上市公司交叉持股会计信息分析之我见

本文通过分析上市公司交叉持股现状,发现交叉持股比例主要集中在5%以下,结合会计准则规定,透析上市公司交叉持股公布及隐含的会计信息,并据此提出相关建议。     

上市公司交叉持股会计信息分析之我见

本文通过分析上市公司交叉持股现状，发现交叉持股比例主要集中在5％以下，结合会计准则规定，透析上市公司交叉持股公布及隐含的会计信息，并据此提出相关建议。     

交叉持股问题的文献综述及研究展望

交叉持股是一种资本运作手法,又是公司发展扩张的一种常见手段,这一观点已得到人们的共识。但目前,由于我国理论界和法律界对其研究尚不够深入,其对公司自身和资本市场的影响还未引起足够的关注,因此,对交叉持股领域的研究成果进行回顾和展望就成为必要。我们从交叉持股的动机、交叉持股行为引起的会计计量问题、交叉持股行为引起的财务问题、交叉持股对公司治理的影响、交叉持股的公司特征等五个方面对交叉持股领域的主要研究成果进行回顾,力求能为后续研究提供建设性的建议,切实解决我国在市场经济发展过程中遇到的问题。     

企业交叉持股行为引发的财务问题研究

企业间交叉持股可以使企业实现以较少的资本控制较大的资产,有助于企业结成战略联盟,应对复杂的经济形势变化,增强企业应对风险的能力和持续发展能力.然而,交叉持股是一把双刃剑,它引发的财务问题也是不容忽视.本文对企业间交叉持股引发的相关财务问题进行了分析,并提出了相应的应对策略. 一、企业间交叉持股的发展和优势 (一)企业间交叉持股的发展 企业间的交叉持股起源于20世纪50年代日本三菱集团的阳和房地产事件.     

交叉持股会计处理探讨

交叉持股业务会计处理较为复杂，企业会计准则中可直接引用的规定较少。本文根据对被投资企业的影响程度将交叉持股分为三种类型，在企业会计准则关于持有被投资企业股权会计处理相关规定的基础上，结合交叉持股的目的和经济实质，对交叉持股会计处理进行探讨。     

交叉持股:共鸣、共振与共生

文章以我国股权分置改革后的交叉持股公司为研究样本,实证分析了交叉持股公司股价之间的变化关系。结果表明:股权分置改革后,特别是取得流通权后,交叉持股公司的股价之间存在明显的共鸣和共振现象,并且与个股收益率呈显著的正相关关系;交叉持股具有明显的财富杠杆效应,无论是取得流通权之前,还是取得流通权之后,交叉持股公司股价之间的共鸣、共振现象都将在一定时间内趋于平静,最终实现有一定正外部性的和解共生。由此,虽然我国上市公司的交叉持股在短期内实现了一定正外部性的和解共生,但交叉持股有虚增公司价值和放大股价风险的效果,应当在相应的立法中加以适度规范。     

交叉持股:共鸣、共振与共生

文章以我国股权分置改革后的交叉持股公司为研究样本,实证分析了交叉持股公司股价之间的变化关系.结果表明:股权分置改革后,特别是取得流通权后,交叉持股公司的股价之间存在明显的共鸣和共振现象,并且与个股收益率呈显著的正相关关系;交叉持股具有明显的财富杠杆效应,无论是取得流通权之前,还是取得流通权之后,交叉持股公司股价之间的共鸣、共振现象都将在一定时间内趋于平静,最终实现有一定正外部性的和解共生.由此,虽然我国上市公司的交叉持股在短期内实现了一定正外部性的和解共生,但交叉持股有虚增公司价值和放大股价风险的效果,应当在相应的立法中加以适度规范.     

交叉持股规模与上市公司投资效率——基于市场风险和行业竞争的检验

当前,上市公司间以股权为纽带的交叉持股现象越来越普遍。本文采用2007～2019年沪深A股上市公司数据,检验交叉持股规模对投资效率的影响。实证结果表明,上市公司的交叉持股规模越大,投资效率就越高。进一步研究发现：上市公司市场风险增强了交叉持股规模对企业投资效率的促进作用;当企业面临的行业竞争较强时,交叉持股规模对上市公司投资效率的促进作用更显著,上市公司所面临的市场风险对这种促进作用的增强效果也更显著。     

刍议上市公司交叉持股会计计量的问题与对策

我国现行会计新准则对企业的长期股权投资业务做出了较全面的规定,但是关于交叉持股公司投资收益的会计计量并没有明确规定。本文首先分析了交叉持股现状,对传统法、库藏法等会计计量概念进行了阐述,然后通过交叉持股的放大效应揭示了其会计计量问题的研究意义,最后从投资者决策角度将交叉持股投资收益计量中出现的问题作了具体分析,并以举例方式提出了建议和对策。     

能源企业资本结构与公司绩效的相关性研究

能源行业是国家经济的重要组成部分,也是国民经济运行的基础。因此对能源企业股权结构与效率关系进行研究有着非常重要的理论意义与现实意义。本文利用计量经济学的实证分析方法,建立多元回归模型,对公司资产负债率和第一大股东持股比例与公司绩效之间的相关关系进行检验,分析得出公司绩效与资产负债率呈负相关关系、公司绩效与第一大股东持股比例呈正相关关系的结论,并在此基础上提出实行交叉持股、注意能源企业的资产构成、提高盈利水平等相关建议。     

公司交叉持股的会计问题研究

金融危机引发了投资者对交叉持股现象的关注,但学术界对交叉持股会计问题的讨论还没有深入。财务报告改进的基本目标是着眼于用户需求,将企业价值的未来估计包含在今天的财务报告中。公司交叉持股对公司价值、财务影响及改进的模型表明,如果资产重估增值计入公司利润,则公司价值将出现虚假增长,股市泡沫将无法避免。改进的基本方法是将资产重估增值计入公司资本变动而非损益变动,从而使股东权益更好地反映股票价值。此时,理论分析表明托宾Q将趋近于1,从而真正实现企业价值报告革命。     

The Fable of the Keiretsu

Central to so many accounts of post-war Japan, the keiretsu corporate groups lacked economic substance from the start. Conceived by Marxists committed to locating "domination" by "monopoly capital," they found an early audience among western scholars searching for evidence of culture-specific group behavior in Japan. By the 1990s, they had moved into mainstream economic studies, and keiretsu dummies appeared in virtually all econometric regressions of Japanese industrial or financial structure. Yet the keiretsu began as a figment of the academic imagination, and they remain that today. Regardless of the keiretsu definition used, cross-shareholdings within the "groups" were trivial, even during the years when keiretsu ties were supposedly strongest. Neither does membership proxy for "main bank" ties. Econometric studies basing "keiretsu dummies" on the available rosters produce predictably haphazard and unstable results. In the end, the only reliably robust results are the artifacts of the sample biases created by the definitions themselves.     

Interlocking directorates in Italy: persistent links in network dynamics

In this work we study the time evolution of interlocking directorates in Italy from 1998 to 2011 by means of dynamical networks. Our purpose is to assess if in Italy there is a connected and stable structure, due to the presence of directors with multiple mandates, like it happens in the German case. We find a very cohesive network structure, due to the presence of a few directors with multiple assignments and, unlike the German case, this structure is stable, but not connected. Moreover we propose an alternative approach to investigate the dynamics, based on temporal networks, in order to quantify the variation of links in a certain time period. We construct a unique cumulative network, where nodes are companies and the existence of an edge is related with the persistence in time of an interlock between two companies. This persistence is due on the one hand to the ownership of a few family firms, and on the other hand to cross-shareholdings between companies. To complete the analysis we also investigate whether the link stability results from the appointments of the same director or from the stepping in/out of different directors.     

Private benefits from control block trades in the Spanish stock exchange

A control block trade can be explained by the expectation of financial gains, shared by all shareholders, or by the expectation of private benefits, exclusive to the buyer and possibly at the expense of other shareholders’ rents. The market for corporate control contributes to social welfare when it improves the efficiency of the allocation of resources. When the objective of a block transaction is private benefits, social welfare may be negatively impacted as minority shareholders could withdraw from the market. Therefore the estimation of private benefits would allow the efficiency of the market for corporate control to be assessed. Specifically, the aim of this paper is to calculate private benefits in the Spanish market for partial control. Using a sample of partial control transactions over the period 1990–2016, we find that the median of private benefits is negative, therefore it appears that there is no inefficient use of resources in the Spanish partial control market as a whole, however private costs are detected. The variability of private benefits is explained in a significant way by variables related to the control structure of the target firm, such as the controlling position of the buyer after the transaction, the contestability of control and the cross-shareholdings between the buyer and large shareholders. Performance and the size of the firm are significant as well.     

Family Business Restructuring: A Review and Research Agenda

Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research.     

再论会计研究方法的选择——一个关于西瓜拍卖的模型

本文认为，会计研究方法要遵循学科研究规律，并受制于研究本体和研究问题的性质，数据统计研究方法不等于科学研究方法，也不能完全反映科学研究精神，以描述为主的规范研究并不意味着低科学含量、低质量的研究。科学精神高于研究形式并且居于学科研究的前提，研究工具同研究质量和研究效果相关，但并非最终决定因素。研究是有成本的，研究成果作为信息也同样会导致“经济后果”，理性认识研究方法，科学合理的运用研究方法，是包括会计在内的社会科学研究提高研究效率、强化研究效果、最小化研究成本的现实问题。     

谈组织机构代码工作中的科研与科研管理

作为一项系统工程,组织机构代码工作是多学科的有机融合,需要前瞻性的探索,需要融入科研才会使系统发展产生不竭动力和源泉。科研是组织机构代码工作自我发展的需要,科研管理是组织机构代码科研工作有序化的保证。同时,科研工作要坚持以人为本,注重科研项目的协调性与系统性,注重科研制度的创新与务实。     

Strategic change of public research units in their scientific activity

The current debate on public sector research in modern economies has generated an increasing interest regarding the scientific activity of research units for external users. The purpose of this paper is to investigate the relationship between production of basic research and applied activity of public research units, focusing Italian case-study. The results show an increasing crowding-out effect between applied activity vs. basic research. This effect is due to cuts in research unit budgets and increased push by governments that have obliged the researchers to collaborate with firms and external institutions for getting funds more and more necessary to the economic survival of public research institutes. In addition, to cope with consequential environmental threats, Italian research organizations have been facing a strategic change. In fact, public research institutes now operate as research units market-oriented and researchers focus on applied activity and consultancy, rather than basic research. This strategic change of public research institutions is also present in several countries such as Australia, Canada, France, Germany, Norway, and so on. Because of this worldwide tendency, there is the threat, in public research organizations, of less discovery-based research around longer term needs centred on public welfare that also affect, negatively, long-run economic growth.     

课题成功申报之关键——理性创新

论文以大学在校本科生申请科研课题为研究对象,以做过学士、硕士学位论文,即将完成博士学位论文,并多次主研、完成省部级科研课题,具有相当研究能力的青年学者的身份,从课题研究内容、研究方法和研究创新等方面阐述如何撰写课题申报书。其新意在于,明确提出课题成功申报的关键是理性创新,并对创新,特别是理性创新的"理性"做出了富有创见的说明。     

Ethical considerations during human centred overt and covert research

During the research process, several ethical issues have to be considered in ensuring the safety of the research participants. This is especially true in the case of human centred research designs in which people, not objects are the focus of research. This article reviews several of the issues that researchers should consider before, during and after the planning, implementation and completion of the research process whether it is overt or covert research. The article also functions as a tool that researcher may use in the consideration of the ethical value of their research and research results. The article provides the reader with the opportunity to review their own research related behaviour in ensuring that their research process is ethical in nature, as well as allows for the consideration of the safety and security of the research participant, and final contributing to society as a whole.