加拿大创业资本交易所及其资本募集公司的启示

加拿大在发展创业投资,尤其是在发展面向公众的创业资本方面形成了一些具有独创性的经验,其中尤以加拿大创业资本交易所推出的公开募集资本募集公司运作比较成功,对中国发展创业投资产业,健全创业资本市场体系具有一定的启示作用,学习和借鉴加拿大的经验,中国应该及早推出创业板市场,同时积极发展多层次,多元化创业企业资本市场,并积极探索面向一般公众投资者的创业投资基金.     

创业板企业的资本结构与公司治理

本文通过分析2009年10月30日在深圳证券交易所首批上市的28家创业板企业2007-2010年的数据,探讨了资本结构与公司治理的关系。因为中国上市公司普遍存在着资本结构不合理的现象,通过发现创业板企业中所存在的资本结构的不合理问题,提出改善意见和对策。     

创业板企业的资本结构与公司治理

本文通过分析2009年10月30日在深圳证券交易所首批上市的28家创业板企业2007-2010年的数据,探讨了资本结构与公司治理的关系。因为中国上市公司普遍存在着资本结构不合理的现象,通过发现创业板企业中所存在的资本结构的不合理问题,提出改善意见和对策。     

扬起资本之帆 誓做“百年老店”

南风股份即将在深交所创业板挂牌上市,作为公司这些年风风雨雨中发展的亲历者,我感到由衷的高兴。回首往事,感概万千。     

公司治理环境、控制权和现金流权分离与现金持有量价值——基于我国上市公司的实证分析

公司治理环境、控制权和现金流权分离度共同影响着企业的现金持有量,实证研究发现:我国公司治理环境与现金持有量之间为正相关关系;控股股东控制权和现金流权偏离度与现金持有量之间为负相关关系,但是公司治理环境的改善对这种关系有抑制作用;与国有企业相比,治理环境和上市公司现金持有量之间的正相关关系在私营企业中表现得更为明显。     

家族企业现金持有量影响因素分析

本文分析了我国家族上市公司现金持有量的影响因素。与已有的研究结论不同,本文实证回归结果表明,家族上市公司资产负债率、董事长和总经理两职合一、现金替代物、债务融资成本与现金持有量显著负相关,公司投资机会、第一大股东持股比例、股利支付率与现金持有量显著正相关,企业规模、银行借款比重、控制权与现金流权分离度和股权制衡比例和现金持有量没有显著相关性。融资约束是影响家族企业现金持有量决策的重要因素,而且家族控股股东对上市公司主要体现为支持动机,而不是一般认为的掏空动机。     

家族企业现金持有量影响因素分析

本文分析了我国家族上市公司现金持有量的影响因素。与已有的研究结论不同,本文实证回归结果表明,家族上市公司资产负债率、董事长和总经理两职合一、现金替代物、债务融资成本与现金持有量显著负相关,公司投资机会、第一大股东持股比例、股利支付率与现金持有量显著正相关,企业规模、银行借款比重、控制权与现金流权分离度和股权制衡比例和现金持有量没有显著相关性。融资约束是影响家族企业现金持有量决策的重要因素,而且家族控股股东对上市公司主要体现为支持动机,而不是一般认为的掏空动机。     

企业内部资本市场对现金持有及其价值的影响——基于我国上市公司面板数据的实证分析

本文以2005-2011年中国A股上市公司为样本,实证分析内部资本市场对企业现金持有量的影响,并在此基础上进一步研究集团多元化和国有控股是如何影响企业现金持有及其价值.研究结果显示：内部资本市场增加了上市公司的现金持有量,但却显著折损了公司价值,内部资本市场加剧了企业持有现金的代理动机;国有控股集团在一定程度上缓解了上市公司的融资约束,但却未能提升公司的价值;多元化经营的集团公司现金持有量也偏低,但并非出于其缓解融资约束的作用,且呈现出显著的现金持有“多元化折价效应”.     

加快构建多层次资本市场

近来,接连几项有关资本市场建设的举措引起了社会的极大关注。如,3月21日,证监会就《首次公开发行股票并在创业板上市管理办法》向社会公开征求意见,创业板有望年内建立;3月24日,证监会宣布．经中央机构编制委员会办公室批准,设立非上市公众公司监管部,这表明场外交易市场（OTC）已推出在即。     

AAA Inc.

The period ended August 31 2001 was distinguished by unrivalled product innovation and diversification by the American Accounting Association (AAA). The benefits from several earlier collaborative ventures came home to roost in 2001. These included membership of the Committee of Sponsoring Organizations of the 1987 Treadway Commission, and a subsequently published review of Treadway (the COSO Report)³. However this introduction is not an annual report in the usual sense of the term⁴. The focus here is not primarily on the AAA’s finances, but on the underlying activities and whether they are legitimate—or increasingly ultra vires. In this sense, this is report to the membership and, like many annual reports, this is one that management (personified by the AAA Executive Committee) might not entirely welcome.     

Autotex Inc.

Financial Accounting Standard (FAS) No. 52, “Foreign Currency Translation,” introduced the concept of functional currency. An entity's functional currency is defined as the currency of the primary economic environment in which it operates and generates cash flows. Under FAS No. 52, management has been provided with some flexibility in determining the functional currency for its foreign entities. Determination of the functional currency for a foreign entity is a very important decision because it dictates the translation method to be used. The two translation methods permitted under FAS No. 52 (current rate and temporal method-“remeasurement”) usually give rise to markedly different financial statement effects. While FAS No. 52 prescribes certain criteria to be used in determining the functional currency, the criteria prescribed are not definitive and leave considerable scope for subjective judgement. This case examines the functional currency choice decision, the various criteria that may be used to make the decision, and the possibility of arriving at different decisions as a result of the flexibility inherent in FAS No. 52. The case also illustrates the methodology for the current rate and the temporal method of translation and highlights the potential of obtaining significantly different results under the two methods.     

全面加速广域网的安全应用——专访Blue Coat公司亚太区渠道总监余健添

如今，排名全球2000名以内的大型分布式企业均向数据中心整合与服务器整合的方向发展，一个企业数据中心从数以百计整合为少数几个，甚至一两个。中国银行业近几年的数据大集中工程就是典型的例证。企业在建设集中化数据中心后，许多应用只能使用广域网（WAN）作为传输网络，而广域网的传输性能却对集中数据中心的应用效率带来了全新挑战：传输线路带宽的大小、数据的传输效率、网络的延时和TCP协议传输控制方式等，成为制约广域网传输性能、造成数据中心应用访问速度低下的主要因素。     

Social capital,human capital,and board appointments

This study investigates whether who a director knows is more important than what they know when it comes to gaining additional board seats. Specifically, we investigate the relative impact of human capital (a director's experiences, skills, and knowledge) and social capital (a director's connections to other directors) in gaining additional directorships. We employ a uniquely constructed index to measure human capital and Social Network Analysis to estimate a director's connectivity to other directors to proxy for social capital. We apply these to a sample of directors from publicly listed companies in New Zealand between 2000 and 2015. We observe that both human and social capital are positively related to acquiring additional board seats. Additionally, we find that directors gaining additional human capital are more likely to acquire additional board seats. We conclude that both human and social capital are important in determining which directors gain additional board seats, although directors should focus on acquiring additional human capital to enhance their chances of further appointments.     

Accounting for lifetime memberships: The case of Travel Time Partners, Inc.

Travel Time Partners, Inc. is a travel agency which offers lifetime memberships to its customers. These lifetime memberships entitle the members (among other benefits) to receive a travel magazine. The transaction described in this case offers interesting accounting possibilities for class discussion. The case can be viewed either as a revenue recognition problem or a liability measurement problem. The sliding scale refunds offered on lifetime memberships, the discounts on classified advertisements and the accumulation of points leading to travel discounts for lifetime members, add interesting accounting complexities. The case can also be used to discuss the ethical behavior of management with respect to accounting issues and the role of the auditor in the preparation of financial statements.     

Instructional case: Rock Star Promotions,Inc.

Rock Star Promotions, Inc. is an instructional case that incorporates both auditing and legal concepts. The objectives are five-fold. The first objective is to raise the issue of client acceptance procedures. The second objective is to examine the effect of special engagements on the assessment of audit risk under GAAS. The third objective is to expose students to the difficulties associated with the concept of independence in a real-world situation. The fourth objective is to examine the evidence gathering process and evaluate the persuasiveness of alternative types of evidence. Finally, the fifth objective is to increase student awareness and knowledge of the issues surrounding the current “litigation crisis” and the related legal liability for auditors.This case summary is based on the fact situation in the case of Hagen Sign Corp. v. KDI Corp. (In re KDI Corp.), 2 B.R. 503 (Bankr. S.D. Ohio 1980). Overall, the facts presented in this case represent original litigation filed against a CPA firm and are used to illustrate the complex operating environment faced by the audit profession.     

Barbados Spirits Inc.

This case focuses on the audit of a subsidiary in Barbados of a Multi‐National Entity (“MNE”), a distiller in Toronto. The MNE is a large and important international client to the accounting firm. The firm provides both tax advisory and audit services to the MNE. The MNE, following advice of the accounting firm, has utilized an offshore related party to structure transactions that avoid taxes in Barbados. These related party transactions are a detriment to the interests of critical users of the financial statements, namely the minority shareholders and the tax authorities of Barbados. The auditor is now faced with evaluating the adequacy of the related party note disclosure and the completeness of the income tax provision. Independence issues of a self‐interest threat (importance of the client) and self‐review threat (evaluating the adequacy of the income tax provision based on tax advice provided by the firm) are explored.