Credit Management: An Examination of Policy Choices, Practices and Late Payment in UK Companies

A central element in developing credit management policy involves design choices on the extent to which credit activities are best managed internally or through specialist market intermediaries. This paper draws on the findings of a survey on the credit management practices and policies of large UK companies to: (1) Examine the type of firm most likely to enter into specialist external credit management structural arrangements; and (2) Identify contextual and credit policy choices influencing the credit period taken and late payment of debts. The study found that specialist intermediaries are not particularly common in large firms. The paper also identifies a number of contextual and policy variables that help explain variation in debtor days and late payment by customers.     

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.     

The Management of Currency Risk: Case Studies of US and UK Multinationals

This paper presents a case study analysis of currency risk management practice in large British and American multinational companies undertaken to extend findings obtained in a preliminary survey of 51 British multinational companies. The extension examines the behaviour of American as well as British companies, not just in terms of transaction risk but with reference to translation risk as well, and focuses upon the extent of risk neutrality. Case study analysis allows interviewers to evaluate differences in behaviour which may help to explain policies adopted.     

浅议保险公司的合规管理

目前,我国保险公司已逐步开始合规管理方面的探索,但仍存在观念落后、机构缺失、人才不足、技术匮乏的问题.2007年9月7日,中国保监会下发了<保险公司合规管理指引>,对保险公司的合规管理工作进行了全面、详细的规定.各保险公司应当按照指引要求,树立先进的合规理念,设置适当的合规管理部门,建立科学的合规管理机制,以逐步提高合规管理的效率和效果,不断加强企业内部控制,有效防范和化解经营风险.     

美国融资租赁公司盈利模式分析及对中国的启示

中美租赁公司的盈利模式存在较大差异,这种差异不仅来自发展阶段的不同,更与两国金融市场发展水平、政策监管、税收及法律等综合外部环境息息相关。美国银行系租赁公司的收入主要来源于利差、交易和余值收入,中国银行系租赁公司目前业务结构单一,集中于利差收入,业务和风险与银行趋同,其盈利模式必须逐渐多元化。要实现这一转变,有赖于外部政策和市场环境的变化,也需要租赁公司自身主动调整。     

我国基金管理公司监事制度的结构分析

监督基金管理公司和基金的合法、合规经营是我国基金管理公司监事制度的重要功能之一,而监事制度的结构是决定其功能的核心要素。在分析我国基金管理公司监事数量分布的总体情况、年龄构成、学历构成、职称构成和来源构成的现实状况的同时,提出改进我国基金管理公司监事制度结构的对策建议,以期进一步完善我国基金管理公司治理,更好地推动我国基金业的健康发展。     

International Publishing Patterns: An Investigation of Leading UK and US Accounting and Finance Journals

Abstract:   Research quality is often measured by the quality of the journals in which articles are published. This article looks at 1,867 articles published in six highly‐rated UK and six highly‐rated US academic journals from 1996 to 2000. The authors publishing in the UK journals come mainly from UK and US institutions, but just over a third come from other countries. However, almost ninety per cent of authors publishing in top US journals come from US institutions. Contributions from authors from institutions in non‐English speaking countries in these top journals are rare. The implications of this research are that although accounting is growing increasingly international, academic research, especially in the top US journals remains stubbornly nationally‐orientated.     

An open-economy macro-finance model of international interdependence: The OECD,US and the UK

This paper develops a multi-country macro-finance model to study international economic and financial linkages. This approach models the economy and financial markets jointly using both types of data to throw light on such issues. The world economy is modelled using data for the US and aggregate OECD economies as well as the US Treasury bond market using latent variables to represent a common inflation trend and a US real interest rate factor. We find strong evidence of global effects on both the US and UK, calling into question the standard closed economy macro-finance specification. These economic linkages also help to explain the co-movement of yields in the US and UK Treasury bond markets.     

Executive Compensation in UK Property Companies

We study the drivers of executive compensation in the listed UK property sector. The UK provides an excellent opportunity to analyze executive compensation due to high transparency in the different components of executive compensation. We show that company size is the most important variable in explaining the level of executive compensation. We find that absolute and relative share performance significantly explains long-term compensation, that management style has a distinct influence on the level of executive compensation, and that using alternative monitoring mechanisms (institutional shareholders, debtholders, and outside directors) leads to higher levels of long-term incentives. We find only weak evidence of pay-performance sensitivity for both cash and long-term compensation. Executive shareholdings provide a much stronger link between pay and performance than does executive compensation.

美国基金公司治理结构的实证研究

美国共同基金大多采取公司型治理模式。与一般公司相类似，基金公司的董事会职责是监督公司运作、确保公司政策的执行；不同之处在于基金公司的董事会更扮演了一种“watchdog”的角色，其最重要的职能是保护投资的利益。     

美国商业银行存款管理策略评价与启示

存款是传统的商业银行资金来源,吸收存款不仅是商业银行区别于其他金融机构的重要标志,更是而业银行发放贷款、创造利润和实现增长的"准生产要素".     

An Empirical Estimation of Default Risk of the UK Real Estate Companies

Based on the Black and Scholes (Black, F., and M. Scholes. (1973). The Pricing of Options and Corporate Liabilities, Journal of Political Economy 81, 637–659) and Merton (Merton, R. C. (1974). On the Pricing of Corporate Debt: The Risk Structure of Interest Rates, Journal of Finance 29, 449–470) (BSM) contingent claims model, and KMV Corporation framework, we estimate the distance to default and the “risk neutral” default probabilities for a sample of 112 real estate companies over the period 1980 to 2001. Our empirical results classifies failed and non-failed companies into Type I error, cases that the BSM-type model fails to predict default when it did occur, and Type II error where BSM-type model predicts default when it did not occur. We find that none of the companies belong to the category of Type I error. Type II error is observed in 12 out of 112 companies. These results support the theoretical underpinnings of the BSM-type structural model in that the two driving forces of default are high leverage and high asset volatility.     

美英两国如何治理假按揭

美国:多管齐下 美国对假按揭的定义比较宽泛,只要在申请按揭贷款时提供的任何一项资料或陈述严重不实,即为假按揭.常见的假资料包括假的申请书、工作证明、资产和税务证明、房屋交易价格、评估报告和个人信用报告等.     

上市公司风险管理探析

风险管理是一个源自实践的产物,随着损失的发生出现了风险的意识,并经历了以保险方式转移风险损失的财产风险管理,以风险判断和内部控制为主的资产风险管理,以公司治理为保证和创造风险价值的全面风险管理阶段。目前国内上市公司对风险管理的理解还不够深入,本文尝试对此作一介绍,并提出若干建议,也便于注册会计师了解并适时拓展其业务。     

关于上海设立金融控股集团的初步探讨

一、金融控股集团的定义及分类 "控股公司"又称"持股公司"或"股权公司",是以少量资本控制其他公司股份的垄断组织.按照控股的方式可以分为两种一种只是凭借持有其他公司一定数量的股票来控制和操作其他公司,而自己并不经营实际业务,称为纯粹的控股公司.另一种是除了控股为业务外,还同时经营某种业务,称混合控股公司.