企业财务管理机构独立问题的思考

在市场经济条件下,企业财务管理是一项开放性、动态性、综合性的管理活动,在整个企业经营管理工作中具有举足轻重的地位,因此,财务机构的科学设置对财务管理职能的发挥,具有十分重要的意义。文章在比较财务与会计区别的前提下,分析财务管理机构独立设置的必要性与可行性,在此基础上论述了企业财务机构独立设置的主要原则和运行机制。     

Determinants of financial distress and bankruptcy in highly levered transactions

Prior literature on highly levered transactions (levered buyouts or levered recapitalizations) has emphasized either changes in governance or the structuring of their financing in helping these firms avoid financial distress or bankruptcy. Observing a sample of HLTs over time, we observe that debt composition is a more critical influence than proposed changes in governance for the likelihood of an HLT avoiding financial distress or bankruptcy. Such evidence is consistent with the [Chemmanur, T. & Fulghieri, P. (1994). Reputation, renegotiation, and the choice between bank loans and publicly traded debt. Review of Financial Studies 7, 475–506] model and suggests that the critical factor is the ability to informally renegotiate debt terms with a few lenders.     

独立学院财务管理实践教学研究

实践教学是高等教育教学体系的重要组成部分,是培养大学生创新能力和实践能力的重要途径。     

Fiscal restraints by advisors

This study investigates the role of fiscal advisors in maintaining government fiscal discipline when the advisor’s appointment is determined endogenously. Our theoretical model shows that an incumbent politician has an incentive to employ an external advisor as a commitment device for fiscal discipline before being aware of his own competence level. The advisor acts as a restraint on public expenditure, which works to control the incumbent politician’s ex post overspending to buy votes. Our empirical analysis supports this hypothesis in the Japanese case where governments with directors from the central government tend to spend less.     

Announced layoffs: Their effect on corporate financial performance

Conventional wisdom holds that when a firm gets into trouble due to lagging sales and rising costs, cutting the size of the organization to reduce fat and waste is a normal and effective response. In this study, evidence was found to suggest that just the opposite might be true. The financial performance of Fortune 100 companies was tracked over a five-year period—two years prior to the announced layoff, the year of the layoff announcement, and two years following it. Contrary to expectations, the results indicate that financial performance worsened, rather than improved, following announced layoffs. Strategic and human resource implications for the management of corporate downsizing are provided.     

我国财务审计与绩效审计的比较与结合

本文论述了财务审计与绩效审计结合的背景,并在比较两者差异的基础上对财务审计与绩效审计的结合作了阐述.     

The analysis of corporate governance policy and corporate financial performance

The main purpose of this study is to investigate the relationship between the quality of corporate governance policy and the firm financial performance and. Data were collected from Corporate Library. A sample of 3,068 firms from the database of 2010 Corporate Library was analyzed. Logistic regression models were employed and SPSS statistical package was utilized to perform the analysis. Our results show that when firms have better corporate governance policies, they are more likely to perform better. Specifically, when firms have a better board rating, compensation policy, takeover defense strategy, accounting practice, and a formal governance policy, they are more likely to perform better than their counterparts without such quality corporate governance policies.     

Unions and the financial performance of british private sector establishments

This paper considers the relationship between unions and financial performance using data from the 1980 and 1984 Workplace Industrial Relations Surveys. A qualitative indicator of financial performance is utilized and ordered probit estimates presented. These indicate that unionized establishments are characterized by lower performance levels than are non-union concerns. The interface between union effects and relative market power is also explored and the ability of unions to extract a share of the available rents is found to be greater if the plants in which they are located possess a higher market share.     

基于提高安徽省财政支农资金使用绩效的思考

文章在对2003～2007年间安徽省财政支农资金的增长、使用、分配及管理情况的综合分析基础上,提出了调整和优化财政支农资金的支出结构,并提出建立健全的资金管理制度、创新资金管理等机制提高安徽省财政支农资金的使用绩效的对策建议。     

The influence of intelligent manufacturing on financial performance and innovation performance: the case of China

ABSTRACT

Artificial intelligence is increasingly used in advanced manufacturing systems to realise intelligent manufacturing. However, there is still a lack of empirical research on the impact of intelligent manufacturing on enterprise performances, especially for China. The author adopts the enterprise panel data of intelligent manufacturing implemented by China’s manufacturing industry in 2014 to 2019, and uses propensity score matching with difference in differences (PSM-DID) method to investigate the impact of intelligent manufacturing on financial performance and innovation performance. The research yields two main conclusions. First, the implementation of intelligent manufacturing has a significant role in promoting the financial performance and innovation performance of manufacturing enterprises. Second, technology-intensive industries improve the quantity of innovation by implementing intelligent manufacturing, thus promoting the improvement of short-term financial performance, but the improvement of innovation quality has a negative impact on short-term financial performance. In labour-intensive industries, the relationship between financial performance and innovation performance is not obvious.     

企业合并在纳税筹划中的应用

企业合并是企业产权重组的一种重要类型。企业合并的原因很多,如获取营运上的规模经济、追求优势互补、降低经营成本、通过多元化经营降低经营风险、获得高新技术、收购低价资产以谋利等,而获取涉税方面的利益也往往是企业合并的一个动因。     

Board of director attributes: effects on financial performance in SMEs

International Entrepreneurship and Management Journal - This paper analyses the relationship between board of director (BoD) attributes and financial performance in small and medium-sized...     

Corporate social responsibility and financial performance: event study cases

This paper examines how the U.S. capital market perceives corporate social responsibilities (CSRs) by examining the constituent companies of the Dow Jones Sustainability Index (DJSI) and explores whether the implementation of CSR policies and verification by independent organizations contribute to variances in financial performance . This paper also examines different events (i.e., nominations, inclusions, and awards) in the analysis of how much importance investors place on CSR. The results show that investors do not exhibit significant recognition of U.S. companies included in the DJSI. However, when CSR becomes common practice within a given industry, certification by independent third parties regarding CSR policies conveys actual benefits to corporate performance. In addition, this paper compares degrees of CSR recognition between investors in the United States and investors in Taiwan. This study uses the Awards of Excellence in Corporate Social Responsibility given by Common Wealth Magazine to assess whether investors form different expectations of CSR based on company size. The results indicate that Taiwanese investors are increasingly aware of CSRs and the awards received by mid-sized companies show significant impacts. Changes in share prices for mid-sized companies are slower than for large companies. This paper argues that CSR policies not only enhance reputation but also lead to good financial performance. Companies are encouraged to take an active attitude toward CSR by understanding the relevant costs.     

ISO 9000 practices and financial performance: A technology coherence perspective

Attention to processes has increased, as thousands of organizations have adopted process-focused programs such as TQM and ISO 9000. Proponents of such programs stress the promise of improved efficiency and profitability. But research has not consistently borne out these prospects. Moreover, the expectation of universal benefits is not consistent with research highlighting the important role of firm-specific capabilities in sustaining competitive advantage. In this paper, we use longitudinal panel data on ISO 9000 practices for firms in the auto supplier industry to study two new issues related to the adoption of process management practices. First, we find that, as the majority of firms within an industry adopt ISO 9000, late adopters no longer gain financial benefits from these practices. Second, we explore how firms’ technological coherence moderates the performance advantages of ISO 9000 practices. We find that firms that have a very narrow or very broad technological focus have fewer opportunities for complementary interactions that arise from process management practices and thus benefit less than those with limited breadth in technologically related activities.     

The association between continuing professional education and financial performance of public accounting firms

This study investigates the relationship between continuing professional education (CPE), a mechanism of professional training, and financial performance of public accounting firms. Both training subject (partner and assistant) and training location (internal and external) are included. Public accounting firms are categorized as big, medium, and small-sized ones. Empirical data are obtained from the 1992–1995 Survey Report of Public Accounting Firms in Taiwan, published by the Financial Supervisory Commission, Executive Yuan, Taiwan, ROC. Univariate test and multiple-regression model are employed to examine the financial performance effects of CPE. Main results indicate that both professional training of assistants and external professional training are positively related to financial performance in big-sized firms. Next, we document a significantly positive association between internal training of assistants and financial performance in either big-, medium-, or small-sized firms. Finally, both external professional training of partners in big-sized firms and external professional training of assistants in small-sized firms are positively related to financial performance. Few prior studies investigate professional training of public accounting firms by a regression model due to availability of empirical data. Accordingly, evidences obtained in this study provide useful information to partners for decision-making in public accounting firms under the considerably competitive audit market.     

Concentrated supply chain membership and financial performance: Chain- and firm-level perspectives

This study reports evidence that concentrated 3-firm supply chains achieve superior financial performance, and that supply chains’ financial performance varies systematically with measures of chain concentration and chain duration. Results from firm-level analyses suggest that the profitability benefits of supply chain relationships are captured predominantly by downstream chain members, whereas cash cycle benefits are realized throughout the supply chain. Firm-level tests also reveal that chain members’ financial performance varies systematically with measures of downstream bargaining power, downstream relationship duration, and degree of supply consolidation. The study's chain- and firm-level analyses employ data extracted from sample firms’ publicly available financial reports, including their major customer disclosures under Statement of Financial Accounting Standards Nos. 131 (1997) and 14 (1976).     

The impact of financial and human resources on the export performance of Russian firms

This study contributes to the literature by investigating for the first time the effects of the entrepreneurial environment on export survival in Russia. Using the continuous-time Cox model and discrete-time complementary log-log and probit models, we study the effects of the availability of human and financial resources on export survival across Russian regions between 2002 and 2010. Taking into account uncertainty and time effects reveals that these effects are falling over time and are more important for larger exporters. Thus, there is evidence of a learning curve for exporters when the latter become more efficient in dealing with regional-level resources and the regulatory environment over time.     

ERP:谁为实施顾问做培训?

众所周知,顾问师作为企业用户实施ERP的引导者,在项目进行当中经常需要为客户做培训.但是如何保证顾问的上岗资格和服务水平,谁来为这些顾问做培训呢?这已成为ERP全行业共同面对的问题.     

旅游企业社会责任与财务绩效关系实证研究

企业社会责任与财务绩效间的关系问题在学术界和企业界尚未形成统一结论.文章基于利益相关者理论,结合我国旅游行业上市公司的实际情况,以我国沪深交易所上市的24家旅游企业为对象,选取2007-2013年的财务数据进行相关性分析和面板数据回归分析,研究旅游企业社会责任和财务绩效之间的关系.结果表明:旅游企业社会责任与财务绩效之间存在正相关关系,企业社会责任对财务绩效的影响长期内更显著.     

Linking sourcing and collaborative strategies to financial performance: The role of operational innovation

In this study we investigate the influence of subcontracting-in production related jobs, outsourcing and collaborations with non-supply chain partners on small manufacturing firms' operational innovation. Further, we investigate the mechanism through which these sourcing and collaborative strategies influence small firm performance by focusing on the potential mediating role of operational innovation in the relationships. The structural equation modeling analysis of data collected from 476 small manufacturing firms, suggests that outsourcing, subcontracting-in, and collaborations with non-supply chain partners are positively related to operational innovation. Further, the structural equation modeling results indicate that operational innovation fully mediates the influence that subcontracting-in has on financial performance but partially mediates the influence of outsourcing and collaborations with non-supply chain partners on small firm financial performance. Implications for theory and practice are discussed.