承前启后 开创资产评估准则体系建设新局面

改革开放三十年,我们见证了中国资产评估行业不断发展;壮大的成长历程,也见证了我国资产评估准则体系建设取得的成就。当前,全球金融和经济格局面临重大变革,我国经济发展面临着重大历史机遇和挑战。全面认识资产评估行业价值,准确把握资产评估行业定位,继续深化资产评估准则建设,着力推动资产评估行业科学发展,对于充分发挥准则引导和规范行业发展的作用,更好地服务我国经济社会发展具有重要意义。     

河北评协举办全省评估机构负责人培训班

近期，河北省资产评估协会在石家庄举办了2011年度资产评估机构负责人培训班，全省109家评估机构负责人参加了培训。此次培训班，专门邀请省评协名誉会长、省财政厅党组副书记、副厅长郭秀堂作了题为“认清形势、把握机遇、加快发展”的专题报告，     

把握机遇 加快发展 在新的起点上实现行业的新跨越

近年来江西省注册会计师行业发展取得了很大的成绩。当前行业面临新的形势,行业上下要认清形势,坚定信心,把握机遇,加快发展,努力建设一支与全省经济发展相适应,在质量上和数量上能够满     

虱内证券市场动态（2005年2月）

深交所召开“落实‘国九条’促进证券市场健康稳定发展座谈会”。深交所理事长陈东征提出，2005年资本市场处在一个关键的转折时期，面临难得的发展机遇。希望全行业认清形势，善于坚持，为实现市场的根本转折做好充分准备。     

贺会长赴广西调研行业发展情况

三月的南国，细雨绵绵．春意盎然。为促进中小评估机构科学发展．推动评估行业做优做强做大．共同谋划行业未来发展，中央纪委委员、中国资产评估协会会长贺邦靖于2011年3月18日赴广西调研。贺邦靖会长听取了广西评估协会会长王保利关于广西评估工作情况的汇报．并与部分中小评估机构负责人座谈。在听取大家对资产评估行业发展的意见和建议后．贺邦靖会长作了重要讲话。     

债券市场与资信评估行业发展

债券市场的发展推动了资信评估行业的发展，但另一方面，信评估行业的发展又有助于构建多品种、多层次的债券市场，形成债券市场化的定价机制，及债券市场信用风险的防范，进而促进了债券市场的成熟和完善。大力推动我国资信行业的健康发展，需要正确看待我国资信评估的发展现状，努力提高资信评估行业的公信力，也要注重培育具有民族品牌的资信评估机构。     

《广东省资产评估行业人才发展规划（2012-2016年）》正式发布

为保障资产评估行业发展与国家经济社会发展需要相适应,加快实现广东省资产评估行业的转型升级．推动行业科学发展,以一支优秀的行业人才队伍更好地服务于广东省经济社会,近日．广东省资产评估协会发布了《广东省资产评估行业人才发展规划（2012—2016年）》（以下简称《规划》）。     

认清形势 科学谋划 推动行业又好又快发展

改革开放以来,在党中央和国务院的关心重视和大力支持下,注册会计师事业得到了蓬勃发展,注册会计师行业从无到有,从小到大,逐步建立起人才培养、职业标准和质量监督体系,成为经济社会监督体系的重要组成部分,为引进和利用外资、推动企业改革、培育和发展资本市场做出了不懈努力,为我国财税体制改革,为社会主义市场经济体制的建立和完善做出了巨大贡献。在当前复杂多变的经济形势下,大浪淘沙、不进则退,机遇只属于有准备的地区和行业。站在新的发展起点上,注册会计师行业机遇和挑战并存。我们一定要深刻认清形势,增强信心,紧扣中注协的人才培养、准则国际趋同和做大做强三大发展战略,真抓实干,化挑战为机遇、变危机为生机,在新的发展起点上开创注册会计师事业的新局面。     

在理论和实践的基础上完善评估准则建设--中注协秘书长陈毓圭谈评估准则建设

评估和注册会计师行业都是年轻的行业，相对于会计行业来说，评估业更年轻，改革与发展的任务非常繁重。在发展中，我们需要完善标准、转变观念、完善体制。做好评估准则的制订和完善工作，是我们推动评估行业发展的一个重要方面。     

全国地方协会秘书长座谈会在太原召开

为深入贯彻落实全国财政会和中国资产评估协会第四次全国会员代表大会精神．推动资产评估行业科学发展．2011年1月6日．中评协在太原组织召开全国地方协会秘书长工作座谈会。会议结合国家“十二五规划建议“和评估行业发展现状,就资产评估行业未来五年发展规划需要解决的实际问题．     

Degrowth,the past,the future,and the human nature

In the last years, different sources point to a same message: industrial civilization has entered an overshoot mode, the natural limits to growth have been already surpassed. This frontier does not wait for us in the future; it already belongs to our past. If population and the economy are truly beyond the limits, then current visions and theories of social change would be deeply perturbed. If the development era is approaching its end, then many sociological theories on current societies will share the same destiny, sustainable development doctrines between them. It is worth to examine theories that explicitly look at the social world this way or that – at least – are not incompatible with it. Differences between these theories depend on sociological, psychological and anthropological questions; or, in other words, they depend on the human nature. Exploring the relationship between degrowth and the human nature gives rise to debates about selective pressures under conditions of scarcity (human evolution), historical and anthropological evidence, philosophy, and sociology (institutional resilience, utopies as whole society experiments…). As its conclusion, the argument accepts that an evolutionary perspective supports that there are some potentials for conscious social change even in a way-down era, but it does not justify the belief in a particular only line of history. This conclusion does not satisfy the desire of knowing the future; nevertheless it may be the only one possible. The future is not written. Neither in history nor in evolution; not even in the mixture of history and evolution that conforms us as inhabitants of the Earth.     

Dating,discounting, and the robustness of the Lucas-Sargent proposition

From recent work by Thomas Sargent and others, it has become well known that, if expectations are formed rationally, monetary stabilization policy will be entirely ineffective in an economy in which the aggregate supply function relates output (relative to capacity) to the difference between the current price level and the value expected one period earlier. This paper considers whether this neutrality proposition holds when the expectation of some future price is compared with the current actual price in the supply equation. It is shown that the proposition remains valid if the future price is appropriately discounted.     

Liquidity,the Value of the Firm,and Corporate Finance

The theory of corporate finance has been based on the idea that a company's market value is determined mainly by just two variables: the company's expected after‐tax operating cash flows or earnings, and the risk associated with producing them. The authors argue that there is another important factor affecting a company's value: the liquidity of its own securities, debt as well as equity. The paper supports this argument by reviewing the large and growing body of evidence showing that differences—and changes—in liquidity can have major effects on the pricing of corporate stocks and bonds or, equivalently, on investors' required returns for holding them. The authors also suggest that the liquidity of a company's securities can be managed by corporate policies and actions. For those companies whose value is likely to be increased by having more liquid securities—which is by no means true of all companies (mature firms that don't need outside capital may well benefit from having more concentrated ownership and hence less liquidity)—management should consider actions such as reducing leverage and substituting dividends for stock repurchases as well as measures designed to increase the effectiveness of their disclosure and investor relations program and the size of their investor base.     

Bookbuidling, Auctions, and the Future of the IPO Process

Auction theorists predict that bookbuilding, long the standard process for selling equity IPOs in the U.S., is about to give way to an Internet‐based IPO auction process that is both more efficient and more fair. The promise of auctions is that, by using an electronic platform that gives all investors the opportunity to bid on IPOs, the underpricing of IPOs and commissions to underwriters will be reduced, leading to an increase in net proceeds to issuers. Largely missing from such arguments, however, is an appreciation of why bookbuilding has dominated U.S. practice (and continues to supplant auctions in IPOs in most countries outside the U.S) and the role of undepricing in the IPO process. Rather than canvassing all investors, bookbuilding involves eliciting expressions of interest from institutional investors, and then allocating shares mainly according to the strength of their professed interest. In contrast to auctions, which allocate shares according to a set of explicit rules, bookbuilding involves a set of implicit “rules” that provide considerable room for judgment by the underwriter. This does not mean that the rules are arbitrary or not well understood by participants, particularly after thousands of IPOs conducted over the better part of two centuries. But to manage the exchange of information between issuers and investors, and the potential conflicts of interest in representing both groups, such rules must be administered by an intermediary with a considerable stake in protecting its reputation for fair dealing. Investment banks that deal with both issuers and the investment community on a regular basis are well positioned to perform this function. The underpricing of IPOs is best viewed not as a transfer of wealth from issuers to favored investors but rather as compensation to the large influential investors that play a major role in the price discovery process. By opening the process to all comers, auctions will discourage these large investors from bidding aggressively because less sophisticated investors will be able to “free ride” on their research and due diligence. To the extent this happens, auctions may suc ceed in reducing underpricing (in fact, they may even lead to over pricing), but they will also reduce the net proceeds for issuers. Nevertheless, recent advances in communications technology and auction theory will undoubtedly reshape current securities underwriting practices. In particular, Internet auctions are likely to replace bookbuilding in debt IPOs and less risky equity issues (say, IPOs of LBOs). But the argument that Bookbuilding will be completely cast aside in favor of largely untested alternatives fails to appreciate a successful institutional response to major market imperfections, some of which can never be wholly eliminated. Especially in the case of risky (first‐time) equity IPOs, there will continue to be an important role for managing the information exchange between issuers and investors that is critical to the IPO process.     

中国上海自贸区建设的进展问题及政策建议

建立中国上海自由贸易实验区是新一届政府应对国际经济环境变化的重大举措,也是中国经济进一步深化改革的必经之路。本文从贸易、投资和金融三个领域深入分析了上海自贸区建设的基本框架和最新进展,并从宏观调控、贸易投资以及相关金融改革三个方面研究了上海自贸区建设存在的主要问题和面临的挑战。最后,本文就如何进一步完善上海贸区建设提出了相关政策建议。     

控制权转移前业绩、收购方性质与控制权转移绩效

本文研究控制权转移前业绩、收购方性质对控制权转移绩效的影响。以1994—2007年中国A股市场发生控制权转移的公司为样本,本文发现:从长期绩效来看,亏损公司控制权转移后,业绩明显上升;盈利公司被转让给无经验的民营收购方后,业绩明显下降,转让给国有收购方和有经验的民营收购方后,业绩没有明显变化。从短期市场反应来看,转让给国有收购方和有经验的民营收购方的市场反应明显优于转让给无经验的民营收购方。     

Ways of knowing, culture, communication and the pedagogies of the future

This article focuses on how cultures are embedded in diverse ways of knowing and how individuals teach (formal, action research, spiritual) and learn the world (action, science, technique or gnosis) differently. We present case-studies or stories of teaching and learning futures and futures generations. These stories tell the fundamental difficulties we face in teaching, communicating and learning across civilization, profession, worldview and pedagogical style. We offer a futures method, causal layered analysis, as one way to enter different knowing spaces. The educational challenge ahead of us is to pass on the rich diversity of culture and ways of knowing to future generations.     

The Purpose of the Firm,Valuation, and the Management of Intangibles

This article provides a different way of thinking about, and responding to, four important issues that confront most public companies. First, in articulating the overarching corporate purpose, the author suggests a middle ground between shareholder value maximization and stakeholder theory that aims to achieve the end result of value maximization while taking a “holistic” view that meets most of the demands of stakeholder advocates. As described by the author, there are four critical steps for management and boards in creating such companies: (1) communicating a vision of the company and its purpose to employees as well as investors (and other key outsiders); (2) organizing to survive and prosper through efficiency and innovation; (3) working continuously to develop win‐win relationships with stakeholders and other companies; and (4) taking care of the environment and future generations. Second, in thinking about the corporate purpose and how to evaluate success in achieving it, managements and boards need a valuation model that provides a clear and insightful connection between long‐term corporate performance and market valuation, and how both might be expected to change as the firm matures. A strong case is presented for the life‐cycle valuation model, widely used by money management organizations, in which a company's projected cash flows reflect an expected “fade” in both economic returns on capital and reinvestment rates. The potential uses of this model are illustrated using lifecycle corporate performance data for 3M during the past 50 years. Third, in an effort to capture the value of innovation and investment in intangible assets, the author presents an alternative to the accounting approach of capitalizing and amortizing such assets that attempts to capture their expected future benefits by using more favorable forecasts of long‐term fade rates. Fourth, the author shows how incorporating Life‐cycle Reviews for each of a company's business units as part of its Integrated Reporting could improve management's resource allocation decisions, help build a shareholder base of long‐term investors, and provide management with the support and confidence to resist Wall Street's excessive emphasis on quarterly earnings.     

信贷市场、货币市场与资本市场资金流动性分析

信贷市场、货币市场与资本市场是现代金融市场体系不可分割、互相联系的组成部分.但在相当长时期内,由于体制原因,我国主要以信贷市场为主,并没有真正的货币市场与资本市场.从90年代建立股票市场以来,开始逐渐注重资本市场的发展,主要为国有企业筹集长期资金,却又忽略了货币市场的发展,致使三个市场发展极不平衡.     

Forward Markets,Stock Markets,and the Theory of the Firm

This paper models a competitive financial market economy in which there are forward markets as well as stock and bond markets. Although there are separation theorems in the stock and forward markets literatures, this analysis shows that neither separation theorem survives in this integrated financial market economy. Next, the analysis shows that the separation results hold and are equivalent if the manager has an appropriate compensation package. Then the model is modified to allow for depreciation charges and tax credits. A positive theory of hedging is developed that shows that the corporation can preserve deductions and credits by hedging and so increase corporate value.