A LONGITUDINAL SURVEY ON CAPITAL BUDGETING PRACTICES

This paper reports the findings of a longitudinal study of capital budgeting practices within 100 large UK companies between 1975 and 1992. Such an approach enables a more meaningful comparison of changes in investment practices over time and helps to clarify the confusing picture built up from comparison of prior surveys with different research designs and often low response rates.     

CAPITAL INVESTMENT APPRAISAL TECHNIQUES: A SURVEY OF CURRENT USAGE

This paper seeks to show that organisational change, fuelled by the expansion of information technology, may have contributed to the erosion of the previously established relationship between company size and the quantitative investment appraisal criteria selected. It finds that companies are using more methods together, that usage of the more sophisticated discounted cash flow techniques is higher, and that usage of the less theoretically sound accounting rate of return technique is lower, than previous studies would have suggested for companies of the size involved. It suggests that the size/method selection relationship may only be identifiable when the companies involved are all part of one study, or the studies compared are contemporaneous.     

基于SD法的苏南地区仿古街区开发现状调查与评价

近年来,仿古街区逐渐受到人们关注,成为城市发展文化旅游中可以依托的一部分.文章将苏南地区仿古街区作为研究对象,通过SD法定性与定量地研究人们对仿古街区的主观印象,通过因子分析提取出美学、环境、氛围三大评价维度.通过分析受访者对苏南地区的多条仿古街,从单一评价因子到整体维度评价,进行了对比分析与归纳,得出了苏南地区仿古街区的整体现状及差异背后的影响因素.最后结合数据分析出这一地区的情况与特点,并提出了仿古街区的建设建议与未来展望.     

BUDGETING PRACTICES IN LOCAL GOVERNMENTS OF ENGLAND AND WALES

Results of two surveys (1983/1988) of local authorities' budgeting practices for strategic planning, budget preparation, and budgetary control are presented and contrasted. Findings show both improved practices and areas needing improvement. The budgetary process remains dominated by reporting requirements that disclose the budgetary compliance position rather than control the economy, efficiency, and effectiveness of operations. Shortcomings include limited use of mid- to long-term financial planning, inadequate profiling in control statements, general failure to distinguish between controllable and non-controllable items, and general disregard of non-financial output measures.     

MEASURING LIMITS OF ARBITRAGE IN FIXED‐INCOME MARKETS

An emerging literature relies on an index of limits of arbitrage in fixed‐income markets. We analyze the benefits of an index that is model‐free, robust, and intuitive. This new index strengthens the evidence that limits of arbitrage proxy for risks priced in the cross‐section of returns. Trading simulations show that the new index improves identification of limits of arbitrage because it bypasses a noisy estimation step. Relative value indices in the United States, United Kingdom, Japan, Germany, Italy, France, Switzerland, and Canada exhibit strong commonality and high correlations with local volatility and funding conditions. The indices are updated regularly and available publicly.     

关于省会城市行集约化经营的思考与实践

在市场经济条件下,转变城市行的经营机制,将城市行改造成为业务调控中心、信贷经营中心、风险控制中心和成本核算中心,对于一个经济欠发达地区的省会城市行具有重要的现实意义.本文阐述了甘肃省分行如何根据市场变化和客户需要进行经营管理创新,走出了一条具有本行特色的经营管理道路.实现省会城市行的集约化经营,就是改变工商银行在计划经济体制下形成的"三级管理、一级经营"的运作方式,将省会城市行由管理型转变为经营管理型,实现集约化经营.因此,本文认为,按照城市行改革的基本要求,坚定不移地走质量效益型的现代商业银行发展之路,是省分行营业部改革和发展的必由之路.     

构建云南区域性金融中心——访全国人大代表、工行云南省分行行长许海

金融是现代经济的核心,而金融中心则会为区域经济发展提供源源不断的强大动力。因此构建区域金融中心成为城市化进程乃至区域化发展的重要议题。     

关于我国银行业建立存款保险制度的探讨

我国商业银行建立存款保险制度势在必行.实施存款保险制度,宜制定相关法律,正确确立存款保险制度的目标和组织形式,从严规定存款保险资格的标准,保险费率应遵循与商业保险费率相同的原则.存款保险制度的标的范围和保险限额,应分阶段确定.存款保险制度的资金来源宜多渠道筹集,资金运用应类似于一般商业保险公司.对问题存款保险机构的处理,应在保护存款人利益,进而保持市场稳定的前提下,防止风险进一步传导和扩散.同时,在我国建立存款保险制度还需要解决金融机构市场运行机制、金融机构经营状况、存款保险机构与中央银行的关系,以及实行差别费率所带来的实际困难等众多现实问题.     

在利率市场化条件下构建商业银行的利率风险防范机制

利率风险是由于利率随市场规律波动而引起银行收益的变动。按照风险形成的原因 ,利率风险可以划分为缺口风险、基差风险、期权风险和贴水风险。利率市场化是我国金融管理体制的重大改革 ,它将推动商业银行加强集约化经营 ,加强成本核算 ,补充资本金 ,提高抗御风险的能力 ,为业务创新提供条件和动力。建立我国商业银行的利率风险防范机制要参照《巴塞尔协议》的有关原则 ,借鉴国际商业银行的成功经验 ,建立先进的利率信息系统、高效的利率管理机制和科学的利率风险管理模式 ,并要加快商业银行改革 ;管理利率风险的根本途径是发展金融工程 ,为此 ,商业银行应及早制订金融工程发展战略。     

INTERIM REPORTING PRACTICES BY COMPANIES IN BAHRAIN: PREPARATION OF INTERIM ACCOUNTS AND EARLY ADOPTION OF IAS 34

This study examines the preparation of interim accounts and adoption of International Accounting Standard 34 (IAS 34) by companies in Bahrain. Data was gathered through questionnaires returned from 31 companies listed on the Bahrain Stock Exchange (BSE). It was found that although 87.6% of the sample did prepare interim reports, only 65.5% have adopted IAS 34. Four hypotheses were tested to determine the factors influencing the early adoption of IAS 34. A discriminant analysis model was employed and three variables namely, size, profitability and leverage were found significant as the most discriminating variables between the early adopters and non-adopters. The predictive power of the model was found to be more than 80%. Companies prepare interim reports for a variety of purposes including management control and listing requirements.     

CURRENT ISSUES IN EXTERNAL ACCOUNTING OF PUBLIC AUTHORITIES AND PUBLIC ENTERPRISES IN WEST GERMANY

The performance of private enterprises (profit/loss) can only be judged by the results of executed plans. As no single measure of performance can be computed for public authorities, decisions on the budget are central to their activities. Budget disclosure is crucial, whereas the public monitoring of its execution is peripheral. Depreciation charges in the public sector do not represent the same kind of loss of value as in the private one, and the meaning of the item equity is different, too. The sectoral accounting of the Bundesbahn is set up according to the criteria 'range of production' and 'responsibility' as opposed to the traditional divisional accounting of public enterprises. This leads to a fictitious profit in the so called commercial sector of the Bundesbahn.