The effects of uncertainty on the roles of controllers and budgets: an exploratory study

This paper explores how contextual uncertainty and the use of the budgetary system explain cross-sectional variation in the organisational role of business unit controllers. We argue that there are complementarities between the role of the budgetary control system (i.e. coercive vs. enabling) and the role of the controller (i.e. corporate policeman vs. business partner). Thus, we explore both the direct effect of uncertainty on the role of the controller and the indirect effect through the role of the budgetary control system. Using survey data from 134 business unit controllers, we find that uncertainty provides a partial explanation of the variation in the role of budgetary control systems and in the role of controllers. In particular, our data suggest alignment between the coercive (enabling) use of the budgetary control system and the role of controllers acting as corporate policemen (business partners). These findings add to our understanding of the functioning of business unit controllers within their organisational context.     

信义义务:英美金融消费者保护的一个独特制度

目前对英美金融消费者保护法律的介绍,着重于条文和概念,对于背后广泛运用衡平法下信义义务的精神实质很少关注.已有的法与金融理论研究虽然指出了英美法系较之于大陆法系更有利于保护投资者,从而较好地促进了金融发展.但对于为何促进了金融发展缺乏学理分析.为此,本文指出其法律基础和作用途径是信义义务,用不完全合同理论和科斯定理推论三,对金融消费者保护中运用信义义务的合理性作了经济学原理分析,并对英美金融服务者与金融消费者的信义关系及其信义义务适用情形、与普通法不同的处理方式进行了阐述.这对于我们在移植英美金融监管法律时,加强对形式后面的精神实质的理解和运用具有重要意义.     

论会计环境对会计发展的影响

本文论述了会计与会计环境的关系以及会计环境对会计的影响,指出了我国会计环境中存在的主要问题,提出了解决我国会计环境问题的主要对策,即建立现代企业会计制度;完善会计法律体系;提高会计从业人员素质。     

政府会计二元结构体系中的概念框架研究

我国理论界已达成\"政府会计由预算会计和财务会计两大相对独立的系统构成\"的新共识。政府会计二元结构格局的形成决定了人们迫切需要运用二元结构思维重新考究政府会计概念框架的构建,以指引即将展开的政府会计改革。二元结构新理念可以融入政府会计目标、政府会计核算对象与适用范围、政府会计主体、政府会计信息质量特征、政府会计核算基础与计量属性、政府会计要素、政府财务报告等概念框架及其表现形式之中,进而形成新的政府会计概念框架体系。     

A Bayesian framework for combining valuation estimates

Discounted cash flow, method of comparables, and fundamental analysis typically yield discrepant valuation estimates. Moreover, the valuation estimates typically disagree with market price. Can one form a superior valuation estimate by averaging over the individual estimates, including market price? This article suggests a Bayesian framework for combining two or more estimates into a superior valuation estimate. The framework justifies the common practice of averaging over several estimates to arrive at a final point estimate.     

Do conventional financial disclosures matter in alternative financing? Evidence from equity crowdfunding

As a novel form of external financing, equity crowdfunding enables small and early stage firms to raise capital from the public through an online platform. There has been criticism of the benefits and costs of mandating financial statements to promote this alternative form of financing. Using a setting where disclosure of financial statements is optional, this study provides evidence that financial statements influence investors’ decisions and facilitate borderless capital formation. The provision of financial statements appears to enhance how investors view other aspects of disclosure, suggesting a positive reporting externality. These market-wide benefits provide important insights on the role of financial disclosures for market participants, policymakers, and academics.     

共同富裕视角下金融知识对家庭财富积累的影响研究

本文使用中国家庭金融调查（CHFS）两期面板数据,基于效率与公平角度,使用固定效应模型,选取社区平均金融知识水平作为工具变量,探讨了金融知识对家庭财富积累以及家庭财富差距的影响。研究发现,金融知识显著提高了中国家庭财富积累增长效率。机制分析表明,金融知识主要通过改善家庭资产配置结构和提升家庭金融信息获取能力等路径促进家庭财富积累增长。进一步分析表明,金融知识对城镇、东部发达地区以及高财富、高教育、高收入家庭财富积累增长的促进作用更大,但金融知识无法缩小家庭财富差距,不利于家庭财富公平分配。缩小家庭财富差距关键在于畅通落后地区、弱势家庭在金融知识财富累积效应上的传导机制。     

人力资源会计对象的缺陷分析

本文以会计对象为分析的基本元素,将人力资源会计按会计对象分为三个子系统：人力资源成本会计、人力资源资产会计、人力资源权益会计,在此基础上对人力资源会计的缺陷进行了分析,为人力资源会计的改进和发展奠定了基础。     

Trends in research on international accounting harmonization

International harmonization of financial accounting standards has been the goal of many professional and academic accountants during the last 40 years. As of January 1, 2005, international accounting harmonization entered a new and perhaps decisive phase. From that date, all companies domiciled in the European Union with shares listed on securities exchanges are required to prepare their consolidated accounts in accordance with International Financial Reporting Standards (IFRS). This landmark event presents an opportunity for accounting researchers to assess the status of research on international accounting harmonization. In this paper, we review articles published in major English language accounting journals during the period from 1965 through 2004 in order to trace thematic and methodological trends in this line of research and to assess where the research may evolve from here.     

定向增发：上市公司再融资及资本运作盛宴？

在当前市场环境下,定向增发已成为上市公司再融资及资本运作盛宴。本文研究结果表明,倾向融资者的制度设计、再融资监管制度套利、利用定向增发进行资本运作以实现参与各方利益是上市公司热衷于定向增发的主要原因;定向增发及其资本运作中的各种违法违规行为给资本市场带来的负面影响巨大。因此,本文建议监管部门修改完善顶层设计、强化信息披露为核心的过程监管、加大违法违规查处力度、切实加强二级市场投资者保护,以规范定向增发及其资本运作行为,保障其有序健康发展。     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.     

我国政府会计改革取向研究——比较分析的视角

政府会计改革是未来我国财政管理改革的重要内容,西方国家的相关改革探索和实践为我国提供了有益的借鉴和启示。论文对国外政府会计改革的总体情况和主要会计模式进行比较分析,提出我国推行政府会计改革,应更新理念,积极创造政府会计改革的基础条件;循序渐进,审慎推进权责发生制改革;明确政府会计体系范围,建立政府会计概念框架和具体准则体系;改革和充实现有决算报表体系,建立政府财务报告制度。     

全球投资者国别风险情绪对跨境股票资本流动的影响

本文分析了全球投资者国别风险情绪对跨境股票资本流动的影响,通过构造一般均衡跨期选择模型,刻画了投资者国别风险情绪负向影响跨境股票净资本流入的理论机理以及投资者风险厌恶程度的调节作用,并基于EPFR全球股票型基金微观数据和由大数据文本分析技术构造的全球投资者国别层面风险情绪指标进行实证检验。结果表明:第一,全球投资者对一国的国别风险情绪上升会推升该国的整体风险溢价水平,降低跨境股票型基金净资本流入,尤其是风险厌恶度较高的被动型、开放式和ETF基金;第二,一国金融市场成熟度上升和汇率弹性增强可以缓解全球投资者国别风险情绪对跨境股票型基金净资本流入的负向影响;第三,在全球风险情绪极端低或者各国股票型基金净资本流入极端高的时期,全球投资者国别风险情绪的影响更为显著。     

Application of Anglo-American Principles of Consolidation to Corporate Financial Disclosure in Japan

The adoption by Japan of consolidated corporate reporting in 1977 may be viewed as an instance of the international transfer of Anglo-American practices of corporate reporting, and as a step towards international harmonization of accounting. Consolidation practices in Anglo-American nations are based on assumptions about the nature of corporate group associations. This paper examines the applicability of these assumptions to the corporate context in Japan. Personal interviews and analyses of group associations of listed Japanese corporations support three principal findings: (i) that historical and cultural determinants provide significant contrasts between corporate group associations in Japan and Anglo-American nations; (ii) that Anglo-American methods of consolidation fail to reflect adequately the nature of corporate group associations in Japan; and (iii) that the adoption of consolidation in Japan represented a response to situation-specific change stimuli rather than a general acceptance of the intrinsic merit of consolidation. The findings have implications for international accounting.     

Compliance with flexible accounting standards

We examine to what extent firms adhere to the stated intent of noncompulsory accounting standards when reporting for intercorporate investments. The Generally Accepted Accounting Principles (GAAP) in Norway strongly recommend that a 20-50% intercorporate investment is accounted for by the equity method rather than the cost method, if the investment is long-term, of strategic importance, and involves significant influence. Even so, we find that the actual use of the equity method is independent of the duration of the investment period, the fraction of equity held, its recent growth, and the investor's voting power. This lack of compliance suggests that one cannot use the observed choice between the cost method and the equity method to infer the underlying characteristics of the investment as specified by the accounting standard. Flexible GAAP may therefore not induce firms to disclose the information that the GAAP were designed to produce.     

会计政策、会计估计变更对会计电算化的影响

我国的电算化已经历了20多年的发展,具备了一定的水平和较大的产业规模,对会计实践的影响重大而深远,它大大提高了会计信息处理的速度和准确性,为用户提供及时准确的会计信息;有助于加强管理,提高企业的竞争能力;能有效地减轻会计工作人员的负担;使会计的两大职能——财务核算和财务管理能更有效地互相结合、互相补充,充分发挥各自的职能。但在财务核算中,近年来新业务、新政策的不断出现导致的会计政策变更、会计估计变更使会计电算化在实际工作中出现了一些新情况、新问题。本文就产生的问题进行了系统说明,并就解决的办法进行了详细论述。