中评协副会长袁白薇会见国际评估准则理事会管委会主席迈克尔·普拉达

中国资产评估协会副会长袁白薇于2010年9月16日在上海拜会了前来参加中国证监会会议的国际评估准则理事会（IVSC）管委会主席迈克尔·普拉达（Michel Prada）。     

国际评估准则理事会近期工作介绍

为符合不同领域和市场对评估准则的需求，更好地应对国际市场的挑战、进一步扩大国际影响力．国际评估准则委员会（IVSC）经过近三年的努力，成功地进行了改组。改组后的国际评估准则委员会（International Valuation Standards Committee）更名为国际评估准则理事会（International Valuation Standards Council），     

国际财务报告准则基金会与国际评估准则理事会签署联合声明强化双方在公允价值领域的合作

3月6日，国际财务报告准则基金会（简称“IFRS基金会”）与国际评估准则理事会（简称“IVSC”）发布联合协议声明，宣布就国际财务报告准则（简称“IFRS”）及国际评估准则（简称“IVS”）进行合作。     

国际评估准则理事会任命大卫·泰迪先生为该理事会管委会主席

国际评估准则理事会（IVSC）宣布，任命大卫·泰迪先生为该理事会管委会主席。大卫先生于10月27日国际评准则理事会2012年度会员代表大会上就任。     

国际评估准则理事会执业标准制定进展

国际评估准则理事会（IVSO）致力于提高评估的一致性和透明度以及增强评估报告使用者的信任．为评估行业提供执业准则和技术性文件。目前国际评估准则理事会组织开展了以下评估准则和技术性文件研究项目：1．《金融衍生工具评估》项目。金融衍生工具及其评估模型的复杂性导致高级管理人员、独立董事、投资者和监管者对金融产品及其评估过程的理解不足,     

国际评估准则理事会发布技术性文件征求意见稿

近日．国际评估准则理事会（IVSO）发布了“开发性不动产（DevelopmentProperty）”技术性文件（TIPS）征求意见稿。     

澳大利亚财产学会（API）介绍

澳大利亚财产学会（The Australian Property Institute, API）在参与国际组织活动、教育培训等方面与我会有许多相同之处。API是国际评估准则理事会（1VSC）和世界评估组织联合会（WAVO）的成员组织,也是国际机器设备评估大会的筹委会成员组织之一。     

我国《小企业会计准则》和《中小主体国际财务报告准则》简介

2009年7月9日,国际会计准则理事会（IFRS）发布了《中小主体国际财务报告准则》。财政部会计司于2010年11月1日印发了《小企业会计准则（征求意见稿）》。现将这两个准则的有关内容简介如下。     

中评协副会长兼秘书长刘萍出席2013英国皇家特许测量师学会亚洲评估大会

英国皇家特许测量师学会（RICS）于2013年11月6日在日本东京举行亚洲评估大会。中评协副会长兼秘书长、国际评估准则理事会（IVSC）管委会委员、RICS资深会员刘萍应邀出席会议并发表主旨演讲。     

国际评估准则理事会与国际会计师联合会签署谅解备忘录

国际评估准则理事会（IVSC）和国际会计师联合会（IFAC）于9月4日在英国伦敦签署了谅解备忘录．目的是建立一个使双方从各自战略角度出发的共同活动中均受益的合作程序．提高各自在有关评估问题方面的影响．特别是提高影响审计和财务报告相关业务的全球评估准则的一致性。     

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。     

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.     

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.     

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.