进入权与会计师事务所收益分配

本文以会计师事务所的收入为基数，将收益分配分为四个层次，并着重阐述第二层次与第三层次的分配，主要是在进入权理论所设置的“三位一体”股权设置研究的基础上，运用“权利与利益相配比，同时在利益的分配中体现责任的承担”的原则，设计了收益分配模型，在模型中体现关键人力资源的作用，以激励会计师事务所关键人力资源拥有者。     

公平与效率：会计师事务所诚信监管的政策目标

会计师事务所和会计市场(此处主要指社会审计市场)是社会会计资源的基本配置方式和手段。会计市场作为整个市场经济的一个组成部分，也是以经济利益为中心来配置资源的。就合伙制会计师事务所而言，合伙人拥有最终净资产的所有权和剩余收益的分配权，而将会计师事务所的经营管理权委托给包括合伙人在内的全体员工，这在一定程度上形成两权分离，进而形成特定的会计师事务所的治理结构。尽管由于出资合伙人直接就职于其所合伙的会计师事务所内，使得这种分离程度有所减低，但是，毕竟存在着委托受托关系及其相应治理结构，特别是当在职合伙人的     

智力资本视角下小微会计师事务所治理策略研究

会计师事务所是典型的智力密集型企业,智力资本是小微会计师事务所发展的关键资源和重要支撑。梳理小微会计师事务所智力资本内涵及其维度特征,分析智力资本对小微会计师事务所治理的意义,进而提出基于智力资本的小型会计师事务所治理策略。     

会计师事务所质量监管初探

会计师事务所质量监管是审计质量的关键，本文在深入分析目前会计师事务所内部质量问题的基础上，从政府、注册会计师协会和事务所内部提出了强化会计师事务所质量监管的建议。     

关键审计合伙人轮换制度对审计质量的影响及异质性分析——基于沪深A股上市公司2007-2021年面板数据的研究

中国注册会计师职业道德守则明确要求，如果审计客户属于公众利益实体，会计师事务所必须严格执行关键审计合伙人轮换制度。该制度是保障注册会计师独立性、提高审计质量的一项关键制度安排。文章以2007-2021年沪深A股上市公司为研究样本，采用两种线性固定效应模型研究关键审计合伙人轮换制度与审计质量的关系。研究发现：关键审计合伙人轮换制度有助于提高审计质量。进一步分析中，按照产权异质性、事务所规模异质性以及企业盈利能力异质性对样本分别进行分组回归发现：关键审计合伙人轮换制度对国有企业审计质量的提升更为显著；对非“四大”会计师事务所的审计质量的提升更为显著；不论企业盈利与否，对企业的审计质量提升都显著，但对亏损企业的审计质量提升更为显著。     

审计独立性的制度缺陷及改革探讨

一、关于我国审计制度缺陷的探讨 1.现行的注册会计师聘任制度危及了审计的独立性 一方面,我国有着特殊的股权结构,"一股独大"的现象非常严重,董事会中内部董事占了绝大多数,监事会徒有虚名。尽管根据中国证监会的要求,上市公司聘请会计师事务所必须经过股东大会的批准,但在内部人控制现象普遍存在的情况下,聘请会计师事务所的真正权     

中小型会计师事务所发展问题探讨

目前,我国的会计师事务所大多以中小型事务所为主,中小型会计师事务所已经形成国内一股不容忽视的力量,对我国经济发展起到重要作用。当前,中小型会计师事务所发展状况良好,但依然存在一些亟待解决的问题。与大型会计师事务所经营方式和思路不同,中小型会计师事务所需要结合自身具体情况来规划发展路线和目标。基于此,文章从人才培养、管理机制、自身定位3个方面探讨中小型会计师事务所的发展策略。     

“四大”会计师事务所开设分所与审计质量

“四大”会计师事务所在中国开设分所对中国审计市场产生了深远影响,特别是对审计质量的影响值得关注。基于此,以2008—2021年间中国资本市场A股上市公司为研究样本,实证检验“四大”会计师事务所开设分所对审计质量及其经济后果的影响。研究发现：“四大”会计师事务所开设分所能够显著提高审计质量;区分事务所类型和分析师关注度发现,“四大”会计师事务所开设分所对审计质量的促进作用在本土会计师事务所和分析师关注度较低的企业中更加明显;进一步研究表明,“四大”会计师事务所开设分所提高了审计效率,降低了审计定价,“四大”会计师事务所在中国开设分所具有积极的正向影响。研究结论为“四大”会计师事务所进入中国审计市场的积极效应提供了经验数据支持,为优化和完善中国审计市场提供了理论参考。     

上市公司大股东变动与会计师事务所变更的实证研究——来自中国证券市场的经验证据

本文以2004-2006年发生会计师事务所自愿性变更事件的部分国内A股上市公司为研究对象,实证研究了会计师事务所发生变更与第一大股东变动等各影响因素的关系。结果发现：第一大股东的变动与会计师事务所的变更存在相关性。此外,非标准审计意见、审计费用、会计师事务所地域特征和会计师事务所规模、财务困境等,也都是导致会计师事务所发生变更的重要原因。     

专业化＆合伙制：成功之匙

管理咨询业务将成为会计师事务所竞争的关键，成为会计师事务所抢占21世纪会计市场的战略制高点。那么，我们的会计师事务所可以在那些方面有些突破呢？     

The influence and predictive powers of mixed-frequency individual stock sentiment on stock returns

In this article, we construct mixed-frequency individual stock sentiment using MIDAS model. We first investigate the influence power of mixed-frequency individual stock sentiment on excess returns. The results indicate that the higher the frequency of individual stock sentiment is, the better it explains the variation of excess returns, that mixed-frequency individual stock sentiment, especially mixed high-frequency sentiment, exerts greater influence on excess returns than the same frequency one and that the mixed-frequency sentiment has a stronger explanatory power to the variation of excess returns than size factor, book-to-market factor, profitability factor and investment factor do. Then, we study the predictive content of mixed-frequency individual stock sentiment. The results show that the higher the frequency of individual stock sentiment is, the better the forecast performs. Moreover, by comparing the corresponding statistics in influence and predictive power models, we find that the influence power of mixed-frequency individual stock sentiment is more significant than its predictive power.     

强化企业物资采购管理

文章指出物资采购管理作为企业物资管理的重要一环,是现代企业成本控制的关键。但目前企业的物资采购还存在诸多问题,导致企业成本上升,市场竞争力减弱。企业应加强物资采购管理,通过建立物资采购监控机制,采用集中采购管理模式,实行公开比价采购,建立采购价格考核激励和价格信息管理网络等措施来降低采购成本,提高物资采购质量,增强企业的市场竞争力。     

The VIX,the variance premium and stock market volatility

We decompose the squared VIX index, derived from US S&P500 options prices, into the conditional variance of stock returns and the equity variance premium. We evaluate a plethora of state-of-the-art volatility forecasting models to produce an accurate measure of the conditional variance. We then examine the predictive power of the VIX and its two components for stock market returns, economic activity and financial instability. The variance premium predicts stock returns while the conditional stock market variance predicts economic activity and has a relatively higher predictive power for financial instability than does the variance premium.     

Trade credit financing and stock price crash risk

This study investigates the association between trade credit financing and stock price crash risk within China's context. We find that firms using more trade credit financing have significantly lower future stock price crash risk. This negative association is more pronounced for firms with greater information asymmetry and for firms located in less developed financial markets. This finding is robust to the endogeneity concern, alternative measures of stock price crash risk, and the inclusion of other factors identified in prior studies that might affect stock price crash risk. Further evidence suggests that both the monitoring mechanism and the disclosure mechanism drive the documented relation. Our study suggests that access to trade credit can significantly reduce the likelihood of crash risk in a country like China with less developed formal bank financing. Our study also suggests that investors can effectively avoid stock price crash risk by using the trade credit information disclosed in financial statements.     

Stock prices and domestic and international macroeconomic activity: a cointegration approach

This paper supports the existence of a significant, long-run relationship between stock prices and domestic and international economic activity in six European economies. Johansen Cointegration tests demonstrate that stock price levels are significantly related to industrial production, business surveys of manufacturing orders, short- and long-term interest rates as well as foreign stock prices, short-term interest rates and production. Variance decomposition methods support the strong explanatory power of macroeconomic variables in contributing to the forecast variance of stock prices. Hence, stock prices are determined by macroeconomic activity.     

Contracting on the Stock Price and Forward-Looking Performance Measures

Abstract

We examine the use of earnings, forward-looking performance measures and stock prices in managerial compensation. When the firm's owner and its manager have identical time preferences, the stock price is not useful for motivating the manager, as it is a noisy aggregation of a forward-looking measure and future earnings. In contrast, when the owner and the manager have conflicting time preferences, the noisy stock price is useful for contracting. If the manager has no access to banking and cannot trade the firm's shares, the timeliness of the stock price dominates the extra risk imposed by its noise. At the same time, forward-looking performance measures (such as customer satisfaction) can induce a desirable allocation of management effort between the short term and long term more efficiently than the stock price can. Forward-looking performance measures and the stock price are thus not direct substitutes in rewarding farsighted effort.     

The daily relationship between U.S. asset prices and stock prices of American countries

The daily transmission of U.S. comprehensive stock indices to foreign stock markets has been studied extensively, but the transmission may just be that the foreign stock prices respond to news underlying the change in the U.S. stock indices. Besides the regularly economic announcements, news relevant for the U.S. economy may include qualitative news and non-economic events. Due the daily nature of the news, there is no appropriate reference as to its impact on the U.S. or foreign economy and the only accessible reference probably is the change in the financial asset prices. But the U.S. stock index is general in nature and cannot be used to offer specific information about the U.S. economy. Some U.S. asset prices other than stock indices may reveal more specific information about the U.S. economy. Looking into the daily relationship between these U.S. asset prices and stock indices of four American countries in two periods with drastically different economic conditions, this study finds that the daily relationship between these U.S. asset prices and foreign stock prices is consistent with the prevailing U.S. economic fundamentals. From the relationship we identify some U.S. economic conditions foreign stock prices respond to. These economic conditions include real economic shocks, monetary policies, and business default risks.     

负商誉的价值相关性研究——基于新企业会计准则的实证研究

基于新企业会计准则下负商誉的会计政策,运用剩余收益估值模型和回报模型,本文系统探讨了负商誉对股票价值和超额回报的影响效应。研究发现:(1)扣除负商誉后的剩余收益对股价有显著正的解释力,而负商誉与股价负相关;(2)扣除负商誉后的未预期盈余对超额回报有显著正的解释力,负商誉与超额回报负相关。实证结论说明,市场不仅能够辨别盈余结构,而且市场投资者能够辨别负商誉的价值含义。     

Voting rights and shareholder wealth the issuance of limited voting common stock

This paper investigates the shareholder wealth consequences of the public announcements of the proposed issuance of multiple classes of common stock with disparate voting rights. The evidence suggests that, for our sample of 70 firms which proposed dual-class recapitalizations over the period 1962–86, the creafion of dual classes of common stock, on average, leads to abnormal stock price increases. The data do not lend support to the hypothesis that the concentration of voting power with incumbent management is detrimental to shareholder interests.     

Site visit information content and return predictability: Evidence from China

In this paper, we use frequency of related phrases in site visit summary reports to denote the site visit content, and study whether site visit content reflecting institutional investors’ market concerns can predict Chinese stock market return. We find that site visit content has greater forecasting power in Chinese stock market returns than other economic predictors after comparing out-of-sample R². The predictability is both statistically and economically significant. Additionally, our results also suggest that the particular information content has better forecasting power than general content in site visit summary reports.