this dramatic period, but few have attempted to provide a coherent, in-depth, political-economic framework that explains the fundamental mechanisms behind China’s rapid industrialization. This article reviews the Embryonic Economic Development theory put forth by Wen (2016a). This article reviews the Embryonic Economic Development theory put forth by Wen . It illuminates the critical sequence of developmental stages since the reforms enacted by Deng Xiaoping in 1978: namely, small-scale commercialized agricultural production, proto-industrialization in the countryside, a formal industrial revolution based on mass production of labor-intensive light consumer goods, a sustainable ‘industrial trinity’ boom in energy/motive power/infrastructure, and a second industrial revolution involving the mass production of heavy industrial goods. This developmental sequence follows essentially the same pattern as Great Britain’s Industrial Revolution, despite sharp differences in political and institutional conditions. One of the key conclusions exemplified by China’s economic rise is that the extent of industrialization is limited by the extent of the market. One of the key strategies behind the creation and nurturing of a continually growing market in China is based on this premise: The free market is a public good that is very costly for nations to create and support. Market creation requires a powerful ‘mercantilist’ state and the correct sequence of developmental stages; China has been successfully accomplishing its industrialization through these stages, backed by measured, targeted reforms and direct participation from its central and local governments.     

创新创业载体视角下的知识产权服务体系研究

知识产权是创新创业成功的重要保障,是保护创新创业成果的有效支撑。通过问卷调查和案例调研方法,以2016年北京248家创新创业载体为研究对象,分析了这些载体的知识产权服务体系。结论是:创新创业载体的知识产权服务体系尚在建设完善中,从产业、区域、政策及资质等层面看,知识产权服务方面存在一定差异性;区域创新创业载体的知识产权服务缺乏规范,尚未形成一套适于每个创新创业载体的知识产权服务指南;区域创新创业载体的知识产权服务绩效还需要系统的评价指标,有待进一步研究。     

北京疫苗领域产业技术路线图研究

疫苗产业是北京未来高精尖产业体系的重要部分。为预判疫苗产业未来发展趋势,厘清北京疫苗产业未来发展的重要影响因素,论文构建了纵向包括关键技术、重点产品、市场环境、政策环境、交叉科学与技术共5个层面,横向面向未来10年的分析框架,研判北京疫苗产业未来发展趋势与发展路径,并绘制出北京疫苗领域产业技术路线图。研究发现北京疫苗领域总体技术水平基础较好,部分子领域与国际比肩,但仍面临部分关键核心技术与国际水平差距较大、原材料及高端设备“卡脖子”等问题。论文从加强基础研究、推进关键核心技术攻关、加强政策扶持与优惠政策落实、优化创新生态环境、推进国际化发展战略等方面,为北京未来疫苗产业高质量创新发展提出政策建议。     

破解小额贷款公司发展难题

长期以来,我国农村地区金融服务供给不足,严重制约了我国农村经济的发展,也成为"三农"问题不能有效解决的重要因素。解决"三农"问题的关键之一在于能否为农村提供充足的、多层次的金融服务支持。尽管小额贷款公司的诞生有效地缓解了我国农村金融服务供给不足的矛盾,但小额贷款公司在运营过程中也出现了诸多问题,文中分析了这些问题并提出解决这些问题的相关措施。     

我国企业并购定价思路的探讨

企业并购交易中的核心问题是并购价格的确定。目前,我国企业并购多以净资产值为定价依据,在实践中造成了国有资产流失等问题。所以,可以根据我国企业不同的经营状况采用不同估值方法,综合考虑并购方承担的债务和人员安置等隐形成本,合理确定并购价格,促成并购交易,以实现国有资产保值增值。     

When Chinese Manufacturing Met On-line shopping Carnival

【正】After fast development in the past four year,"11.11"has become an online shopping carnival for Chinese netizens.On the single day of November11,2013,Tmall re...     

我国消费金融业务的发展困境及对策刍议

根据2009年银监会文件成立的四家消费金融公司，是我国在拓展内需促进经济发展模式转型过程中作出的有益尝试，在前期发展过程中体现出自身的价值。文章针对消费金融公司前期发展过程中出现的业务发展较慢等问题，进行了简要的分析评述，并结合2014年开始施行的《消费金融公司试点管理办法》，针对发展困境提出了对策与建议。     

Informing timeshare exchange services on the drivers of customer-driven co-production

Given the continued growth of the timeshare segment and its unique characteristics as an owned leisure lodging product, adopting a service-dominant logic and developing opportunities for co-creation is highly relevant for companies that provide services to this industry. Specifically, the purpose of this study is to explore the drivers that lead to customer-driven co-production in timeshare exchange services, due to the popularity of this option among consumers owning timeshare. Our results indicate that interaction between timeshare owners as customers of the exchange company is a significant driver of customer-driven co-production. To the authors’ knowledge, this is the first study to explore customer-driven co-production in the timeshare industry. Moreover, our findings are highly significant for timeshare exchange companies and point them to potential areas of improvement in their service processes that could lead to higher customer-driven co-production and, consequently, more valuable experiences.