知识经济与金融支持

知识经济是世界经济发展的潮流。本文简要介绍了知识经济的特征，在此基础上论述了金融支持对知识经济发展的必要性和可行性,指出金融支持是知识经济发展的重要条件，而知识经济是金融业发展的新的效益增长点。同时指出我国在金融业和知识经济发展两方面存在的问题，并提出了金融业支持知识经济发展的具体措施。     

Financial Markets for Unknown Risks if Beliefs Differ

We consider a general equilibrium model with individual and collective risks. The article builds on a contribution by Chichilnisky and Heal, who show that contingent Arrow–Debreu equilibria can also be supported in economies with Arrow securities and mutual insurance contracts. However, they show this to be true in general only if beliefs are identical, a very restrictive assumption in the context of unknown risks. Moreover, they claim complete insurance in equilibrium to be impossible if beliefs are different. We show that even with different beliefs, firstly, complete insurance is possible in each statistical state, and secondly, contingent equilibrium can still be supported in economies with insurance and securities.     

当代金融中介理论发展的特殊性与拓展空间

金融中介理论研究至今已开展了50年。这期间,虽然也曾产生出许多具有重要贡献的观点和经典的文献,但是与几乎是同时期发展起来的资本市场理论相比较,整体的应用性和影响力都不如资本市场理论那样强大。两种理论之间不平衡发展的主要原因在于理论研究定位不同,对实践的具体指导不同。探讨金融中介理论发展的特殊性和拓展空间,将有利于明确理论研究的未来发展方向,加强对多元化发展的金融中介机构作用的认识。     

A Comparative Analysis of Auditor, Manager and Financial Analyst Interpretations of SFAS 5 Disclosure Guidelines

This study examines empirically whether financial analysts (users), as well as managers (preparers) and external auditors ascribe different interpretations to the SFAS 5 disclosure criteria. We find: (1) financial analysts are, on average, more conservative than managers and auditors in their numerical interpretations of both the 'remote' and 'probable' verbal phrases; (2) managers and auditors share very similar numerical interpretations of these verbal phrases; (3) audit partners' numerical interpretations of the 'remote' region are between those of managers and users, whereas audit managers align their numerical interpretations with those of managers. One danger is that preparers of financial statements may omit loss contingency information that users consider valuable.     

Research on Financial Contract Structure

Financial decision-making is the central link of enterprise financial management. The prevalent theory of financial decision-making is ＂capital structure＂. This paper makes a new explanation of ＂capital structure＂, which is ＂financial contract structure＂ based on interacts among stakeholders. It developed the intension and extension of＂capital structure＂.     

Security Choice, Information Effects and Firm Characteristics: A Factor Analytic Approach

Abstract:   We examine the marginal choice between debt and equity securities using a factor analytic approach. This data reduction property eliminates the need to select the one best variable to proxy for a particular theoretical construct. Our results reinforce numerous existing findings using traditional methods and suggest both static tradeoff and asymmetric information based considerations are relevant in determining security choice. Two new results are presented related to the accounting liquidity of the firm. First, the preference for equity is increasing with liquidity as suggested by the window of opportunity hypothesis. Secondly, the market response to equity issuance announcements is inversely related to the liquidity of the firm. Profitability and growth measures support Jensen's (1986) agency cost of free cash flow as a potential explanation for the second finding.     

公共财政框架下政府审计的拓展与政府会计的完善

政府审计是加强预算管理的一个重要工具。中国在建立公共财政的过程中，进行了一系列预算管理制度的改革，政府审计必须适应现行的预算管理制度，在审计内容上、方法上积极拓展。本文主要论述了当前公共财政框架下政府审计需要拓展的方面。另外，为保证预算管理制度改革顺利实施，政府会计等其他制度建设也需相应追行改革和完善。     

实证会计研究的有效性及其评价——兼评中国当前的实证会计研究

实证会计研究的目标在于更好地解释和预测会计实务，造就要求实证会计研究本身必须是有效的，唯有如此，才可能得出用以解释和预测会计实务的正确结论。要保证一项实证会计研究有效，必须同时满足两个条件：一是前提真实，二是推理正确。本文从逻辑学的角度，系统地分析了前提真实性的意义及其封中国实证会计研究有效性可能产生的影响。通过封实证会计研究的有效性及其评价进行研究，希望能封从事实证研究的国内学者提供参考，并封提高中国实证会计研究的整体水平有所帮助。     

企业财务风险及其防范对策

财务风险的存在有其客观必然性,财务管理必须运用各种手段和措施,加强对风险进行控制和处理,企业经营者必须进行经常性财务分析,防范财务危机,建立预警分析指标体系,进行适当的财务风险决策,针对不同的风险类型,采用不同的方法来规避财务风险.     

宁波现行金融模式对产业集群支撑分析

文章阐述了宁波现行金融模式与三大产业集群投融资需求不相适应，提出了创新宁波产业集群金融支撑体系的意义和对策建议。