上市公司盈余管理动机和企业价值的探索

本文指出我国企业盈余管理的主要动机是出于政治目的和为追逐股票价值短期利益最大化,提出了不当盈余管理会导致资本结构失衡,由此给企业带来财务风险的观点。最后笔者指出了建立重复交易机制,彻底进行体制改革是降低不当盈余管理带来的财务风险的必由之路。     

香港离岸人民币市场利率与汇率联动效应研究

文章运用两区制门限协整模型对香港离岸市场利率与汇率的联动效应进行实证研究,发现香港离岸人民币市场利率与汇率的联动效应呈现非线性特征;在低利差区制,香港离岸人民币市场可以实现有效的自我调节,而在高利差区制,市场无法进行有效的自我调节,且随着远期汇率期限的增加,市场自我调节能力进一步降低。进一步分析香港离岸人民币市场利率与汇率的联动门限效应的影响因素发现,中美贸易摩擦、811汇改、央行货币政策等因素都会对离岸市场的状态造成差异化影响。因此,央行应根据区制的不同采取差异化政策,加快离岸市场基础设施建设,完善跨境资本流动管理和监察体制,推进利率和汇率市场化改革。     

基于O2O的校园跳蚤市场交易系统的设计与实现

随着计算机技术和网络技术的迅速发展,网上购物以其方便、高效、充满了乐趣的购物方式深受广大网民的推崇。在大学校园建立统一的二手市场网络交易平台,能够使物尽其用,人尽其财。     

The Expectations Hypothesis of the Term Structure and Time-Varying Risk Premia: a Panel Data Approach

One implication of the expectations hypothesis is that the yield spread should forecast subsequent changes in the long yield. However, regression tests based on this specification strongly reject the expectations hypothesis. One explanation for this rejection is that these tests fail to allow for a time varying risk premium that is correlated with this yield spread, leading to a bias in the estimated regression coefficients. This paper uses panel data in order to testm the expectations hypothesis under the assumption that risk premia are time-varying but driven by a single factor. It is found that while the expectations hypothesis is still rejected, the bias in the estimated coefficient is verysubstantially reduced.     

The Internet and Civil Society: Environmental and Labour Organizations in Hong Kong

To what extent has the internet strengthened civil society? In which ways have civil society organizations (CSOs) used the internet to communicate their missions, enhance the discussion of public issues, extend networks and mobilize collective actions? This article seeks to answer these and related questions by reporting on an empirical study in Hong Kong. The study involves an analysis of the web pages launched by 14 environmental groups and 22 labour organizations on the one hand, and in‐depth interviews with representatives of five of these organizations on the other. Due to the lack of resources and low level of e‐readiness among most CSOs, as well as the prevalence of a parochial outlook among most labour organizations, the new technology has only found limited application in Hong Kong. At the same time, due to a top‐down management orientation, the leaders of these CSOs have been more inclined to use the technology to communicate with each other than to build networks with rank‐and‐file members and supporters. Nonetheless, the findings of this study suggest that the technology has much potential for pluralizing public discourse, involving more people in rational‐critical discussion of key public issues, as well as enhancing the capacity of existing CSOs to develop a sense of community and get mobilized. The technology also facilitates the emergence of novel types of collective action and as such taps into resources that are otherwise unavailable. In addition, the new technology makes it possible for individual activists to seek each other out, further cultivate their sense of community and launch collective actions on issues ignored by existing CSOs. Finally, it is through the synergy of online/offline discourses and activities that the internet exerts much of its positive impact on the expansion of civil society. Dans quelle mesure internet a‐t‐il renforcé la société civile? Comment les organisations de la société civile (OSC) ont‐elles utilisé internet pour annoncer leurs missions, améliorer le débat sur les questions publiques, prolonger les réseaux et mobiliser des actions collectives? Pour répondre à ces questions et à d’autres, l’article rend compte d’une étude empirique sur Hong‐Kong. Celle‐ci couvre, d’une part, l’analyse de pages Web créées par 14 groupes environnementaux et 22 organisations syndicales et, d’autre part, des entretiens approfondis avec des représentants de cinq de ces entités. La pénurie de ressources et le faible niveau de maturité en nouvelles technologies au sein de la plupart des OSC, ainsi que la vision étriquée de la plupart des organismes syndicaux, ont conduit à des applications limitées de ces technologies à Hong‐Kong. Parallèlement, à cause d’un fonctionnement hiérarchisé, les dirigeants de ces OSC ont eu davantage tendance à recourir à la technologie pour communiquer entre eux que pour bâtir des réseaux avec des membres de base et des partisans. Néanmoins, d’après l’étude, la technologie peut permettre de diversifier le discours public en impliquant davantage de personnes pour débattre de manière rationnelle et critique des problèmes publics essentiels et en renforçant la capacité des OSC existantes à développer un sens communautaire et à mobiliser. De plus, la technologie facilite l’apparition de nouveaux types d’action collective, puisant ainsi dans des ressources par ailleurs inaccessibles. En outre, la nouvelle technologie permet aux militants de s’adresser les uns aux autres, de nourrir leur sens communautaire et de lancer des actions communes sur des aspects délaissés par les OSC existantes. Pour finir, c’est grâce à la synergie des activités et discours en ligne et classiques qu’internet exerce une grande part de son impact positif sur l’essor de la société civile.     

Attitudes towards different sources of executive appraisal: a comparison of Hong Kong Chinese and American managers in Hong Kong

This study examines the attitudes of three groups of managers in Hong Kong, namely, Hong Kong Chinese managers in local Chinese firms (HK/HK), Hong Kong Chinese managers in US firms (HK/US) and American managers in US firms (US/US), towards supervisory, peer, subordinate and multi-source appraisal of executive performance. The more recent perspective of crossvergence, within the convergence-divergence debate, provides the theoretical foundation for formulating the hypotheses. The findings indicate support for this new perspective of crossvergence. There is also evidence of the coexistence of all the three perspectives of convergence, divergence and crossvergence. The study found that the practice of supervisory appraisal is supported more by HK/US and US/US managers than by HK/HK managers. Furthermore, both HK/US and US/US managers are more supportive of subordinate evaluation than peer evaluation. Overall, the findings indicate that the traditional Chinese values may be more congruent with the notion of supervisory appraisal than with peer and subordinate evaluation. The study thus points out the importance of the compatibility of norms and beliefs regarding a management practice such as performance appraisal with the local national cultures in determining the acceptance and hence the transferability of that practice across countries.     

会计盈余与非预期盈余宣告对股价冲击作用的一项实证研究

本文以中国上市公司为样本对象,研究了会计盈余信息的市场冲击作用.文章分别从上市公司个股和市场整体两个角度考察了上市公司股价对会计信息的反应模式,得出了不一致的结论.首先,会计盈余对股价不一定具有正向冲击;其次,历史盈余信息不一定能代表未来收益;再次,市场对财务信息的反应模式和宏观经济环境有关,而这种关系则通过会计盈余和折现率之间的正相关关系传递.     

Return and Risk Premium Seasonalities in three Emerging Asian Markets: Hong Kong,Korea and Taiwan*

In this study, we find that seasonal return patterns differ from that implied by risk premiums in three emerging Asian markets; namely, Hong Kong, Korea and Taiwan. Positive January seasonal returns are found in the Hong Kong and Taiwan markets, while positive February seasonal returns are also found in Taiwan. These findings suggest that investors should place their money in these markets during January but not for the months of June and December in Korea, and for the months of May and November in Taiwan. Corporate managers should also be aware of the need to adjust for such seasonal variations when they use market data to evaluate the risk premium or required rate of return for projects in these markets. The results also show that the size effect may also be priced in some of these markets.     

港股跃居全球之首,廉署肃贪功不可没——廉政公署在规范证券市场上的作用

2009年,香港成为世界最大的首次公开上市(IPO)证券融资市场,被誉为全球最自由的经济体系和最廉洁的地区之一。随着内地企业在港上市数量日益增多,廉政公署加强打击金融业界贪污罪行,基于属地管辖原则,近年来"国美电器"黄光裕、"创维数码"黄宏生等内地企业案中发挥显著作用。面对金融海啸,廉政公署将上市企业规范的问题摆在首位,开展廉署及企业的专业培训,全方位治理贪腐问题,值得研究与借鉴。     

The first step on the housing ladder: A natural experiment in Hong Kong

The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a “housing ladder effect” when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.     

The sexual division of care in mainland China and Hong Kong

The aim of this paper is to explore the extent to which the sexual division of domestic labour in Hong Kong and mainland China is influenced by traditional Chinese values and contemporary political and economic factors. It discovers that women in these two societies assume far more caring responsibilities than men. This is similar to women in traditional Chinese society. An important reason is that the political and economic conditions in Hong Kong and mainland China favour the reproduction of traditional Chinese values. Hence it can be argued that the unequal division of domestic labour between men and women will continue as long as the political and economic conditions are unfavourable to women. Le but de cet article est d’explorer jusqu’à quel point les valeurs chinoises traditionnelles et les facteurs politiques et économiques contemporains influencent la division sexuelle du travail domestique à Hong Kong et en Chine. Cet article a découvert que, dans ces deux sociétés, les femmes ont beaucoup plus de reponsabilités sociales que les hommes. Ceci est similaire à la société chinoise traditionnelle. Une raison importante est que les conditions politiques et économiques à Hong Kong et en Chine favorisent la reproduction des valeurs chinoises traditionnelles. On peut donc dire que la division inégale du travail domestique entre les hommes et les femmes continuera tant que les conditions politiques et économiques seront désavantageuses pour les femmes.     

跨国企业的转让定价策略--基于价值链的案例研究

在全球价值链分工日益成熟的背景下,跨国企业的关联交易安排日益复杂,如何制定转让定价规则以保证整体税负和风险水平同时较低成为跨国企业面临的新问题。通过W集团在关联交易中转让定价策略的案例,运用价值链分析和功能风险分析,从企业价值创造和税收产生的源头着眼,沿着价值链的推进分析了VIE模式的跨国企业在转让定价中的税负与风险问题。基于价值链分析构建出跨国企业的转让定价分析模型,可为跨国企业制定转让定价策略提供新思路,也有助于丰富价值链分析的应用领域。     

公众参与的互动型城市设计——以香港中环新海滨城市设计为例

公众参与是城市规划的重要议题,而城市设计由于关注公共空间形态,关系公众日常活动以及交互方式直接等特点,而具备公众参与的优势.香港中环新海滨城市设计过程通过展授型、反馈型和综合型等多样化的方式,以及针对性的分析处理和决策反馈机制实现了公众参与的互动,并且显示出全程性、广泛性和互动性的特点.通过对此过程的全面研究,以期为公众参与城市设计的形式和互动机制、意见的采集分析方法、设计研究的回应和优化以及行政决策和成果编制等提供借鉴.     

The Value Relevance of Earnings and Cash Flows: Empirical Evidence for Japan

The Japanese equity market is one of the largest in the world. In recent years, fund managers worldwide have substantially increased their exposure to the Japanese capital markets. In spite of the Japanese capital market's rapid growth and its increasing importance in the international financial world, there has been limited empirical evidence linking security returns to earnings and cash flows. This study extends the growing empirical literature on the association of earnings and cash flows with security returns by using a Japanese dataset consisting of 6,662 firm-year observations for the period 1984–93. We hypothesize that (i) earnings and cash flows are jointly associated with stock returns, and (ii) the association between cash flows (earnings) and security returns increases (decreases) when earnings are transitory. This study provides empirical evidence (i) that cash flows (earnings) have information content beyond earnings (cash flows) in explaining security returns, and (ii) that cash flows (earnings) play a more (less) important role in the marketplace when earnings are transitory. Moreover, results show that the explanatory power of our Japanese models is similar to the evidence provided in prior US studies, indicating that Japanese investors utilize earnings and cash flows in their pricing of equities as their US counterparts.     

The Usefulness of Earnings and Book Value for Equity Valuation in Emerging Capital Markets: Evidence From Listed Companies in the People's Republic of China

This paper examines the relative value relevance in equity valuation of two sets of accounting information of listed Chinese companies which issued the so-called B shares to foreign investors on the Chinese stock exchanges. These firms are required to prepare two sets of financial statements: one based on China's accounting regulations (domestic GAAPs) and the other based on International Accounting Standards (IASs). The study adopted the Ohlson (1995) model and used the Davidson-MacKinnon J-test to assess which one of these two competing sets of accounting information is more closely associated with the share prices. The results showed that earnings and book value reported based on IASs have greater information content than those based on domestic GAAPs. The results of yearly regression analysis generally suggested that the explanatory power of these earnings and book values for share prices increased over time.     

非有效市场股权风险溢价的确定——基于投入产出分析

从实体经济领域着手,运用投入产出分析构建了非有效市场股权风险溢价计算模型,并运用所构建模型计算了我国整体经济、主要行业以及目标企业的股权风险溢价,进而确定了目标企业股权价值评估时应采用的折现率。     

香港上市中资企业股权结构与公司绩效关系分析

我国加入WTO，将促使国有企业深化改革，国有企业必须通过一系列改革，适应国际通行的市场准则，参与国际竞争。香港上市国有企业分为H股公司和红筹股，国内A股到H股再到红筹股，是比较典型的企业制度的过渡安排。研究香港上市国有企业，对处于转轨经济中的我国国有企业的改革与发展具有重要意义。本文针对香港上市国有企业红筹股公司的股权结构与公司绩效之间的关系进行研究，试图为国企改革寻找一些成功的经验。     

The relative importance of facial attractiveness and gender in Hong Kong selection decisions

This field experiment found that Hong Kong human resources management specialists were influenced by the attractiveness bias in evaluating short-listed candidates for an entry-level trainee position. Zero order, stepwise and hierarchical regressions showed that perceived attractiveness of the candidates was more related to their work experience and work-related skills than to grade-point average and public examination results. Women candidates were generally preferred over male candidates. Further research is suggested to determine if the influence of attractiveness extends over a wider range of jobs and to measure more precisely the influence of attractiveness in different cultures and for men and women.     

Timeliness of Annual Report Releases and Market Reaction to Earnings Announcements in an Emerging Capital Market: The Case of China

This paper examines the relation between firm performance and the timing of annual report releases in an emerging capital market. Based on the population of listed Chinese firms with A-shares for 1994-1997, we find that good news firms release their annual reports earlier than bad news firms, and loss firms release their annual reports the latest. Moreover, consistent with Chambers and Penman (1984) and Begley and Fischer (1998), these firms unexpectedly accelerate the release of good news and delay the disclosure of bad news relative to their previous reporting pattern. We also observe a significant price reaction to the annual earnings announcements for both early (good news) and late (bad news) reporting firms. Similar results are found for those A-share firms which have also issued B- or H-shares to foreign investors. Our study documents a systematic timing pattern of annual report disclosures, which is useful for investors to predict future earnings, especially in anticipating bad news in China's emerging market where information about future earnings is very limited.     

粤港服务贸易自由化的难点及对策研究

为推动落实国家"十二五"规划有关内地对香港基本实现服务贸易自由化的目标,广东省十一届三次全会审议通过了《中共广东省委贯彻落实〈中共中央关于全面深化改革若干重大问题的决定〉的意见》,明确提出了要在2014年底率先基本实现粤港服务贸易自由化。从现状看,粤港服务贸易自由化进展顺利,成绩斐然。但由于国家政策、社会制度、服务贸易发展水平等方面的影响,粤港服务贸易自由化还存在较多的难点。争取国家政策支持,加强制度设计,加快重点合作区建设,是推进粤港服务贸易自由化的关键。