崛起的CFO——CFO，加油！GO

经济越发展,会计越重要。资本市场越是快速成长,越是刺激与促进了中国本土CFO的快速崛起;出于企业战略与资本的需要,作为CEO的战略合作伙伴与资本运作操盘手的CFO,也由默默无闻的后台账房先生,快速奔向了战略、上市、融资、并购与重组的前台,扮演着日益重要的角色,     

资产重估下的价值创造2007 CHINA TOP CFO

2008年3月28日,北京世纪金源大酒店。由《首席财务官》杂志社举办的"CFO价值创造论坛暨2007年中国杰出CFO评选颁奖典礼"如期召开。在"资产重估下的价值创造"的评选主题下,当10位来自内地、香港和美国等不同资本市场的本土CFO捧起"2007年中国杰出CFO"的奖杯之际,置身于全面金融开放的大背景之中,"价值创造"已经毫无悬念地成为这个快速崛起的企业高管阶层当仁不让的主要职责。而在颁奖典礼之前进行的"CFO价值创造圆桌论坛"上,由于有10余位重量级CFO的倾力参与,使得台下40余家上市公司CFO和80余家集团公司CFO专注倾听,鲜见有人离去。为了让国内CFO读者们更直观地分享论坛中的精彩观点,《首席财务官》杂志特别摘编了本次论坛演讲嘉宾的重要发言。同时,本刊特别制作了针对"2007年中国杰出CFO评选"的"封面人物专辑",我们相信,细心品读这一专属于全体本土CFO阶层光辉瞬间,也将是一次最好的业务交流机会。本土企业在全球工商业界的真正崛起注定无法离开资本的强大推力,当然也离不开资本推力后面那只至关重要的点金手指——用专业和诚信打造而成的杰出CFO们。     

2010年度十大杰出CFO

2010年是国内经济摆脱全球金融危机的影响而重新回到上升通道的关键一年。大批优秀的CFO抓住海内外资本市场回暖的时间窗口,纷纷进行IPO、兼并重组、整体上市等等,极大地提升了企业资本充足率,并趁全球资产价格偏低之际开始加快走向跨国运营的步伐,同时积极地抓住国内经济结构调整的有利时机,加快在金融、快速消费品、绿色能源、先进装备制造业等领域的战略布局,牢牢占据先发位置。作为《首席财务官》杂志创刊以来的一项传统品牌活动,我们以"结构转型机遇下的资本扩张与持续变革"为评选主题,对过去一年中在这一主题下做出优异表现的本土CFO进行了全方位的评估,遴选出第六届中国10大杰出CFO。从社会学的角度来看,任何一个阶层的崛起,均是由其代表性人物来推动的,从这个意义来说,我们累积评选出的60位杰出CFO,以及未来将不断推出的杰出CFO,将引领中国企业在全面资本化的浪潮中走得更远。     

经济低迷中的财资策略——2009中国CFO年会特别报道

2009年7月10日，《首席财务官》杂志社成功地在北京华彬庄园国际会议中心举办了主题为“经济低迷中的财资策略”的2009中国CFO年会。百余名国内大型企业的CFO和众多财务和资本领域的顶级专家共聚一堂，力图廓清经济低迷时期的财资迷雾，为本土CFO们带领企业快速复苏寻找全新的路径。本刊编辑部特此辑录了重要嘉宾的发言精华，以飨众多未能亲赴会场交流的本土CFO们。     

另类“纸醉金迷”

晨鸣纸业的发展历程就是一个规模扩张与资本募集相伴生的过程,而身为资本操盘手的CFO余世勇为这家本土最大的纸业龙头的快速崛起提供了强劲的资本推力。“造纸本身是中国的四大发明之一,想想看,张茵从‘废纸回收’起家现在成为‘大陆首富’,那么像晨鸣这样真正的纸业龙头一定会有不可估量的发展前景。”在被问及横空出世的“CCTV2006年度中国经济人物”之一的玖龙纸业董事长张茵的时候,山东晨鸣纸业集团股份有限公司(以下简称晨鸣纸业)CFO余世勇操着稍显浓重的西北口音对《首席财务官》杂志记者表示道。     

沈潇同：危机下的非常道

越是处于爆发成长阶段的企业，CFO的综合能力越能得到充分的发挥，价值也越能得到彰显。中国制造业哀鸿遍野之时，中国比克电池却逆势上涨，CFO沈潇同危机下的非常道功不可没。     

《首席财务官》“2010中国CFO生存状况”调查问卷

自《首席财务官》在2005年9月进行了开创性的“中国CFO生存状况调查”以来，国内资本市场已经发生了翻天覆地的变化，机构投资者渐成主流，上市公司与投资者之间的良性沟通互动已呈不可逆转之势。同时，本土企业海外并购、风险投资遍地开花以及本土商业银行的企业金融创新也不断加速。而相应地，本土CFO工作的外部法律法规环境也正在得到前所未有的净化。可以肯定的是，本土CFO的角色与地位正在发生历史性的转折。     

CEO与CFO的六大关系

经十届全国人大常委会第十八次会议表决通过的《公司法》已于2006年1月1日起施行,从财务管理的角度来看,新《公司法》在规范公司对外担保行为、规范公司对外投资行为、强化对公司董事、监事、高级管理人员的监管和确立公司财务法定审计制度等方面加强了制度保障,从外部相对改善了本土CFO在公司内的职业生态环境。组织行为学的相关研究表明,公司高层管理团队之间的关系更像是一个配合默契的乐队,在追求股东价值最大化的主旋律下各自扮演着形色各异的角色。本刊曾经在《2005中国CFO生存状况调查报告》中提出,本土CFO阶层的全面崛起需要“反求诸法”和“反求诸己”两大要素。前者充分显示了硬性的契约精神对CFO职责顺利履行的重要性,而后者则需要大量软性的、非制度化的智慧和努力才能实现。为此,本刊于2006年新年伊始,选择了“CEO与CFO的关系”作为调查和研究的重要方向,面向200位国内上市公司和部分成长型企业的CFO发放了调查问卷,最终回收有效问卷96份。经过统计分析之后,我们形成了国内第一份全面分析CEO与CFO之间关系的研究报告,系统梳理了本土CEO与CFO之间大到公司治理层面、小到私人关系之间的关系总谱,力图寻找CEO与CFO之间的关系平衡点,为众多本土CFO的职业生涯寻求“知彼解己”的成功之道。     

前转型时期的价值重塑——2011'中国CFO年会报道

十二五规划之下,国家进一步明确了经济转型战略,坚定了转型决心。这两年转型已渐成为国内宏观经济领域和微观经济领域均炙手可热的流行语,但是社会各界对转型本身的门道却往往探讨不足。从宏观经济领域看,高能耗、高资本投入、高社会差异(贫富差异、东西差异、所有制差异等等)是过去30年来的重要经济特征;从微观经济领域看,低管理精细度、低持续发展能力、低资本社会化程度,是本土企业普遍存在的问题。当然少数杰出的企业,已经开始全面突破上述瓶颈。这三高三低的局面,就是我们面临的转型压力。对于微观经济领域而言,财务体系的精益化管理和资本运营的日益专业化,已经成为本土CFO价值创造的主要方向。为此,《首席财务官》杂志于8月19日在上海朗廷杨子精品酒店举办了主题为前转型时期的价值创造的2011’中国CFO年会,同时作为第四届中国CFO年会首次从北京移师在中国经济版图中三分天下的长三角经济带举办。本届年会共有超过120名来自全国各地的大型企业的CFO共聚一堂,会同专家学者们一同讨论如何在大幕拉起的前转型时期且身处高通胀、强紧缩的外部环境下,推动中国企业开创高盈利能力、高持续发展、高社会和谐度的全新局面。本刊特别摘录了现场嘉宾的部分发言内容...     

道富银行：探索中前行

随着中国资本市场的成熟,CFO的主要职责将是站在战略的高度为企业统筹资本运作,要做到这一点,CFO不仅要懂得资金的来龙去脉,懂得如何与银行打交道,而且知晓了解银行的运作模式与规律;如果企业要上市CFO还要与投资银行沟通、了解资本市场,这些非常专业的领域考验着CFO的智慧。     

Further evidence of the relationship between accruals and future cash flows

Focusing only on operating accruals in accrual‐based studies results in a loss of information and noisy measures of both accrual and cash flow components of earnings. Thus, we examine the relative importance of working capital accruals, non‐current operating accruals, and financing accruals with regard to future cash flows from operations (CFO). Using Australian data, we provide evidence that both working capital and non‐current operating accruals are important for explaining future CFO but that the contribution of financing accruals is not significant. Moreover, the asset component of accruals plays a more important role in explaining future CFO than the liability component.     

The effect of client gender and negotiation style on auditors' proposed audit adjustments

This study examines whether client gender affects the efficacy of two common negotiation strategies used by management when disputing a proposed audit adjustment. Eighty-two experienced auditors participated in an experiment in which CFO gender (female or male) and negotiation style (concessionary or contentious) were manipulated randomly between subjects. The results provide evidence of a gender-by-negotiation strategy interaction. Specifically, auditors are less likely to propose an audit adjustment for a male CFO who uses a contentious negotiation strategy as compared to the concessionary strategy. Conversely, auditors are more likely to propose an audit adjustment for a female CFO who uses a contentious negotiation strategy as compared to a male CFO who uses this same strategy. These findings indicate that the use of pressure-related tactics in negotiation is beneficial for male CFOs, but that female CFOs are penalized (as compared to male CFOs) for using contentious tactics.     

资本的年代——2011年度中国CFO春季高峰论坛特别报道

近代史大师、英国剑桥大学著名史学家艾瑞克?霍布斯鲍姆以其蜚声全球的《十九世纪三部曲》(《革命的年代》、《资本的年代》和《极端的年代》),描绘了一幅"漫长的19世纪"(大约1776～1914年)里横空出世的资本主义如何对世界格局的深刻影响和重新塑造的波澜壮阔的史诗画卷。     

新浪的资本连环套

过去的一年中,新浪一系列令人眼花缭乱的资本运作赚足了业界的眼球。继推出＂毒丸＂计划成功阻击盛大袭击之后,在资本市场上沉寂了三年多的新浪终于再次出手。2008年12月22日新浪宣布,将合并分众旗下的户外数字广告业务,包括楼宇电视、框架广告以及卖场广告等业务相关的资产。而分众传媒将保留其互联网广告业务、影院广告业务以及传统户外广告牌业务。     

The quality of street cash flow from operations

We provide empirical evidence on the quality of street cash flow from operations (CFO) as an alternative financial performance summary measure. We focus our investigation on the quality of the items analysts exclude in their determination of street CFO. Based on a sample of 8,518 firm-year observations over the 1993–2008 period, we find that the street CFO number is generally higher than the GAAP CFO number, indicating that analysts typically make CFO-increasing exclusions. Our inspection of hand-collected analyst reports reveals that, while some analysts make sophisticated exclusions of transitory cash items, many others ignore working capital and other accruals when adjusting forecasted earnings to arrive at their street CFO forecasts. We find that street CFO exclusions are negatively associated with future operating earnings, suggesting that these exclusions are not fully transitory or unimportant in forecasting future performance. Our results also indicate that street CFO exclusions are less transitory than the implicit accrual component of analysts’ street earnings exclusions. These results suggest that the average quality of analysts’ street CFO exclusions is quite low and that it is even lower than the quality of their implied accrual exclusions. Moreover, we find that investors perceive analysts’ CFO exclusions to be of such low quality to render street CFO measures less informative than GAAP CFO figures. Finally, we find that analyst conflicts of interest and (to some extent) the greater inherent volatility of firms’ CFO series contribute to the low-quality nature of analysts’ street CFO exclusions.     

Determinants of capital budgeting methods and hurdle rates in Nordic firms

We study the determinants for the choice of capital budgeting methods and the setting of hurdle rates (WACCs) in five Nordic countries. Combining survey data with a rich set of determinants, including ownership data, CFO characteristics, and financial data, we find that the use of the Net Present Value method and the sophistication of the capital budgeting are related to firm characteristics, variables proxying for real option features in investments and CFO characteristics (age and education). We also find support for significantly higher hurdle rates than motivated by economic theory. The premium is weakly positively related to managerial short‐term pressure and strongly negatively related to the sophistication level of the firm’s capital budgeting.     

The influence of auditor narcissism and moral disengagement on risk assessments of a narcissistic client CFO

Global capital markets rely heavily on independent and skeptical auditors as gatekeepers to provide assurance that corporate financial reports are free of material fraud. The rise of narcissism among the ranks of both client and audit professionals challenge this gatekeeper function. In addition, auditor moral disengagement may undermine auditor skepticism, further eroding public confidence in the integrity of financial reporting and the audit process. We conduct a quasi-experiment with 118 auditors from three international audit firms. In a simulated interview with a client CFO, we examine whether auditors underestimate risks of fraudulent financial statements due to the interactive effects of (1) client narcissism (manipulated verbally and nonverbally) and (2) auditor narcissism. We also examine the influence of auditor moral disengagement on client risk assessments. Results indicate that CFO verbal and nonverbal narcissism significantly influenced auditors’ assessment of management-related client risk. Moreover, auditor narcissism was found to interactively influence client risk inferences such that auditors higher in narcissism exhibited narcissistic tolerance (lower risk assessments) when the hypothetical CFO displayed high verbal narcissism. Auditor moral disengagement was negatively associated with client risk assessments. We discuss the implication of these findings on future audit judgment research, audit firm policy and training on maintaining auditor skepticism, and the audit oversight role of standard-setters.     

1.0版上市公司的进化

虽然这些1.0版上市公司大多因中国资本市场特殊的制度红利而难以退市,但经过20年的荡涤只留下了两条继续前行的道路,一条路是不断地更换大股东直至寻找到适合的发展方向,另一条路是坚持自我发展,努力跟上时代的发展和市场的变迁。前者的著名代表为几经换手的延中实业(现方正科技),后者的著名代表则毫无疑问非深发展和万科莫属。前事不忘后事之师。在2010年全年新增347家上市公司的背景下,回溯1.0版上市公司艰难腾挪与凤凰涅磐之路,对于那些密如江中之鲫的拟上市公司而言,无疑是一个并不过时的长鸣警钟。     

Operating cash flow asymmetric timeliness in Australia

Operating cash flow (CFO) asymmetric timeliness occurs when CFO reflects bad news more quickly than good news. We examine the presence and determinants of CFO asymmetric timeliness in Australia, where substantial differences in reporting requirements of cash flow components, in characteristics of listed companies and in the degree of conservative financial reporting produce contrasting findings to those in the United States. We find supportive evidence for the novel ‘sticky cost behaviour’ explanation and also the product-pricing strategy, but not the life cycle hypothesis. These findings are useful for investors and analysts concerned with forecasting the future values of companies.     

2010钱与钱寻

根据《首席财务官》数周来对作为资金供需求双方的金融机构和企业界的调查显示,绝大多数受访者都表示,变数将是2010年的关键词。作为本刊的传统,《首席财务官》杂志照例在新年开年之际广泛采访了CFO、商业银行、资本市场权威研究机构以及第三方专业咨询机构,就年内资金供求态势进行了深入调研,力图对钱与钱寻2010(资金供求态势)的趋势性变化进行深入分析和前瞻性的预测,以供广大本土CFO参考。