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|上期回顾|钱荒,又见钱荒。继2008年金融危机后,中国企业钱荒再现。"钱荒"并非全是"现金流"惹的祸,资金的"亚健康"运行,也责无旁贷。"由于缺乏专业的现金管理能力,多数企业的现金流处于亚健康的运行状态。     

钱荒启示录

正钱荒来了,又走了,排山倒海地来,悄无声息地走。隔夜SHIBOR现在都不到2%了,人们都快忘记钱荒了。但银行人士不应该轻易放弃这个绝佳的案例,一定要从钱荒中总结出一些经验。钱荒的根本起因2013年6月20日以隔夜SHIBOR达到历史高点13.44%为标志的钱荒发生时,各种观点超级热闹,现在时过境迁,是时候做个冷静的回顾与反思了。要理解钱荒,要从银行为什么会有流动性问题开始解答。那银行为什么会存在流动性问题呢,或者说银行流动性问题的起源到底是什么呢?是错配。银行是以盈利为目的的企业,在银行的利润来源中,很重要的一个方面就是借短放长,即进行资产负债合同期限的错配。这是因为,收益率曲线(Yield Curve)通常是倾斜向上的,短端     

美联储严管钱荒风险可资借鉴

2013年后半年以来,特别是6月20日的中国内地罕见银行钱荒后,钱紧、钱荒似乎像恶魔一样附体于中国资金市场。针对外汇占款增加1200多亿元,中国央行停止了逆回购操作,却使得银行钱紧又来,货币市场利率,国债收益率都较大幅度攀升。现在看来,钱荒是一个顽疾,不从体制机制上改革和理顺金融市场、银行业市场秩序,钱荒必将继续如影随形。     

“钱荒”背后的心慌

今年6月下旬,国内金融市场出现了很诡异的现象:市场短期利率瞬间飙升到30%,股市狂泻,市场纷传商业银行头寸短缺、需要中央银行紧急救助,加之其时有个别金融机构的系统升级、其ATM暂停服务,一时风声鹤唳,甚有人惊呼中国终于爆发了金融危机……中文媒体将其时其景描述为"钱荒",而同时中央银行领导在不同场合斥之为银行业的过度信贷扩张……现在,"钱荒"并未引发危机,但也似未完全消退,因为无论是银行还是普通企业,均感到资金比往年紧张。冷静思考这种现象,稍有经济学常识的人们不得不承认,这种"钱荒"的     

我国银行业“钱荒”的成因及对策

2013年6月,我国银行业遭遇史上罕见的"钱荒",银行间市场出现融资难的现象,银行间同业拆借利率不断创出历史新高,商业银行流动性管理压力骤升,引起社会各界广泛关注。本文分析了商业银行"钱荒"的成因,提出了化解我国银行业"钱荒"的建议。     

享受过渡期所得税优惠有关规定

2007年3月16日公布的《中华人民共和国企业所得税法》已经实现了两法合并，但税法规定了自2008年1月1日起施行，现在申请在2008年1月1日前成立的外商投资企业能不能搭上税收优惠的“末班车”，能不能享受外商投资生产性企业“两免三减半”所得税过渡性优惠？对于相关问题，近日《财政部、国家税务总局关于〈中华人民共和国企业所得税法〉公布后企业适用税收法律问题的通知》（财税[2007]115号）予以了明确，纳税人应高度关注，准确把握过渡性优惠的有关规定。[第一段]     

从“钱荒”谈现金为王

目前我国很多企业存在"重视利润,轻现金流"的观点,对现金流缺乏正确认识,但事实证明在企业经营活动中,现金流是企业安度金融危机的法宝。因此,作为现代企业管理者,无论是从观念上还是行动上,都要有强烈的现金流管理意识,否则,会将企业引入困局。文章描述"钱荒"现象以期起到警示,尽量避免"钱荒"在企业中爆发,并从四个方面阐述如何做到"现金为王"。     

浅谈施工企业应收账款过程管控的对策

<正>资金是企业的"血液",没有强有力的现金流支撑,企业发展必定举步维艰。当前,施工企业正在遭受"血液"危机。企业的资金主要来自两个方面,一是金融机构,二是营业收入。从近期形势来看,这两个渠道均受到威胁。一方面,国家经济下行压力增大,特别是定向宽松的货币政策收紧,"钱荒"近在咫尺,这使企业的融资更加艰难;另一方面,业主也正经受着巨大的"资金"压力,这种压力传递到建筑企业,     

再次钱荒背后更大问题是什么

在经历6月钱荒的惊秫后,临近年末,钱荒剧情再次上演,12月19日,中国银行间1月期质押式回购加权平均利率又创6月钱荒以来新高,上海银行间拆借利率也连续三日飙涨。对此,央行紧急宣布通过短期流动性调节工具SLO适度注入流动性,但导致钱荒的核心问题就此解决了吗？答案显然是否定的,而更悲观的预期是,2014年,中国金融会出现更大动荡。钱荒背后隐伏多年的连锁危机将无法继续遮盖,对中国经济和社会稳定构成重大挑战。     

浅谈如何通过金融改革来解决实体经济的钱荒问题

2013年6月份以来,我国的金融市场发生了一次实体经济的钱荒危机。本文通过对最近五年来我国经济数据运行结果的分析,对我国出现钱荒现象的本质原因进行探讨,指出现钱荒的本质原因就是我国经济结构发展的不合理。如何解决目前的钱荒问题,笔者认为首先应该对金融市场的秩序进行整顿,其次加强和引导信贷资金向实体经济的流入,不断的支持实体经济的发展;最后银行之间要建立和健全资金流动的风险评估机制,有效化解资金的流动性风险。     

CFO重新定义

CFO简简单单的三个字母,在中国却有不同的演绎。最标准的说法是,CFO是Chief Financial Officer的缩写,即公司首席财政官或财务总监,是现代公司中最重要、最有价值的职位,是掌握着企业的神经系统(财务信息)和血液系统(现金资源)的灵魂人物。曾几何时,CFO也一度成为过街老鼠,甚     

产权性质、CFO背景特征与内部控制质量

基于高层梯队理论和社会网络理论,以2008-2015年我国A股上市公司为样本,实证考察CFO背景特征对公司内部控制质量的影响。研究发现：CFO的年龄越大、任期越长,内部控制质量越低;CFO的学历越高,内部控制质量越高;女性CFO较男性CFO在内部控制建设方面存在相对劣势;CFO外部兼职有助于提升内部控制质量。进一步研究发现：在国有企业和非国有企业中,CFO背景特征对内部控制质量的影响存在显著的差异。     

IPO“再”行动

在本刊所采访的四位CFO中,除了环球教育李巧恩之外,其余三位——博纳影业许亮、当当网杨嘉宏和斯凯网络杨家康均是在第一波海外上市浪潮当中兴起的。实际上,相比第一次IPO时的紧张和不知所措,在IPO"再"行动中,他们已经从容地掌控全局,更加注意节奏。对于已经经历过一次IPO的CFO们来说,除了过硬的专业能力之外,技巧和经验已经成为最重要的因素。     

前转型时期的价值重塑——2011'中国CFO年会报道

十二五规划之下,国家进一步明确了经济转型战略,坚定了转型决心。这两年转型已渐成为国内宏观经济领域和微观经济领域均炙手可热的流行语,但是社会各界对转型本身的门道却往往探讨不足。从宏观经济领域看,高能耗、高资本投入、高社会差异(贫富差异、东西差异、所有制差异等等)是过去30年来的重要经济特征;从微观经济领域看,低管理精细度、低持续发展能力、低资本社会化程度,是本土企业普遍存在的问题。当然少数杰出的企业,已经开始全面突破上述瓶颈。这三高三低的局面,就是我们面临的转型压力。对于微观经济领域而言,财务体系的精益化管理和资本运营的日益专业化,已经成为本土CFO价值创造的主要方向。为此,《首席财务官》杂志于8月19日在上海朗廷杨子精品酒店举办了主题为前转型时期的价值创造的2011’中国CFO年会,同时作为第四届中国CFO年会首次从北京移师在中国经济版图中三分天下的长三角经济带举办。本届年会共有超过120名来自全国各地的大型企业的CFO共聚一堂,会同专家学者们一同讨论如何在大幕拉起的前转型时期且身处高通胀、强紧缩的外部环境下,推动中国企业开创高盈利能力、高持续发展、高社会和谐度的全新局面。本刊特别摘录了现场嘉宾的部分发言内容...     

资金管控:适配者胜

在中国企业的快速成长和快速嬗变的过程中,资金管控模式的变迁,始终考验的是CFO能否建构与业务成长相适应、相适配的"加油"模式。有着全球头号职业经理人之称的杰克·韦尔奇认为,在企业领域,最需要衡量的三件事情是:现金流量、顾客满意度和员工满意度。现金流量是企业的脉搏,     

The brain gain of CFOs in China: The case of analyst forecasts

We study the impact of CFOs with foreign experience on analysts' forecast accuracy in emerging markets. Using a unique data set from China, we find that analysts' forecast accuracy increases when firms hire CFOs with foreign experience, confirming the brain gain effect of CFOs. Our results are robust after addressing potential endogeneity by introducing the propensity score matched (PSM) procedure and Heckman two-stage method. Channel analyses show that CFOs with foreign experience are related to decreased earnings management and a greater probability of hiring high-quality auditors, indicating that the improvement in financial reporting quality and information environment brought by returnee CFOs mainly drive our results. Further cross-section tests reveal that compared to firms with more external pressure, the positive effect of returnee CFOs on analysts' forecast accuracy is more pronounced among firms with fewer analyst coverage and belonging to less competitive industries. Returnee CFOs with foreign work experience exert a more significant impact on analysts' forecast accuracy than those with foreign study experience. Overall, we provide the first evidence on the brain gain of CFOs in terms of analyst forecasts.     

Do CFOs matter? Evidence from the M&A process

This study examines the effect of Chief Financial Officers (CFOs) on mergers and acquisitions using a newly constructed CFO Influence Index. Because the perceived influence of CFOs is high in U.K. firms, we use that market for our analysis. We find that influential CFOs as measured by experience, stature, and pay are associated with more deal completions and the pursuit of smaller, domestic targets. High influence CFOs require less time to complete a deal and are able to identify higher quality targets for which they pay less. We also discover that firms with high influence CFOs enjoy greater long-term operating and financial performance post-merger. We conclude that influential CFOs are effective in creating shareholder value during M&A.     

Why do CFOs become involved in material accounting manipulations?

This paper examines why CFOs become involved in material accounting manipulations. We find that while CFOs bear substantial legal costs when involved in accounting manipulations, these CFOs have similar equity incentives to the CFOs of matched non-manipulation firms. In contrast, CEOs of manipulation firms have higher equity incentives and more power than CEOs of matched firms. Taken together, our findings are consistent with the explanation that CFOs are involved in material accounting manipulations because they succumb to pressure from CEOs, rather than because they seek immediate personal financial benefit from their equity incentives. AAER content analysis reinforces this conclusion.     

CFO gender and earnings management: evidence from China

We study the effect of chief financial officer (CFO) gender on earnings management (EM) in China’s listed firms from 1999 to 2011. In the cross-sectional analysis, we find that female CFO firm-years exhibit significantly lower discretionary accruals, lower total accruals, lower abnormal production costs, and higher abnormal discretionary expenditures, than the male CFO firm-years. We further examine the relation between CFO gender and EM surrounding CFO transitions. We find that the departing male CFOs are more aggressive than the departing female CFOs in managing up earnings during their last year with the firm and the newly appointed male CFOs are more aggressive than the new female CFOs in managing down earnings during their first year on the job. The evidence surrounding CFO transitions suggests that male CFOs are more aggressive than female CFOs in manipulating earnings, either in the last attempt to save their jobs or to take bigger credit for any future performance gains. Overall, our empirical evidence suggests that female CFOs engage in less EM and are more conservative in financial reporting than their male counterparts.     

Tax risk management and the multinational enterprise

The financial scandals in the United States and other countries ushered in financial reporting and corporate governance reforms that extend beyond the U.S. Sarbanes-Oxley Act of 2002 (SOX). These initiatives have increased the international financial community's awareness of the importance of risk management and internal controls. Tax risk management and related internal controls have been accorded less focus than risk management generally. The purpose of this research is to describe the current state of tax risk management of multinational enterprises (MNEs) by reporting survey responses from chief financial officers (CFOs) of U.S. and non-U.S. MNEs. The research shows that significant progress has been made by large MNEs in developing and implementing both general and tax risk management policies. The results provide guidance in identifying the loci and impact of organizational tax risk and indicate that respondents do not perceive alarming degrees of tax risk in their organizations. The study reveals a remarkable degree of similarity in U.S. and foreign firm responses and demonstrates, unexpectedly, that existing reporting structures enable CFOs to shift a significant degree of tax risk management to heads of tax.