试探企业经营业绩评价指标的缺陷及其修正

经营业绩评价一般要分析三方面的内容：（1）盈利能力，（2）财务风险，（3）资产营运效率。由于企业经济活动的复杂性，使影响、揭示经营业绩的一些因素不能以货币的形式予以反映，因此企业经营业绩评价指标应包括财务性指标与非财务性指标，具体如下图所示：本文认为上述的经营业绩评价指标体系能够较好地满足处于信息时代的企业的需要，而我国目前企业经营业绩评价指标主要由财政部颁布的国有资本金绩效评价指标和上市公司财务分析指标组成，在企业管理和资本市场中已暴露出明显的不足。本文试对其缺陷进行探讨，并提出相应的修正。一、…     

企业财务评价指标的完善与补充

完善我国企业财务评价指标应遵循中国国情与国际惯例相结合、局部与整体评价相结合、企业效益与社会效益评价相结合、财务现状评价与企业长远发展相结合的原则。依据这些原因，应增设和补充资本保值增值率、社会贡献率、权益利润率、总资产利税率及财务状况综合指数等指标。     

浅议知识经济时代企业财务管理工作

随着知识经济的到来，传统财务管理的一些观念和内容也面临着严重的挑战。传统财务的基本要素是财务资本，财务管理是关于财务资本的运作，包括财务资本的取得，运用和资本收益的分配等。在知识经济时代，资本的概念发生了很大变化，     

企业生态文明建设能力财务评价指标的理论设计

大力推进生态文明建设,建设美丽中国,有必要将企业生态文明建设能力纳入财务考核范畴。本文针对目前国内外企业生态文明财务指标缺乏的现状,阐述了生态文明建设财务分析指标的理论依据和基本原则,提出了建立在财务学、生态学和期望理论基础上,反映生态文明建设能力的企业财务评价指标体系,以便为企业生态文明建设及其行为成效提供评价依据。     

财务灵活性—资本结构安排的新角度

财务灵活性（Financial Flexibility)是指公司动用闲置资金和剩余负债能力，应对可能发生或无法预见的紧急情况，以及把握未来投资机会的能力，是公司筹资对内外环境的反应能力、适应程度及调整的余地。长期债务融资与股权融资的比例构成了资本结构安排。与过度举债相伴随的财务危机成本及代理成本的增加，使债权人风险加大，从而使其在债务契约中加入诸多限制性条款，导致公司在投资、融资及股利分配等财务决策方面丧失部分灵性。而保持适度的财务灵活性，是灵活适应资本市场变动的必要条件；是合理运用财务杠杆收益的前提；是调整融资规模、融资结构的基础。本基于负债的“双刃剑”性质，以财务灵活性为切入点来探讨公司资本结构安排。     

建议建立“利润分配能力”财务评价指标

建议建立“利润分配能力”财务评价指标东北财经大学黄伟，补成勇我国《企业财务通则》中列有评价企业财务状况和经营成果的财务指标。其中也包括适用投资者需要的指标信息，如资本金利润率、营业收入利税率等。但对投资者来说，除了注重从被投资企业获得长期利益外，短时...     

论国有企业绩效评价体系的构建

企业绩效评价是企业财务管理的重要内容,是企业相关利益主体对企业的监管和对企业负责人的考核评价手段之一。现阶段我国国有企业应用的绩效评价体系。大多是财政部1999年颁发的《企业绩效评价体系》。这一评价体系所引入的非财务和新财务指标尽管得到了社会的较大认同,但是,在评价方法、财务指标的选择和评价规则等方面均仍存在着缺陷。应将财务运营能力分类进行聚类分析,增加如销售现金比率、盈余现金保障倍数、现金增加值等现金流量相关分析指标并将其独立作为一类验证指标;把社会贡献能力纳入考核范围,引入环境保护指数、逾期偿债率、提供就业能力等指标,并改进指标权重和计分方法。     

现代财务管理存在的问题及对策选择

一、现代财务管理面临的问题 （一）原有的产权理论及制度的缺陷 知识经济是建立在知识和信息的生产、分配和使用上的经济，它使传统的以厂房、机器、资本为主要内容的资源配置结构变为以知识资本为主的资源配置结构。事实上，现代企业实际上是财务资本与知识资本这种资本及所有权之间的协作关系，是利益相关者的产权合作。     

关于公立医院财务绩效评价体系的探索

公立医院作为我国医疗体系的重要组成部分,是当前医疗改革的重点对象。财务绩效评价是对医院业绩进行评价的重要指标,也是关系到医疗改革成败的一个重要方面,因此,在公立医院引入财务绩效评价体系非常有必要。本文对公立医院财务绩效评价体系进行了简要概述,并围绕公立医院财务绩效评价指标的设置展开详细论述,希望对提高我国公立医院综合管理水平有所裨益。     

从一个实例谈合资项目财务评价指标的计算

中外合资项目可行性研究报告的主要内容之一是用若干财务评价指标对该项目经济上的必要性和财务上的盈利性进行分析论证。这些指标一般均以现金流量表为基础,采用现值法(即动态法)进行计算。由于现值法计算比     

智力资本对企业价值贡献的有效性研究——基于中国上市公司的经验证据

以2007~2010年我国A股上市公司为样本,考察智力资本各组成要素对企业价值贡献的有效程度。研究结果表明,无论对传统技术行业还是高科技行业来说,物质资本和人力资本对企业价值的贡献程度最显著,结构资本基本不起作用;更进一步发现智力资本对企业价值创造的贡献大于物质资本。     

智力资本对上市商业银行绩效的影响--基于VAIC测算方法的实证研究

本文使用VAIC测算方法测算2013-2017年31家上市商业银行智力资本,使用静态面板模型和动态面板模型探究智力资本对商业银行绩效的长短期影响。研究发现,智力资本及其组成对商业银行绩效具有显著促进作用,其中结构资本效率的作用大于人力资本效率;智力资本对商业银行绩效的作用受银行的所有制结构影响;智力资本对商业银行绩效的作用具有持续性。结果带来的启示在于,商业银行应积极响应国家金融供给侧结构性改革政策,充分重视对智力资本资源的利用,不同所有制结构的商业银行对组织结构变革要有针对地实施不同措施。     

Corporate reporting of intellectual capital: Evidence from UK companies

This paper reports the results of an empirical investigation into the intellectual capital reporting practices of UK companies in four distinct sectors. It differs from prior intellectual capital reporting studies in that it analyses a wide range of corporate reports for their intellectual capital content. It finds major differences between the elements of intellectual capital reported in each sector studied. The study also finds that a range of different types of corporate reports were used for communicating intellectual capital information, and that the annual reports were not a good proxy for the proportion of disclosures across all corporate reports analysed in this study.     

Intellectual capital disclosures by South African companies: A longitudinal investigation

Most of the previous studies on intellectual capital disclosures have been conducted from developed countries' context. There is very limited empirical evidence in this area from the context of emerging economies in general and Africa in particular. This paper is one of the early attempts in this regard. The main purpose of this study is to examine the extent and nature of intellectual capital disclosures in ‘Top 20’ South African companies over a 5 years period (2002–2006). The study uses content analysis method to scrutinise the patterns of intellectual capital disclosures during the study period. The results show that intellectual capital disclosures in South Africa have increased over the 5 years study period with certain firms reporting considerably more than others. Out of the three broad categories of intellectual capital disclosures human capital appears to be the most popular category. This finding stands in sharp contrast to the previous studies in this area where external capital was found to be most popular category.     

Intellectual property rights reform and the cost of corporate debt

This paper investigates the role of intellectual property rights (IPR) protection on the cost of bank loans for firms in 48 countries. Using substantial reforms of patent rights as a source of identifying variation, the paper provides strong evidence that borrowers from countries that underwent IPR reform experience significant reductions in the cost of bank debt. Importantly, the effects of IPR reform on loan rates are significantly larger in industries that are more IP-intensive. Additional analysis shows that in the wake of reforms borrowers obtain larger size loans, which indicates that improvements in IPR are associated with greater credit availability. IPR reform also increases foreign lenders participation in loan syndicates. Overall, these findings suggest that legal protection afforded to intellectual property has a significant impact on the cost of corporate borrowing and the ability of innovative firms to raise debt capital.     

Civil war, stock return, and intellectual capital disclosure in Sri Lanka

This study examines the effect of current-period intellectual capital disclosure on earnings and current annual stock return during a civil-war period. Using the top 30 firms by market capitalization listed on Colombo Stock Exchange over six years (from 1998 to 2003), this study finds that firms do not include the current-period intellectual capital disclosure in the current stock return, and the increase in the current-period intellectual capital disclosure activity has no influence on earnings included in the current stock return. Future accounting-based earnings, if stated in the current period, by contrast are included in the current stock return. The findings provide insights into the intellectual capital disclosure practice and its influence on stock return in a civil-war environment.     

Determinants of intellectual capital disclosure in prospectuses of initial public offerings

Intellectual capital is recognised as the new economic era’s pivotal factor underlying value creation. Deficient and inconsistent intellectual capital reporting is escalating information asymmetry between informed and uninformed investors. This provides fertile ground for informed investors to extract higher abnormal returns and higher wealth transfers from uninformed investors, particularly during a firm’s initial public offering (IPO). This study investigates the association between intellectual capital disclosure levels in prospectuses of 444 IPOs listing on the Singapore Stock Exchange between 1997 and 2006, and three potential explanatory determinants: (1) ownership retention; (2) proprietary costs; and (3) corporate governance structure. Statistical analysis supports our conjecture of a positive association between intellectual capital disclosure and ownership retention. We also find, consistent with expectations, a negative influence of proprietary costs on the positive intellectual capital disclosure – ownership retention association. However, contrary to predictions, we do not find an IPO’s corporate governance structure significantly influences the negative interaction of proprietary costs on the ownership retention – proprietary cost association. Our findings have implications for various parties such as regulators who may impose unnecessary costs on issuers if they introduce mandatory disclosures whilst lacking an understanding of the factors influencing intellectual capital disclosures.     

A macroeconomic approach to corporate capital structure

The cross-sectional distribution of corporate capital structure and its macroeconomic implications are underexplored research areas. This paper embeds a dynamic trade-off theory of firm financing into a general equilibrium model with firm dynamics. I find that the stationary equilibrium replicates fairly well the distribution of leverage as well as the relationship between leverage, size and profitability. The counterfactual experiment points out relatively small effects of tax benefits on corporate capital structure. It also implies that the effects of the default cost on macroeconomic variables are almost negligible under endogenous capital structure choice.     

智力资本信息披露困境评析

本文依据“资源基础论”阐述智力资本与企业持续竞争位势之间的关系,指出智力资本信息披露对企业外部利益相关者的重要性,分析目前智力资本信息披露的困境,并从产权制度、会计模式、产品市场竞争、信息披露政治动机、智力资本理论发展等多个角度剖析智力资本信息披露困境的根源,提出促进智力资本信息披露的几点建议。     

知识产权保护对我国全要素生产率的影响研究

通过构建包含执法力度的知识产权保护区际度量指标,将全要素生产率分解为技术进步与技术效率,运用2000～2010年我国的时间序列及省际面板数据,考察了知识产权保护对全要素生产率及其不同方面的影响效应。实证结果表明:知识产权保护对于全要素生产率尤其是技术效率部分,具有一定程度的促进作用;人力资本、贸易开放、FDI是推动我国全要素生产率提升的重要要素。