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。     

“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。     

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.     

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.     

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.     

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.     

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.     

外资暗战房市

在房价上涨和人民币升值的双重推动下,外资大量投向我国房地产市场,涉及房地产开发、消费以及中介等多个环节。来自商务部的备案显示,截至2011年3月24日,仅3月份外资新设或者增资的房地产公司就出现井喷,高达39家。     

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     

Institutional Portfolio Flows and International Investments

Using a new technique, and weekly data for 25 countries from1994 to 1998, we analyze the relationship between institutionalcross-border portfolio flows, and domestic and foreign equityreturns. In emerging markets, institutional flows forecast statisticallyindistinguishable movements in country closed-end fund NAV returnsand price returns. In contrast, closed-end fund flows forecastprice returns, but not NAV returns. Furthermore, institutionalflows display trend-following (trend-reversing) behavior inresponse to symmetric (asymmetric) movements in NAV and pricereturns. The results suggest that institutional cross-borderflows are linked to fundamentals, while closed-end fund flowsare a source of price pressure in the short run.     

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.     

Risks and Rewards in Emerging Market Investments

In light of the recent currency crises in East Asia, this article questions the accepted wisdom that emerging market securities deserve to be included in global portfolios primarily because of their low correlations with more conventional asset classes. The authors suggest that the basic cycle of emerging market loans and securities appears to have been compressed, and its swings accentuated, by the herd-like behavior of global institutional investors. This is not the irrational behavior of crowds infected by investment euphoria, but the rational behavior (however volatile) of a large number of institutional investors with huge stakes in the market, each trying to outperform or at least keep up with the others. While stressing the benefits of foreign capital for emerging nations, Smith and Walter also point to the adverse consequences of abrupt shifts in investor sentiment and capital flows. Citing a recent World Bank study, the authors suggest that the effect of portfolio equity inflows on many developing economies has been a “glut” of foreign exchange and liquidity, which tends to cause inflationary pressure and appreciation of real exchange rates. Such currency appreciation can in turn have unwanted “real” effects, such as increases in trade deficits. Going somewhat “against the grain of the Washington Consensus,” the authors suggest that emerging nations undertake a gradual, though steady movement toward adoption of freemarket policies. In particular, they cite with approval attempts by more successful emerging nations such as Chile and South Africa to limit portfolio capital inflows to avoid this problem of excess liquidity. As the authors conclude, “At no point in their development did now-established countries like Japan, Germany, South Korea, Taiwan, Singapore, Spain, and Chile adopt a totally free-market approach. They moved purposefully over decades in that direction, but only at a pace that could be accommodated by the accompanying political thinking and infrastructure-building.”