FOUNDING FAMILY OWNERSHIP AND CASH HOLDINGS

I investigate the relation between founding family ownership and firm cash holdings. I find that cash holdings are significantly lower at family firms than nonfamily firms. I also examine the marginal value of cash and report a smaller value of cash for family firms. Combined, the findings are consistent with the spending hypothesis that family firms tend to deploy cash quickly and the market discounts the quality of their spending.     

CONVEXITY,MAGNIFICATION, AND TRANSLATION: THE EFFECT OF MANAGERIAL OPTION‐BASED COMPENSATION ON CORPORATE CASH HOLDINGS

Using the distinctions among the convexity, magnification, and translation effects, we identify the pertinent parameters and examine empirically the relation between cash holdings and option‐based managerial compensation. We show that changes in delta reduce the effects of magnification and convexity on managerial risk aversion. We also provide evidence that there is a negative relation between the option‐based incentives delta and vega and cash holdings. These results are robust when incentives are extended to include all executive board members and when the sample is broken down according to different risk characteristics.     

现金管理

在瞬息万变的市场中．今天的公司成功案例可能变成明日的失败教训。经济全球化离不开企业．而企业的利益相关者和顾问是在不熟悉的环境中经营的，先例很少。同时．公司发展的需要会带来一揽子复杂的融资计划．而资金提供者可能会中止提供资金。     

减持美债何足惊诧

自2008年底以来，每月中旬美国财政部公布的国际资本流动报告总是吸引着媒体和分析师们的目光，因为在这一组组看似枯燥的数字背后往往蕴藏玄机——人们可以看到美元资产需求的变化，能够判断海外投资者对于投资美债的担忧程度及其对美国经济从短期、中期到长期的乐观程度，进而判断美国政府举债融资以复苏经济的难易程度。近日，美国财政部公布的6月份国际资本流动报告同样不乏看点。     

新理财

2005第1期 为配合“2004中国CFO年度人物”评选。本期我们刊发了一组有关中国CFO角色转换及职能定位的章。中国的CFO正处于转型的关键时期。适应现代公司需要的CFO应该具备哪些素质？这些素质又从哪里获得？我们的评选不企图，也不可能解决所有这些问题，但我们力图从远远落后于国际的中国CFO群体中挖掘出具有国际水准的中国CFO，使全国的会计界能够分享我国优秀CFO的成功方略，为大家展示更具参考价值的管理范例。     

THE ADVENT OF CASH PLANNING

This article explains why it was decided to introduce cash planning in 1982. It analyses the Treasury's ostensible and real aims in the abandonment of volume-planning, and its preference for cash planning rather than cost planning in the context of the Conservative Government's politico-economic strategy, and the wide-rangipg debate on budgetary reform precipitated by the publication of the Armstrong Report. It argues that that decision was a politically rational response to the imperatives of that strategy.     

反洗钱“轨道”：锁定现金管理

众多反洗钱实践表明,金融机构容易成为洗钱活动的渠道,而现金则是最常被利用的一种方式。面对国内的备类洗钱活动,我国商业银行的现金管理工作还存在着许多不完善的地方。从反洗钱角度来看,现金管理工作中的许多问题,是需要银行从业人员重视的。