用市场化的金融工具去偿还体制欠账-本刊记者唐冰开访国务院发展研究中心副局长、研究员

In the process of reconstruction of the old industry base in theNortheast there must be people to bear the cost of system transfer. Thiscost should be. and must be laid on the government. However this doesnot mean the government should give the funds directly to enterprises orindividuals, but to pay the systematic debts by using financial tools inthe market. In another word. the government is naturally the bill payerfor the transfer cost.     

Analysis of the Leadership and Organizational Culture——The Fall of Arthur Andersen

Arthur Andersen LLP is formerly one of the Big Five accounting firms in the world. However, in 2002, it voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States, and was out of the 89 years career in the audit profession. Meanwhile the global branches of the firm is revoked and acquisition. This thesis analyses this event from a leadership and organizational culture perspective. It will elaborate from three aspects, including the organizational culture, internal integration, external environment and changing.     

专业英语第七辑 收益途径（三）

The income approach, when applied to a business enterprise, begins with a projection of the income-producing capability of the business. It is based on the assumption that the value of the enterprise is dependent on the ability of all the assets to earn a reasonable return. The first step in the income approach, when applied to a business enterprise, is to estimate the level of earnings that the enterprise is capable of producing in normal operation. But we must be aware that earnings capabili…     

中国化妆品行业——国内化妆品品牌的优点和缺点(英文)

Chinese cosmetics market gives birth since 1980s as a newly developing industry,which is the typical representative industry of the china's socialist market economy after opening policy reform.With the opening of our domestic market,the foreign brand cosmetics enter into the Chinese market as soon as possible,which accelerate the development of Chinese cosmetics industry.How to survive in this fierce competition becomes a hot topic for our domestic cosmetic companies.In this thesis,the author tries to introduce the history and development of Chinese domestic industry;analysis the advantage and disadvantage of this market;and discuss the developing method for the Chinese cosmetic market.     

On the Nominalization from the Functional Grammar Theory Perspective

this paper intends to explore the phenomena ofnominalization from the perspective of Functional Grammar Theory. With the brief interpretation of the nominalization functioning in the text, it is hoped to make a better understanding about the nominalization.     

The Authority and Charismas of Jack Ma＇s Leadership

Jack Ma is the top manager ofAli Baba group, with a strong leadership. He mixes autocratic leadership and charismatic leadership together. The powers he used are from his position, the reward system of the company and the charismas to gain his leading power. In addition, he uses his charmnas and his achievements to win the mast of the employees, which develop his leadership.     

Nasdaq To Start China Index

The Nasdaq Stock Market will begin tracking the performance of Chinese companies that are listed on U.S. exchanges with the Nasdaq China Index. The Index will be listed under the symbol CHNX. The exchange plans to have the Index operational before the end of the second quarter.     

Information Economics and Accounting Measurements： A Blueprint for Scholarly Research

In this essay,we wish to make a single,simple argument.That is,if in- formation problems are the primary root of the accounting problems,then modern information economics should be the center of accounting research.In making this argument,we first revisit the somewhat elementary accounting question of balance sheet versus income statement.Using the question as a spring-board,we retrace the rise of information economics in the accounting discipline.We then argue that to answer similarly posed questions,ac...     

五问“东北振兴银行”

Promotion of the old Northeast industry base has become another important move the Central Committee makes out to facilitate regional economy of the country after West Development, in which the most important is to support the promotion through financing. To rapidly develop the three provinces in the northeast, the first thing is to solve the bottleneck of financing. To seek for new outlets is the fundamentality of renewed development. A newly founded Northeast Zhenxing Bank wlll surely leave no historic burdens, it will provide service for the three provinces of the northeast, and it wlll certainly play an important role in the economic promotion of the northeast.     

Labor Day Weekend Gas Prices Haven＇t Been This Low In Years

Peer-to-peer lending is sweeping the nation. The two biggest players in game, Lending Club and Prosper saw 195% growth over the year ending in June 30, generating more than $1.5 billion in loans. The timing is no coincidence. In the wake of the financial crisis, the same lenders that once rolled out the red carpet for subprime borrowers started putting up all sorts of barriers to credit, effectively locking out the people who arguably needed a boost the most. Those who could get credit were hit with double-digit interest rates or driven to seek out riskier options like payday loans.     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.