青岛建设集团"走出去"涉税问题调查

青岛建设集团在"走出去"过程中的合作与分包工程、商务部援外工程等存在一些亟待解决的税收问题。为解决这些问题,需要完善税收抵免、海外投资风险准备金等方面的制度。     

Accounting for Intangible Investments

The traditional categorisation of expenditures evident in many firms' charts of accounts and financial statements does not identify and measure expenditures on intangible investment separately from tangible investment and operating expenditures. This contrasts with the accounting for tangible investment, which separately accounts for all expenditures as assets unless the future benefits are consumed in a single accounting period. Further, in searching for better ways to account for intangibles, regulators and researchers have focused on the accounting choice problem relating to the existence and recognisability of intangible assets. In this paper, we argue that identifying and separately reporting the expenditures on intangible investment is the logical first step in accounting for intangible investments. Learning about the firm's categories of value driving (and sometimes potentially value destroying) expenditures has important implications for understanding aspects of the value chain, performance measurement, valuation, corporate governance and the external audit.     

“掘”战保险PE

2012年6月,中国保险监督管理委员会(下称保监会)在大连召开了保险资金投资改革创新的闭门会议,并在会议上讨论了13项投资新政征求意见稿。这13条征求意见稿几乎涵盖了保险投资所能涉及的所有渠道。此举被业内解读为保险投资打通四经八脉、任督全开的第一式。紧随其后的7月25日,保险会颁布第一批新政;10月22日,第二批新政亮相登台。对比新政出炉的红火,保险公司在实际投资上却始终坚守着冷静、保守的态度。     

核电投资探索

核电厂项目投资决策既要履行核安全承诺,也要兼顾成本效益原则。如何在两者之间取得平衡,如何处理两者之间的辩证关系是核电厂项目投资面临的最大挑战。针对此,大亚湾核电运营管理有限责任公司（以下简称运营公司）对核电项目投资决策机制进行了一系列探索和创新。     

返程投资新解

7月14日,国家外汇管理局的一纸新文件《关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》（汇发[2014]37号）（以下简称“37号文”）引发了资本市场的巨大关注。相比于此前的“75号文”,37号文在定义特殊目的公司范围、境内居民境外投融资以及返程投资、股权激励计划登记、处罚依据与措施等方面均进行了较大的调整。     

R&D Investments with Competitive Interactions

In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect) competition in the development and marketing of the resulting product. The competitive interactions that occur substantially complicate the solution of the problem since the decision maker has to take into account not only the factors that affect her/his own decisions, but also the factors that affect the decisions of the other investors. The real options framework utilized to deal with investments under uncertainty is extended to incorporate the game theoretic concepts required to deal with these interactions. Implementation of the model shows that competition in R&D, in general, not only increases production and reduces prices, but also shortens the time of developing the product and increases the probability of a successful development. These benefits to society are countered by increased total investment costs in R&D and lower aggregate value of the R&D investment projects.     

New Regulations Impacting Venture Investments

On 8th August 2006, the Ministry of Foreign Commerce of the People＇s Republic of China （＂MOC＂ or ＂MOFCOM＂）, along with the StateAdministration of Industry and Commerce （＂SAIC＂）, State Administration of Taxation （＂SAT＂） and State Administration of Foreign Exchange （＂SAFE＂） and joined by China Securities Regulatory Commission （＂CSRC＂） and Stateowned Asset Supervision and Administration Commission （＂SASAC＂）, issued new regulations on M＆A transactions in China. The new regulations, called the ＂Provisions on the Mergers and Acquisitions of Domestic Enterprises by Foreign Investors＂ （the ＂Revised M＆A Provisions＂）, will become effective on September 8, 2006. The ＂M＆A transactions＂ in the context of the Revised M＆A Provisions refer to equity and asset acquisitions, not true ＂mergers＂ in the U.S. legal sense.     

CEO Ownership and Discretionary Investments

Abstract:  This study investigates empirically the relationship between CEO ownership and discretionary investments such as R&D and capital expenditures. We assert that the under-investment problem is high for R&D-intensive projects, while the over-investment problem is high for capital expenditures because of differences in risk between the two types of investments. Building on the linkages between investments and investment-related agency problems, we hypothesize that the relationship between CEO ownership and investments depends on whether increasing ownership mitigates or exacerbates the under- or over-investment problem. We find a non-linear association between CEO stock ownership and R&D investments; R&D investments increase and then decline across increasing levels of ownership. Further, we find that R&D investments and CEO stock options are positively associated at high levels of option holdings. In contrast, capital expenditures do not vary with CEO ownership (stock or options). Finally, consistent with our underlying assumption, we find that the influence of R&D investments on future firm risk is significantly larger than that of capital expenditures. Our findings indicate that managerial risk aversion affects discretionary investments.     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

Corporate Investments: Learning from Restatements

This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our prediction, we find that changes in competitors' investments following restatement announcements are significantly related to various proxies for news in the restatements, such as competitors' and restating firms' abnormal returns at the restatement announcements. We conclude that restatements convey information about the investment projects of restating firms' competitors.     

Credit Rating Inflation and Firms' Investments

We analyze credit rating effects on firm investments in a rational bond financing game that features a feedback loop. The credit rating agency (CRA) inflates the rating, providing a biased but informative signal to creditors. Creditors' response to the rating affects the firm's investment decision and thus its credit quality, which is reflected in the rating. The CRA might reduce ex ante economic efficiency, which results solely from its strategic effect: the CRA assigns more firms high ratings and allows them to gamble for resurrection. We derive empirical predictions on the determinants of rating standards and inflation and discuss policy implications.     

投资农业首要事

美国泰山投资公司在投资福建闽中食品公司蔬菜加工项目时做的第一件事,就是帮助企业从新加坡高薪聘请了CFO。发展现代农业是社会主义新农村建设的首要任务,也是以科学发展观统领农村工作的必然要求。2006～2010年,中央财政对发展现代农业支持接近1.88万亿元。2011年是"十二五"的开局年,也是巩