Carbon Management Accounting: Explaining Practice in Leading German Companies

This paper explores carbon management accounting (CMA) by examining the practices of leading German companies with pronounced policies and histories. Using interview data, field notes, documentary evidence, and questionnaires, this research identifies the CMA behaviour of 10 companies and grounds it in a theoretical framework to categorise the practices. With climate change to the forefront CMA provides an opportunity to (re)gain competitive advantage by exceeding the legislative requirements for reporting on carbon and carbon‐equivalent emissions, CMA, when properly understood and contextualised, provides an ability to increase both effectiveness and efficiency of information collection and dissemination, and may assist in overcoming the currently uncoordinated approaches evident in the sample companies, and thus contribute to improved carbon management performance.     

从欧美财险公司破产看我国非寿险偿付能力监管

我国非寿险公司目前普遍存在的低估准备金、快速扩张、恶性竞争等问题,恰是欧美非寿险公司20世纪90年代破产的主要原因,从而对监管问题提出巨大挑战.目前,我国非寿险偿付能力监管模式存在结构上的缺陷,使其在很大程度上无法识别预警上述问题,并且结构上的缺陷不能通过修正计算比率、临界点加以弥补.因此,我国非寿险监管有必要借鉴美国风险基础资本RBC监管模式,探求以风险为导向的偿付能力监管的模式.     

我国企业集团财务公司发展现状与完善建议

随着我国入世的日益临近,外资金融机构纷至沓来,积极开拓中国市场;另一方面,国内企业资源整合的步伐日益加快。在这种背景下,国内财务公司如何应对?对此,孙莉娜同志通过对我国财务公司所处经济环境、发展现状及面临的主要风险等方面进行了分析,提出了发展完善的对策建议。     

Financing Shipping Companies and Shipping Operations: A Risk‐Management Perspective

Shipping has always been a volatile and cyclical business. The extreme changes in revenues, operating cash flows, and asset values during the recent financial crises have upset the usual means of financing shipping companies. While bank debt will remain important in the future, the new regulatory environment has been forcing shipping banks to shift these risks from their balance sheets to capital markets through instruments such as loan securitization. As a result, the shipping industry will increasingly look to capital markets for external funds. And shipping banks are likely to change from being commercial bank lending institutions to becoming more like investment banks that arrange a variety of financing solutions, including high yield bonds or public equity. Risk management will be central to shipping companies in this new environment. Shipping companies can manage their own risks by modifying operations, employing freight and vessel price derivatives, or adjusting their capital structures. To arrive at the value‐maximizing combination of these three basic methods, they must decide which risks to bear, which to manage internally, and which to transfer to the capital markets. These decisions require shipping financial managers to assess the effect of each risk on firm value, understand how each contributes to total risk, and determine the most cost‐effective way to limit that risk to an acceptable level.     

企业集团特征与成员企业价值

作为外部市场机制的一种替代形式,企业集团在发展中国家广泛存在。一方面,企业集团通过建立内部市场降低成员企业(Group-affiliated Com- panies)之间的交易成本,能够提高企业的价值;另一方面,企业集团内部控股股东与其他股东之间的代理问题相对于独立经营的公司更加严重,对其成员企业价值存在负面影响。本文以我国A股上市公司中的集团成员企业为样本,采用实证的方法研究了集团化经营方式对其成员企业价值的影响。结果表明:集团成员企业的经营效率和市场价值总体上均显著优于其所在行业的中值;同时,集团内上市公司数量的增多、集团层面的多元化经营都会显著提高成员企业的市场价值;但是,政府作为集团最终控股人或者控股股东持股比例过高时,集团产生的代理问题对成员公司价值存在显著的负面影响。     

企业集团财务公司面临的问题及对策

企业集团财务公司在增强企业集团的凝聚力、提供金融服务、促进产业资本和金融资本的相互融合等方面起到了积极的作用.但企业集团财务公司在具体运作过程中仍然存在许多不容忽视的问题:功能定位不准、行政干预过多、融资环境显紧、服务范围有限、人员素质低等.为此,需要对财务公司进行准确功能定位,减少不合理行政干预,改善融资环境,积极拓展服务范围,努力提高从业人员素质,提高企业集团财务公司的运营效益,增强财务公司对企业集团发展的支持力度.     

德国公司违约概率预测及其对我国信用风险管理的启示

内部信用评级是新巴塞尔资本协议的核心,而违约概率的预测又是内部评级的基础。本文利用具有出色分类功能的非线性支持向量分类(SVC)方法来预测德国公司的违约概率,识别其信用风险。结果显示,SVC模型的预测能力优于基准的logit模型;而且非线性SVC模型能够捕捉线性logit模型所不能识别的影响信用风险的重要变量。本文虽然分析的是德国公司数据,但是同样对我国商业银行和公司构建全面风险管理体系有着直接的指导意义。     

如何评价上市公司管理层经营绩效：因子分析法视角

本文在介绍因子分析方法的基础上,利用其从众多的财务指标中提炼出对经营绩效最具解释力的少数几个指标,以此来评价管理层的经营成效和行为取向.     

The Development of the Capital Structure of German Companies*

The capital structure of Federal German companies has developed in a noteworthy fashion in the last twenty years, but incentive to undertake investments is declining in the face of a falling return on equity capital, and the possibilities for investment financing are becoming narrower. If the trend of the last few years continues, serious difficulties may arise in the financing of company growth. This paper attempts to measure the development of the capital structure, financial structure, and financial strength of German companies by means of various indices. Durant les vingt dernières années, la structure financière des sociétés de l'Allemagne fédérale s'est développée de façon remarquable, mais l'encouragement aux investissements s'affaiblit devant la baisse de rentabilité des capitaux propres, et les possibilités concernant le financement des investissements deviennent plus limitées. Si la tendance des quelques dernières années persiste, cela risque d'entraîner de sérieuses difficultés dans le financement visant à l'essor des entreprises. Ce papier tente àévaluer, au moyen de divers indices, le développement qu'a subi la structure financière, et la résistance financière des sociétés allemandes. Die Kapitalstruktur der deutschen Aktiengesellschaften hat sich in den letzten zwanzig Jahren in bemerkenswerter Weise entwickelt. Die Bilanzanylse zeigt, dass nicht nur der Anreiz Investitionen zu tätigen angesichts sinkender Verzinsung des Eigenkapitals abnimmt, sondern dass auch die Moglichkeiten, Investitionen zu finanzieren, immer mehr eingeengt werden. Wenn sich der Trend der letzten Jahre fortsetzt, muss mit ernsten Finanzierungsschwierigkeiten für das Wachstum der Unternehmen in der Bundesrepublik Deutschland gerechnet werden. Dieser Beitrag will die Entwicklung der Kapitalstruktur deutscher Unternehmen an Hand einiger Kennzahlen sichtbar machen. Die Zahlen über die Kapitalstruktur werden um Kennzahlen der Finanzstruktur und der Finanzkraft ergänzt.     

Insolvency and Tests of Insolvency: An Analysis of the "Balance Sheet" and"Cashflow" Tests

National and international case law refers to two basic tests of insolvency: the "balance sheet" test and the "cashflow" test. While the former method is argued to be the bona fide test for insolvency, accounting principles fail to provide serviceable data for that function. Hence, the cashflow test is superior to the balance-sheet test principally because it quantifies the market worth of assets. The premise is that a financial test of insolvency requires current money equivalents for assets to be compared against all business debt incurred by the entity.     

自然人破产制度的建立

从法政策角度考量,自然人破产制度可以使债权人获得公平受偿,使债务人获得重生,这是自然人破产制度确立的最重要原因;而信贷消费的迅速发展,是我国确立自然人破产制度的社会基础。我国面临的城乡二元结构、信用体系的不健全只是建立自然人破产时必须予以考虑的法技术问题。在建立自然人破产制度时必须正视城乡二元结构、信用体制缺失等问题,并逐步建立自然人财产申报登记制度,完善信用制度。     

Joint Insolvency Analysis of a Shared MAP Risk Process: A Capital Allocation Application

In recent years, multivariate insurance risk processes have received increasing attention in risk theory. First-passage-time problems in the context of these insurance risk processes are of primary interest for risk management purposes. In this article we study joint-ruin problems of two risk undertakers in a proportionally shared Markovian claim arrival process. Building on the existing work in the literature, joint-ruin–related quantities are thoroughly analyzed by capitalizing on existing results in certain univariate insurance surplus processes. Finally, an application is considered where the finite-time and infinite-time joint-ruin probabilities are used as risk measures to allocate risk capital among different business lines. The proposed joint-ruin allocation principle enables us to not only capture the risk dynamics over a given time horizon, but also overcome the “cross-subsidizing” effect of many existing allocation principles.     

异地上市公司的政治资源获取:基于聘请北京独立董事的考察

以沪、深两市2002年至2013年A股主板上市公司为样本,本文对异地上市公司聘请北京独立董事的动机与经济后果进行了探讨。研究显示:(1)出于获取政治资源的动机,总部与北京距离较远以及总部所在地制度环境较差的上市公司更倾向于聘请北京异地独立董事;(2)相比较北京当地上市公司,异地上市公司聘请的北京独立董事中任职于政府部门的比例显著更高;(3)聘请北京独立董事的确有助于异地上市公司的政治资源获取,表现为有助于企业股权再融资、进入高壁垒行业以及降低企业违规处罚风险。同时,北京异地独立董事也获取了更高的薪酬。本文研究进一步厘清了我国背景下独立董事聘任决策与其职能发挥间的内在机理,显示了转轨经济背景下独立董事制度可能存在的功能异化,对公司治理机制的完善具有重要意义。     

Some Consequences of Insolvency Law Reform

In 1985 and 1986, the United Kingdom introduced major substantive reforms to its insolvency legislation. A number of jurisdictions are presently considering radical reform in this area, and the author sets out some of the lessons, both good and bad, which can be learned from the British experience. En 1985 et 1986, le Royaume-Uni modifia substantiellement se législation sur l'insolvabilité. Actuellement. plusiers juridictions envisagent des réformes radicales dans ce domaine. L'auteur présente quelques-unes des lecon, positives et négatives, qui peuvent être tirées de l'expérience britannique.     

The Relationship Between Home Market Performance and Internationalization Decisions: Evidence From German Insurance Groups

This study investigates the relationship between home market performance and the choice of foreign market entry mode using survey data and financial statement data for German insurance groups with property–liability business from 1999 to 2011. We develop a dynamic resource‐based perspective and argue that strategic transformation is a major motive driving the decisions of insurance groups to internationalize their businesses. Additionally, the more rapid the strategic transformation, the more intense is the choice of market entry mode. Furthermore, our findings corroborate the notion that internationalization has a positive effect on home market performance when insurance groups are able to decrease home market dependence by extending the degree of internationalization.