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2008年.美国爆发大萧条以来最严重的金融危机,2012年年初美国经济显示出缓慢复苏的迹象,国会通过了《创业企业融资法案》(Jumpstart Our Business Startups Act,以下简称《JOBS法案》).法案大幅修订了美国现行《证券法》、 相似文献
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为了促进新兴事业的发展以及企业集团更有效地经营,在2006年的公司法修订中,日本简化了企业登记制度并且取消了法定资本最低限额制度。因此,创业者能够更迅速且以较少的资本成立公司。与之相对,中国企业登记制度的现状是公司设立的手续繁琐且时间长。本文围绕两个国家的企业登记制度进行比较,针对公司设立时注册会计师的工作、注册资本制度的差异等进行重点说明。 相似文献
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PREF ACE/对于萨班斯法案带来的合规责任,多数人主要关注法案之404条款。然而这是远远不够的。法案规定了不少关于审计师、律师、执行官和董事的责任标准。忽视其中任何一项责任,都有可能给上市公司及有关人员带来不利影响。当前国内公司掀起了赴美上市的热潮。对萨班斯法案合规责任进行全面探析,具有重要而现实的意义。 相似文献
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杨铭 《金融经济(湖南)》2011,(11):15-17
当前,中小企业融资难仍然是困扰中小企业发展的一个突出问题。本文从分析中小企业融资结构出发,查找中小企业融资难的实质因素,并寻找破解中小企业融资难的着力点。 一、中小企业倍受关注 目前,在我国工商注册登记的中小企业已经超过4000万家,占全国注册企业总数的99%, 相似文献
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提升企业内控有效性的重要制度安排——关于实施企业内控注册会计师审计的有关问题 总被引:1,自引:0,他引:1
实施企业内控注册会计师审计具有十分重要的意义。在实施企业内控审计中,应当正确处理好企业内控责任与注册会计师审计责任的关系、企业内控自我评价与注册会计师内控审计的关系,内控审计和财务报表审计的关系.财务报告内控和非财务报告内控的关系, 相似文献
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中国注册会计师执业准则实施将近两年,风险导向审计对防范审计风险、提高审计质量起到了良好的推动作用,特别是在上市公司、国有大中型企业等较大型企业审计方面效果尤其明显。但是,在小型企业审计中如何贯彻风险导向审计理念、如何运用风险导向审计准则,却一直困扰着广大中小型会计师事务所。本文通过分析小型企业的特点,结合小型企业审计实务,对小型企业风险导向审计如何开展进行一些探讨,与同行交流。 相似文献
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实施财务报告内部控制审计的基本思路 总被引:1,自引:0,他引:1
安然事件之后,美国萨班斯法案规定公众公司必须以书面形式对外披露首席执行官、首席财务官或类似职务人员对有关内部控制的评价报告,该份报告还必须经过负责公司定期财务报表审计的注册会计师的审计,出具内部控制审计报告。2008年5月,我国财政部会同证监会、审计署、银监会、保监会出台了《企业内部控制基本规范》,规定了“执行本规范的上市公司,应当对本公司内部控制的有效性进行自我评价,披露年度自我评价报告, 相似文献
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SUSAN CHAPLINSKY KATHLEEN WEISS HANLEY S. KATIE MOON 《Journal of Accounting Research》2017,55(4):795-836
We examine the effects of Title I of the Jumpstart Our Business Startups Act for a sample of 312 emerging growth companies (EGCs) that filed for an initial public offering (IPO) from April 5, 2012 through April 30, 2015. We find no reduction in the direct costs of issuance, accounting, legal, or underwriting fees for EGC IPOs. Underpricing, an indirect cost of issuance that increases an issuer's cost of capital, is significantly higher for EGCs compared to other IPOs. More importantly, greater underpricing is present only for larger firms that are newly eligible for scaled disclosure under the Act. Overall, we find little evidence that the Act in its first three years has reduced the measurable costs of going public. Although there are benefits of the Act that issuers appear to value, they should be balanced against the higher costs of capital that can occur after its enactment. 相似文献
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2010年2月1日晚7点半至9点半,维也纳金色大厅,包商艺术团草原放歌——2010年维也纳中国新春音乐会圆满成功。中外观众经久不息的掌声及现场欢快热烈的气氛,使我又一次身临其境地感受到了蒙古族音乐的巨大魅力。虽然我不是 相似文献
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Michael Dambra Laura Casares Field Matthew T. Gustafson Kevin Pisciotta 《Journal of Accounting and Economics》2018,65(2-3):302-330
The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from this increased bias, as optimism is more positively associated with proxies for firm visibility and investment banking revenues when analysts are involved in the IPO process. 相似文献
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阳光私募理财产品是指由私募公司担任投资顾问,经监管部门备案,资金实现专业托管,具备规范的信息披露机制,投资于二级证券市场的资产管理型金融产品。广义的阳光私募理财产品包 相似文献
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《Journal of Accounting and Economics》2023,75(1):101528
This paper examines whether mandatory disclosure affects the extent to which firms learn from external market participants. Conventional wisdom suggests that mandatory disclosure should increase the total amount of information in financial markets. However, disclosure can also reduce investors' incentives to acquire and produce information. Using the JOBS Act to identify variations in disclosure requirements, this paper finds that firms with reduced disclosure requirements attract more informed investors and learn more from financial markets than those with stricter disclosure requirements. This learning is concentrated among firms that attract sophisticated investors, particularly those with industry expertise, and weakens once firms are forced to disclose more information. Overall, the results suggest that one benefit from regulators’ recent efforts to reduce U.S. firm disclosure requirements is an increase in firm learning. 相似文献
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Good Day Sunshine: Stock Returns and the Weather 总被引:9,自引:0,他引:9
Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. After controlling for sunshine, rain and snow are unrelated to returns. Substantial use of weather‐based strategies was optimal for a trader with very low transactions costs. However, because these strategies involve frequent trades, fairly modest costs eliminate the gains. These findings are difficult to reconcile with fully rational price setting. 相似文献