货币政策应对流动性过剩有效性研究:日本的经验

本文通过对日本流动性过剩与货币政策之间的关系进行实证研究,发现货币政策在应对流动性过剩的问题上缺乏足够的有效性,货币政策能够在一定程度上调节流动性,但宽松的货币政策容易制造过剩流动性而紧缩的货币政策却难以吸收过剩流动性,根除流动性过剩仅靠货币政策是不够的,需要进行产业和金融制度的升级和改革。     

我国融资融券立易模式的制度选择分析

尽管国内各项法规已经针对融资融券业务制定了诸多细则,但具有决定意义的融资融券交易模式并未明确。本文着重分析了当前国际市场上的几种主流交易模式的操作方法,并进行了详细的对比。结合中国已有的业务细则,认为设立统一证券金融公司,能够最大程度控制风险的"单轨制专业化"模式将是中国证券市场的合理选择。     

金融危机“共性”再思考

亚洲金融危机和美国次贷危机的共性是：经济增长模式过分依赖外部要素。美国政府为挽救金融机构付出巨额资金,实际上是违背了市场经济的最基本原则,也体现了美国自身利益高于“自由市场经济原则”。对于中国来说,金融创新与金融监管要并进,并保护好实体经济的企业。     

国外转让定价税制发展研究

本文将国外转让定价税制的发展过程归结为早期和近期两个发展时期,并对这两个时期转让定价税制发展变化的历史背景、各个时期发展的特点和发展要点做了简要阐述。     

加强评估准则建设 服务市场经济发展

一、完善的评估准则对规范行业行为,服务市场经济具有重要的意义 市场经济是法制经济,也是规则经济,市场经济正常运转离不开规则。经过近30年以市场经济为导向的改革,我国的经济运行体系发生了深刻的变化。目前,我国市场经济体制已初步建立,经济改革已步入新的时期,改革的重心由创建市场经济体制转向健全和完善市场体系,各行各业建立和完善了许多新的规则,这些规则已经渗入社会经济生活的各个层面,对社会经济产生了深刻影响。     

基于产权行为研究的人本资本会计模式构造

随着经济形态从工业经济到知识经济的转变,知识、技术、管理等在不同资本中相互滲透,使企业资本呈现出一种泛化的趋势,从传统财务会计中的单元资本转变组合资本,而知识、技术、管理等必须由人主宰和运用,突出以人为本的思想。所以,新经济时代的人本资本会计应为组合资本所有者提供其多元产权价值实现和保障情况的共性化的信息。     

车站列车进路语音提示与报警系统

车站办理列车进路时，由于微机监测系统无法将某些影响因素考虑到进路安排中，人工考虑难以避免错漏情况。为此基于SST89单片机和ISD4003语音芯片技术，研制了列车进路办理语音提示与报警系统，采用隔离的RS422接口与TDCS通信，自动从列车调度指挥系统获得拟定进路信息，对进路上的各区段进行核查，并以屏幕提示和语音报警的形式提醒调度人员注意确认，从而提高车站列车进路办理的安全性。     

UI设计规范化研究

UI设计是一种结合计算机科学、美学、心理学、行为学及商业领域需求分析的人机系统工程,强调人———机———环境三者作为一个系统进行总体设计。在人和机器的互动过程中,需要通过界面这一平台实现人和机器的互动交流。从心理学意义上分析,界面可分为感觉(视觉、触觉、听觉等)和情感两个层次,它涉及到整个软件开发过程。本文对UI设计开发过程中的主要问题进行深入研究,提出了关怀用户和艺术创造的理念,阐述了UI在现代设计中的重要作用及意义。     

Institutional effects on information content of US and French management earnings forecasts: Evidence from market reactions and analyst revisions

The United States and France are both most developed economies in the world. Their socio-economic institutions, however, are very different. These differences are indications of their dichotomous legal regimes: common law in the US versus code law in France. The political influence of these legal regimes, in turn, leads to a dichotomized classification of accounting systems: the British-American Model and the French Continental Model. This study extends these institutional effects into the field of management earnings forecast. We find that earnings forecasts by French firms are less informative than those made by US firms matched-up by industry and firm size. We also compare US and French financial analysts' revisions of their forecasts following the management forecasts. We find that revisions by French analysts are more influenced by management forecasts. Our findings are consistent with prior studies that argue that information asymmetry in code-law countries is largely resolved through private information channels, rendering less information content in management announcements and less demand and incentives for original research by financial analysts.     

Firm diversification and earnings management: evidence from seasoned equity offerings

Popular press suggests that diversified firms are more aggressive in managing earnings than non-diversified firms. We examine this claim in the seasoned equity offering (SEO) setting, where firms have been shown to have the incentive to manage earnings upwards. Using the cross-sectional modified Jones [(1991) J Accounting Res 29:193–228] model to measure discretionary current accruals, we find that discretionary current accruals are higher among diversified firms than in non-diversified ones. Our evidence is consistent with the view that the extent of firm diversification is directly related to the degree of earnings management. We further show that diversified issuers with high discretionary accruals underperformed other SEO firms.