美国股票回购对中国投资者的启示

一、引言 早在1999年以前,我国证券市场已经有了若干起回购案例,如1992年小豫园并入大豫园,1994年陆家嘴协议回购国有股后增发B股,1996年厦门国贸回购减资案等等,但直到1999年云天化和申能股份部分国有股的成功回购,国有股回购才引起市场的广泛关注,并成为当年证券市场的一个亮点.之后由于<公司法>的限定,长期的市场熊市,现金的匮乏,公司管理层还是缺乏对公司股票进行回购的热情.但在2005年,我国政府出台<上市公司回购社会公众股份管理办法(试行)>和对<公司法>相关内容进行了修改,上市公司又重新燃起股票回购的热情.邯钢股份成为流通股回购第一家,继而又有多起回购案例.公司管理层开始意识到股票回购是一个可以利用的新兴金融工具.怎样把这一工具用好,从而使公司、投资者和国家受益.或许美国政府对股票回购的导向性政策、上市公司管理层股票回购的实际做法以及理论家的研究成果都可以为我国开始不久的股票回购之路提供一些借鉴.     

股票回购，救市的一剂“强心针”

股票回购,是指上市公司为减少注册资本而购买本公司的社会流通股,并依法予以注销的行为。     

上市股票回购的利弊

股票回购是指上市公司从市场上购回本公司的一部分股票，可分为常规回购和大宗回购二种。上市公司采取股票回购措施对股东有何影响?得失利弊如何?请细读本期第12页陈兵同志《上市股票回购的利弊》一文。     

《上市公司回购社会公众股份管理办法（试行）》解读

近日，中国证监会发布了《上市公司回购社会公众股份管理办法（试行）》（以下简称《回购办法》），允许上市公司为减少注册资本而购买本公司社会公众股份并依法予以注销？本文对《回购办法》的立法背景、主要条款规定，并结合首例上市公司回购社会公众股份的案例——邯郸钢铁回购社会公众股，对其进行解读？     

股票回购:方式与会计处理

股票回购是改善股本结构，提高股东权益价值的有效手段，股票回购的主要方式有：公开市场收购、现金要约回购、可转让出售权、私下协议批量购买和交换要约。股票回购的会计处理包括股票回购加以注销的会计处理和股票回购但未注销的会计处理。     

股票回购的分析

本文主要介绍了股票回购在成熟西方市场的作用，并结合我国自己的特点，研究股票回购的种种效果在我国是否一样使用，以及各种效果是如何发挥的；最后论述了我国股票回购所产生的现实意义。     

上市公司股票回购的相关概述

股票回购是国内外成熟证券市场中常见的资本运作方式和公司理财行为,正在世界各国的资本市场上发挥着重要的作用。股票回购就像一把双刃剑,既能给上市公司带来正的财务效应,也能给其带来负的财务效应。文章将回顾中国上市公司股票回购方式、资金来源及股票回购对公司内在价值方面的作用进行分析。     

浅谈股份公司股票回购财务分析问题

股票回购的动机是：减持国有股，改善公司股本结构，改善资本结构，发挥财务杠杆作用；增加普通股每股收益；提高公司的投资价值，规避所得税，分配公司剩余现金，股票回购的方式有：招标方式、公开市场购买、私下协议回购。按面值、按溢价、按折价回购股票时，财务处理是不同的，可以公司净资产额为基础确定股票回购价格。     

浅谈上市公司股票回购相关问题的会计处理

目前我国股票市场正处于快速发展时期，股票回购问题，尚未突出显现。随着股票市场的日渐成熟，股票回购问题也必将趋于正常化。我国会计制度目前在股票回购所引起的投资企业和被投资企业的各种会计规范还不太明晰。本文旨在对股票回购过程中投资企业所出现的会计问题展开论述，提出个人的看法，以供探讨。关于被投资企业股票回购问题相关的会计处理，《企业会计制度》中有如下几处规定：(1)企业会计制度部分第四章第八十一条第二项，仅列举出企业减资时的股本帐户的处理，而并未对股票回购过程中所出现的其他问题做出规定。(2)会计科目部分…     

股票回购的风险分析及其政策建议

20世纪80年代兴起的股票回购,因其在降低融资成本,优化股权结构,改善资本结构和提升股东权益价值方面的积极效应,越来越受到上市公司的青睐。然而,股票回购在带来积极影响的同时,也产生了不利于公司发展的风险。文章从对中国公司股票回购的理论入手,对中国上市公司股票回购的现状进行分析,阐明股票回购在完善中国上市公司股权结构与资本结构的同时也会产生偿债风险、巨额支付对企业造成的冲击,以及法人股东套现的重大风险。     

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.