Employee Relations and the Likelihood of Occurrence of Corporate Financial Distress

Abstract:   In this paper, we investigate the association of employee relations with the occurrence of onset of financial distress. We argue that if adverse economic conditions arise, firms that have maintained good employee relations will be more effective in obtaining temporary labor concessions. As a result, firms with good employee relations, to the extent they are dependent on labor in the conduct of business operations, should be more likely to avoid the onset of future financial distress. The empirical findings we document support this prior.     

Investments,Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe

Although they are instrumental for economic development, productivity-enhancing corporate investments may increase the financial vulnerability of companies, especially in an economic and financial crisis. We employ an instrumental probit model with the aim of finding evidence for the investment and credit patterns that led companies into financial distress during the global financial crisis 2009–2010. The company-level micro-data for our study on three Central and East European countries—Hungary, Bulgaria, Romania and two Baltic countries, Latvia and Lithuania—originates from two independent surveys, the Business Environment and Enterprise Performance Survey conducted in 2008 and the Financial Crisis Survey conducted in 2009/2010. Both were carried out jointly by the EBRD and the World Bank. Our results emphasize a substantial adverse impact from investment intensity and debt financing on company financial soundness during a crisis. On top of that, we discover a strong non-linear pattern in the sensitivity of company distress to its investment-financing nexus.     

金融工具公允价值信息的价值相关性

本文以会计信息决策有用性的计量观为基础,通过实证方法对比分析了新企业会计准则实施前后,公允价值是否改进会计信息对公司股票市场价格的影响,以及金融工具的公允价值信息与历史成本对公司股票市场价格的影响;新准则实施后公允价值变动损益对公司的股票市场价值的影响。研究结果表明:在引入公允价值计量属性后,盈余信息和净资产账面价值对模型的整体解释能力有所提高;公允价值计量的金融工具具有显著的增量价值相关性和相对价值相关性,投资者在投资决策时已经开始考虑公允价值因素,金融工具公允价值信息具有价值相关性。     

An Analysis of the Underreported Magnitude of the Total Indirect Costs of Financial Distress

In this paper we examine 1,041 ongoing firms over the time period 1982–92. Using quarterly data for the detection and measurement of the magnitude of the indirect costs of financial distress, we find three important explanatory factors: (a) the distinctiveness of the pattern of increasing financial distress over time, (b) the degree of leverage in the capital structure and (c) the size of the firm. For those firms with a distinctive pattern of increasing financial distress over time, the average annual losses as a percentage of market value is –10.3%. The maximum loss is –76%. Even if the firm never fails, its market value can be severely impacted by the presence of the indirect costs of bankruptcy over time. This study finds a significantly positive relationship between Altman's Z-score and the firm capital investment growth rate. This relation holds after controlling for other variables such as leverage, firm size and market/book ratio. This implies that lost investment opportunities may be also an important part of the total indirect costs of financial distress, which appear now to be much larger than previously recorded.     

The Differences Between Stock Splits and Stock Dividends: Evidence on the Retained Earnings Hypothesis

Abstract:  This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt (explaining the need for an increase in nominal share capital) and retained earnings. Basically all firms announcing a stock dividend with a split factor of less than two can also afford to increase their total cash dividends permanently, at least proportionally to the increase in share capital, leading to a significant announcement effect of 4.23%. Firms announcing a stock dividend with a split factor of two or more also increase total cash dividends permanently, but less than proportionally to the increase in share capital. This leads to an insignificant announcement effect of 0.08%. These findings support a retained earnings/signaling hypothesis. For stock splits, no separate announcement effect was found when a firm's payout policy was controlled for. This lends support to the idea that a stock split per se is a cosmetic event on the CSE and is also consistent with the fact that making a stock split on the CSE is virtually cost free.     

论财务会计信息在公司治理中的作用

财务会计信息对于公司治理具有重要意义。高质量的会计信息可以降低管理层与外部人之间的信息不对称,从而有助于解决逆向选择和道德风险问题;信息披露自身可以对管理层形成有效的约束,促使管理层强化受托责任,并可以为相关主体提供治理所需信息,从而加强外部人对管理层的监督和制约;通过降低对其他高成本治理机制的需求,高质量的会计信息还可以有效地降低公司治理的整体成本,提高治理效率。因此,财务会计信息是实现公司治理目标、保护投资者利益的重要工具。我国应当不断地完善会计准则,并加强会计监管,以提高会计信息质量,更好地为公司治理服务。     

The Impact of Managing Director Changes and Financial Distress on Audit Qualification and Auditor Switching

Abstract:   This study examines the interactive effects of change in managing director/chief executive officer (MD) and financial distress together with five control variables (type of audit firm; audit fees; gearing; time; and company size) on first, audit opinion and secondly on auditor switching. Based on a sample of 297 UK listed companies between 1987 and 2001, we find that companies that are financially distressed and change their MD are most likely to receive a qualified audit report, ceteris paribus . In addition, we find evidence of both familiarity and intimidation threats and that the probability of a switch increases with the severity of qualification.     

从公司治理角度谈财务管理目标

财务管理目标是理财的起点问题，公司治理蛄构直接影响财务管理目标的设定。本文介绍了几种主要的财务管理目标模式。结合公司治理结构的发展。分析了股东财富最大化财务管理目标消亡的必然性，并结合我国国情分析了我国谈如何选择合理的、实用的、可操作的财务管理目标。     

The Incremental Information Content of Earnings and Cash Flows from Operations Affected by Their Extremity

Previous returns studies have shown that extreme earnings and extreme cash flows from operations are less informative than moderate (i.e., less extreme) earnings and moderate cash flows. Studies also report that cash flows supplement to earnings in firm valuation by showing a higher association of cash flows with returns when earnings are extreme than when earnings are moderate. We propose that this supplementary role of cash flows is affected by cash flows extremity. Using data from the US capital markets, we find that the supplementary role of cash flows exists only when cash flows are not extreme. We also investigate the supplementary role of earnings to cash flows and search for a higher association of earnings with returns when cash flows are extreme than when cash flows are moderate. Similar to results on cash flows, our findings show that the supplementary role of earnings exists only when earnings are not extreme. Our results imply that investors and researchers should consider both earnings and cash flows extremity when assessing the information content of these variables.     

财务特征、公司治理与现金股利分配倾向

以2001～2008年间772家沪深A股上市公司为样本,实证分析财务特征和公司治理对现金股利分配倾向的影响得出,在财务特征方面,规模大和盈利能力强的公司倾向于分配现金股利,而成长性高和资产负债率高的公司则相反;在公司治理方面,国有控股、董事会规模大、高管薪酬高和由四大会计师事务所签证的公司倾向于分配现金股利,流通股比例高和独立董事规模大的公司却相反,而公司领导权结构的影响则不显著。概言之,财务特征显示上市公司有能力发放现金股利,但治理因素却表明上市公司并不希望发放现金股利。     

行业与区域的企业财务危机预警模型比较研究

本文运用多元判别模型、Logit模型、主成分模型,对不同行业和地区的企业进行财务危机预警研究,进而分析判别准确率的差异.同时,对预警模型的指标选择和不同类型危机的预警判别进行了比较分析.本文研究生成的预警模型可以提供给商业银行进行风险度量使用.     

公司控制权视角的上市公司财务报告质量影响机制研究

上市公司的财务报告质量决定着上市公司的质量与资本市场的效率。以公司控制权转移为背景,围绕公司盈余管理研究并购公司与目标公司利益相关者之间的利益博弈,结果表明,发生控制权转移的公司财务报告质量在控制权转移前逐年下降;但控制权转移后则有明显改善。建立、完善公司控制权市场,有效控制公司的盈余管理行为,是提高上市公司财务报告质量的重要制度安排。     

金融业面对大数据的机遇与挑战

指出大数据开启了一次重大的时代转型,给金融业带来了难得的机遇和巨大的挑战。建议金融企业积极加强风险管理、构建分析平台、创新服务模式、改善用户体验、培养专业人才、打造大数据时代的“互联网金融”。     

金融业面对大数据的机遇与挑战

指出大数据开启了一次重大的时代转型,给金融业带来了难得的机遇和巨大的挑战。建议金融企业积极加强风险管理、构建分析平台、创新服务模式、改善用户体验、培养专业人才、打造大数据时代的“互联网金融”。     

Investment Opportunities,Free Cash Flow and Stock Valuation Effects of Corporate Investments: The Case of Taiwanese Investments in China

This paper examines the importance of investment opportunities and free cash flow in assessing the stock market reaction to announcements of cross-border investments in China by Taiwanese firms. Our results support the investment opportunities hypothesis that Taiwanese firms with favorable investment opportunities have significantly positive response to the announcements of their investments in China whereas firms with poor investment opportunities have negative response to such announcements. In contrast, we find no support for the free cash flow hypothesis. Our findings add to the understanding of the determinants of the wealth effect of cross-border investment decisions in the Asia-Pacific region.     

金融危机背景下物流金融的价值分析及发展对策

由次贷危机引发的全球性金融危机爆发,中国的各类企业和金融机构都受到了一定程度的影响。物流金融是中国最新形成的一种创新型服务,实现了物流与金融的有效结合。本文在对物流金融的含义及运作模式进行介绍的基础上,结合金融危机这个国际大背景,着重分析物流金融的存在对中小企业、物流公司和银行三方的价值,提出了促进物流金融发展的措施建议。     

Market Discipline and the Use of Stock Market Data to Predict Bank Financial Distress

We assess the extent to which stock market information can be used to estimate leading indicators of bank financial distress. We specify a logit early warning model, designed for European banks, which tests if market based indicators add predictive value to models relying on accounting data. We also study the robustness of the link between market information and financial downgrading in the light of the safety net and asymmetric information hypotheses. Some of our results support the use of market-related indicators. Other results show that the accuracy of the predictive power depends on the extent to which bank liabilities are market traded.      

从金融外部性视角分析不良资产与金融脆弱性

不良资产一直是困扰我国银行业健康发展的重要问题，其负面影响放大了金融脆弱性的风险。大量的不良资产损害了商业银行的安全性原则，同时降低了商业银行资产的收益性，严重影响中国银行业的竞争力。在这个意义上，不良资产具有巨大的金融负外部性。当前，一方面要采取措施防止不良资产反弹，包括引入经济资本管理理念，加强行业风险研究，推行全面风险管理，加快现有不良资产的处置等；另一方面，为了消除其金融负外部性的影响，有必要通过建立明晰的银行业产权制度，增加金融激励，引进民营银行等手段促使外部性内部化，保障中国银行业的健康发展。     

从金融外部性视角分析不良资产与金融脆弱性

不良资产一直是困扰我国银行业健康发展的重要问题,其负面影响放大了金融脆弱性的风险。大量的不良资产损害了商业银行的安全性原则,同时降低了商业银行资产的收益性,严重影响中国银行业的竞争力。在这个意义上,不良资产具有巨大的金融负外部性。当前,一方面要采取措施防止不良资产反弹,包括引入经济资本管理理念,加强行业风险研究,推行全面风险管理,加快现有不良资产的处置等;另一方面,为了消除其金融负外部性的影响,有必要通过建立明晰的银行业产权制度,增加金融激励,引进民营银行等手段促使外部性内部化,保障中国银行业的健康发展。     

Corporate Disclosure Quality: Lessons from Australian Companies on the Impact of Adopting International Financial Reporting Standards

For annual reporting periods beginning on or after 1 January 2005, Australian companies were required to comply with the Australian equivalents of International Financial Reporting Standards (AIFRS). To ensure a smooth transition, a broadly defined standard (AASB 1047) mandated pre-adoption company disclosures of the AIFRS' impact. The standard provided managers with the opportunity to exercise considerable discretion in complying with the underlying disclosure requirements. We examine how this discretion impacted on the quality of pre-adoption AIFRS disclosures provided by a sample of large Australian companies. Using a disclosure quality index, we find considerable evidence of a cross-sectional variation in disclosure quality that varies according to differences in the AIFRS financial impact, size, industry and profitability factors. Importantly, we also observe individual Big 4 audit firm influences on disclosure quality. These findings highlight consequences of mandating corporate disclosures based on broadly defined principles.