对资产评估中负债的思考

本文在探讨企业负债及其作用的基础上,从资产评估的目的、评定估算过程、企业资金管理和评估风险预防这四个方面深入分析了负债与资产评估的关系。分析表明,负债评估是资产评估中值得思考的一项内容。     

国家控股对会计稳健性的影响研究

本文从公司治理角度分析中国上市公司的会计稳健性。利用2001-2004年A股上市公司的大样本数据,实证考察了国家控股对会计稳健性的影响以及它的制度根源。我们发现,国家控股上市公司对应着更低的会计稳健性。进一步的研究表明,内部人控制、债务软约束和政府干预等三大治理弱化是抑制国有公司披露意愿、降低其盈余质量的制度根源。本研究对资本市场的监管设计具有重要的启示:单纯强调准则的改革和外部的管制,对于提高国有公司的会计信息质量只能起到"隔靴搔痒"的效果,要想根本上改善国有公司的信息质量,监管层惟有从解决"内部治理弱化"的根源入手,通过健全国有产权监督机制、深化银行体制改革以及弱化地方政府干预动机等制度变革,从治理层面真正提高国有公司自身的披露意愿。     

中国开放式基金赎回影响因素研究

通过对中国29只偏股型开放式基金的面板数据分析,本文研究发现基金的赎回与股票市场行情、基金的规模、基金单位累计净值与净值增长率有关.其中与国外成熟市场不同的是,中国开放式基金的赎回与基金业绩成正相关,即业绩好的基金面临的赎回压力也大.本文分析了此异常现象的原因,并针对基金赎回、维护基金投资者的利益提出了建议.     

Social networks,mass media and public opinions

Our opinions and ideas are shaped by what our friends said and what we read or watched on mass media. In this paper, we propose a concise and analyzable model to study the effects of mass media modeled as an applied external field, and social networks on public opinions based on the multi-state voter model, and a tuned parameter can control the relative intensity of the effects of mass media and social networks. We consider a generalized scenario where there exist committed or stubborn agents in the networks whose opinions are not affected by their friends or mass media. We find that the fraction of each opinion will converge to a value which only relates to the fractions and degrees of stubborn agents, and the relative intensity between media and network effects. The final agents with media opinion, except the stubborn agents, also include the increment produced by the internal impact of social networks and that caused by the external impact of media. Interestingly the second increment is composed of two parts, one is from the media effect when there are no interactions between agents and the other is from the influence of media on agent opinions caused by social network structure. That is the interactions among agents within social networks can amplify media influence. Finally we also discuss several extensions to the dynamics model which consider more realistic scenarios.     

京杭运河船型标准化研究

基于京杭运河标准化船型的重要性,对航道现状及现有船队进行分析,对船型研究提出了改进运输编组方式、采用升降式驾驶室、改进货船双层底、采用环境保护等一系列措施,具有一定的参考价值。     

国外管理层收购对国企改制的启示与借鉴

管理者收购或经理层融资收购(MBO)是国外应用的一种企业重组方式。通过研究国外MBO产生发展的背景、制度和外部环境,以及对MBO的效应评价,对国内管理层融资收购企业情况进行了分析,论述了国内实行MBO面临的几方面问题。     

何时“寸有所长”:组织支持感调节下员工自恋人格对工作塑造的影响

工作塑造是指员工主动塑造工作的任务、关系和意义.以往探讨个性特征与工作塑造的研究多集中在“光明”人格(如主动性人格等);而寸有所长,研究显示即使是“黑暗”人格(如自恋)也可能在一定情况下对如创造力等员工行为有着积极影响.基于情境强化模型和主动性行为的动机路径机制,本研究以374名金融行业初级管理者为调查对象,考察了员工自恋人格与组织支持感的交互效应对工作塑造以及主观职业成功的影响.研究结果表明:自恋人格与组织支持感的交互作用显著影响工作塑造,在高组织支持感下高自恋人格的员工有更多的工作塑造,但在低组织支持感下自恋人格与工作塑造不相关;研究还发现员工的工作塑造与其主观职业成功正相关;而自恋人格与组织支持感的交互作用通过工作塑造间接影响主观职业成功.     

强制分布评价法有效性的研究述评与展望——如何提高强制分布评价法的有效性

强制分布评价法在提高绩效水平上有着突出的优势,但同时也存在着引发不公平感与破坏性竞争,提高企业相关成本的风险.对于这个充满争议的绩效考核方法,学者们开始关注其有效性,并对其影响因素进行研究.本文从强制分布评价法有效性的研究背景出发,通过对强制分布评价法有效性的相关研究进行梳理,总结出影响强制分布评价法有效性的四大影响因素,包括环境、操作、考核者和被考核者四个方面,并指出企业在实施强制分布评价法时可以通过企业文化匹配性、设计合理性以及加入团队指数考核等方面来提高考核的有效性,最后总结得出关于强制分布评价法有效性的实践启示与方向展望.     

China's Free Trade Ports: Effective Action Against the Threat of De‐globalization

With sluggish external demand and increasing trade protectionism by the USA and the European Union, China is facing severe challenges in implementing its deeper, ongoing reforms. To respond actively to such challenges, the Communist Party of China's 19th National Congress proposed to “promote a new pattern of all‐round opening up.” In particular, the establishment of free trade ports is considered an important means to realize deeper integration with the world economy. This paper discusses the background, the motivation, the possible challenges as well as a feasible path for the successful implementation of free trade ports in China. Based on the international experience, the construction of free trade ports in China requires freer trade in goods, high mobility of talent and free capital flow.     

Does the cessation of quarterly earnings guidance reduce investors’ short-termism?

The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post–Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institutions, put more (less) weight on long-term (short-term) earnings in firm valuation, become more (less) sensitive to analysts’ long-term (short-term) earning forecast revisions, and are less likely to dismiss chief executive officers for missing quarterly earnings targets by small amounts, relative to investors in firms that continue to issue quarterly earnings guidance. Our study provides new evidence of the benefit of stopping quarterly earnings guidance, that is, the reduction of short-termism among investors.