股权激励、契约异质性与实体企业金融化

从股权激励视角切入,利用2008—2019年沪深A股上市公司的经验数据,探究股权激励对企业金融化的影响。研究发现：从整体上看,股权激励会抑制企业金融化。基于微观契约层面,股权激励强度越大,股权激励对企业金融化的抑制程度越大;相较于限制性股票,股票期权对企业金融化的抑制程度更大;只有激励期限较长的股权激励才会抑制企业金融化。作用机制检验表明,股权激励会降低股东与管理层之间的代理成本、缓解融资约束进而抑制企业金融化。研究结论有助于充实和深化股权激励与企业金融化关系研究,也为从公司内部治理层面防范和化解实体经济风险提供证据支持。     

Offering a globally-linked international accounting course in real time: a sharing of experiences and lessons learned

This article reports the experiences from offering an online international accounting course that involved students from Japan, Spain, Switzerland, and the USA participating in real time via both audio and video links. In addition to interacting among themselves, students also interacted with accounting practitioners and standard setters from these countries. The latter attended class either in person or “virtually” via audio and video links. The paper also discusses the major benefits from the course, as identified by student feedback and direct faculty observations. A number of challenges in offering a course of this type also are identified. These insights can assist accounting educators interested in implementing a similar international accounting course at their institutions. They also have implications for applying distance-learning approaches in courses with a domestic focus.     

Investigating corporate management lobbying in the U.K. accounting standard-setting process: a multi-issue/multi-period approach

A large body of literature examines the motives of corporate managers to lobby accounting standard-setters. In general, studies confine their examination to single episodes of the standard-setting process (e.g., exposure draft). This article extends the literature by adopting a multi-issue/multi-period approach to investigate corporate lobbying of the U.K.'s ASB. The findings suggest that the extent of corporate lobbying, defined on the basis of the frequency with which companies made submissions to all of the publications issued by the ASB over a six-year period, depends on the size of companies, the debt covenant costs they face and whether they are listed on a U.S. stock exchange. Separate analyses, however, involving (a) the frequency of lobbying on income-related issues and (b) the frequency of lobbying on disclosure issues revealed that, while all these three variables explain lobbying on income-related issues, only size is significant in explaining lobbying on disclosure issues. The results also suggest that the debt to equity ratio is an imperfect proxy for debt covenant costs.     

Politics, Processes and the Future of Australian Accounting Standards

The perspective of public interest and interest group theories of regulation is adopted to consider the future of Australian accounting standards following major reforms proposed by the Australian Commonwealth government as part of its 1997 Corporate Law Economic Reform Program (CLERP). Interest groups in the Australian environment are identified. Their lobbying had influenced the initial proposals; and their reactions when the CLERP proposals were published resulted in substantial modifications to the CLERP proposals, which had initially recommendedthat International Accounting Standards (IASs) be adopted as national standards from 1 January 1999.
The role of accounting standards and the structure of standard setting are explored. The political nature of standard setting is illustrated through a review of the CLERP proposals, submissions of various interest groups and the government's responses to them. The central arguments are that key assumptions underlying the CLERP proposals are flawed, and that the CLERP proposals could not achieve the outcomes desired of them.
It seems inevitable, however, that international standards eventually will supplant domestic standards. In the longer term, Australian standard setters seem destined to have a diminished role in the international standard setting arena.     

城市社区邻里关系的空间效应

邻里关系与空间形式息息相关.我国当前的城市社区建设,应当充分发挥空间设置对邻里关系的促进作用.传统社区改造在保持公共空间的基础上,应加强空间私密性;新型社区在保证私密性的基础上,应强化公共空间的建设.     

浅析提高AutoCAD二维绘图的速度

AutoCAD已广泛应用于机械、建筑、电子、服装等众多领域,计算机绘图的快速、准确、美观以及便于管理的特点是手工绘图无可比拟的,特别是二维绘图已相当普及。文章从如何提高二维绘图速度和加强绘图技巧方面进行了阐述。     

Stylised features of consumer price setting behaviour in Portugal: 1992–2001

This paper identifies the empirical stylized features of consumer price setting behavior in Portugal using two micro-datasets underlying the consumer price index. The main conclusions are: one in every four prices change each month; there is a considerable degree of heterogeneity in price setting practices; prices of goods change more often than prices of services; price reductions are common, as they account to around 40% of total price changes; price changes are, in general, sizeable; finally, the price setting patterns seem to depend on the level of inflation as well as on the type of outlet.

From scholarly idea to budgetary institution: the emergence of cost-benefit analysis

Cost-Benefit Analysis (CBA) is typically portrayed as a technique for promoting efficiency in government. We don’t deny that CBA can be used in this manner, but instead focus on a different property of CBA, namely, its evolution from scholarly musings into a framing institution within which budgetary processes operate. The evolution of CBA into institutional status, moreover, shows the value of bringing a polyarchical perspective to bear on fiscal organization, wherein budgetary outcomes emerge through structured interaction among participants. CBA is a product of interaction within a political ecology, as distinct from being the product of some person’s optimizing choice.

对拉索式点连接全玻璃幕墙施工质量控制的探讨

文章针对拉索式点连接全玻璃幕墙施工质量控制的特点和难点,阐述了施工中应注意的事项,并对施工的工艺流程进行划分,对各施工流程中的重点和应注意的事项进行了论述。