Einzelbesprechungen

Ohne Zusammenfassung     

World economy out of the doldrums

After hopes of an international economic recovery had been repeatedly dashed during a slump period lasting almost three years, 1983 proved to be the long-awaited turnaround year for the world economy. In fact, the upswing came earlier and with greater momentum than had initially been forecast at the beginning of the year. This was particularly the case for the USA and—to a lesser extent—for several other major industrialised countries. Will this upward trend be sustained during 1984?     

会计师事务所的价值链与信息化建设

价值链分析与会计师事务所信息化定义价值链是现代管理理论的基础,是实施企业流程再造,提高管理水平的主要手段,是识别、培育企业竞争优势的战略性工具。从构建和分析会计师事务所价值链入手,是全面系统分析事务所信息化的内涵、目的和途径的有效着眼点。(一)企业价值链与会计师事务所价值链企业价值链有传统意义上的和现代意义上的两种理论。传统意义上的价值链理论认为,任何一个企业都是其产品在投入、生产、销售、服务等方面所进行的各项价值活动的集合体,产品价值和企业利润正是沿着价值链进行增值的。价值链的价值活动分为基本价值活动…     

On the relation between ownership structure and capital structure

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link between ownership structure and capital structure. Using an agency framework, it is argued that the distribution of equity ownership among corporate managers and external blockholders may have a significant relation with leverage. The empirical results provide support for a positive relation between external blockholders and leverage, and non-linear relation between the level of managerial share ownership and leverage. The results also suggest that the relation between external block ownership and leverage varies across the level of managerial share ownership. These results are consistent with active monitoring by blockholders, and the effects of convergence-of-interests and management entrenchment.     

International comparison of industrial development in the European context — the problems

Conclusion The index of production enables us to analyse current developments in the countries considered in the cyclical context, the information on real value added that is available for these branches of industry not being sufficiently up to date. In 1999, the division of labour within industry and between industry and the services sector changed, both nationally and in the international context. There was a rise in the nominal and the real ratios of intermediate input. Our conclusion is that, at least in some branches, the structural changes between 1995 and 1999 were of greater importance in Germany than in the other countries. In view of such structural changes the index of production cannot adequately reflect the dynamic of these branches in an international comparison. Different developments in the real ratios of intermediate input and divergent real developments in value added that are evident in the statistics are partly the result of the different methods of price deflation used in the countries and branches considered. The real value added gives a distorted picture of the development in output in these branches in the individual countries. The development in the index of production probably overstates the dynamic of German industry compared with industry in the other countries considered for the period on which this article is based, while understating the trend in value added. It follows from this that the indicators designed to measure output in economic sectors are not enough to give a realistic picture of the trend in output in branches of industry for international comparison. More information, e.g. the trends in employment and investment, also needs to be taken into account.     

中纺圆桌论坛纵论经纬前瞻未来

2005年12月21日，由中国纺织杂志与中纺投资发展有限公司共同发起、瑞士苏拉集团独家协办的中纺圆桌论坛正式启动。作为行业媒体，我们听过、看过也感受过了太多的论坛，一种报告式的论坛风让我们沉闷不已，陈旧的话题和观点，让我们在豪无收获之余而倍显尴尬，而这一次，在2005年岁末的这次中纺圆桌论坛，我们似乎呼吸到了一种别样新鲜空气。短短半天的时间，昆仑饭店三百余人的会场，也成了观点的集散地，有理有据有实，而且还有大胆的设想，让我们听到了太多的信息，也受到了太多的启发。正如中国纺织工业协会副会长兼《中国纺织》杂志社社长陈树津所说，集中探讨2006年宏观以及行业经济增长与相关的热点，这不仅是促进行业经济持续健康协调发展的需要，并且对各级政府和企业的决策也；肾起到积极的作用。论坛无非是一种服务，为纺织企业提供一种信息服务，从这个角度讲，所谓授人以鱼，不如授人以渔。按照这样的思路，中纺圆桌论坛又究竟告诉了企业什么？价值又有多大？对企业来说．可操作性又有多强？这，需要论坛信息的再现，让企业在揣摩中找到求渔之处。[编者按]