Hong Ziqing,President of Hong Ziqing Charitable Fund ＂I Want to Pass My Luck on to Those in Need.＂

On April 22, Marker Chinese Female Philanthropists Awarding Evening 2010 was grandly celebrated, on which Hong Ziqing, President of Hong Ziqing Charitable Fund and President and CEO of Hongshi Property Management Co., Ltd., was conferred the title of＂China＇s Top Ten Marker Females2010＂.     

A study of the Consumer Ombudsman institution in Norway with some references to the other Nordic countries I: Background and description

In the seventies, the Consumer Ombudsman (CO) institution was established in the four Nordic countries Denmark, Finland, Norway, and Sweden. The CO is a supervisory body with the task of controlling that marketing methods used by business when selling goods and providing services are in conformity with the legislation. This article supplies information about the legislation and the role played by the CO in the supervisory system. It deals primarily with the Norwegian situation but makes references to the situation in the three other countries as well. It is pointed out that the most important difference between the old legislation on improper competition and the present Marketing Control Act is the establishment of new enforcement mechanisms. The contents of the legislation have not undergone any dramatic changes. In a companion article to follow in a later issue of JCP, an attempt is made to evaluate the work of the Norwegian CO and the Market Council. The position of business is described, and some present deregulation considerations are discussed.     

中国上市公司现金流管理研究——兼对中美市场现金流管理行为比较研究

This paper examines cash flow management in the Chinese market and compares it to that in the U.S. market. It adopts Burgstahler and Dichev (1997) and Degeorge et al.’s (1999) method and the best-fitted distribution model to analyze the financial data of Chinese listed firms during 1998–2005 and the forecasted cash flow per share (CPS) data for Chinese firms in the I/B/E/S database during 1993–2005. Results reveal that cash flows reports are not as reliable as people think, and managers manipulate cash flows just as they manipulate earnings. Further analyses show that zero point, last year’s cash flow and analyst cash flow forecast are the three thresholds that influence managers’ decision when they report cash flow performance. Over 16% of the firms with small positive cash flows manipulate their cash flow. Moreover, 16.64% of the firms with small changes in cash flow and 9.81% of the firms with small surprises manipulate cash flows to reach the targets. A comparative analysis shows that cash flow management behaviors around zero and zero changes are more prevalent in the Chinese market than in the U.S. market. Cash flow management around analyst cash flow forecasts, however, is no more prevalent than that in the U.S. market. Translated and revised from Zhongguo Kuaiji Pinglun 中国会计评论 (China Accounting Review), 2007, 5(3): 381–400