我国创业板上市公司可持续增长能力评价

本文主要针对我国创业板上市公司上市前后出现的增长速度全线下滑、业绩大变脸等违背"两高六新"的现象,设计了一个包括营运能力、偿债能力、盈利能力和成长能力共30项指标的创业板上市公司可持续增长能力评价体系。利用28家首批创业板上市的样本数据进行采用描述统计的方法进行实证分析,发现创业板上市公司成长能力下滑的主要原因是资产使用效率低下、盈利能力下降和没有合理利用负债,并提出了相应的对策建议。     

企业生命周期与财务战略

企业可持续性地成长势必成为人们普遍关心的重大问题，对企业自身来说，可持续成长是企业的最高宗旨和核心价值观。可持续成长能力达到最大化才能、不断创造新的竞争优势，本文重点阐述了企业生命周期理论与财务战略的涵义，进而分析在企业生命周期的不同阶段运用不同的财务战略．以达到控制企业风险，实现企业最大价值化的最终目的。     

资本约束、风险管理与商业银行成长

基于资本必须覆盖风险命题的要求，银行的风险管理能力决定了银行的资本规模和资本的配置，银行资本管理实质上等价于风险管理，资本约束实质上就是风险约束。资本软约束是制约中国商业银行成长的主要障碍之一，但仅仅致力于资本充足率问题的解决并不能保证我国商业银行的可持续成长，风险约束是制约我国商业银行成长的瓶颈。只有从制度、技术和经营战略等方面入手，不断提高风险管理能力，建立以资本约束为核心的业务增长模式和资源配置方式，尽快实现成长模式由资金约束到资本约束的转变，中国商业银行才能在效益、质量和规模协调发展的基础上实现持续成长。     

我国房地产上市公司可持续增长能力研究

可持续增长是当今世界一个永恒的话题。本文借助罗伯特.C.希金斯的财务可持续增长模型,对我国房地产上市公司2000～2009年间的可持续增长情况及增长速度成因进行了检验。结果表明,我国房地产上市公司的可持续增长能力放缓,基本属于增长过度或增长不足;增长速度主要是由企业内生管理因素所致。在此基础上,文章提出了房地产上市公司应根据具体情况选择相应的财务管理战略,培育企业核心能力,促进企业可持续增长。     

企业成长期的财务戒律

财务管理更像是揭示成长风险、保障健康成长的速控系统,保证和促进着企业成长速度、资产质量、价值积累在安全值内得以可持续增长。     

基于LogiSfic模型的中国金融成长分析

本文从金融成长规模和金融成长效率两个维度，选取多个指标．根据1979年～2011年中国金融相关数据，利用主成分分析方法，综合测度出中国金融成长水平指数，然后依据该指数，利用Logistic模型，定位中国金融成长历史坐标，以期能够深入认识中国金融所处的阶段，为中国金融改革发展提供理论支持。     

可持续增长率与财务管理目标相关性分析

可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长,可持续增长率与财务管理目标密切相关。本文将以可持续增长率与财务管理目标的相关性作为研究起点,试图从财务管理目标的角度来进一步认识可持续长率。     

我国企业成长与产业增长的一致性研究

本文对我国工业增长情况与上市公司成长情况进行了对比,发现上市公司的成长速度滞后于工业的增长速度。由于数据限制,利用规模以上工业代替全部工业虽然在一定程度上放大了二者的差距,但上市公司成长滞后于行业增长的结论并没有因此而改变。股票发行制度所导致的上市公司质量差、国有企业比重高以及国有企业效率低下可能是造成二者差异的重要原因。     

编读互动

时钟嘀嗒，春去夏来。如今，夏日的热浪已经催熟了麦子，唤醒了蝉儿。在充满激情的7月，《财会学习》已与我相伴了整整两年。如果用一词来定义这段时间，那便是成长。这是我与《财会学习》的一起成长历程。     

可持续增长率对盈余持续性的预测能力分析

盈余持续性是一个企业很关注的问题,可持续增长率代表企业最适宜的增长速度。企业的财务管理目标是企业价值的最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长。由于管理者和股东目标的不一致,以及会计准则的一些弹性,很多情况下企业的利润不能说明企业的持续盈余状况。本文主要从分析可持续增长率与利润增长率对盈余持续性预测和影响入手,分析可持续增长率对企业盈余管理的影响。     

上市公司可持续发展问题研究

本文认为，上市公司经营的稳定性、业绩的成长性和发展的持续性界定为可持续发展。本文通过对123家可持续发展能力不足和11家具有较强可持续发展能力的两类上市公司研究发现，完善的公司治理则是可持续发展的基础，大股东掏空上市公司、违规担保和委托理财、盲目进行不相关多元化投资、欺诈上市是导致上市公司难以持续经营的主要原因，而专注主业、善于资本经营，品牌、创新和管理优势是实现上市公司可持续发展的关键因素.     

Evolution of the slow living concept within the models of sustainable communities

The study presents analysis of three case studies of sustainable communities to reveal their distinctive features through the novel Functional Models of Sustainable Communities framework. The case studies signify phases of evolution of the slow living concept starting from the traditional representation (Model A), through the hybrid (Model B), to a more contemporary model (Model C). Based on the novel SLOW LIFE analysis, the study found that contrary to expectations the latest high-tech model of sustainable community in Masdar City failed to generate the same level of social cohesion and enjoyable living experience as evidenced in older, more established communities (Damanhur, and Toarps Ekoby). The study highlights the pivotal role of slow living concepts in the transitional period of the 21st century, moving towards the next ideational phase, according to Sorokin’s pendulum theory of social change. Further, the T-Cycle analysis revealed a converging trend in the shifting dialectical relationship between mainstream Western society and sustainable communities. The findings of this study indicate that evolution of the slow living concept in the context of sustainable communities followed broader trends in society—moving towards a more technologically oriented model.     

Smart Growth—Creating Real Long-term Value

Most U.S. business leaders appear to believe that all businesses either “grow or die”—and many act as if they believed that all growth is good, and that public companies should grow in a linear, continuous manner as reflected in ever-increasing quarterly earnings. But if these tenets of “the U.S. Growth Model” inform the short-term business view that prevails in many C-suites and boardrooms, there has been surprisingly little analysis of the extent to which the pursuit of continuous growth translates into longer-run success. In this article, the author reports finding no theoretical or empirical support in the fields of economics, finance, strategy, organizational design (or biology) for the idea that continuous growth is either a realistic possibility or a useful corporate objective. In business organizations, the pursuit of continuous growth can drive bad corporate behavior and inhibit real growth and innovation. Based on extensive research, the author suggests a new model of “smart growth”—one in which companies grow successfully by building internal comprehensive systems designed to encourage growth through specific kinds of culture, leadership, and processes. Smart-growth companies use experimental learning processes designed to test growth ideas and build diversified “growth portfolios” while also attempting to limit the risks associated with the pursuit of growth.     

Accounting for a Sustainable Scotland

Sustainable development indicators (SDI) can define priorities, determine sustainable actions, evaluate policy options and legitimate government interventions. Sustainable development strategies and indicators used in Scotland, however, show a lack of consistency with a potential for distortion of performance. The attributes of a sustainable Scotland are used to construct a model to develop strategies and indicator sets for sustainable development.     

The Terminal Value and Inflation Controversy

This journal recently published what was effectively a debate between Gunther Friedl and Bernhard Schwetzler (hereafter “F&S”), on the one hand, and Michael Bradley and Gregg Jarrell (“B&J”). B&J initiated the first round of the debate by criticizing the constant growth valuation model, commonly known as the “Constant Growth Model” or “Gordon Growth Model.” The Gordon Growth Model was introduced by Myron Gordon and Eli Shapiro (“G&S”) in a 1956 paper and has long been widely used by corporate and investment practitioners. F&S responded to B&J with a defense of the original G&S formulation. In revisiting this debate, the authors find that the models B&J and F&S advocate are at bottom two different versions of the same G&S constant growth model, but with quite different assumptions about the effect of inflation on the amount of capital reinvestment required to sustain businesses over time. The authors resolve the dispute by showing that both models, when using a consistent set of assumptions about inflation and capital reinvestment, produce identical growth rates and estimates of value. At the same time, however, the authors recognize that the two models (the G&S/F&S model, on the one hand, and the B&J model on the other) are likely to be appropriate for very different kinds of companies, and each for only small subsets of companies.     

Indigenous sustainable finance as a research field: A systematic literature review on indigenising ESG,sustainability and indigenous community practices

Sustainable finance research has come into its own as an established area in the finance literature. The increased awareness of sustainability and global concerns around environmental, social and governance (ESG) issues, particularly among institutional investors, has catalysed a shift towards greater research and publications in this area. Accompanying this is the emerging body of work being produced on indigenous investments and indigenous community practices. These nascent strands of literature tell a story of the shift that is taking place within the finance field. To chart this shift and create a harmonised view of these bodies of work, this paper conducts a systematic literature review of the significant nexus between sustainable investments and indigenous approaches to sustainability. We present a framework for conceptualising and characterising the various stands of literature and, in so doing, make the case for Indigenous Sustainable Finance (ISF) as a distinct disciplinary field. This paper argues that ISF is distinct from mainstream sustainable finance and other social and management sciences and constitutes a legitimate, well-defined sub-field of research in its own right.     

The role of biosolar technologies in future energy supply making scenarios for the Netherlands: Energy port and energy farm

This paper assesses the possible roles of biosolar energy systems in the Netherlands in the coming years. The appraisal is made in the light of EU Directives on renewable energy and reduction of CO₂ emissions, and the new Dutch Energy Agreement for Sustainable Growth. The assessment is made within the Dutch BioSolar Cells (BSCs) research programme on photosynthesis and its application in fuel production. Part of the programme is committed to societal debate by considering different options and uses of biosolar technology. To provide building blocks for these discussions, we conducted a comprehensive desk study supplemented with key expert interviews, and we identified and articulated the main drivers for the Dutch transition towards more sustainable energy supply. Next, these drivers were used to develop two futures: energy port and energy farm, representing institutional settings in which BSC technology could be implemented. Both represent fundamentally different types of innovation and are useful in assessing the effect of policies on future energy systems. Both scenarios were used in workshops with BSC researchers and policymakers. Their possible implications for the BSC programme itself, as well as the broader policy significance of the use of biosolar technologies in the Netherlands, are indicated.     

Optimal sustainable monetary policy

In recent monetary policy literature, optimal commitment policy and its variant from a timeless perspective have been studied with emphasis on welfare gains from policy commitment. These policies, however, involve a time-consistency problem called a stabilization bias in forward-looking models. We analyze Chari and Kehoe's [1990. Sustainable plans. Journal of Political Economy 98, 783-802] sustainable equilibrium and examine optimal sustainable policy, i.e. a policymaker's strategy in the best sustainable equilibrium. This paper shows that such a policy becomes consistent with the optimal commitment policy in sufficiently later periods. It also shows that whether the optimal sustainable policy can attain the Ramsey equilibrium outcome depends on the magnitude of shocks hitting the model economy. Moreover, the paper finds a sustainable policy that attains higher social welfare than discretionary policy does.     

我国可持续发展道路的特殊性分析

坚持可持续发展之路已经成为当今世界人们的共识.作者认为,可持续发展是以环境资源为制约的经济发展,可持续发展的要求是经济发展到一定程度和阶段之后才出现的,具有明显的阶段性特征.与发达国家所走过的经济发展之路有所不同,中国现正处在工业化的初级阶段,一方面在一个相当长时间内必须以经济发展为第一要务;同时,必须坚持可持续的发展,走一条有别于西方发达国家的具有中国特色的可持续发展之路,这是中国作为一个发展中大国合理协调人与自然关系的必然选择.     

Sustainable finance and blockchain: A systematic review and research agenda

Sustainable finance and blockchain studies have garnered considerable interest recently. but there has been no systematic analysis of blockchain in sustainable finance to far. To fill this gap, based on the theme structure of blockchain research in the field of renewable finance from November 1, 2008 to January 31, 2022, this paper proposes a multi-level and all-round comprehensive bibliometric method (Co-occurrence Analysis method, Natural Language Processing method, and Exploratory Factor Analysis method) to comprehend the mode, process, and mechanism of the integration of them. The findings indicate that: (1) Blockchain has been widely used in many industries involved in sustainable finance; (2) Blockchain will have a long-term impact on Sustainable Finance in the fields of smart city and sharing economy; (3) Blockchain can be deeply integrated with other technologies to promote the diversified development of sustainable finance. Additionally, we highlight trends and research directions regarding blockchain in sustainable finance research.