注册会计师规避执业风险应处理好五对关系

结合我们在近几年行业监管工作中的实践,我们深深感到,注册会计师在承担业务时,除了要有较高的专业水准,要保持应有的执业谨慎外,还必须处理好以下几对关系,以规避执业风险.     

This is what happened to the oil price-macroeconomy relationship

Many of the quarterly oil price increases observed since 1985 are corrections to even bigger oil price decreases the previous quarter. When one looks at the net increase in oil prices over the year, recent data are consistent with the historical correlation between oil shocks and recessions.     

亚行行长:中国目前的挑战是向高收入国家迈进

亚洲开发银行（简称亚行）行长黑田东彦（Haruhiko Kuroda）先生说,30年成功的经济改革使中华人民共和国跃居为世界第二大经济体,但目前面临的挑战是如何在避免陷入中等收入陷阱的同时,保持可持续发展。     

创业者怎样面对创业板

对于创业者们来说,重要的是做好自己的公司,让它发展、长大,让公司的股票升值,让自己、股东、员工、社会都从中受益,这才是真正的创业者风险投资要寻求退出是天经地义的,他们是拿钱做生意,不是做慈善。投资过的企业尽快上市,是VC最大的目标。这样VC手里持有的股份,就可以在证券市场公开交易了,股份就实现了所谓的"流动性",变现就变得容易多了。如果公司上不了市,VC要套现手里的股份,还是有很大难度的。     

安然破产警示中国独立董事制度

2001年中国证监会发布<关于上市公司建立独立董事制度的指导意见(征求意见稿)>以来,独立董事一直是一个热门话题.在肯定独立董事制度对完善国内公司治理结构意义的同时,也有不少文章分析了独立董事制度的局限性,认为美国的独立董事比较完善,但目前在我国还很难真正有所作为.而2001年12月,美国最大的能源交易商、市值高达600亿美元的安然公司戏剧性地破产暴露了美国的独立董事制度也并不完美,否则安然作为纽约股票交易所的上市公司,董事会中也有许多外部的独立董事,就不会发生严重的会计舞弊、损害公司雇员、股东利益的事件了.透视安然事件,也许可以对中国即将建立的独立董事制度有所裨益.     

The theory of optimal taxation: what is the policy relevance?

The paper discusses the implications of optimal tax theory for the debates on uniform commodity taxation and neutral capital income taxation. While strong administrative and political economy arguments in favor of uniform and neutral taxation remain, recent advances in optimal tax theory suggest that the information needed to implement the differentiated taxation prescribed by optimal tax theory may be easier to obtain than previously believed. The paper also points to the strong similarity between optimal commodity tax rules and the rules for optimal source-based capital income taxation.      

IMF programs: Who is chosen and what are the effects?

IMF loans react to economic conditions but are also sensitive to political-economy variables. Loans tend to be larger and more frequent when a country has a bigger quota and more professional staff at the IMF and when a country is more connected politically and economically to the United States and major European countries. These results are of considerable interest for their own sake. More importantly for present purposes, the results provide instrumental variables for estimating the effects of IMF loan programs on economic growth and other variables. This instrumental estimation allows us to sort out the economic effects of the loan programs from the responses of IMF lending to economic conditions. The estimates show that a higher IMF loan-participation rate reduces economic growth. IMF lending does not have significant effects on investment, inflation, government consumption, and international openness. However, IMF loan participation has small negative effects on democracy and the rule of law. The reduction in the rule of law implies an additional, indirect channel whereby IMF lending reduces economic growth.     

What is shown,what is hidden: Compulsory disclosure as a spectacle

Although the situationist theory of the spectacle has proved much influence in some cultural and intellectual areas, it is not yet recognized as a fundament of criticism in management and accounting. The latter trend relies either on neo-Marxist theory or on sociological analysis. Nevertheless, some authors have pointed out – sometimes explicitly – the potential contribution of the situationist theoretical corpus. But the spectacle has to be seen as a dialectic which often hides more than it shows.The present text, having run over the historical basics of the concept of the spectacle, reviews the disclosure material about internal control as it is reported by French CEOs. This lexical content analysis shows that the communication gap due to the legal obligation to communicate leads to a dialectic perspective where the essential stakes are camouflaged by organisational topics. Thus, the spectacular theory inherited from Debord might provide an interpretative framework for further research on these topics.     

出口企业如何应对人民币升值

自2005年7月21日起,我国开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度,美元对人民币交易价格调整为1美元兑8.11元人民币.截至8月31日,1美元兑7.56元人民币,人民币升值达6.78%.人民币升值意味着人民币与美元相比更值钱了,反过来讲美元相对于人民币在贬值.     

New evidence on what happens to CEOs after they retire

I analyze directorships held by CEOs who retired during the periods 1989–1993, 1995–1999 (before the Sarbanes–Oxley Act) and 2001–2005 (after the Sarbanes–Oxley Act). My results suggest that retired CEOs became less popular on boards after the Sarbanes–Oxley Act. In addition, although pre-retirement accounting performance helps explain the number of outside directorships a retired CEO held in the 1989–1993 sample, as Brickley et al. (1999) have found, it does not explain this number for the 1995–1999 sample and 2001–2005 sample. Third, a company's stock performance during a CEO's tenure is negatively related to the number of outside directorships only in the 2001–2005 sample. Fourth, the number of outside directorships is positively correlated with the size of a retired CEO's original firm before the Sarbanes–Oxley Act, but this is not the case after the Sarbanes–Oxley Act. Finally, if retired CEOs worked in regulated industries, their probability of serving at least one outside directorship 2 years after retirement falls by 21% in the 1989–1993 sample. However, this negative effect is marginally significant in the 1995–1999 sample, and vanishes in the 2001–2005 sample.     

"走出去"企业如何应对国家风险

企业"走出去"须对国家风险有清醒认识 尽管我们的企业在"走出去"后取得了一些成绩,但并不代表没有问题.商务部魏建国副部长在首届国家风险管理论坛报告会演讲时明确指出:我国企业"走出去",还存在一些比较突出的矛盾和问题,还面临着许多外部的风险.当前国际形势总体上是和平稳定,但恐怖主义、局部动荡、宗教和民族的冲突,各类突发事件不断发生.近年来,随着我国综合国力的提高,各种中国威胁论的论调不绝于耳,对中国存在着防范、猜忌等复杂的心理,对我国企业"走出去"形成了阻力.因此推动企业"走出去",在当前要处理好3个方面关系.     

如何规避资产处置引发的风险

商业银行抵贷资产和闲置固定资产处置是近年来银行资产处置纠纷比较集中的领域,本文结合了抵贷资产和闲置固定资产处置实践,对常见的法律问题、法律风险及其应对作一探析。     

中国需要知识驱动型增长以避免陷入中等收入陷阱

亚洲开发银行（简称：亚行）的一份新报告指出,中国是世界上经济增长最成功的国家之一,但是该国仍需要更加清晰的知识驱动发展战略,以帮助该国迈入高收入国家行列。 “中国是一个很好的案例,一个曾经极度贫困的经济体,通过利用外国投资与技术成为制造业霸主,继而成为了具有全球竞争力的国家,通过采取适当政策,该国可以转型成为一个知识驱动型经济体,”亚洲开发银行主管知识管理和可持续发展的副行长宾度＆#183;罗哈尼表示。     

赴美投资如何正确应对政府审查

要主动配合"外国控制"的交易审查 美国外资投资委员会是美国政府的一个机构,受美国政府的委托负责对那些在美国投资但可能对美国国防和安全产生威胁的交易进行审查.该机构审查这些交易关键审查交易本身是否会导致被外国的控制.所谓"外国控制"是指一个外资投资方在美国投资了一个企业并成为控股方,即便不是百分之百收购企业股权,但因为投资交易可能会产生诸如董事会席位的变化,C E O或者董事会大部分成员将变成外国居民.     

Portfolio management and retirement: what is the best arrangement for a family?

In comparing an immediate life annuity with a payout-equivalent investment fund payout plan (self-annuitization), research to date has focused mainly on shortfall probabilities of self-annuitization. As an exception, Schmeiser and Post (2005) propose a family strategy where the chances of self-annuitization (i.e., bequests) are taken into consideration as well. In such a family strategy, potential heirs must bear shortfall risks, but in return have a chance of receiving a bequest. This paper analyzes under which conditions heirs will be willing to agree to a family strategy. The idea of a family strategy is integrated into a realistically calibrated intertemporal expected utility framework, taking into account risks arising from stochastic life span, asset returns, and nontradable labor income. A family strategy is shown to be accepted for many parameter combinations, especially in families with low marginal tax rates, if the heirs are wealthy, or in a case where the retiree has an average population life expectancy. We also work out how family self-annuitization decisions interact with asset allocation, saving decisions, and labor income risk. Under realistic conditions our results support two explanations for the empirically observable low demand for annuities (the so-called annuity puzzle), namely intra-family risk sharing and high cost of market-annuitization.     

克服经济失衡引起的宏观波动

如何透过这些纷繁复杂的现象理解中国经济当前的问题,尤其是宏观经济问题?刚刚公布的7月份物价指数引发了新一轮关于中国宏观经济的讨论。在一系列令人眼花缭乱的数据和名词中,我们可以看到中国的宏观经济出现了许多似乎是"问题"的现象:比如投资增长速度仍然比消费增长速度快;CPI达到了5.6%这样的高水平;房价和股价不断上涨;贸易顺     

如何应对汇率波动风险

中国信保专家指出:人民币升值对出口导向型行业是一个重新洗牌的过程.随着人民币汇率浮动范围的加大和升值趋势的延续,汇率风险将长期性存在,企业需要树立外汇风险防范意识     

“临时扣押”：应对韩国买家拖欠的利器

中国国内出口企业A公司主营石材的加工和出口业务,同韩国买家B公司有数年的贸易关系。美国的金融危机蔓延全球,韩国经济受到较大影响,B公司表示,由于资金链紧张以及韩元贬值,无力还款,同时居然要求A公司继续放账供货,A公司未同意继续供货,并在多次催讨无效后于2008年底将案件报送至中国信保应收账款管理中心,     

全国政协委员献策应对危机

2009年全国政协十一届二次会议上，政协委员围绕如何应对全球金融危机，保经济可持续增长建言献策。2008年全球金融危机给中国带来最大冲击的是中小企业，特别是外贸依存度高的民营中小企业。然而，正是这些中小企业向全社会提供了75％的城镇就业岗位。怎样扶持中小企业可持续发展？怎样解决中小企业融资难问题？成为政协委员热议的话题之一。尽管这场危机对中国金融领域的冲击不大，但这并不代表中国金融市场的完善与成熟，相反，亟待推出的法规政策和急需解决的问题还很多。怎样稳定资本市场？怎样发展中国VC／PE市场？怎样让农业保险落到实处？怎样促进房地产市场理性发展，等等，对此，政协委员纷纷献策.     

The Balanced Scorecard: what is the score? A rhetorical analysis of the Balanced Scorecard

The Balanced Scorecard currently receives much attention. This article analyses the means by which the authors of The Balanced Scorecard have created that attention. Is it the result of a new and convincing theory, or is it merely the result of persuasive rhetoric, where convincing theory differs from solely persuasive rhetoric in that concepts and claims are based on sound argumentation? The article concludes that the text is not so convincing as persuasive—a feature characteristic of the genre of management guru texts; and, at the end, the article discusses the reasons for and appropriateness of such a genre and the consequences that should follow from the results of the analysis.