银行负债、预算软约束与企业投资

国外的研究认为负债能降低企业的代理成本。影响企业的投资行为。本文从预算软约束的视角,实证检验了我国企业银行负债的这种治理作用,研究结果表明,总体上我国企业银行负债抑制了投资规模的扩张;但相对于非国有控股上市公司来说,国有控股上市公司因具有更强的预算软约束预期,银行负债对其投资规模扩张的抑制作用更弱;相对于中央国有控股上市公司来说,地方国有控股上市公司的银行负债对其投资规模扩张的抑制作用更弱。     

国有股权、预算软约束与公司价值: 基于分量回归方法的经验分析

本文利用分量回归模型方法深入研究了国有股权对上市公司价值的影响,剖析了业绩不同的公司国有股权的比重对公司价值的影响程度,并同时考察了预算软约束是否显著。得出结论如下:其一,不论公司价值高低,国有股权对上市公司的公司价值有一致的负面影响,而且,对公司价值不同的公司影响程度显著不同,公司价值越高负面影响程度越大;其二,预算软约束并不显著。这是政府给公司提供帮助带来的好处与经理层依赖政府和懈怠心理带来坏处的不同市场评价相抵消所致。     

我国中央部门预算绩效审计的难点及对策——基于2004年-2009年审计结果公告的视角

截止2009年9月,审计署已连续六年向社会公告了中央部门年度预算执行和其他财政收支审计结果。本文基于六年间审计结果公告的视角,对我国当前中央部门预算绩效审计的现状进行了分析,研究发现,我国中央部门预算绩效审计还存在着一些难点。基于此,本文提出了完善我国中央部门预算绩效审计的对策,以期推动我国中央部门预算绩效审计的顺利开展。     

Pricing of Initial Audit Engagements by Large and Small Audit Firms*

We investigate the extent to which auditors of U.S. companies reduce fees on initial audit engagements (“fee discounting”). We hypothesize that rivalries among sellers, in terms of client turnover and price competition, are more intense among small audit firms. The data support this hypothesis. New clients account for 34 percent of all clients for small audit firms, but only 9 percent of all clients for large audit firms. We theorize that differences in client turnover rates between large and small audit firms can be explained by the market structure of the audit industry, which consists of an oligopolistic segment dominated by a few large audit firms and an atomistic segment composed of many small audit firms. We further hypothesize and confirm that fee discounting is more extensive in the atomistic sector, and our results confirm this hypothesis. Our analysis of audit fee changes indicates that clients who switch auditors within the atomistic sector receive on average a discount of 24 percent over the prior auditor's fee. However, clients who switch auditors within the oligopolistic sector receive on average a discount of only 4 percent. Given that price competition is known to be less intense in oligopolistic markets than in atomistic markets, we believe that market structure theory can explain why fee discounting is lower when larger audit firms compete for clients.     

公司社会责任对审计收费与审计意见影响的实证研究

本文利用2011年沪深两市上市公司发布的社会责任报告,对社会责任信息进行定量化的基础上,实证研究了审计师是否会对被审计单位的社会责任信息做出反应,以及如何做出反应.研究结果表明,公司社会责任履行情况会影响审计收费,且社会责任信息披露越充分,越有利于降低审计师收费;相比没有发布社会责任报告的公司,审计师对独立发布社会责任报告的公司出具持续经营审计意见的可能性会更低.     

新巴塞尔协议与银行审计风险

新巴塞尔协议强化了银行风险管理理念，对银行业建立完善的内部风险制度提出了更高的要求。为适应新巴塞尔协议全面实行后带来的冲击与挑战，银行审计的理论和方法也需要改进。本文主要探讨了新巴塞尔协议对我国银行业的影响，以及银行审计的改进措施。     

基于风险导向的银行内部审计探讨

风险导向内部审计是内部审计发展的最新趋势。新的审计模式倡导新的审计理念，新的审计理念必将引导内部审计发生诸多变化。银行是高风险行业，在银行实施风险导向内部审计有利于提高银行审计的效率与效果，强化银行的风险管理。本文首先对风险导向内部审计进行了初步探讨，并从银行内审的角度分析了推行风险导向内部审计所带来的变化，最后提出了银行内部审计的工作重点。     

审计失败的博弈分析与防范措施

近年来,我国审计失败事件层出不穷。为深入了解其原因,有必要对委托代理审计关系中各方经济行为进行博弈分析。本文以博弈理论为基础,对委托代理审计中的相关关系人的行为进行了博弈分析,并提出了防范审计失败的对策。     

The Riskiness of Large Audit Firm Client Portfolios and Changes in Audit Liability Regimes: Evidence from the U.S. Audit Market*

We investigate whether the financial riskiness of large U.S. audit firm clienteles varied with the changing audit litigation liability environment during the period 1975‐99. Partitioning the period of study into four distinct periods (a benchmark period (1975‐84), a period of increasing concerns about litigation liability (1985‐89), a period of lobbying for reform (1990‐94), and a post‐relief period (1995‐99)), we find some evidence of risk decreases during 1985‐89, strong evidence of risk decreases during 1990‐94, and strong evidence of risk increases during 1995‐99. However, we also find that over the period of our study, a time during which Big 6 market shares grew appreciably, the proportion of litigious‐industry clients in Big 6 client portfolios grew at about the same rate as the proportion of such clients in the population. Moreover, the Big 6 share of the financially riskiest clients in the economy did not grow as fast as the overall Big 6 market share. In sum, although our evidence is consistent with the hypothesis that the riskiness of Big 6 client portfolios responded to changes in the audit litigation liability environment, we find no systematic evidence of a "race to the bottom" or "bottom fishing" by these firms in a bid to increase their market shares.     

农村金融风险及其防范探讨

今年初，温家宝总理在政府工作报告中指出要扎实推进社会主义新农村建设，其中包括要深化农村金融改革。由于多方面的原因，农村金融服务仍存在许多问题，特别是农民贷款难问题比较突出。一些农村金融机构历史包袱较重、经营困难、潜在风险较大，不适应社会主义新农村建设的客观需要。本文从近年来农村发生的金融纠纷入手，阐述金融风险的内涵，并分析我国农村金融的现状及风险原因，最后找出防范对策。     

论企业并购财务风险的成因及对策

随着企业并购活动的进行,其中的财务风险越来越引起了理论界的重视。本文首先提出了并购财务风险的概念及特征,其次分析了企业并购财务风险的类型及成因,最后提出了具体的防范对策。