资产质量与企业内部控制有效性的实证研究——基于制造业上市公司的经验数据

以2009年611家沪深制造业上市公司的经验数据为样本,从资产质量角度分析其对企业内部控制有效性的影响.研究发现:资产存在性与企业内部控制有效性负相关.资产结构、资产有效性、资产收益性与企业内部控制有效性正相关,利于企业从运营本质上提高内部控制有效性.     

银行信贷资产质量审计要点浅析

此文是作者负责了多个大型银行信贷资产质量检查及金融企业审计项目基础上总结撰写,从银行信贷管理内部控制系统的测评、银行信贷资产质量的总体分析、审计样本的抽取、信贷档案的审查、信贷资产质量的风险形态等方面阐述了银行信贷资产质量审计的要点、技巧和方法。     

掂掂国资的腰包

如何统计? 国有资产分为两类,即经营性资产和非经营性资产.其中经营性资产又可细分为一般工商企业、金融保险企业、境外企业和国有建设基金,非经营性资产分为行政事业单位、基本建设单位和房产经营单位.     

银行信贷资产质量审计要点浅析

此文是作者负责了多个大型银行信贷资产质量检查及金融企业审计项目基础上总结撰写,从银行信贷管理内部控制系统的测评、银行信贷资产质量的总体分析、审计样本的抽取、信贷档案的审查、信贷资产质量的风险形态等方面阐述了银行信贷资产质量审计的要点、技巧和方法.     

如何加强对事业单位国有非经营性资产转为经营性资产后的管理

国有非经营性资产转为经营性资产后,在资产的管理方面还存在着一些问题和漏洞.文章就非经营性资产转为经营性资产后的好处,以及改制后存在的一些问题及针对该问题所采取的相应对策方面,提出了一些合理化建议,以求改善事业单位对经营性资产的管理,避免资产的利用不当,达到资产使用价值的最大化.     

企业资产质量分析与评价研究

<正>众所周知,企业战略管理和财务管理的成效不仅体现在资产结构上,而且会最终体现在资产质量上。资产结构与资产质量总体上相辅相成、互为因果。合理的资产结构不仅使企业整体资产质量优良,而且也是各单项资产质量优良的保障前提。由于各类资产在企业承担的具体功能不同,因而由不同的单项资产组合而成的资产结构也不相同,其质量不仅体现在整体资产上,而且也体现在各单项资产上。因此,企业资产质量有整体资产质量和单项资产质量之别。本文分别从这两个层面,提     

资产质量内涵的研究综述

资产作为会计六大要素之首,而资产质量作为资产的重要方面是会计学理论研究的一个热点问题,本文在回顾资产内涵和资产质量现有文献的基础上,从资产质量内涵方面阐述了现有研究的现状及特点,并对未来研究的发展趋势做出简要展望。     

城投类企业资产管理与经营模式探讨

资产管理与经营模式是城投类企业面临的紧迫而重要的问题.本文以项目区分理论为基础,对城投类企业的资产进行了分类梳理,根据不同类别的资产,提出了相应的资产管理与经营模式.根据城投类企业资产特点、管理现状和未来发展趋势,全覆盖的资产管理模式是适用城投企业的科学管理模式.即固定资产的全寿命周期管理,股权资产的全过程管理,资产运行效益的全过程分析,最终建立规范合理、全面有序的资产管理体系.城投类企业的经营模式构建就在于设计非经营性、准经营性资产向经营性资产的转化,外部要优化制度设计,积极向政府争取补贴和特许经营,开辟收益渠道,内部要努力提高技术和管理水平,从而提高资产经营效益,最终形成清晰高效、健全得当的经营模式.     

企业资产质量评价体系的建立

财务质量分析包括资产质量分析和收益质量分析,本文着重探讨资产质量分析,并从总体资产指标和单项资产指标两个方面设计评价的内容。     

中国上市电影公司投融资匹配性研究

本文采用上市电影企业财务数据,分析电影企业投融资匹配的情况。结果表明,电影企业投资主要依靠外源融资,内源融资支撑不足;从投融资数量期限匹配性看,经营现金流不能匹配投资需求,多数电影企业持有过多的流动性资产,但资产质量较低;从资产属性匹配来看,电影企业专用性资产占比较低,但呈现出一定的上升趋势;从投融资质量匹配性看,电影企业投资质量不高,且过多依赖外源融资支撑扩张。进一步研究发现,提升投资质量,拓宽融资渠道,实现多元和稳定增长的收入和利润,是电影企业提升投融资匹配性的重要方式。     

FUTURE VALUE: THE $7 TRILLION CHALLENGE

As of May 2003, $7.6 trillion (or 58%) of the aggregate value of the U.S. stock market represented "future value"–that portion of value that does not depend on current operating performance but rather on anticipated growth. This concept of future growth value is especially important in newer industry sectors and among companies whose value is based heavily on intangible assets, such as brand and proprietary knowledge. But traditional accounting remains focused on tangible assets. And because most executives rely on accounting- based financial data to run their businesses, they end up focusing on current operating results when they should be investing in strategies that optimize future growth. In short, many of the assets that are most responsible for creating value in today's economy are not managed as well as they could be.
As part of its high-performance business initiative, Accenture has developed a comprehensive research database and a set of tools for examining the components and drivers of future value, along with a methodology for applying this research on a companyspecific basis. Accenture's futurevalue analytics can determine the portion of a company's market value that is attributable to future growth, and can help identify the drivers of that future growth value. The development of a viable operational framework will enable executives to translate corporate intangibles into manageable market value.     

Junk bonds,life insurer insolvency,and stock market reactions: The case of first executive corporation

The First Executive Corporation was the largest failure in the history of the life insurance industry. The company was one of the most aggressive purchasers of junk bonds through the 1980s and was the first of several large failures in the staid life insurance industry. In this article, we examine the effect of First Executive's failure on the value of companies in the life insurance industry. We find that the price of other life insurance companies' stock is negatively affected by the earnings announcement that preceded First Executive's failure. The magnitude of an individual company's reaction to First Executive's loss varies according to the proportion of the company's assets invested in junk bonds, the proportion of the company's assests invested in real estate, and the financial strength of the company as measured by A.M. Best's rating.     

A Framework for Corporate Treasury Performance Measurement

Corporations generally do not have a formal process for evaluating the effectiveness of their treasury departments in managing debt. To the extent that corporate borrowing decisions are predicated on "market timing" rather than matching the interest rate sensitivity of the firm's liabilities to that of its assets, the firm is effectively making bets on interest rates that should be monitored and evaluated.
The author has developed an approach that allows for periodic reporting of treasury's performance to investors and that also provides a framework for treasury to compare and choose among alternatives in the capital markets. The basic idea is to calculate a company's liability return and then establish a benchmark portfolio that allows measurement of relative performance. For a nonfinancial corporation, a useful benchmark can be constructed using the collective debt obligations of the company's industry peers. The assumption underlying this benchmark is that the financing of the industry as a whole is designed to produce an "optimal" asset-liability configuration and net exposure to interest rates.     

基于灰色关联视角的物流业与制造业联动发展研究——以长三角为例

运用灰色关联理论,基于长三角地区2004~2013年制造业和物流业的数据,分别测算了整体制造业以及要素禀赋差异下的制造业与物流业关联度,得出以下结论：(1)制造业发展规模是物流业发展的胁迫因素,居民购买力水平、电信化以及信息化程度是制造业发展限制因素。(2)物流业固定资产投资是劳动密集型行业的重要影响因素,物流业从业人员是资本密集型行业的关键影响因素,公路货物周转量是技术密集型产业的制约因素。(3)不同交通运输方式的货运量与制造业规模关联度普遍较大,但货物周转量与多种制造业因素关联度大。     

CREATING VALUE IN PENSION PLANS (OR, GENTLEMEN PREFER BONDS)

Pension funds are typically one-half to two-thirds invested in equities because equities are expected to outperform other financial assets over the long term, and the long-term nature of pension fund liabilities seems well suited to absorbing any short-term return volatility. What's more, U.S. GAAP currently makes it possible to take credit in advance for the higher anticipated earnings on equity investments without acknowledging their inherent risk. But by allowing the higher expected returns from stocks to reduce a company's current pension expenses, the accounting treatment conflicts with some very basic principles of finance (in particular, the idea that investors must earn higher returns on riskier investments just to "break even"), conceals systematic biases in the actuarial analysis, and gives managers considerable latitude to manipulate the bottom line.
The authors suggest a startlingly different approach. They argue that pension assets should be invested entirely in duration-matched debt instruments for two reasons: (1) to capture the full tax benefits of pre-funding their pension obligations and (2) to improve overall corporate risk profiles by converting general stock market risk into firm-specific operating risk, where corporate managers should have a comparative advantage and can generate real value. Investing exclusively in bonds would take better advantage of the tax-exempt status of pension plans and greatly reduce fund management costs, while at the same time helping o shore up fund quality and sharpening corporate executives' focus on their real operating assets.     

我国车险业务经营绩效评价研究——以某财险公司湖南分公司为例

财产保险公司绝大部分业务来自于车险业务,因而车险业务的绩效关系到财险公司的经营业绩,甚至整个保险业的稳定和健康发展。从承保、理赔、续保及财务四个方面选取17个具体指标构建车险业务绩效评价指标体系进行有效性检验,计算某财险公司湖南分公司车险业务绩效水平指数,评价其车险业务经营状况。结果显示：该公司财务指标对车险业务影响的权重最大,综合车险指数呈上升趋势,表现出较好的经营状况。     

The myth of secure computing

Few senior executives pay a whole lot of attention to computer security. They either hand off responsibility to their technical people or bring in consultants. But given the stakes involved, an arm's-length approach is extremely unwise. According to industry estimates, security breaches affect 90% of all businesses every year and cost some $17 billion. Fortunately, the authors say, senior executives don't need to learn about the more arcane aspects of their company's IT systems in order to take a hands-on approach. Instead, they should focus on the familiar task of managing risk. Their role should be to assess the business value of their information assets, determine the likelihood that those assets will be compromised, and then tailor a set of risk abatement processes to their company's particular vulnerabilities. This approach, which views computer security as an operational rather than a technical challenge, is akin to a classic quality assurance program in that it attempts to avoid problems rather than fix them and involves all employees, not just IT staffers. The goal is not to make computer systems completely secure--that's impossible--but to reduce the business risk to an acceptable level. This article looks at the types of threats a company is apt to face. It also examines the processes a general manager should spearhead to lessen the likelihood of a successful attack. The authors recommend eight processes in all, ranging from deciding how much protection each digital asset deserves to insisting on secure software to rehearsing a response to a security breach. The important thing to realize, they emphasize, is that decisions about digital security are not much different from other cost-benefit decisions. The tools general managers bring to bear on other areas of the business are good models for what they need to do in this technical space.     

The effects of resolution methods and industry stress on the loss on assets from bank failures

In this paper, we examine how the value of failed bank assets differs between two types of FDIC resolution methods: liquidation and private-sector reorganization. Our findings show that private-sector reorganizations do not deliver the expected cost-savings from 1986 to 1991, a period of industry distress. On a univariate basis, the net loss on assets is lower for a private-sector reorganization than for a liquidation in both a period of industry distress and of industry health. However, institutions with higher quality assets and higher franchise values are more likely to be resolved using a private-sector resolution. Once we control for this selection bias, we find that institutions that are resolved during periods of industry distress result in higher resolution costs than liquidation. During periods of industry health, private-sector resolutions are less costly than liquidations. We show that if a bank that failed during the post-crisis period instead failed during the crisis period, its net loss as a percent of assets would have been 3.232 percentage points higher. Given that the average net loss on assets ratio is 21.42 percent during our sample period from 1986 to 2007, the increase in costs is economically significant.     

How industries change

It's fairly obvious: To make intelligent investments within your organization, you need to understand how your whole industry is changing. But such knowledge is not always easy to come by. Companies misread clues and arrive at false conclusions all the time. To truly understand where your industry is headed, you have to take a long-term, high-level look at the context in which you do business, says Boston University professor Anita McGahan. She studied a variety of businesses from a cross section of industries over a ten-year period, examining how industry structure affects business profitability and investor returns. Her research suggests that industries evolve along one of four distinct trajectories--radical, progressive, creative, and intermediating--that set boundaries on what will generate profits in a business. These four trajectories are defined by two types of threats. The first is when new, outside alternatives threaten to weaken or make obsolete core activities that have historically generated profits for an industry. The second is when an industry's core assets--its resources, knowledge, and brand capital--fail to generate value as they once did. Industries undergo radical change when core assets and core activities are both threatened with obsolescence; they experience progressive change when neither are jeopardized. Creative change occurs when core assets are under threat but core activities are stable, and intermediating change happens when core activities are threatened while core assets retain their capacity to create value. If your company's innovation strategy is not aligned with your industry's change trajectory, your plan for achieving returns on invested capital cannot succeed, McGahan says. But if you understand which path you're on, you can determine which strategies will succeed and which will backfire.     

The Cost of Equity Capital—a Comment

An algebraic relationship is developed linking the expected long-term yield to an investor with the company's expected internal rate of return on its equity assets. Assuming that the market normally ranks shares by expected yield, allowing where necessary for a risk premium, it is shown that the cost of equity capital must be the company's expected internal rate of return.