上市公司的资产重组与盈余管理行为分析

资产重组作为企业资本经营的一种高级形式 ,近年来倍受上市公司的青睐。有关统计表明 ,１９９７年以来进行资产重组的上市公司数量不断增多 ,资产重组类股票也成为证券市场的热点。但是 ,关于资产重组过程中财务会计处理的规范却滞后于资产重组的实践。这无疑为上市公司通过资产重组进行盈余管理提供了足够大的可操作空间。本文拟从国内已有的研究文献出发 ,对上市公司资产重组中的盈余管理问题进行分析 ,并对如何规范资产重组的财务处理提出建议一、兼并与收购中的盈余管理行为分析兼并与收购是上市公司资产重组的最重要的方式 ,从１９９７…     

我国上市公司资产重组中的关联交易浅析

资产重组是上市公司实现有效资源配置的一种重要手段,由于我国上市公司先天不足及证券市场不发达等原因,资产重组中普遍存在关联交易的现象。本文以我国上市公司资产重组中的关联交易现状作为分析的对象,阐述了我国上市公司资产重组中关联交易产生的纵深原因以及存在的主要问题,并提出了相应的对策。     

资产重组中的政府行为分析——原因、问题和目标北大核心

政府行为主要表现为政府介入和政府主导两个方面。政府对资产重组起着相当的主导作用。这一现象的存在有其合理性和必然性 ,但带来一系列的问题。本文提出应建立既能依靠市场本身的发展 ,来提高市场的自组织的调节能力 ,同时又能充分依靠政府力量 ,力求保证市场机制在资产重组过程中的正常运作的目标机制。     

我国上市公司资产重组影响因素的实证研究

资产重组是指企业改组为上市公司时将原企业的资产和负债进行合理划分和结构调整,经过合并、分立等方式,将企业资产和组织重新组合和设置,达到有效配置资源,提高企业经济效益的目的。狭义的资产重组仅仅指对企业的资产和负债的划分和重组,广义的资产重组还包括企业机构和人员的设置与重组、业务机构和管理体制的调整。目前所指的资产重组一般都是指广义的资产重组。     

地方政府税收筹划行为浅析

前言所谓税收筹划,当前比较主流的定义是指纳税人在符合国家法律及税收法规的前提下,按照税收政策法规的导向,     

和谐社会的政府行为构建

我国政府改革已经持续多年，从转变政府职能到机构改革、从科学发展观、提高党的执政能力到建设和谐社会等，反映了我国在这方面的努力。面对我国社会经济发展的实际情况，笔者认为，要建设和谐社会，构建与之相适应的政府行为是关键环节。政府要在避免自身失灵和非效率的同时，最大限度地矫正市场失灵。实现政治稳定、经济发展和社会和谐。     

浅析证券市场中的政府行为

通过政府强有力的措施以及合理的举措能够有效地防范证券市场的风险,使证券市场更好地发挥出为我国的改革发展与经济建设服务的作用     

地方政府在推进金融体制改革中的职能定位与行为选择

金融作为现代经济的核心,其核心地位是由其自身在现代经济中所发挥的特殊作用所决定的。货币资金作为社会财富的代表物,成为连接整个社会经济生活主体的媒介,无论是计划经济还是市场经济,资源优化配置都离不开货币的运动,也就是离不开金融。一般而言,货币的运动与资源的流动相伴随,一个国家金融运行得越正常有效,     

公司并购是提升上市公司质量的关键

上市公司问题多由于历史原因,我国证券市场从一开始就背负了许多非市场功能。同时由于制度建设的落后,地方政府和企业出于利益冲动,纷纷争夺上市资源,一时间上市公司鱼目混珠、泥沙俱下。目前上市公司存在的问题首先是内部治理结构差,规模小,抵抗市场风险的能力弱。同时,同质竞争也非常严重,目前深沪两市有医药生物企业96家,钢铁企业30家。别说是上市公司,就是整个中国也不需要那么多医药企业和钢铁企业。众多舢板在小河沟里互相冲撞,永远无法到大江大海去闯荡。其次是上市公司赢利能力差。我国上市公司2004年平均净利润率是5.04%,2005年为3…     

Corporate Restructuring and Bondholder Wealth

This paper provides an overview of existing research on how corporate restructuring affects bondholder wealth. Restructuring is defined as any transaction which affects the firm's riskiness by changing its underlying capital structure. Thus, it reaches well beyond asset restructuring and includes transactions such as leveraged buyouts, security issues and exchanges, and the issuance of stock options. We identify significant gaps in the literature, emphasize the potential differences in bond performance between market‐ and stakeholder‐oriented corporate governance systems, and provide valuable insights into methodological advances. We find that many issues remain as the empirical evidence is often inconclusive and focuses almost exclusively on the US. Research on other countries remains constrained by the lesser development of their bond markets, but is equally imperative because the position and bargaining power of creditors vis‐à‐vis the firm differ substantially across countries and governance regimes.     

改组改制企业会计调账问题探讨

为适应企业改革发展的需要,近年来,国家大力推进国有企业的改组改制。企业进行改制后,应根据合法中介机构出具的审计报告、资产评估报告、验资报告等相关资料进行调账,并结束旧账建立新账；或在进行账务调整的基础上,仍沿用原企业账册。现行的规范企业     

Corporate Restructuring,the Evolution of Corporate Assets and the Public Interest

In Canada, the public interest has always been a significant consideration in the restructuring of insolvent corporations. And with the introduction of new proceedings under Canada's restructuring statute, liquidating proceedings, an important consideration is whether these proceedings are in the public interest. Unfortunately, although the Supreme Court in Century Services traced the history of the CCAA and spoke of its remedial purpose, it did not discuss liquidating CCAAs or how they can be reconciled with the public interest purpose of the legislation, which leaves unanswered questions about the seemingly contradictory purpose of the CCAA and the nature of these liquidating plans of arrangement, and their impact on the public interest. Given the importance of achieving a public interest goal in CCAA proceedings, it is important to determine how to conceptualize liquidating CCAA proceedings as working towards that goal. Eight decades ago, when the CCAA was enacted, the types of proceedings taking place under the legislation were different because the asset bases of corporations were different. Reconciling these changing proceedings with the public interest goal of the legislation is necessary if proceedings are going to continue evolving under the CCAA. The argument in this paper took a broad, value‐based approach. I maintain that so long as the ‘public interest’ can be defined to include the continuance of value in the economy, in any form, then any proceedings, regardless of form or outcome, that add value or serves to maintain the value already there, would fulfill that purpose of the CCAA. Put another way, so long as the proceeding causes value to be retained that is more than the sum of its parts, I argue that it is in the public interest. Conversely, if value is lost in liquidation because certain assets cannot be valued and sold, then these proceedings (or any proceedings) are not achieving the goal of the legislation. But the answer is not to cease taking these proceedings; it is to find a way to acknowledge and account for the value of intangible assets. Once that happens, a more accurate determination can be made as to how to proceed in any restructuring. I drew three conclusions in this paper. First, the public interest in the context of the CCAA should be considered in the context of value maximization rather than the welfare of the different constituencies. This should take into account the changing nature of corporate assets, and the public interest in this paper refers to the interests of directly and indirectly affected stakeholders of the corporation. Second, corporations have changed since the enactment of the CCAA. Their assets have evolved to become less firm or industry specific, and they have also become less tangible. Third, the consideration of value added in a restructuring of a corporation containing intangible assets is difficult because these assets have value not easily quantified. In addition, although tangible assets have evolved to become less firm specific, intangibles remain firm specific, and unless they can be transferred to another company as a whole, much of their value is lost. Once those premises are accepted, then a liquidation of a modern corporation leads to a potential loss of value, which means the public interest, one of the underlying considerations of the CCAA, may well not be served unless a way can be devised to value these evolving intangible assets. Copyright © 2013 INSOL International and John Wiley & Sons, Ltd.     

国有产权、公司特征与困境公司绩效

尽管众多研究表明国有产权在公司正常经营期间会降低绩效,但一旦陷入财务困境,源于国有产权的预算软约束却可以降低财务困境成本,从而有利于国有公司。本文以1999—2005年期间发生财务困境的上市公司为研究对象,发现在财务困境期间国有产权对公司绩效具有积极影响,并且当公司规模较小或者财务杠杆较高时,这种积极作用更为明显。     

企业债务重组所得税业务处理应关注的几个问题与实例分析

债务重组所得税业务处理应关注的问题(一) 在债务重组日进行会计处理时实行财务会计与纳税会计相分离的模式.对于债务重组业务的日常会计核算,应按照<企业会计准则--债务重组>的规定进行处理,不为税法所左右,如果两者对同一业务处理的规范不一致,定期依照税法规定对日常核算资料进行调整,使之所交纳的所得税税额符合税法的要求.     

政府补贴与企业绩效

政府为发展地方经济,会介入企业的投资、经营、管理等活动,政府补贴是一种最直接的手段,政府补贴成为影响企业活动的重要因素.在对相关理论进行规范研究的基础上,本文选取2014-2016年A股上市公司为研究样本,分析了政府补贴与企业绩效、社会效益的关系,并进一步分析了所有制差异、企业经验差异对政府补贴效果的影响.本文的研究表明:(1)政府补贴会提高企业绩效,同时也可以提高社会效益;(2)政府补贴对非国有企业的促进作用更强;(3)政府补贴对富有经验的企业,即发展规模更大、存在时间更长的企业的促进作用更强.     

Labor and Corporate Governance: International Evidence from Restructuring Decisions

Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also underperforming managers. Weak investor protection combined with strong union laws are conducive to worker–management alliances, wherein poorly performing firms sell assets to prevent large-scale layoffs, garnering worker support to retain management. Asset sales in weak investor protection countries lead to further deteriorating performance, whereas in strong investor protection countries they improve performance and lead to more layoffs. Strong union laws are less effective in preventing layoffs when financial leverage is high.     

政府信任关系、企业社会责任与企业竞争力

稳固的政府信任关系不仅能有效促进企业组织力的增强,还能够帮助企业优化治理结构,增强风险抵抗能力,提高组织韧性.保持深入的政府信任关系会使企业注重社会责任的履行,有助于企业形象的塑造,但同时也会占用企业有限的资源.以资源依赖理论、制度理论、信号传递理论、利益相关者理论为基础,选取529个A股上市公司2011-2018年连...     

美国机构投资者在公司治理中的作用

在现代公司中，股东与管理之间存在着委托代理关系，因此股东需要一定的控制机制对管理进行监督和约束。从20世纪80年代末开始，以养老基金为代表的机构投资开始活跃地出现在美国的公司治理中。     

Deleveraging Corporate America: Job and Business Recovery Through Debt Restructuring

When the Great Recession roiled capital and labor markets in early 2009, up to a third of U.S. public corporations, and nearly 60% of privately owned companies, reported high levels of financial distress resulting from frozen credit markets. And the problems of “debt overhang” and corporate underinvestment were clearly in evidence as the combination of default risk and a relatively new provision of the tax code restricted the ability of distressed companies to deleverage their capital structures. But as described in this article, at least 110 U.S. companies used a little known provision in the American Recovery and Reinvestment Act of 2009 to defer taxes on the cancellation of debt income (CODI) resulting from exchanges or repurchases of significant amounts of debt. This suspension of tax policy gave many distressed U.S. companies the flexibility to cut costs, shore up balance sheets, and boost liquidity, thereby keeping themselves in business and their workers employed throughout the economic crisis. The 110 companies examined either repurchased or exchanged a total of $32.5 billion of corporate debt. The deleveraging of these companies, which represented more than $2.2 trillion in total assets and $520 billion in market capitalization, helped them to remain solvent throughout the downturn and retain their collective 2.2 million employees. The resulting tax savings are estimated to have saved (or in some cases created) almost 90,000 jobs, while contributing $3.2 billion to total corporate earnings and $10.7 billion of output to the national gross domestic product. Although this approach could be criticized as adding to the federal budget deficit, the deferral of taxes on CODI is viewed as a targeted financial policy tool aimed directly at boosting the productive capacity and employment of corporate enterprises.