Family Control of Firms and Industries

We test what explains family control of firms and industries and find that the explanation is largely contingent on the identity of families and individual blockholders. Founders and their families are more likely to retain control when doing so gives the firm a competitive advantage, thereby benefiting all shareholders. In contrast, nonfounding families and individual blockholders are more likely to retain control when they can appropriate private benefits of control. Families are more likely to maintain control when the efficient scale is small, the need to monitor employees is high, investment horizons are long, and the firm has dual-class stock.     

对资产评估机构内部控制的思考

加强内部控制是资产评估机构持续稳定协调发展的必然要求。本文从内部控制的一般含义出发,考察了内部控制概念的发展演变,并对其进行了总结和评价,然后在对资产评估机构的内部控制提出了几点看法。     

论资产评估机构质量控制体系的建立

资产评估行业作为一个特殊行业,其质量管理体系的建立应掌握三个基本点,即建立负有质量管理责任的组织管理体系;建立以人为本的资源管理主线;建立以资产评估项目管理为核心的程序控制过程。     

会计师事务所质量控制模式研究

质量控制模式是会计师事务所多种因素共同作用的结果。本文从理论视角分析了会计师事务所质量控制模式的基本制度架构,总结归纳出当前我国会计师事务所三种比较典型的质量控制模式,阐述了质量控制模式存在的突出问题以及模式背后的决定性因素,并提出了质量控制模式改进的建议。     

The Rationale for Cost Allocation: a Study of UK Divisionalised Companies

This paper reports the results of an empirical study designed to examine how top management in divisionalised companies perceive central costs allocation for the purposes of performance evaluation. Data for the study were collected from senior management using a questionnaire survey. The empirical evidence shows that top management allocate costs to influence the behaviour of managers to take action in the best interests of the company as a whole. Following from this, top management perceive allocations as being likely to encourage the optimal utilisation of resources. However, top management perceive allocations as being unlikely to reduce both divisional managers' expenditure on perquisites and budgetary slack.     

事务所质量控制新准则的十大特点

2006年2月15日发布的《会计师事务所质量控制准则第5101号——业务质量控制》和《中国注册会计师审计准则第1121号——历史财务信息审计的质量控制》与1997年1月1日施行的《中国注册会计师质量控制基本准则》相比,无论是体系内容安排还是理念方法要求上,都作了重大改进。本文拟在扼要说明新旧     

浅谈事务所内部管理机制的建立

会计师事务所是人合组织,如何让人的作用得到最大程度上的释放,建立并完善事务所的内部管理机制是重要的一环。笔者认为,事务所在内部管理方面应当建立以下八种管理机制。建立良好的用人机制事务所是高智力人才组成的智合群体,人才是事务所的第一生产要素,是事务所在竞争中生存和取胜的根本。因此,事务所应牢固树立以人为本的思想,建立一套有效的人力资源管理机制,充分认识他们、理解他们、尊重他们,使广大执业人员的人格得到尊重、才干得到发挥、价值得到充分体现。在用人问题上,要敢于举才,善于用才、护才,不要怕别人比自己强。应抛弃各种…     

Takeover Timing, Implementation Uncertainty, and Embedded Divestment Options

We design a compound real options model, which determines the timing of takeovers and characterizes the distribution of the associated surplus. We delineate a relation between the bargaining power of the acquiring firm and the takeover incentives. The takeover threshold is decreasing as a function of the expected primary takeover gain and the embedded divestment gain. Decreased implementation uncertainty stimulates takeover activity. This uncertainty concerns the delay until either primary takeover synergies or subsequent divestment gains are realized. We demonstrate how the relation between volatility and takeover timing depends on the functional form of the profit flow with implementation uncertainty.Financial support from the Foundation for the Promotion of the Actuarial Profession and the Finnish Insurance Society to Luis H. R. Alvarez is gratefully acknowledged. Both authors acknowledge the financial support from the Yrj? Jahnsson Foundation and the Research Unit of Economic Structures and Growth (RUESG) at the University of Helsinki. The authors are grateful to Josef Zechner and two anonymous referees for their constructive comments and suggested improvements on an earlier version of this study.     

宏观调控与房地产上市公司资本结构调整

本文研究了宏观调控对房地产上市公司资本结构的影响及其资本结构调整方式的变化。研究发现,宏观调控之后,房地产上市公司总负债率显著提高;借款的期限发生了显著变化,长期借款显著增加而短期借款显著减少,但总的有息负债没有发生显著变化;房地产上市公司的贸易应付款显著增加,这是资产负债率显著提高的主要原因。对房地产上市公司宏观调控前后融资方式变化的研究发现,随着宏观调控带来的银行信贷政策的趋紧,房地产企业融资方式出现了多元化,新的融资工具得以出现和发展,金融市场的完全性提高。研究表明,在金融市场不完全和管制环境下,资本结构并不完全是企业自主决策的结果。宏观政策和资本市场供给条件,可能是中国企业资本结构是最重要的影响因素。     

Executive Remuneration and Corporate Divestment: Motivating Managers to Make Unpalatable Decisions

Abstract:  This study examines the impact of voluntary divestment on executive remuneration, using an unbalanced panel of 107 UK quoted companies over the period 1988 to 1993. It employs a dynamic compensation equation, with a vector of controls and alternative specifications of the divestment effect. The results show no general direct evidence of a remuneration process that rewards managers for downsizing their firms. Indeed the substantial pay-size elasticity implies the reverse. However, divestment does have a positive and significant effect in raising executive remuneration under a regime of strong corporate governance, defined in terms of the presence of a substantial blockholder.     

刍议大型会师事务所内部治理优化途径

本文认为大型会计师事务所内部治理优化途径应通过外部推动和内部完善并举的方式来实现.外部推动的途径主要包括改进组织形式、推动事务所透明度报告、完善事务所监管体系;内部完善的措施主要包括完善人力资源、绩效和报酬管理,强化对分支机构的管理,推进事务所的信息化工程以及注重具有中华传统文化特点的合伙文化在事务所内部的积累和传承等.     

媒体类型、媒体关注与上市公司内部控制质量

本文将媒体区分为网络媒体、政策导向媒体和市场导向媒体三类,系统考察了不同类型的媒体关注对不同产权性质的上市公司内部控制质量的影响。研究发现,(1)在政府主导内部控制建设的发展模式下,网络和政策导向媒体关注能提高上市公司内部控制质量,但市场导向媒体关注不能提高上市公司内部控制质量;(2)网络和政策导向媒体关注主要能够提高中央国有和民营上市公司的内部控制质量,但不能提高地方国有上市公司的内部控制质量。本文的研究立足于我国转型经济的现实情境,既加深了对媒体监督治理功能的理解,也对如何从外部更有效监督上市公司的内部控制规范提供了新的观察视角。     

助理人员的人力资源管理与事务所质量控制

在会计师事务所质量控制中,制度虽然是必须的,但由于事务所特殊的行业特点和组织结构,人成了质量控制成功与否的基础和关键要素。目前事务所的全面质量控制体系基本上是建立在“以质量规程为指导,以工作底稿为载体,以三级复核的组织架构为基础”的偏硬性的质量控制流程和以“专业人员的执业道德和专业技术”为基础的软性质量控制,三级复核体系也很大程度上依赖于专业人员的执业判断和相互沟通交流。可以说事务所全面质量控制体系是以人为中心的,很大一部分内容属于人力资源管理的范畴,人力资源管理对事务所每个战略目标形成支撑。而对质量管…     

Spin-offs and Sales of Assets: An Examination of Security Returns and Divestment Motivations

Event study research to date has generally used the cumulative average residuals technique and focused on stockholder announcement impacts while testing one or two hypotheses concerning divestment. There are two important reasons for departing from this tradition. First, recent evidence suggests that an examination of cross-sectional cumulative average residuals may result in detecting abnormal performance when none is present. Second, most of the hypotheses concerning divestment are consistent with positive returns to stockholders.

This research isolates the impact of divestment on security holders by examining firms that have a single major divestment and no other seemingly important news events. The impacts at the announcement period and the divestment period are examined for subsamples of firms according to managerial motivations for divestment. Results indicate that when the sample is categorised this way, divestiture impacts vary between categories.     

Private Control Benefits and Earnings Management: Evidence from Insider Controlled Firms

We examine earnings management practices of insider controlled firms across 22 countries to shed light on the link between consumption of private benefits and earnings management. Insider controlled firms are associated with more earnings management than noninsider controlled firms in weak investor protection countries. Consistent with the private benefits motive, insider controlled firms with greater divergence between cash‐flow rights and control rights are associated with more earnings management in these countries. Growth opportunities attenuate the association between insider control and earnings management even in weak investor protection countries. We also find some weak evidence that insider controlled firms are associated with less earnings management in strong investor protection countries. Overall, our results highlight a strong link between private benefits consumption and earnings management.     

国内会计师事务所与国际会计公司的差距

自1998年我国会计师事务所脱钩改制后,注册会计师行业发展很快。在90年代中期前,三、五十个人的事务所算是已不小的所,达上百万收入的事务所也不是很多。但到了2002年,几百人员工、年收入上千万的事务所已比比皆是,有的甚至达到近亿元的年收入,一些所还在全国各地建立各种分支机构。这主要得益于社会经济的发展、事务所经验的积累、职业范围的拓展、会计市场的扩大、人员素质的提高以及有关政策的支持。但随着加入WTO后我国会计市场的进一步开放,竞争会越来越激烈,如何进一步建立健全事务所内部法人治理结构、加强事务所的内部管理、提高…     

关于《会计师事务所、资产评估机构内部治理机制建设指导意见》的说明

起草背景会计师事务所、资产评估机构(以下简称事务所)与原挂靠单位脱钩,改制为注册会计师、注册资产评估师个人发起设立的、负有限或无限责任的企业形式已经好几年。为了保证脱钩改制的顺利进行而又不引起执业服务的波动,当时的政策强调事务所应保证业务不断、人员不散,因此对事务所发起人、出资人(以下均称为股东)的确定、改制时间等作出了硬性规定。同时,由于原挂靠单位对事务所的改制也具有决定性的作用,如改制方案的确定、主任会计师的推荐等。上述种种原因导致个别事务所股东并不能志同道合,加上改制时间要求紧,工作难度大,许多事务所…     

Globalisation and the Major Accounting Firms

Driven mainly by deregulation and technological change, globalisation is a common tendency among firms seeking better opportunities and lower costs. This paper discusses the nature of globalisation in accounting firms, in particular the "Big 5" (the paper was written before the Big 5 became the Big 4). The firms seem to exhibit two forms of the phenomenon: establishment globalisation (spread of a firm's establishments in different locations) and product globalisation (addition of new services in a bid to extend global reach). The paper examines the effect of globalisation on the demand for accounting information and how globalisation transforms the major accounting firms.     

Acquisitions and the Information Environment of Firms

This paper investigates how acquisitions affect analyst following of firms. Analyst following increases as a result of a merger. However, all of that increase can be attributed to the changes in firm-specific characteristics resulting from the merger. Changes in analyst following around mergers are positively related to changes in firm size, expenditures on R&D, and the ratio of book to the market value of equity. Finally, the relatedness of merger appears to be an important determinant of analyst following of firms engaged in acquisitions.