Profits and losses from changes in fair value,executive cash compensation and managerial power: Evidence from A-share listed companies in China

According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, contracts are not always perfect. Managers may exert influence on the formulation and implementation of compensation contracts by means of their managerial power. As fair value has been introduced into the new accounting standards in China, new concerns have arisen over the relationship between profits and losses from changes in fair value (CFV) and levels of executive compensation. In this study, we find that executive compensation is significantly related to CFV. However, this sensitivity is asymmetric in that increases to compensation due to profits from changes in fair value (PCFV) are higher than reductions to compensation due to losses from changes in fair value (LCFV). Furthermore, we find that managerial power determines the strength of this asymmetry.     

Why firms issue callable bonds: Hedging investment uncertainty

This paper analyzes a firm's dynamic decisions: i) whether to issue a callable or non-callable bond; ii) when to call the callable bond; and iii) whether to refund it when it is called. We argue that a firm uses a callable bond to reduce the risk-shifting problem in case its investment opportunities become poor. Our empirical findings support this argument. We find that a firm facing poorer future investment opportunities is more likely to issue a callable bond than a firm facing better investment opportunities. In addition, a firm with a higher leverage ratio and higher investment risk is more likely to issue a callable bond. Finally, after a callable bond is issued, a firm with a poor performance and a low investment activity tends to call back a bond without refunding; a firm with the best performance and highest investment activity tends to call back a bond and refund its call; and a firm with mediocre performance and investment activity tends to not call its bonds.     

观点:减税更能刺激中国经济增长

目前 ,我国宏观经济终于出现了一些可喜的转折。但这种转折大部分靠的是政府的财政投资杠杆启动与牵引的。从宏观调控的角度而言 ,我国对税收杠杆的使用 ,比之其它的杠杆 ,似乎太缺乏力度 !这到底是为什么呢 ?值得大家关注与深思。———本栏首席主持 :艾鋈镅中国经济增长率已经连续下降六个年头 (仅1996年与 1995年持平 ) ,从 1997年的 14 1%降到了 1999年的 7 1% ,同时出现了产品难销、失业增加和物价指数降低的萧条景象。用经济学的术语说 ,就是总需求小于总供给。总需求由三部分构成 :消费、投资和净出口 (出口减去进口 ) ,消费取决于收…     

技术创新项目组合决策支持系统

一、证券投资组合分析 由于证券组合在思想上与技术创新项目组合相同,即都为了在风险和收益作出权衡考虑,因此,许多学者采用Markowits思想进行R＆D项目选择,然而,证券组合模型用于技术创新项目组合决策存在的缺陷有: (1)只适合于证券投资组合,而不适合于一般工程项目和新产品开发项目(技术创新项目)的投资决策.     

浅谈财务分析指标在中小企业中的运用

在竞争日益激烈的市场经济中,经济活动追求实现经济利润最大化的目标。多年来,企业财务分析指标体系作为企业信息分析的重要资源,为企业决策者提供财务分析数据资料,做出科学的决策,把握正确的企业发展方向,实现经济效益最大化的目标,发挥了支撑和保障作用。因此,充实和完善适应现代经济发展需求的中小企业财务分析指标体系就显现出紧迫性和必要性。     

长期股权投资权益法核算下会计与税法的差异

由于我国实行的是税会分离模式,因此税法上在确定应纳税所得额和会计在确认利润的时候,二者之间必然有很多的差异,既有永久性的差异也有时间性的差异,长期股权投资权益法导致的差异比较难以把握,因为当会计对长期股权投资采用权益法核算的情况下从取得长期股权投资到最后的处置每一个环节都存在会计处理和税法规定不相一致的地方。     

聚醚淬火介质的应用研究

利用硬度评定法对聚醚淬火介质的成分进行了优选，结果表明：４５钢试样在浓度为１５％的聚醚水溶液淬火介质中淬火，不但表面硬度高，而且硬度梯度平缓。使用该淬火介质对４５钢轴承套圈淬火，在获得高硬度的同时，显著减小了淬火变形。     

社会网络视角下家族企业外部资源的获取

传统家族企业把发展重点放在企业内部资源上，对外部资源获取重视程度不够。通过家族企业领导人社会网络的构建和延伸，社会资本的开发和使用，拓展网络的可达性，提高家族企业聚集、使用资源的能力，增强家族企业的市场竞争力。     

聚氯乙烯热稳定剂种类的研究现状

概述了聚氯乙烯(PVC)的热降解机理及热稳定剂的作用机理,重点介绍了铅盐类稳定剂、金属皂类稳定剂、有机锡类稳定剂、稀土类稳定剂等的研究发展情况,对热稳定剂的发展趋势进行了展望。