跨国税务中的“猫鼠游戏”

“自2008年世界范围内的金融危机爆发以来,跨国公司的极端避税行为呈现愈演愈烈之势,税基侵蚀和利润转移（BEPS）已经是一个全球性的挑战。”联合国税务合作部主席Michael Lennard日前在参加由GTS（高顿税务峰会）主办的第三届国际税务峰会时表示。纳税筹划和偷税漏税只有一线之隔,随着国际贸易往来中税务问题的日益复杂化,两者的界限越来越模糊。这一方面诱使很多不法跨国公司利用国际税收规则的漏洞大肆偷税漏税,造成主权国家税基受到严重侵蚀,另一方面,在全球掀起反避税浪潮、各国之间税源争夺战愈加激烈的形势下,跨国公司税收筹划中的风险管理水平也受到严峻考验。     

“想得到,就可能做得到”——与会计师共悟“会计师职业生涯设计”

<正>不知不觉从事财务会计工作已经十余年了,一路摸爬滚打,付出了不少艰辛,却总觉少有所得,时常悻悻然。近日听了一堂“关于职业生涯设计”的报告,颇有感触,忽然觉得问题可能出在不懂“职业生涯设计”。笔者从读MBA开始,对人力资源就一直很有兴趣,于是在检讨自身经历的同时,试图从一名会计师的角度来同会计师朋友交流“会计师职业生涯设计”的心得体会。其实,每个人对自己都有职业生涯设计,只是有些是模糊的,有些是清晰的。记得考大学时是分数出来后填志     

资本管制能否抑制资本外逃--关于中国的案例分析

关于资本管制抑制资本外逃的有效性问题,国内外学者曾采用多种计量模型进行过深入的分析,但没有得出统一的结论.运用经济计量分析中最新的协整分析方法--边界检验(Bounds Testing)和自回归分布滞后模型(Autoregressive Distributed Lag Model,ARDL)对中国从1980～2003年的资本外逃状况进行分析的结果表明,无论是从短期还是从长期来看,资本管制对我国的资本外逃都有显著的抑制作用.     

Understanding Intellectual Capital in an Innovative Medium-sized Firm: The Case Of Maxon Telecom

In many firms and in many industrialised countries, innovation is regarded as fundamental to growth and wealth creation. However, it is not easy to define a measure of innovation that is a leading indicator for value creation. This would imply a linear model of knowledge as a simple input to value-creating processes. Instead, intellectual capital is suggested as an alternative, employing a (non-linear) narrative of how knowledge works. This is illustrated by the case of a medium-sized Danish firm which accounts for the relationship between knowledge and innovation by using a network of a knowledge narrative, management challenges, efforts and numbers.     

Reflections and projections: A decade of Intellectual Capital Accounting Research

The purpose of this paper is to review and critique the field of Intellectual Capital Accounting Research (ICAR). The literature indicates that an organisational and business revolution is in progress concerning the need to understand the value of knowledge resources and how to manage them. The paper explores the field of ICAR by examining a decade of published research since Petty and Guthrie's (2000) seminal paper on ICA, “Intellectual capital literature review: Measurement, reporting and management” as published in the Journal of Intellectual Capital.The paper has four specific contributions. The first contribution is to identify the field of scholarship associated with ICAR. The second is to provide a comprehensive picture of what has happened in the field of ICAR over the past decade. Third, it provides evidence as to how and why the field of ICAR is changing. Fourth, it highlights areas for future research and policy developments.From these four contributions our definition of Intellectual Capital Accounting (ICA) emerges. That is, ICA is an accounting, reporting and management technology of relevance to organisations to understand and manage knowledge resources. It can account and report on the size and development of knowledge resources such as employee competencies, customer relations, financial relationships and communication and information technologies. Additionally, the analysis highlights several interesting patterns and worrying trends in the field of ICAR.     

Intellectual Capital Statements and Knowledge Management: 'Measuring', 'Reporting', 'Acting'

This paper discusses the relationship between intellectual capital and knowledge management. Based on five empirical examples, it suggests that intellectual capital statements are complex forms of measuring, reporting and acting at the same time. Measurement and process conflate, because there is little attempt to measure the true value of intellectual capital in empirical intellectual capital statements. In contrast, there is attention to a broad sense of reporting and communication, which consist not only of measures but also of stories and sketches. The object to be illuminated and managed via intellectual capital statements is knowledge management activities rather than knowledge itself.     

中国银行业:可以指望的明天

Barth博士是美国奥本大学劳德著名学者及金融学教授,美国非营利性经济智库——梅肯研究院资深研究员。Bartn博士同时也是近期亚洲开发银行向中国人民银行提供技术协助项目中的国际专家组带头人。作为《银行家》杂志的特约作者及海外特约编辑,Barth博士及其外国同仁将与中国读者分享其对中国经济、中国金融业改革的独到见解。     

Importance of Intellectual Capital Information: A Study of Australian Analyst Reports

This study explores the types of intellectual capital (IC) information considered important by analysts. It uses content analysis to examine IC information in 64 initiating coverage reports written on Australian listed companies. Results reveal that analysts consider several types of IC information to be important from a firm valuation perspective, many of which had not previously been examined in capital markets research. It was also found that the relative importance placed on types of IC varies by sector. Information on relational capital and company management was most commonly used within analyst reports, whilst information on employees, working environment and structural capital was used least frequently.     

Capital Structure,Ownership, and Capital Payment Policy: The Case of Hospitals

This study examines effects of pertinent features of hospital capital payment policies on hospital capital structure decisions in a one-period stochastic, value-maximization model. Separate models are developed for for-profit and not-for-profit hospitals. Hospital debt-to-assets ratios are analyzed empirically using a cross-section of data from the American Hospital Association. Although the effect on capital structure of hospital reliance on cost-based reimbursement cannot be signed theoretically, in both for-profit and not-for-profit cases, a higher cost-based share leads to higher leverage. Factors associated with high bankruptcy risk (e.g., earnings volatility) cause hospitals to take on less debt.     

It Ain't Broke: The Past,Present, and Future of Venture Capital

This article presents a selective history of the U.S. venture capital (VC) industry, a discussion of the current state of the market, and some predictions about where the market is going. There is no doubt that the U.S. venture capital industry has been very successful. The VC model has provided an efficient solution to a difficult problem—that of enabling people with promising ideas but often limited track records to raise capital from outside investors. A large fraction of IPOs, including many of the most successful, have been funded by venture capitalists, and the U.S. VC model has been copied around the world. Armed with this historical perspective, the authors view with skepticism the recent claims that the VC model is broken. In the past, VC investments in companies have represented a remarkably constant 0.15% of the total value of the stock market; and commitments to VC funds, while more variable, have been consistently in the 0.10% to 0.20% range. Both of these percentages have continued to hold in recent years. And despite the relatively low number of IPOs, the returns to VC funds this decade have largely maintained their historical relationship to the overall stock market. To be sure, VC investment and returns continue to be subject to boom-and-bust cycles. But if the recent period has most of the features of a bust, the authors view today's historically low level of commitments to U.S. VC funds as a fairly reliable indicator of relatively high expected returns for the 2009 and (probably) 2010 vintage years. Perhaps the most promising future role for venture capital, as the authors suggest in closing, is to increase the productivity of the corporate research and development function through various kinds of partnerships and outsourcing arrangements.     

哪家风险投资机构适合你

名称:The Abell Venture Fund 简介:Abell风险基金关注的行业很广泛,投资于现在或者将在美国巴尔的摩市落户的企业.管理2500万美元资金,希望投资于强有力的管理团队,5年内销售额达到3000万美元～5000万美元,既有明显的竞争优势,还在该行业内领先的企业.     

浅析智力资本的风险性

随着知识经济的到来,企业对智力资本的重视程度不断提高———创造各种有利条件来吸引人才。但智力资本自身的特点,使风险不可避免。本文主要从企业、智力资本所有者本身两方面对智力资本的风险性加以分析和阐述。     

Social Capital,Trust, and Corporate Performance: How CSR Helped Companies During the Financial Crisis (and Why It Can Keep Helping Them)

The authors summarize the findings of their study, published recently in the Journal of Finance, that shows that CSR investments can help companies when they perhaps need it most—that is, during sharp downturns when overall trust in companies and markets declines. Companies with high‐CSR rankings experienced stock returns that were five to seven percentage points higher than their low‐CSR counterparts during the 2008–2009 financial crisis, and even larger excess returns during the Enron crisis of 2001–2003. High‐CSR companies during the crisis also reported better operating performance, higher growth, higher employee productivity, and greater access to debt markets—while continuing to generate higher shareholder returns as late as the end of 2013. Many of these operating improvements continued well into the post‐crisis period, though at more modest levels. As the authors view their findings, the ‘social capital’ built up by corporate CSR programs complements effective financial capital management in increasing shareholder wealth mainly by limiting companies' downside risk. CSR is seen as not only reducing systematic as well as firm‐specific risk, but as also providing protection against overall ‘loss of trust.’ The social capital created by CSR programs is said to provide a kind of insurance policy that pays off when investors and the overall economy face a severe crisis of confidence.     

重振股市须先治理股价虚高

资本市场的直接 融资功能一直备受推 崇,但中国股票市场的 融资比重却一直徘徊 在非常低的水平,究竟 是什么原因妨碍了股 市融资功能的发挥? 笔者认为,其原因可以 从两个角度来分析:制 度层面和技术层面。在 这里,我们暂且抛开制     

Driving growth: Economic Value Added versus Intellectual Capital

This paper compares and contrasts Economic Value Added (EVA^TM) and Intellectual Capital (IC) as two technologies of managing oriented towards encouraging growth. The analysis suggests that EVA^TMand IC contrasts greatly. EVA^TMis a financial management system based on radical delegation and ‘empowerment’ and which therefore directs attention to the results created by managers. Based on financial micro-theory, EVA^TMis a performance measure that attempts to account more properly for the cost of capital, but more than that, it is also a management control system which seeks to create radically independent business units and minimize corporate staff. IC is a different control system concerned to encourage endogenous growth implemented via loosely coupled sets of non-financial measurements that become strong via stories and metaphors about the post-modern firm in the post-modern world. Here, based on theories of organizational knowledge and competence development, emphasis is put on mobilizing white collar productivity and creativity based on some form of evolutionary economics or resource-based theory. While EVA^TMlooks to managers as the movers of change, IC seems more systematically to promote the creativity possessed by employees.     

知识资本管理是企业价值管理的核心

实现价值增值是企业经营发展的首要目标,为实现价值增值企业必须加强价值管理。在信息时代,知识资本成为企业发展的决定因素,是企业价值创造的驱动力,知识资本管理成为企业价值管理的核心领域。     

If You Want My Advice: Status Motives and Audit Consultations About Accounting Estimates

Effective consultation is critical for improving the audit of estimates. In an experiment where audit managers acted as consultants to other auditors, we examine conditions in which consultants either recommend estimates that differ substantially from advice‐seekers’ assessments (contrariness) or recommend narrower reasonable ranges of estimates (precision). Psychology theory argues that both of these attributes can improve estimates. We examine whether these attributes depend on consultants' status motives, that is, the desire to gain respect from or power over others. We find that active status motives lead consultants with higher specialized knowledge to provide recommendations that are less contrary, but more precise. However, consultants increase precision by tightening range bounds in a manner that is not counter to management's preference and thus unlikely to prompt the audit team to challenge the estimate. We also find that higher consultant decision authority constrains precision. Our findings suggest limits to consultation's potential effectiveness in improving estimates. For instance, our findings suggest that firms and standard setters direct consultants to focus scrutiny on the range bound that is most likely to constrain management opportunism.