"下道工序就是顾客"理念简述

顾客是企业存在的基础，如果失去了顾客，企业就无法生存下去，但对于大多数人来说,都将顾客的理解仅仅局限于外部顾客,而对于内部顾客的认识就很少了。顾客是指接受产品或服务的组织或个人。顾客可以是一个组织，也可以是组织内部的一个环节,因此不仅有外部顾客,还有内部顾客,企业生产中的“下道工序”就是内部顾客。所有工序都是为了最终目标的实现,即产品的产出，只有每一道工序满足了下道工序的要求，才能保证最终用户的满意。     

西方商业银行行业信用风险管理经验及其启示

西方商业银行普遍认为行业信用风险的实质即为行业信用集中风险，行业信用风险管理的核心就是保持分散化、避免行业过度集中。在此基础上，形成了包括行业信用风险识别、度量、管理手段、监测、报告等内容的管理框架。其中，开发信用组合模型以准确度量行业信用风险，广泛运用行业信用限额、信用衍生工具等有效手段两方面最为突出。我国商业银行应借鉴国外成功经验，通过加强行业分析与监测工作、提高行业信用风险度量精度、综合利用各种管理手段，逐步提高行业信用风险管理水平。     

Lockup and Voluntary Earnings Forecast Disclosure in IPOs

We examine the relation between lockup length and voluntary earnings forecast disclosures for IPOs in Singapore. Unlike firms in the United States, companies in Singapore are allowed to provide earnings forecasts in their IPO prospectuses. We find that forecasters are more likely to accept longer lockup periods, so that the lockup expires after the first post-IPO earnings announcement. Our study also shows that because the lockup agreement removes personal incentives to issue aggressive forecasts, IPO firms tend to issue conservative forecasts. Overall, our results suggest that the lockup mechanism adds credibility to the earnings forecast given in the IPO prospectus.     

三足鼎立:中美贸易摩擦下的国际货币新体系

在中美贸易摩擦的大背景下,全球生产、贸易和金融格局正在发生复杂、深刻且影响深远的新变化。本文基于国际货币体系的现状,尝试对国际货币体系的未来走势进行短期、中期和长期的沙盘推演,从基本形态、触发条件、作用机制和潜在影响等几个方面分析了未来国际货币体系的多重均衡状态。短期来看,美元的主导地位得以延续;中期来看,美元危机及现行体系崩溃的风险上升;长期来看,美元、欧元、人民币三足鼎立的国际货币新体系将最终形成。     

Disagreement over the persistence of earnings components: evidence on the properties of management-specific adjustments to GAAP earnings

We examine disagreement between management and Thomson Datastream over the persistence of earnings components. Using income statement and footnote disclosures, we identify the source and properties of disputed items. Disagreements typically reflect opaque reporting practices (for example, in the case of transitory operating items) and restrictive classification rules (for example, in the case of discontinued operations). Incremental and relative value relevance tests suggest that the majority of management-specific adjustments reflect appropriate classification of earnings components by insiders. Nevertheless, evidence consistent with strategic disclosure does emerge for a subset of management adjustments.

论公路施工企业工程项目经济效益审计

经济效益审计对于促进公路施工企业项目改进经营管理,提高经济效益具有重要的意义.应对经济效益审计的主要内容以及如何构建经济责任审计指标体系进行较为深入的探讨.     

产业关联强度与结构的区域异质性分析——以“粤苏鲁”为例的一项比较研究

区域产业关联及其异质性有助于揭示区域经济发展差异的根本性原因,也是我国新常态下产业转型升级和结构优化的一项基础性工作.利用投入产出数据,从强度和结构两个层面比较广东、江苏、山东三省的区域内产业关联特征.结合产业复杂网络与投入产出技术对比分析三省产业关联的总体异同性、产业层级、三次产业的地位与作用以及产业集聚等方面,结果显示出三省经济成功因素与存在问题同产业关联状况的内在联系.在进一步积累更多个时点投入产业数据基础上,可以将产业关联强度和结构特征同经济增长、技术进步等理论结合起来,进行动态的定量研究,为我国区域经济结构优化、产业升级中的深层次问题解决提供更有针对性的理论和政策支持.     

FISCAL MULTIPLIERS DURING THE GLOBAL FINANCIAL CRISIS: FISCAL AND MONETARY INTERACTION MATTERS

This study investigates the fiscal multipliers of 21 Organization for Economic Co‐operation and Development countries during the global financial crisis using panel vector auto regression methodology. Our findings suggest that the 1‐year fiscal multiplier was greater than 1 during the crisis, whereas it was less than 1 before the crisis because of different fiscal and monetary interactions. The combination of expansionary monetary and fiscal policies during the crisis boosted gross domestic product more effectively through internal and external transmissions: investment crowding‐out was limited, and net exports were spurred by the policy interaction. In addition, our results are robust to various specifications. (JEL E61, E63, E65)     

Corporate Governance and Institutional Transparency in Emerging Markets

This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements linked to business systems. We developed a new international triad of business systems: the Anglo-American, the Communitarian and the Emerging system, building on the frameworks of Choi et al. (British Academy of Management (Kynoch Birmingham) 1996, Management International Review 39, 257–279, 1999). A common factor determining the success of a corporate governance structure is the extent to which it is transparent to market forces. Such transparency is more than pure financial transparency; as it can also be based on factors such as governmental, banking and other types of institutional transparency mechanism. There may also be a choice for firms to adopt voluntary corporate disclosure in situations where mandatory disclosure is not established. The Asian financial crisis of 1997–1999 and the more recent corporate governance scandals such as Enron, Andersen and Worldcom in the United States and Ahold and Parmalat in Europe show that corporate governance and business ethics issues exist throughout the world. As an illustration we focus on Asia’s emerging¹ markets, as, both in view of the pressure of globalization and taking into account the institutional arrangements peculiar to the emerging business system, these issues are important there. Particularly for those who have to find an accommodation between the corporate governance structures and disclosure standards of the Emerging system and those of the Anglo-American and Communitarian systems.