对企业盈余管理的思考

<正>只要企业的管理人员有选择不同会计政策的自由,他们必定会选择使其效用最大化或使股东财富最大化的会计政策。狭义盈余管理是企业管理人员对会计盈余或者说利润的控制。广义的盈余管理不仅包括对利润表中盈余数字的控制,还包括对资产负债表以及财务报告中其他如附注等辅助信息的管理。     

浅谈上市公司的盈余管理

本文从盈余管理的概念入手,分析盈余管理对上市公司的作用,提出上市公司开展盈余管理的对策。     

企业盈余管理问题新论

盈余管理(earnings management)是指企业管理者以获取一定的私人利益(private gain)为目的,迫于相关利益集团对其盈利预期的压力,在公认会计原则的约束下选择最有利的会计政策或控制应计项目,以使报告盈余达到期望水平。一、盈余管理与利润操纵的区别1、法律界定不同。从本质上讲,盈余管理也是一种利润操纵行为,但利润操纵是通过违规违法的手段改变企业的盈余信息,人为地造成利润的增加或减少,其目的是     

新形势下上市公司盈余管理空间研究

盈余管理是企业经营管理者为实现特定目标而对公司盈余状况进行管理的一种行为。2007年新会计准则颁布以来,我国上市公司盈余管理呈现出一系列新的变化。本文系统梳理了盈余管理的概念、特点和主要方法,结合会计准则的新要求,探讨分析了新形势下上市公司盈余管理的可行途径与方法,以期为上市公司管理者更好提供理论借鉴。     

企业盈余管理行为的动机分析

在现实生活中，由于会计分期和权责发生制的运用，产生大量的估算和预计，收益没有唯一的标准，而收益在衡量公司价值、计量管理报酬、纳税和利润分配等方面起着日益重要的作用。因此，管理者对会计政策选择有强烈的兴趣。如果管理者能从一组会计政策中进行选择的话，他们将选择那些能使他们自己的效益最大化或者使公司的市场价值最大化的会计政策，这就是所谓的盈余管理。 管理者有许多对财务报告进行判断、估计的方法。比如对将来的经济事件需要判断、估计，如估计固定资产的净残值和经济寿命，坏帐损失，产品质量担保责任等。管理者在报…     

我国R＆D费用化会计政策与企业R＆D盈余管理

从企业R&D盈余管理的视角出发,提出了我国现有的R&D费用化会计政策既具有使企业当年收回R&D资金,提高企业竞争能力的正面影响,同时也具有不利于实现企业价值最大化、使企业有可能减少R&D投资,无法对R&D活动进行成本核算、效益考核的负面影响.提出了"选择有条件的R&D支出资本化的确认方法,同时实行当期发生的R&D支出资本化部分直接税前抵扣"的会计准则的建议.     

浅析新会计准则对企业盈余管理的影响

一、盈余管理概述盈余管理是指企业在会计准则允许范围内,以会计政策的可选择性为前提,通过会计估计的合理变更、会计方法的选择运用、交易事项的时点控制以及关联交易的适度调节等方法来达到平衡利润、稳定股价、合理避税等目的,从而更好地实现企业的经营目标以及     

论上市公司盈余管理

适度的盈余管理是传递内部信息的一种重要手段,但过度就会引起会计信息的失真,阻碍资本市场的发展。本文从盈余管理的综述谈起,分析了盈余管理与利润操纵的区别、盈余管理的动机、盈余管理的手段,并结合以上的观点,提出了识别盈余管理的一些建议。     

汽车经销商授信风险的防范与控制

汽车经销商授信业务是目前商业银行利润新的增长点,具有良好的发展前景,但由于我国的汽车经销商授信业务还处于起步阶段,风险防范经验不足,如何防范、控制授信风险成为商业银行面临的重要课题.     

浅议农村信用社信贷市场营销及风险防范

随着我国经济、金融体制改革的不断深化,市场营销观念已引入到商业银行经营管理之中。但由于长期以来受传统卖方市场的影响,农信社官商意识浓厚,市场意识淡漠,没有准确的市场客户定位,没有建立起以客户为中心的经营管理和营销模式。这些都严重制约了农村信用社的发展,如何做好市场营销工作成为摆在农村信用社面前的一个重要课题。     

试论我国银行业风险的会计因素及其防范措施

本从会计角度出发，分析我国国有商业银行会计核算不实、内部监督乏力、政策运用不当和社会监督机制不健全等银行业风险产生的因素，并从宏观和微观两个层面来探讨防落银行业风险的会计政策与措施。     

中国企业风险管理调查

随着经济、社会的迅速发展,企业生存的环境越来越复杂多变,全球金融危机、贸易保护主义、自然环境恶化、消费者口味提高以及其他各种难以把握的因素使企业面临着越来越多、越来越难以预料的不确定性,这些不确定性在很大程度上给企业带来了风险。对于仍处于发展中国家的中国的企业来说,面对全球经济一体化的大环境,既受来自海外的市场经验丰富的竞争对手的威胁,又要立足于国内发展中的市场经济的实际情况,所面临的风险可能更加难以估计。这要求中国企业付出更多的努力来应对风险。现状分析近年来,应监管部门的要求,同时也为了适应外部环境及满足企业自身发展的内在需求,中国企业普遍加强了风险管理工作,风险管理水平有了一定程度的提升,出现了视角由     

The Value of Enterprise Risk Management

Enterprise risk management (ERM) has been the topic of increased media attention in recent years. The objective of this study is to measure the extent to which specific firms have implemented ERM programs and, then, to assess the value implications of these programs. We focus our attention in this study on U.S. insurers in order to control for differences that might arise from regulatory and market differences across industries. We simultaneously model the determinants of ERM and the effect of ERM on firm value. We estimate the effect of ERM on Tobin's Q, a standard proxy for firm value. We find a positive relation between firm value and the use of ERM. The ERM premium of roughly 20 percent is statistically and economically significant.     

Enterprise Risk Management: Theory and Practice

The Chief Risk Officer of Nationwide Insurance teams up with a distinguished academic to discuss the benefits and challenges associated with the design and implementation of an enterprise risk management program. The authors begin by arguing that a carefully designed ERM program—one in which all material corporate risks are viewed and managed within a single framework—can be a source of long‐run competitive advantage and value through its effects at both a “macro” or company‐wide level and a “micro” or business‐unit level. At the macro level, ERM enables senior management to identify, measure, and limit to acceptable levels the net exposures faced by the firm. By managing such exposures mainly with the idea of cushioning downside outcomes and protecting the firm's credit rating, ERM helps maintain the firm's access to capital and other resources necessary to implement its strategy and business plan. At the micro level, ERM adds value by ensuring that all material risks are “owned,” and risk‐return tradeoffs carefully evaluated, by operating managers and employees throughout the firm. To this end, business unit managers at Nationwide are required to provide information about major risks associated with all new capital projects—information that can then used by senior management to evaluate the marginal impact of the projects on the firm's total risk. And to encourage operating managers to focus on the risk‐return tradeoffs in their own businesses, Nationwide's periodic performance evaluations of its business units attempt to refl ect their contributions to total risk by assigning risk‐adjusted levels of “imputed” capital on which project managers are expected to earn adequate returns. The second, and by far the larger, part of the article provides an extensive guide to the process and major challenges that arise when implementing ERM, along with an account of Nationwide's approach to dealing with them. Among other issues, the authors discuss how a company should assess its risk “appetite,” measure how much risk it is bearing, and decide which risks to retain and which to transfer to others. Consistent with the principle of comparative advantage it uses to guide such decisions, Nationwide attempts to limit “non‐core” exposures, such as interest rate and equity risk, thereby enlarging the firm's capacity to bear the “information‐intensive, insurance‐ specific” risks at the core of its business and competencies.     

集团管理控制与财务公司风险管理——基于10家企业集团的多案例分析

财务公司作为集团内金融业务平台,对其风险进行合理管理和控制对于集团降低整体财务风险至关重要。本文通过对10家设立财务公司的大型企业集团结构式访谈及调研,从集团管理控制方式入手,考察集团对财务公司风险的控制效果,以深入检视集团管理控制对财务公司风险管理的作用,研究发现集团对财务公司风险考评尚不完善,部分企业未建立覆盖全集团的风险管理信息平台,集团直接或间接影响财务公司信贷决策等问题,本文对应提出针对上述问题的管理建议。     

全面风险管理视角下的企业风险预警机制研究

从全面风险管理的视角探讨企业的风险预警机制,建立了全面风险辨识、风险预警模型、风险预警评估、风险预警报告、应对策略选择的风险预警理论框架,并根据该理论框架提出了数据收集与整合、数据处理与风险分析、风险决策与反馈的运行体系.     

United Grain Growers: Enterprise Risk Management and Weather Risk

In August of 1999, Mike McAndless, the risk manager of United Grain Growers (UGG), was preparing for a meeting with the firm's chief financial officer, Peter Cox. Mike and Peter had spent considerable time over the past three years with representatives of the Willis Group Ltd., a large international insurance broker, identifying and measuring UGG's major sources of risk. The risk assessment process indicated that, although UGG hedged most of its currency and commodity price risk and purchased insurance against property and liability losses, the firm's earnings still exhibited substantial volatility. This volatility was, in large part, due to the weather. Mike and Peter had to decide whether to retain the risk or shift it to another party using one of two innovative contractual arrangements: weather derivatives or a new type of insurance contract.     

Enterprise Risk Management and the Cost of Capital

Enterprise risk management (ERM) is a process that manages all risks in an integrated, holistic fashion by controlling and coordinating any offsetting risks across the enterprise. This research investigates whether the adoption of the ERM approach affects firms' cost of equity capital. We restrict our analysis to the U.S. insurance industry to control for unobservable differences in business models and risk exposures across industries. We simultaneously model firms' adoption of ERM and the effect of ERM on the cost of capital. We find that ERM adoption significantly reduces firm's cost of capital. Our results suggest that cost of capital benefits are one answer to the question how ERM can create value.