湖北省评协深入开展行业自律和执业监管调研工作

根据中央纪委、驻财政部纪检组监察局和中评协联合开展“加强会计、评估中介组织行业自律和执业监管”调研活动的要求,为全面了解资产评估行业自律和执业监管的现状、存在的困难和改进工作的建议．进一步净化执业环境,规范执业行为,强化行业监管．湖北省评协采取多种形式,精心制定工作方案,全方位、多角度地征求各方意见和建议．确保调研工作取得实实在在的效果。     

反腐倡廉 加强评估行业自律和监管——中评协召开加强资产评估中介组织行业自律和执业监管调研活动汇报会

2009年6月16日．中国资产评估协会加强资产评估中介组织行业自律和执业监管调研活动汇报会在北京举行。财政部副部长丁学东出席会议并做了重要指示;中评协副会长、秘书长刘萍汇报了本次调研活动的开展情况及调研报告初稿的主要内容;企业司副司长宋康乐、驻财政部纪检组监察局监察专员王毅到会并讲话。     

宁夏开展行业自律与监管课题调研

按照中国资产评估协会《关于开展“加强资产评估中介组织行业自律和执业监管”调研活动的通知》的要求，宁夏评协于2009年5月7日起，对全区8家资产评估机构开展调研活动。为了更好地开展这次行业自律与执业监管课题调研活动，保证调研活动顺利进行，根据厅领导的指示，协会成立了行业自律与执业监管课题调研领导小组，     

本期导读

新闻眼中评协召开加强资产评估中介组织行业自律和执业监管调研活动汇报会 财政部副部长丁学东到会并发表重要讲话 丁学东副部长指出： 评估行业是随国企改制中防止国有资产流失产生的，可以说是因反腐倡廉而诞生，也必将伴随反腐倡廉而发展。     

加强自律监管 促进行业有序发展——《资产评估执业行为自律惩戒办法》颁布实施座谈笔会（三）

2005年12月,中国资产评估协会下发了《资产评估执业行为自律惩戒办法》(中评协[2005]183号,以下简称《惩戒办法》)。这是资产评估行业第一个专门的自律惩戒文件,旨在加强评估行业自律监管,规范注册资产评估师和资产评估机构的执业行为,提高执业质量,进一步提升行业的社会公信力。《惩戒办法》的发布在行业内外引起了较大反响,各地方协会、资产评估机构及科研院校等纷纷组织学习,并投书我刊,从管理、实务、理论等不同角度畅谈《惩戒办法》颁布的必要性,论述了对行业发展的重要作用和积极意义,并为切实贯彻落实好《惩戒办法》,进一步健全和完善自律监管制度和机制,净化执业环境建言献策。在此,我们选编了部分文章,连续刊登,以飨广大读者。     

加强行业自律监管 规范执业行为——关于《资产评估执业行为自律惩戒办法》有关问题的说明

2005年12月,中国资产评估协会下发了《资产评估执业行为自律惩戒办法(》以下简称“惩戒办法”,中评协[2005]183号)这个办法是资产评估行业第一个专门的自律惩戒文件,分为总则、自律惩戒的种类和实施、对注册资产评估师的自律惩戒、对资产评估机构的自律惩戒、自律惩戒程序、附则,共6章37条。惩戒办法对于加强资产评估行业自律监管,规范注册资产评估师和资产评估机构的执业行为,提高资产评估执业质量,提升行业公信力具有重要意义。一、惩戒办法出台的重要意义(一)完善了行业自律管理体系,促进协会功能有效发挥随着市场经济的发展,包括资产评…     

政府采购领域预防和治理商业贿赂行为的调研报告

为了解和掌握政府采购领域易发商业贿赂行为的主要环节和部位，进一步推进财政部门牵头的政府采购领域治理商业贿赂专项工作，最近，中纪委驻财政部纪检组、监察部驻财政部监察局组织财政系统对预防和治理政府采购领域商业贿赂问题进行了认真调研,形成了《政府采购领域预防和治理商业贿赂行为的调研报告》，报告提出了一些对预防和治理政府采购领域商业贿赂行为的有效对策和建议。     

从市场细分角度分析评估机构发展态势

2009年6月,财政部副部长丁学东在加强行业自律和执业监管调研活动汇报会上,对资产评估发展提出机构做大做强的政策谋划。12月底,财政部出台了《关于推动评估机构做大做强做优的指导意见》,为评估行业的健康发展指明了方向。评估市场细分是评估行业发展的必然过程,机构做大做强是市场细分的必然结果。作者从市场细分的依据、作用出发,阐述了评估行业要＂强身健体＂、要＂瘦身＂、要做优做强做大的必然性和时效性。     

极目春光美 更喜东风来

新年伊始,立春时节,中纪委驻财政部纪检组组长、财政部党组成员贺邦靖代表部党组到中国资产评估协会看望评协工作人员,领导的到来犹如一股春风,温暖人心。借此契机,我们摘编了财政部部长谢旭人、财政部副部长丁学东对评估行业的重要指示,财政部部领导的指示体现了对资产评估行业的高度重视;证实了资产评估行业在我国市场经济中的重要作用;指明了我国资产评估行业的改革发展方向。领导的指示对评估行业是契机、是福音、是动力,从中深刻领悟,更激发了资产评估行业人士在新的一年中奋进的斗志。我们要深刻认识和领会,积极做好工作,为评估行业健康、规范发展贡献力量。     

2009年《中国资产评估》宣传提要

改革开放30年后，迎来了祖国60周年华诞。随着中国经济的迅猛发展，资产评估行业迎来了新的机遇和挑战。2008年，资产评估行业围绕财政部部长谢旭人提出的“依法经营、诚信为本、质量第一、服务为上”的指示努力做好一切工作。2009年初，中纪委驻财政部纪检组组长，财政部党组成员贺邦靖亲自到中国资产评估协会视察工作并作重要指示。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.