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文章从不对称信息角度出发,运用信息经济学和博弈论相关理论,通过建立企业集团财务控制-激励机制模型,研究集团母公司如何设计有效的报酬合同以及如何在该合同中能同时体现母公司对子公司经营者的财务控制和激励机制的问题,以克服子公司经营者"道德风险",最终实现企业集团财务价值最大化. 相似文献
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在当今市场条件下,由于宏观经济的不确定性,再加上企业内外部环境复杂,人们认知滞后以及思维有一定程度上的局限性,财务风险在每一个企业中普遍客观存在。优化企业内部管控,降低财务风险,越发成为管理者关注的课题。现金流量与财务风险有密不可分的关系。通过对企业现金流的分析,有助于识别企业的财务风险,实行防范与控制。文章结合案例公司苏宁云商,介绍如何通过对现金流量的分析对财务风险进行识别与控制。并根据案例公司的具体情况以及存在的财务风险提出具体建议,以期对我国企业的现金流风险管控方面,起到一定的实践作用。 相似文献
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企业作为经济体最基本的单位,是微观经济可持续发展领域的主要研究对象,企业的可持续发展便成为企业管理者和学者们关注的焦点问题。本文从财务预警机制研究入手,对如何提前发现化解财务危机进行了探讨。 相似文献
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一、企业集团对财务权力的整合 企业集团组建的财务影响是多方面的,既有量的方面,又有质的方面;既有表层影响,又有深层影响.若干个独立的企业联合为一个企业集团,最直接的变化莫过于财务权力的整合与重新分配. 相似文献
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正企业财务信息化的真正作用,是为管理者决策提供更为科学的依据上海自贸区新政的出台,无疑促使企业对财务信息化管理流程如何与国际对接的进一步思考。虽然,中国财务信息化近几年来在企业中增速惊人,但目前国内企业的财务信息化的发展还处于"集造"阶段,即财务集中和流程再造。近日,梅特勒-托利多(METTLER TOLEDO)中国区财务总监郑方顺在接受《上海国资》采访时直言不讳道,中国企业和外企在财务信息化管控上 相似文献
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随着港口企业集团迅速发展,如何发展和管理企业集团成为管理者最关心的问题。在企业集团发展壮大的实践中。集团企业的管理者总结了不少成功的经验,成立集团结算中心便是其一。本文通过对一般港口企业财务资金结算基本特征的分析,结合烟台港口企业经营特点.论述了烟台港口企业集团成立财务结算中心以来的实践过程。 相似文献
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This study explores the effects of financial and tax reporting incentives on options granted to chief executive officers in Canada. Extant studies with a similar objective (Yermack 1995; Matsunaga 1995) explore predominantly nonqualified U.S. option grants that are deductible to the extent that the options are in the money at the time of exercise. In contrast, Canadian firms do not get a tax deduction for their stock option grants at any time. In both countries, no expense is recorded for financial reporting purposes. As a result, the financial reporting and tax reporting trade‐off is more pronounced in the Canadian setting of this study compared with the U.S. setting. We measure option granting behavior as the ratio of the Black‐Scholes value of stock option grants to the sum of cash compensation and the value of stock option grants. Using a sample of 806 firm‐year observations during the period 1993‐95, we find that observed option grants are significantly correlated with proxies for short‐run financial reporting incentives. We also find evidence that option granting behavior is correlated with proxies for tax incentives. 相似文献
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Using data from the 2012 consumer finance survey in China, we extend the literature on household finance by examining the effects of both financial literacy and housing value on household financial market participation, the role of which has been examined separately in the existing literature. The results show that financial literacy significantly improves the probability of household financial market participation, while the housing value has an obvious “crowding-out effect” on household financial market participation in urban China. Further research finds that the role of financial literacy in household financial market participation in households with a low housing value is stronger than that in households with a high housing value. Furthermore, the study of the regional differences shows that among households with a high housing value, financial literacy plays a more significant role in household bond market participation in less-developed cities. Among households with a low housing value, improvement in financial literacy plays a more significant role in household fund market participation in less-developed cities and under-developed cities. Our findings remain robust after alleviating potential bias due to endogenous problems by applying the instrumental variable (IV) method and propensity score matching (PSM) method. Finally, the paper proposes corresponding policy recommendations. 相似文献
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Dennis M. O'Reilly Robert A. Leitch Brad Tuttle 《Contemporary Accounting Research》2006,23(1):267-289
Three incentives for hiring auditing services have been proposed in the literature: (1) to signal outsiders about the company's prospects, (2) to provide a potential source of loss recovery for investors (insurance), and (3) to reduce agency costs. The objective of this study is to examine the potential for the first two (signaling and insurance) to interact while controlling for agency costs. We conduct an experiment in which highly experienced financial analysts provide stock price estimates for a company that is under financial stress. We manipulate, between participants, the signal provided by the audit opinion (going‐concern modification, yes/no) and the ability of investors to recover losses from auditors. The key finding is that the effect of the going‐concern opinion on investor value judgements is moderated by the extent to which the auditor provides an insurance function. Specifically, the negative effect of a going‐concern opinion on the analysts' stock price estimates is reduced by the extent that the environment treats the auditor as an insurer. 相似文献
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论构建现代企业财务控制的方法体系 总被引:1,自引:0,他引:1
作为财务控制基础的财务控制方法体系 ,是实现财务控制目标的基础和保障 ,具体而言 ,应由制度控制、定额控制、预算控制、目标控制、责任控制和内部牵制等方法组成。在探讨如何构建财务控制方法体系的同时 ,更强调了如何加强企业财务控制的基础工作内容 ,以期最终实现企业财务控制的目标 ,发挥财务控制在企业财务管理中的核心作用 相似文献
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会计信息是客观反映社会经济有效运行的有力工具,本文以1993~2002年因会计造假受到中国证监会行政处罚的25家上市公司对外公告的招股说明书、年报资料为基础进行统计分析,旨在通过对上市公司财务造假案例的分析,筛选出能够揭示企业会计造假的财务指标和非财务指标,并将之总结归纳,借此为防范会计造假而建立指标预警机制。 相似文献
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公司财务治理过程各利益主体的博弈研究 总被引:1,自引:0,他引:1
公司财务治理过程中各利益主体的财务目标都是自身利益最大化,由于各利益主体在公司财务治理过程中的参与程度不同,必然导致各利益主体之间的不合作博弈,而不合作博弈的结果是公司总体经济利益受损,各利益主体就无法实现其财务目标。文章旨在利用博弈论理论,探索各利益主体之间合作博弈的途径,最终实现公司总体经济利益最大化。 相似文献
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以权责发生制为基础设计的财务综合指标容易受盈余管理的影响,由此可能导致指标不能反映公司实际财务实际状况。本文以收付实现制为基础,通过主成份分析方法将多个现金流量表主要指标组合成一个综合财务指标,客观评价公司财务状况,最后选取综合绩效排名前50位中的33家制造业上市公司为样本,实证综合财务指标判断的一致性。 相似文献
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基于美国金融危机的公允价值研究 总被引:1,自引:0,他引:1
全球金融危机的爆发引发了人们对公允价值准则的质疑,并迅速演变为一场“公允价值存废”的论争。文章探讨了公允价值计量本身的局限性,并从不同的角度分析研究了公允价值准则是否是造成此次危机的“罪魁祸首”。文章认为公允价值会计经济内核具有科学性,采用公允价值会计准则仍然是未来的趋势。但面对金融危机中非公允的市场报价,有必要建立起适应非活跃、非理性市场的公允价值会计操作框架。 相似文献
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ZHANG Jian-ying SUN Cai 《美中经济评论(英文版)》2007,6(4):32-37
The paper puts forward the method of fuzzy overall evaluation of financial crisis for public company according to the problems on measuring financial crisis, which is difficult to evaluate with an objective and precise way. A systematic measurement index system has been described. With a multi-layer structure built up using the AHP method, and weights obtained using the FAHP method for the factors, a multi-level and multi-target fuzzy mathematic model has been established for measuring financial crisis. Financial crisis forecasting can control risks and decrease losses. 相似文献