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股份有限公司由于经营规模的缩小、资本过剩和其他原因,经股东大会批准,可以采取回购本公司股票的形式减少股本。对于回购本公司股票的帐务处理,《股份有限公司会计制度———会计科目和会计报表》规定:按注销股票的面值总额减少股本,购回股票支付的价款超过面值总额的部分,依次减少资本公积和留存收益;购回股票支付的价款低于面值总额的,按其差额,贷记“资本公积”科目。为了清楚地了解其帐务处理过程,我们假定A股份公司由于经营规模缩小,经股东大会决定,以回购本公司股票的方式减少公司注册资本8,000,000元;公司回… 相似文献
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目前我国股票市场正处于快速发展时期,股票回购问题,尚未突出显现。随着股票市场的日渐成熟,股票回购问题也必将趋于正常化。我国会计制度目前在股票回购所引起的投资企业和被投资企业的各种会计规范还不太明晰。本文旨在对股票回购过程中投资企业所出现的会计问题展开论述,提出个人的看法,以供探讨。关于被投资企业股票回购问题相关的会计处理,《企业会计制度》中有如下几处规定:(1)企业会计制度部分第四章第八十一条第二项,仅列举出企业减资时的股本帐户的处理,而并未对股票回购过程中所出现的其他问题做出规定。(2)会计科目部分… 相似文献
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股票回购是改善股本结构,提高股东权益价值的有效手段,股票回购的主要方式有:公开市场收购、现金要约回购、可转让出售权、私下协议批量购买和交换要约。股票回购的会计处理包括股票回购加以注销的会计处理和股票回购但未注销的会计处理。 相似文献
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上市公司股票回购的财务效应分析 总被引:1,自引:0,他引:1
股票回购是指上市公司从股票市场上购回本公司一定数额发行在外股票的行为。股票回购既是一项重要的股利政策,也是完善公司不`一结构的重要方法,股票回购作为成熟证券市场上一项常见的公司理财行为,不仅对市场参与各方产生一定的影响,而且为上市公司本身带来显著的财务效应。 相似文献
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股票回购是指上市公司出资将其发行的流通在外的股票以一定价格购买回来予以注销或作为库存股的一种资本运作方式。上市公司的资本运营方式有企业合并与收购,产品经营,对内投资,对外投资,债务重组等方式,而在当今经济形势下,股票回购已经成为了一种常见的资本运作方式。本文将以宝钢股份股票回购为例分析上市公司股票回购的动因及其产生的财务效应。 相似文献
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股票回购是国外资本市场中一种常见的资本运作方式,是指上市公司利用自有资金或债务融资收购本公司发行在外的股票,将其作为库藏股或进行注销的行为。作为一种股本收缩方式,股票回购涉及上市公司的资本结构与股利分配政策。因此,2005年6月中国证监会发布的《上市公司回购社会公 相似文献
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The interest rate sensitivity of stock returns of financial and non-financial corporations is a well-known phenomenon. However, only little is known about the part of total stock returns that is attributable to the compensation an investor receives for being exposed to interest rate risk when investing in equity securities. We pursue here a benchmark portfolio approach, constructing benchmark portfolios having the same interest rate risk exposure as a particular stock. By studying the time series of returns of these asset-specific benchmarks, we find: i) Regardless of the industry considered, the interest rate risk benchmarks of German corporations have mostly earned a significantly positive reward. ii) Returns of interest rate risk benchmarks of financial institutions exceeded significantly those of non-financial corporations. iii) An investor willing to bear nothing but the average interest rate risk of German financial institutions would have earned a mean return of about or even exceeding 70% of the corresponding total stock returns. iv) Returns of the interest rate risk benchmarks of the German insurance sector were significantly higher than those of German banks, which seems to contradict conventional market wisdom that insurances hedge interest rate risks. 相似文献
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国内金融集团应在既存的金融控股公司架构内、充分利用金融控股公司的优势,运用国际上通行的理论原则作指导,整合控股集团内银行、证券、保险、投资等主要金融资源,加强金融控股集团内部金融企业的业务合作,在提高金融控股集团整体资产运用规模,提高整体经营管理效率、降低经营管理成本方面,发挥金融控股公司的合力作用 相似文献
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We investigate the interest rate exposure of large European financial corporations' equity returns. For the period from January 1982 to March 1995 we estimate multifactor index models to examine the sensitivity of equity returns to market index returns and domestic as well as global interest rate movements. In addition, we specify an APT‐model to test whether an exposure to interest rate movements is rewarded in the cross‐section of expected returns. In the four European markets both domestic and global interest rate shifts constitute driving forces of stock returns beyond the influence of the domestic market indices. However, the exposure to interest rate movements does not seem to be rewarded in the same fashion among the markets. 相似文献
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跨国公司外币报表折算问题研究 总被引:1,自引:0,他引:1
目前国际上在外币报表折算中折算汇率的选择和折算差额的处理,尚未形成一致的国际惯例.外币报表折算主要方法有流动与非流动项目法、货币与非货币项目法、时态法和现行汇率法.根据我国实际情况,外币报表折算更适用时态法. 相似文献
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The article investigates the evidence of financial contagion and market integration in selected European equity markets during nine major crises across regions. The focus is to identify whether (i) contagion evidence is pure or fundamental and (ii) dynamic evolution of integration is in the short run or long run. Wavelet decomposition in both its discrete and continuous forms is used. The findings reveal the following: (i) prior to the subprime crisis, contagion effects generated short-term shocks. The most recent US subprime crisis, however, reveals the evidence of fundamental based contagion. (ii) We find increasing short-run and long-run stock market integration, driven by several stages of the establishment of Economic and Monetary Union (EMU), questioning the ultimate benefits of formal entry into EMU membership. 相似文献
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ANNAMARIA LUSARDI OLIVIA S. MITCHELL NOEMI OGGERO 《Journal of Money, Credit and Banking》2020,52(5):1005-1034
We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). In the HRS, we compare three groups of people age 56–61 in 1992, 2004, and 2010, to assess cross-cohort changes in debt over time. Two waves of the NFCS (2012 and 2015) provide additional insights into debt management and older individuals’ capacity to shield themselves against shocks. We conclude that recent cohorts hold more debt and face more financial insecurity than in the past. This will render them particularly vulnerable to forecasted interest rate increases. 相似文献
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股指期货市场金融加速器效应的实证分析 总被引:1,自引:0,他引:1
金融加速器理论认为,由于存在着摩擦成本,金融市场的波动可能是非对称的,体现为相对于扩张金融市场状态,紧缩金融市场状态下冲击的波动更加剧烈,由此产生加速效应。本文采用向量自回归模型系列对次贷危机期间S&P500股指期货市场波动状态进行了计量检验,验证了其非对称波动的金融加速器效应,揭示了股指期货市场与股票现货市场之间的风险衍生机制,旨在为我国沪深300指数期货交易的风险防范提供借鉴。 相似文献
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The recommendations of a Canadian brokerage house are evaluated by a number of techniques. The results reveal that an investor following the recommendations would have achieved significantly positive abnormal returns, even after allowing for transactions cost. 相似文献
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在企业债权融资结构中,不同的融资方式对于企业财务指标的相关性表现不一。本文采取多元回归的计量方法,解析影响福建省中小上市公司债权融资结构优化程度的财务指标,为公司的融资决策、合理配置债权结构以及提升公司治理水平提供参考,从而提高公司价值,增强投资者信心。 相似文献