MEASURING THE MEANING OF FINANCIAL STATEMENT TERMINOLOGY: A PSYCHOLINGUISTICS APPROACH

Measuring the meaning of communication between and among producers (certified public accountants, academic accountants, and private accountants) and users (chartered financial analysts, commercial bank loan officers, and shareholders) of financial statements is the purpose of this study. Two psycholinguistic techniques, classification analysis and association analysis, were used in a field experiment to measure the intergroup and intragroup transference of denotative (objective) and connotative (subjective) meaning, respectively. The study concluded that we are somewhere in between the “worst” and the “best” on a communication continuum. The evidence indicated only one communication problem — a problem involving the transfer of connotative (subjective) meaning on an intergroup basis, that is, between producers and users.     

金融抑制对产出结构高级化影响的实证分析

现代经济增长是一种以产业结构变动为特征的经济增长模式,产业结构的演进一般遵循主导产业从低加工度、低附加值、低技术含量的劳动密集型产业逐步向高加工度、高附加值、高技术含量的资金与知识密集型产业不断升级更迭的规律.就其实质而言,产业间优势地位的变动更替体现了资源配置格局的变化,产业结构的高级化则反映了资源从效益相对低的部门或状态向较高部门或状态转移的结果.动态地看,资金的运用结构决定了产出结构的变化;而某一时刻的产出结构反映的是资金的分布状态.本文从资金形成机制、资金导向机制和信用催化机制三个维度分析了金融抑制对我国产出结构高级化金融机制的影响.     

金融全球化矛盾对我国金融结构战略性调整的影响

金融全球化矛盾是指金融全球化本身及其所引起的一系列矛盾的组合,是经济金融化在经济全球化下的必然发展趋势.面对加入WTO后外资金融机构大量进入对我国民族金融业的冲击以及对金融结构战略性调整的影响,我们应当牢牢掌握金融发展的主动权,建立起一个自由、开放、安全、高效的金融服务体系;强化中央银行的独立性,实施分业监管与合并监管相结合的金融监管制度;加快体制创新和科技创新,积极稳妥地推进银行体系重组和国有银行股份制改造,建立现代商业银行制度;积极开展国际金融合作,加强与各类金融机构的国际性政策协调;加快我国金融信息化和科技化建设,提升民族金融业的产业竞争力.     

THE EFFECT OF AUDITOR INVOLVEMENT ON THE PREDICTIVE CAPACITY OF INTERIM FINANCIAL INFORMATION

Considerable controversy has arisen over auditor involvement with interim financial statements. The Securities and Exchange Commission (SEC) has taken an aggressive stance towards the advocacy of auditor involvement. The Commission cited anticipated improvements in the predictive capacity of interim data as justification for such advocacy. This study found evidence contrary to the expectations of the SEC. Earnings per share forecast errors generated through naive predictor models did not differ significantly when auditor involvement was introduced as in input segregation criterih. Accordingly, the data suggest that auditor involvement does not affect the predictive content of interim statements. In view of the finding of the study the author recommends a reassessment of the cost/benefit structure associated with auditor involvement in interim financial statements.     

THE INFORMATION CONTENT OF INFLATION-ADJUSTED FINANCIAL STATEMENTS

This paper seeks to examine whether current cost accounting information provides additional useful information to users of accounts by examining the impact of such information on stockmarket activity. The statistical tests compare the share price movement of companies reporting current cost informa- tion with a control group of matched companies reporting only historic cost information. Wherever possible allowance is made for the impact of other information released at the same time as accounting information. The results seem to indicate that the release of current cost information had no traceable effects on the share market prices of the companies concerned.     

THE EFFECTS OF FORMAT ON THE EXTRACTION OF INFORMATION FROM ACCOUNTING STATEMENTS

The major objective of this research was to study the effects of three dimensions of accounting statement format on the ability of users to extract information from these statements. The three dimensions of format studied were: (1) account v report P & L statement format, (2) account v report Balance Sheet format, and (3) construction signalling. A fourth independent variable studied was learning trials. Results show that (1) the report P & L statement format produces higher extraction performance than the account format, (2) higher construction signalling results in higher extraction performance, and (3) as learning trials increase, extraction performance also increases, but at a decreasing rate. Balance Sheet format does not result in a significant main effect. However, when learning is low, and the P & L format is report, the report Balance Sheet results in higher extraction performance than the account Balance Sheet.     

未来五年经济金融发展趋势及对我行的影响分析

从2001～2005年,我国经济发展将进入第10个"五年计划"时期.根据国家"十五"计划以及中国人民银行"十五"金融工作规划的进展情况,我行结合自身的实际,开始规划和制订中国工商银行的"十五"规划."十五"规划要立足于21世纪初期我国经济金融的基本格局和演进趋势,把工商银行的改革和发展置于我国宏观经济金融的大背景下来进行.有鉴于此,本文首先结合21世纪初期的国际经济环境对未来五年我国经济发展的基本趋势进行判断;然后,结合国际金融发展进程对未来五年我国金融发展的基本趋势进行判断;最后,在此基础上,初步分析宏观经济金融发展趋势对我行可能带来的影响.     

第四产业:金融的产业新定位

随着全球金融业爆炸式发展的不断深化 ,如果再沿袭传统的产业划分标准──把金融业归于第三产业之中 ,已显得不合时宜 ,不能准确地概括金融业在国民经济发展中的作用和地位。因此 ,有必要从产业划分的角度对当前金融业在国民经济中的地位加以重新确定 ,使“金融是现代经济的核心”之地位凸显出来。本文拟结合金融产业发展的历史沿革 ,对其形成、发展及中国金融业现状进行分析 ,最终得出金融业应从第三产业中脱离出来 ,成为独立的“第四产业”的结论。