IFRS Taxonomy and financial reporting practices: The case of Italian listed companies

XBRL taxonomies have a crucial role in digital financial reporting. On the one hand, they provide a unique set of computer-readable tags to allow the interchange of interactive information. On the other hand, a systematic, agreed-upon convention for naming each taxonomy tag is needed. In this context, the IFRS Foundation is playing a relevant role in developing well-structured taxonomies, which could simultaneously favor both the interoperability and the homogenization of the firms' financial information at the global level. Due to its importance, XBRL is being applied in many countries, but according to different implementation schemas.In this study, we attempt to verify if the IFRS Taxonomy released by the IFRS Foundation adequately reflects the reporting practices of the Italian listed companies for which XBRL is not yet required. The results reveal a general discrepancy between the financial items disclosed by the companies and the taxonomy tags. Specifically, we noticed that the financial statements items are more disaggregated than the taxonomy tags and that this depends on the sector and the size of the companies. Unless the XBRL implementation system explicitly allows companies to use and disclose taxonomy extensions, a loss of detailed information occurs if the taxonomy is applied.     

上市公司的资金效率

国内外企业融资结构比较 从1990年底上海证券交易所建立至今,短短的11年,我国内地股市已发展成为世界第八大股市.2000年,A、B、H股的年融资额突破了2000亿元,达到2013亿元的历史最高水平.然而在我国,上市公司通过股票融资的比例远远高于通过债券融资的比例.表一显示了2001年沪深两市各类证券发行比例.     

上市公司的13种造假术

一、销售造假术 造假术之一:利用控股股东和非控股子公司虚增销售 上市公司将产品销售给控股股东和非控股子公司,因无须合并报表,所以不必以对外的销售作为最终的销售实现.     

Reward meritocracy or nepotism: The case of independent financial advisors appointed by Chinese listed companies

As independent financial advisors, securities firms are the core intermediaries in major asset reorganization (MAR) of listed companies. Furthermore, they play the dual roles of transaction and authentication. Based on this institutional background, this paper studies how listed companies choose between industry experience (“meritocracy”) and relationships (“nepotism”). Using the MAR of A-share listed companies from 2008 to 2013 as the sample, this paper shows that higher transaction costs (i.e., greater demand for the transaction function of advisors) are related to the higher possibility of advisors with weaker relationships and more industry experience being hired. It also shows that higher suspicion of tunneling (i.e., greater demand for the signal of fairness associated with advisors’ authentication function) is related to the higher possibility of advisors with weaker relationships being hired, but it is not significantly related to whether advisors have more or less industry experience. This paper also shows that reputation has a certain governance effect on the negative consequences of relationship. For the most part, listed companies reward meritocracy but not nepotism when appointing independent financial advisors.     

1.0版上市公司的进化

虽然这些1.0版上市公司大多因中国资本市场特殊的制度红利而难以退市,但经过20年的荡涤只留下了两条继续前行的道路,一条路是不断地更换大股东直至寻找到适合的发展方向,另一条路是坚持自我发展,努力跟上时代的发展和市场的变迁。前者的著名代表为几经换手的延中实业(现方正科技),后者的著名代表则毫无疑问非深发展和万科莫属。前事不忘后事之师。在2010年全年新增347家上市公司的背景下,回溯1.0版上市公司艰难腾挪与凤凰涅磐之路,对于那些密如江中之鲫的拟上市公司而言,无疑是一个并不过时的长鸣警钟。     

Financial distress and bankruptcy prediction among listed companies using accounting,market and macroeconomic variables

Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that predict financial distress and bankruptcy. The estimated models use a combination of accounting data, stock market information and proxies for changes in the macro-economic environment. The purpose is to produce models with predictive accuracy, practical value and macro dependent dynamics that have relevance for stress testing. The results show the utility of combining accounting, market and macro-economic data in financial distress prediction models for listed companies. The performance of the estimated models is benchmarked against models built using a neural network (MLP) and against Altman's (1968) original Z-score specification.     

Quality of financial reporting: evidence from the listed Saudi nonfinancial companies

This study assesses the quality of information disclosed by a sample of nonfinancial Saudi companies listed on the Saudi Stock Exchange. The study also compares the extent of corporate disclosure before and after the creation of the Saudi Organization of Certified Public Accountants (SOCPA). We classify information disclosed in the annual reports into three main categories: mandatory; voluntary related to mandatory; and voluntary unrelated to mandatory disclosure. The sample provided 63% and 66% of the total population of companies listed on the Saudi Stock Exchange in the years 1992 and 1999.In departure from most previous studies conducted in this area of research, we weighted the indexes of disclosure by the mean and median responses of seven users of the annual reports in Saudi Arabia. The results of both unweighted and weighted indexes are reported. The outcome of the analysis indicated a relatively high compliance with the mandatory requirements in all industries covered by the study, with the exception of the electricity sector. As for the voluntary disclosure, whether related or unrelated to mandatory disclosure, the analysis revealed that Saudi companies disclose information more than the minimum required by law. The level of voluntary disclosure, however, is relatively low. The analysis also showed that the creation of SOCPA has had little impact on corporate reporting in Saudi Arabia.     

上市公司实施股权激励存在的问题探析

自《上市公司股权激励管理办法(试行)》(2006)出台以来,截至2009年5月22日,我国共有136家上市公司推出了股权激励方案。由于我国对公司管理层进行股权激励尚处于探索阶段,在实施股权激励过程中不可避免地存在一些问题。本文以中小企业板推出股权激励预案的上市公司为样本,分析了上市公司实施股权激励过程中出现的若干问题,并提出相关对策。     

Derivatives usage in UK non-financial listed companies

In this paper, the authors present the results of a 1997 survey of derivative used by some 231 UK non-financial companies. The questionnaire instrument used in this research is based upon the postal survey methodology of Bodnar et al. (1995). A glossary was attached to the questionnaire survey to enable consistency in defining terminology used. A direct comparison between US and UK findings was undertaken together with an analysis of results from other published surveys conducted in the last four years. We find broadly similar trends in the use of derivatives. The results of our research show that derivatives usage to hedge financial price risk is well established amongst larger UK companies. Our findings support the size effect phenomena reported in other empirical studies. The primary objective cited in using derivatives was to manage fluctuations in accounting earnings, a focus that is inconsistent with the theoretical view of paying attention to cash flow benefits of hedging. The predominant issues of concern to UK inancial directors are the lack of evaluation of risk of proposed derivative transactions and the level of transaction costs incurred. This contrasts with the greater concerns of credit risk and market risk raised by their US counterparts in Bodnar's study. A possible explanation for these concerns could be the impact of the currency crisis happening in Asia especially for firms that are exposed to the affected currencies. It also suggests a lower level of sophistication and liquidity in UK derivatives market. The value of developing a basis for benchmarking good management practice in the use of derivatives to manage financial price risk represents an important area of research. Such a framework is of relevance to the demand and supply side of the derivatives market and to Government policy makers.     

股票期权与上市公司经理人激励

根据委托—代理理论,签约双方目标函数不一致且信息非对称,引致激励不相容问题发生.要解决此问题,必须注重代理人长期报酬设计,将经理人利益与企业发展紧密结合起来.采用股票期权的制度安排方式,以股票增值实现代理人的剩余索取,能有效防范经理人道德风险的发生.针对我国国企经营者长期激励偏弱的现实,引进股票期权制度,重塑经理人激励约束机制,对深化激励制度改革具有重要的借鉴意义.     

A transparency Disclosure Index measuring disclosures: Chinese listed companies

This study addresses the question whether transparency matters among Chinese listed companies. We construct a comprehensive scorecard, based on the OECD Principles of Corporate Governance, in order to assess the transparency of 100 major Chinese listed companies. Based on the scorecard, we construct a Transparency Index (TI) which is used to assess these major Chinese listed companies during 2004–2007. The results reveal that there is a positive and significant relation between company transparency and market valuation. When we further split the TI into Mandatory and Voluntary Disclosure Indexes, it is found that market valuation is only related to the Voluntary Disclosure Index. Finally, we find that more profitable, overseas-listed, and companies with a separate CEO and board chairman tend to disclose more on a voluntary basis.     

上市公司业绩增长的因素分析——以深市为例

2003年中期报告显示，上市公司主业集中的特征越来越凸现，经营性净现金流量继续呈增长态势，比去年同期增长73％，且与当期实现的净利润相比，为净利润的1．28倍。刨下了历年该指标的最好水平，盈利质量明显提高。     

上市金融企业风险信息的披露

本文试图就上市金融企业风险信息披露的框架及内容和上市金融企业公布风险信息应注意的具体问题作一探讨.并以此求教于同行同仁.我们希望本文提出的风险信息披露的框架及内容有益于上市金融企业提高其风险管理透明度和监管部门实施监管.     

上市公司控股溢价的实证研究

本文研究的目的是确定企业股权控股程度对其转让价格的影响。通过搜集1997-2004年我国上市公司国有股及法人股协议转让交易数据,本文采用定量研究的方法对控股溢价的存在及其影响因素进行了分析。研究表明,控股溢价平均值为14.08%。上市公司股份的每股净资产、上市年限、上市地域、所属行业及股票的交易状况对控股溢价都有一定的影响。经回归分析,将上市公司每股净资产的价值作为应变量时,对控股溢价很有解释力。笔者认为,本文的研究结果对于我国企业的改制、兼并、重组、股权转让中控股权的合理定价以及防止国有资产的隐性流失是有益的。     

上市公司内控诊断报告

在2008年6月28日财政部等五部委联合发布<企业内部控制基本规范>后,我国企业尤其是上市公司,纷纷开始了相关的准备工作.     

论上市公司的粉饰行为及其审计风险

我国证券市场上市公司日益出现粉饰行为.这些粉饰行为具有欺骗性和隐藏性,给会计信息使用者造成严重的后果.上市公司的粉饰行为与审计风险有直接的关系,必须引起注册会计师在执业过程中对此种行为的严正关注.     

中国上市公司治理探析

公司治理是指，对与公司相关的各方关系的安排和处置，狭义上是指公司内部组织管理架构上的利益和权利关系的安排和处理；广义上还包括公司与其外部的利益和权利关系的安排和处理。具体而言，主要是对收益的利用和对权利的监控、制约之间的博弈安排。     

倡导性规范与上市公司治理

上市公司治理领域长期以来依照强制性法律规范来运行,然而,上市公司治理的规范诉求的特性决定了单一的法律规范体系的局限性。以或遵守或解释规则为核心的倡导性公司治理规范迎合了上市公司治理的需求,并取得了显著的执行率。中国《上市公司治理准则》可进行适当的改革:从法律规范转变为倡导性规范;通过证监会信息披露法律规范的形式强化上市公司关于准则遵守或者解释的程序上的披露义务;利用现有的法律机制确保准则的有效执行,并鼓励股东发挥评判监督作用。     

三问上市公司委托理财

2004年德隆系坍塌,股票市场重挫,众多委托理财上市公司高管胆颤心惊。亚星客车董事长李学勤因其曾负责委托7000万资金与德隆系投资公司理财,自感重责难逃,竟然绝食讨债。曾经风光无限的上市公司董事长竟然在职时凄凉到如此地步,只让人唏嘘不已。但是我们不禁要问,为何明知委托理财的保底收益并不受法律保护,委托投资风险大,上市公司还是乐此不疲?上市公司滥用委托理财时代终结了吗?我们的中小股民,证券市场的忠实拥护者何时才能不需要用脆弱的肩膀承担上市公司管理层为所欲为的损失     

跟踪报道:中国上市公司在纳斯达克和纽约股票交易所

中华网(CHINA) 2000年11月1日～11月30日股价变动图 ▲中华网和惠普新加坡公司就mOFFICE的无线产品达成"捆绑协议".