股权分置改革承诺的履行监管与股东权益保护

股改后非流通股股东的承诺的履行关系到流通股股东的切身利益。本文在股改承诺法律界定的基础上，对非流通股股东可能违反承诺的情形作了预测，并对具体违反承诺情形的认定和法律责任进行了研究，提出了构建我国违反股改承诺司法索赔机制的政策建议。     

平淡中深思和感动

丽江旅游初次涉及股权分置改革是在5月份，在中国证监会发布股改的规定并开始试点之后，我们及时向董事会报告了相关的事项，并着手研究准备股改。当时公司董事会对于股改的认识还不够深。直到6月份，深交所对公司进行了股改的动员，周明副总经理亲自和公司领导座谈，一席深入浅出的论述，令人茅塞顿开。会后，董事长深有感触地说，周总真是站得高看得远，看来股改真是越早做越好，一定要积极准备，加快进度。此后，深交所发审监管部监管人员随时了解着公司相关工作的准备情况，协助公司解决股改过程中存在的问题和困难。     

上市公司公开承诺履行的监管:现状、不足与改进

现行的监管制度虽对上市公司公开承诺的作出、履行情况进行了规制,以规范承诺相关方的公开承诺行为,但对公开承诺履行的监管规则还不够具体,仍需进一步细化.事前监管应着重引导和规范承诺的作出,并强化对承诺要素的规范;事中监管应细化信息披露要求规则,进一步完善临时信息披露制度;事后监管应重视激励机制的作用,强化监管不应只规定各种类型的惩罚措施,应明确规定承诺履行行为的激励机制.     

大股东违背承诺,怎么办?

如何认识大股东承诺的性质?如何促使大股东兑现其承诺?大股东不履行承诺时受损方如何救济?这些是我国目前股改中必须面临的课题     

事件

首季印花税增长387%直追去年全年分红国家税务总局16日公布了今年一季度全国税收收入数据,其中证券交易印花税完成597亿元,同比增长387.8%。另据2007上市公司年报不完全统计,202家上市公司在此前股改方案中已对2007年分红作出了承诺,预计分红规模就已达到399.70亿元左右。再加上没有股改承诺的公司分红,上市公司分红总规模有望超过500亿元。     

中行、建行股改套上紧箍咒

中国银监会3月11日发布《关于中国银行、中国建设银行公司治理改革与监管指引》，对中行和建行在股改中公司治理结构、考核指标以及股改目标等内容进行了详细的规定，以确保两行股改试点取得成功。该指引自发布之日起实施。     

海南辖区上市公司承诺履行情况、问题及对策

本文分析海南辖区27家上市公司①截至2015年底的未履行完毕承诺事项,发现部分上市公司仍存在承诺及其披露不规范、履行不及时等问题,建议在认真执行《上市公司监管指引第4号——上市公司实际控制人、股东、关联方、收购人以及上市公司承诺及履行》的基础上,从完善上市公司治理和内部控制、强化中介机构责任、发挥证券交易及登记结算机构自律监管优势、加强现场监管等多维度规范上市公司及相关方的承诺及履行行为,助力证券期货市场诚信建设.     

数字

202家公司兑现承诺将分红约400亿随着年报亮相,上市公司业绩浪的序幕即将拉开,年报中的分配方案往往是市场关注的焦点。统计显示,266家公司的股改方案中包含     

深市主板公司经营业绩情况分析

分析发现，2006年度深市主板公司盈利能力改善的同时，主营利润对整体利润的贡献程度下滑，投资收益等非主业因素影响趋增；资产管理能力有所增强，成本费用控制得力，但资产变现能力稳中有降，整体盈利质量和现金流动状况有所弱化，国家宏观形势持续向好和证券市场解决股改及资金占用两大痼疾是影响公司业绩提升的主要外因，其他刺激因素包括：资产整合、股改业绩承诺、股权激励和交叉持股及参股金融机构。交叉持股及参股金融行为对整体业绩水平有放大效应；新会计准则的影响低于市场估计。     

股权分置改革中有关对价的几个问题

至2005年8月19日，46家股改试点公司全部登场，除清华同方股改方案被股东大会否决外，45家公司获得通过。全面分析46家股改试点公司的经验，在股权分置改革全面推进过程中，仍有一些疑难问题需要各方关注。     

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.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

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.