Accounting,professions and regulation: Locating the sites of professionalization

This review paper argues that the institutions and sites of professionalization projects and regulatory processes matter. The institutions and locations where regulation takes place affect both the outcome of the regulatory process and the legitimacy of the rules and practices produced. Changes in regulatory processes affect opportunities for democratic control and legitimacy. A common position in the accounting literature is to examine both the process of professionalization and accounting and audit regulation within and around professional associations and related organizations, such as standard setting bodies and regulatory agencies. We argue that professional firms are increasingly important in professionalization and regulatory processes and have not received the attention that they warrant: an examination of the multi-national professional service firms (currently known as the Big 4) can enhance an understanding of professionalization and professional regulation. We suggest that these are important sites where accounting practices are themselves standardized and regulated, where accounting rules and standards are translated into practice, where professional identities are mediated, formed and transformed, and where important conceptions of personal, professional and corporate governance and management are transmitted.     

Africa in the 1990s and beyond: Alternative prescriptions and projections

This article examines the origins, dimensions and implications of Africa's crisis. It draws attention to the impact of historical experiences, the distortions and disarticulations of that experience, and to the coalitions, contradictions, crises and conflicts inherited at independence. It looks at postcolonial alignment and realignment of social and political forces, the crisis of accumulation and power, and the implications of the region's marginal location and role in the global division of labour and power. Calling for a need to transcend the manifestations of the African predicament, the article looks at regional and international responses to the crisis. It concludes by prescribing the need for a fundamental political restructuring, the empowerment of the people and their communities and organizations, a socially sensitive structural adjustment programme, and the recomposition of the content and context of politics and social relations.     

Modeling Time-Varying Correlations in Volatility Between BRICS and Commodity Markets

This article investigates the asymmetric and long memory volatility properties and dynamic conditional correlations (DCCs) between Brazilian, Russian, Indian, Chinese, and South African (BRICS) stock markets and commodity (gold and oil) futures markets, using the trivariate DCC-fractionally integrated asymmetric power autoregressive conditional heteroskedasticity (FIAPARCH) model. We identify significant asymmetric and long memory volatility properties and DCCs for pairs of BRICS stock and commodity markets, and variability in DCCs and Markov Switching regimes during economic and financial crises. Finally, we analyze optimal portfolio weights and time-varying hedge ratios, demonstrating the importance of overweighting optimal portfolios between BRICS stock and commodity assets.     

改革以来我国经济波动与消费、投资及进出口关系的协整分析

根据协整检验和误差修正模型,利用我国1979～2003年的年度国民经济统计数据,分析了我国经济波动与消费、投资及进出口之间长期稳定的动态均衡关系和短期的波动关系.研究结果表明,消费和投资是影响我国经济波动的两大主要力量,进口和出口对我国经济波动的影响不大,净出口对我国经济波动的影响不明显.     

统筹城乡居民基本养老保险制度研究——以河南省郑州市为例

构建城乡一体化的基本养老保险制度是我国统筹城乡居民社会养老保险体系的关键步骤。郑州市作为全国建立城乡一体化养老保险制度的少数地市之一,其在基本养老保险制度方面城乡一体化的积极探索和创新在全国具有一定的示范性、前瞻性、可行性和推广价值。本文通过对郑州市城乡居民基本养老保险的发展历程、制度特征、实践情况的系统分析,总结出其对我国构建城乡一体化基本养老保险制度的启示,以期为政府构建统筹城乡居民的社会养老保险体系提供理论参考。     

Towards democratic governance of uncertainty? Contesting notions of participation,control and accountability

Managing risk in international society has posed a new challenge not only to states and international organisations, but also to experts, scientists and citizens. It has generated a demand for new sets of laws, regulations, instruments and governing bodies to tackle various risks such as natural disasters, economic and financial crises, and unintended consequences of policy reforms. Accordingly, new modes of interactions between states, experts and citizens seem to be emerging across countries and in different high-risk sectors. Little research has been done to illuminate interactive and dynamic aspects of emerging governance and regulatory arrangements and their impact on participation, control and accountability in liberal democracies. This special issue has assembled research papers and commentaries from practitioners and academics which critically examine these themes and explore what future research on the ‘world risk society’ could offer to political science and beyond.     

自由贸易港需要什么样的金融服务？——再论FT账户和海南自由贸易港的账户选择问题

2025年海南全岛封关运作、实现“一线放开、二线管住、岛内自由”后,海南自由贸易港市场主体及其商品、劳务和金融资产都将具有离岸法律属性,遵守以《自由港法》为核心的离岸法律法规,既有的内地在岸银行账户体系,以及FT账户体系都将无法满足为海南市场主体及其离岸经济活动提供金融服务和基础设施支持的要求,有必要尽快着手建立适应海南自由港经济金融活动需求的,独立于内地既有银行账户体系,包含海南自由港货币当局、商业银行和其他相关金融机构在内,设计清晰、系统简洁、功能完备的海南离岸银行账户体系。同时,在账户规则、监督管理、金融市场建设、中央银行货币发行和其他微宏观审慎管理,以及配套基础设施上抓紧研究方案,尽早着手设计、建设和模拟运行,以期在中央宣布海南全岛封关运作后,能及时投入运行,为全岛封关运作后的海南经济活动提供相应的金融服务和基础设施支持。基于相关规划和设想,本文做学术和学理探讨。     

自由贸易港需要什么样的金融服务？——再论FT账户和海南自由贸易港的账户选择问题

2025年海南全岛封关运作、实现“一线放开、二线管住、岛内自由”后,海南自由贸易港市场主体及其商品、劳务和金融资产都将具有离岸法律属性,遵守以《自由港法》为核心的离岸法律法规,既有的内地在岸银行账户体系,以及FT账户体系都将无法满足为海南市场主体及其离岸经济活动提供金融服务和基础设施支持的要求,有必要尽快着手建立适应海南自由港经济金融活动需求的,独立于内地既有银行账户体系,包含海南自由港货币当局、商业银行和其他相关金融机构在内,设计清晰、系统简洁、功能完备的海南离岸银行账户体系。同时,在账户规则、监督管理、金融市场建设、中央银行货币发行和其他微宏观审慎管理,以及配套基础设施上抓紧研究方案,尽早着手设计、建设和模拟运行,以期在中央宣布海南全岛封关运作后,能及时投入运行,为全岛封关运作后的海南经济活动提供相应的金融服务和基础设施支持。基于相关规划和设想,本文做学术和学理探讨。     

科技企业孵化器绩效评价指标体系研究

论文梳理了国内外科技企业孵化器绩效评价研究现状,通过分析现有指标体系及评价方法的优缺点,提出投入与产出、静态与动态相结合的新模型,构架出服务能力、孵育效率、营运效率和成长性四个方面组成的评价指标体系,并采用德尔菲法、层次分析法和变异系数法的新思路测算该指标体系的权重。另外对湖南科技企业孵化器进行了评价与分析。     

资本市场会计信息披露暨治理问题研究--基于上市公司会计信息披露不对称的视角

上市公司会计信息生产和披露质量直接影响了资本市场的稳定健康发展。资本市场会计信息生产和披露存在着一定的供求机理,直接影响了会计信息生产和披露的质量。由于管理主体上的虚化、内控弱化和治理结构上的偏差、会计信息系统的集成和共享性弱以及从业人员素质上的差异,使得上市公司会计信息披露存在着不充分性、非主动性、虚假性和滞后性问题,由此增加了资本市场信息不对称和风险发生的可能。因此,严厉打击资本市场会计信息造假,规范资本市场会计信息披露,需要进一步完善资本市场会计信息披露制度,创新和完善新技术背景下会计准则和会计制度,加强对现有上市公司会计信息生产和会计信息披露标准的制定和使用,提升上市公司会计信息生产和会计信息披露独立审计监督的标准化和规范化水平,加强上市公司会计信息生产和披露监督标准化体系建设。     

中国上市公司财务指数编制:意义、思路与实现路径

本文在简要介绍中国上市公司财务指数研究的基本背景和研究过程的基础上,系统分析了上市公司财务指数编制的理论与现实意义、指数性质界定及其构成,以及指数编制的基本思路和关键问题。我们认为,编制中国上市公司财务指数是对会计信息和财务分析的拓展,与传统会计和财务信息相比,财务指数的信息更具综合性、动态性、系统性,是对传统会计与财务分析理论的拓展与升华;科学合理的指标选取、指标赋权和指数生成方法是编制财务指数的关键;公开、可重复收集的数据基础和恰当合适的编制与发布主体也是财务指数研究和编制中的两个重要问题。     

地方政府融资风险难题

2009年,地方政府融资平台的数量和融资规模急剧膨胀,其潜在和连带的巨大风险已引起决策层的重视和社会关注。本刊专访国家发改委财政金融司司长徐林、国家发改委投资研究所研究员刘立峰,结合天津、重庆、四川3地案例,多角度、深层次探讨地方政府融资和风险管理难题     

国外金融监管协调合作的成功经验及启示

国际经验表明,金融危机的发生在很大程度上是由于金融监管不力,而监管不力往往又与各金融监管部门各自为政、缺乏协调合作紧密相关.基于加拿大、日本、韩国、澳大利亚等国家次贷危机前金融监管协调合作机制改革的考察,笔者分析了这些国家在监管机构设置与职能、监管机构协调与合作、监管信息收集与共享以及国际监管协调与合作方面取得的成功经...     

The environment for development

This overview of the World Bank 1992 World Development Report reveals some of the means to close the gap between policy and practice in linking environmental and development policy. The nature of the problem is defined and win-win policies which show mutual support for environment and development concerns are differentiated from negative links. Sound environmental management can be achieved with improved information, enhancing institutional arrangements, and involving local people. The rapid implementation of policies and programs will involve both political and financial costs and a shift in policies and priorities. The challenges ahead are tremendous and include overcoming poverty and turning population growth and environmental pollution around. World consumption of energy and manufactured goods is expected to triple; without curbs on emissions, mortality increases, water shortages, and forest and natural habitat loss will ensue. It is not entirely true that economic activity hurts the environment when positive forces of substitution, technological innovation, and structural change outweigh the negative consequences. Environmental consequences change with income levels. Some problems decline with income increases. Some problems deteriorate temporarily and then improve as incomes rise, i.e., air and water pollution and some types of deforestation and habitat dislocation. Some problems continue to grow with income increases, such as carbon and nitrogen oxide emissions. Win-win policies are ones that foster and end to excessive resource use, clarify property rights and stop open access to land, accelerate education and family planning programs, accelerate agricultural extension and research, and invest in sanitation and water supply. These policies will not sacrifice economic growth. Tradeoffs must be identified and costs and benefits of alternative policies assessed; priorities and standards must be established in consort with costs and benefits. Behavior change can be achieved with properly designed practical and cost-effective policies.     

论税制改革、优化与税收征管均衡发展

税制改革与优化为税收征管创造良好的实施基础,有助于税收征管质量和效率的提高;税收征管是税制改革与优化的制约因素,良好的税收征管是保证税制有效运行的手段,税收征管质量和效率的提高有利于税制改革与优化,为税制改革与优化提供更广阔的空间。只有税制改革、优化与税收征管均衡发展,才能更好地实现税收政策的经济社会目标,充分发挥税收的作用。     

The importance of risk and insurance teaching within the ARIA mission

The American Risk and Insurance Association (ARIA) is a scholarly association devoted to the study of and promotion of risk and insurance economics and has a history of innovative scholarship in fields that are vital to economic development and resiliency throughout the world. Association members have an equally important mission and history of passing along important knowledge to students and the risk professions. The Risk and Insurance Teaching Society (RITS) was established as part of the pedagogical and academic program roles of ARIA. This paper outlines the importance of pedagogy within business higher education and more specifically within the academic discipline of risk and insurance and the increasing role that RITS plays in pedagogical innovation and idea sharing among risk and insurance academics.     

公司并购税制的理论与实践

公司并购市场的蓬勃发展,促使对这一领域法制规范的研究成为当前的理论热点。作为调整并购市场法律体系的重要组成部分,税收政策在并购激励和并购能力、并购融资和支付、并购资源整合与绩效等方面都具有深刻影响。本文以法经济学的交易费用及产权分析为理论工具,在借鉴世界公司并购税制,尤其是美、欧公司并购税制成功经验的基础上,审视我国公司并购税制的有效性,并对其完善和改进提出政策建议。     

正规金融与非正规金融:机制、效率与实证挑战

正规金融与非正规金融的定位和关系,不仅是重要的学术问题,也是影响间接金融体系改革方向的关键。本文从机制视角建立学理框架,从信息和履约两个基础维度,讨论正规金融与非正规金融的相对效率及决定因素,并通过系统梳理相关文献,指出现有实证研究的成果与挑战;进而结合中国特征,讨论如何提高正规金融与非正规金融的效率,最后提出未来研究方向。本文认为,正规金融与非正规金融因信息和履约机制不同而各有其独立存在价值,其相对效率取决于不同经济发展阶段的社会网络基础和征信、法律体系,现有实证文献对两者作用的分歧主要源于分类、样本局限和内生性处理。本文从机制视角进行分析,体现了正规金融和非正规金融的金融属性,为探索相关领域学术研究和政策制定提供启示。     

Mergers and acquisitions research in finance and accounting: Past,present, and future

This study presents an analysis of publication patterns and major themes in research on mergers and acquisitions in finance and accounting. We find that takeovers as mechanisms of governance, drivers of mergers, mechanisms of mergers, bank mergers, cross-border mergers, shareholder wealth effects of mergers and related events, and the role of financial experts and ownership structure form major themes of research in the finance area, while in accounting area major themes are corporate governance and accounting outcomes, predicting takeovers and their outcomes, valuation, financial reporting and takeover decisions, and financial reporting and performance.     

Corporate governance in banking: The role of the board of directors

We use a sample of large international commercial banks to test hypotheses on the dual role of boards of directors. We use a suitable econometric model (two step system estimator) to solve the well-known endogeneity problem in corporate governance literature, and demonstrate the empirical and theoretical superiority of system estimator over OLS and within estimators. We find an inverted U-shaped relation between bank performance and board size, and between the proportion of non-executive directors and performance. Our results show that bank board composition and size are related to directors’ ability to monitor and advise management, and that larger and not excessively independent boards might prove more efficient in monitoring and advising functions, and create more value. All of these relations hold after we control for the measure of performance, the weight of the banking industry in each country, bank ownership, and regulatory and institutional differences.