Do corporate insiders circumvent insider trading regulations? The case of stock repurchases

We use calculated values of standardized abnormal insider trading activity to investigate for patterns of unusual insider activity around fixed-price and Dutch auction repurchase announcements. Firms are classified according to whether the repurchase is signaling information about future cash flows, about the distribution of excess free cash flows, or about management's attempts to maintain control in the presence of a takeover. We find below normal levels of sales well before the event and above normal levels of sales after the event. This tendency is strongest for fixed-price offers and for firm's conveying information about future cash flows, and is absent for firms involved in takeovers. No evidence exists of abnormal levels of purchases before or after the event. We interpret the evidence as consistent with insiders successfully circumventing policies and regulations designed to prevent the exploitation of private information by timing the pattern of their security sales.     

我国外商投资企业转移定价影响因素分析——基于因子分析方法

跨国公司的转移定价政策是权衡各项影响因素后的结果,以前的研究认为,规避税收是跨国公司在制定转移定价策略时考虑的第一诱因(Finnie,1978),但随着跨国公司海外投资规模的增加以及各国税务当局对转移定价税收流失监管力度的加大,追求全球利润最大化逐渐成为跨国公司考虑的第一要素,单纯从避税角度的考虑已不再是主流。避税动机并非外商投资企业转移定价的主要动机,这为我国内外资企业所得税合并改革提供了一种思路。     

经贸类专业课程双语教学实践与推广模式研究

进入21世纪“双语”教学在我国高等学校已受到空前的关注和研究，实践证明“双语”教学模式的不断丰富和完善，对于全面提高教学质量和培养学生的综合专业素质有着重要的促进作用。研究证明，实施双语教学是适应经济全球化和高等教育国际化的需要，是进行专业课程教学改革，加强与国际接轨步伐的需要，也是培养复合型外经贸人才和提高学生专业综合能力的需要，更是加强专业课程针对性、实用性和应用性的需要。     

基于声誉机制的风险投资与风险企业博弈分析

在资本市场中，风险投资活动以风险投资家和风险企业的合作为基础。同时，风险投资与风险企业也存在着信息不对称，双方在相互寻找和选择的过程中进行着博弈。研究如何建立风险投资与风险企业之间的合作机制，抑制博弈过程中可能会出现的机会主义行为，将对风险投资活动起到重要的指导作用。     

论我国建筑企业的激励模式

分析了产业技术特点对企业激励模式的影响，针对建筑业不同于其他产业的技术特点，建筑企业的激励模式呈现出了不同的特征。对于建筑企业中生产型从业人员，应采用以计时、计件制为主的短期激励模式；对于管理型和技术型从业人员采用以固定激励和收益性激励为主的中期激励模式；对于管理密集、技术密集的工程项目管理公司，由于企业的收益主要取决于人力资本的贡献，应主要采取以收益性和权益性激励为主的长期激励模式。     

企业设备管理系统软件的选择

当前愈来愈多的企业使用计算机辅助设备管理，如何选择设备管理系统软件是企业，必须解决的问题，介绍重点从三个方面考虑选择设备管理系统软件。     

虚拟维修

虚拟维修的特性及技术体系，对吊钩的虚拟拆卸及其模型进行分析。在大型复杂设备或影响安全的维修工作中，都可以运用虚拟维修达到快速维修和控制维修项目风险的目标。     

世界主要跨国石油石化公司的发展之路

为实现在未来20年里把中国石油和中国石化建成具有较强国际竞争力的跨国公司这一发展目标，文章从宏观角度研究和探讨世界主要跨国石油公司的发展历史、现状和趋势，总结出可供中国石油、石化可借鉴和吸取的共性经验和经营策略。     

The Impact of SFAS No. 114 on the Linear Information Dynamic for Commercial Banks

Increase (decrease) in loan loss provisions would decrease (increases) bank earnings, but increase (decreases) regulatory capital. Previous studies have separately documented earnings and capital management behavior via loan loss provisions by commercial banks. However, it is difficult to isolate a bank's demand for increasing earnings from its demand for regulatory capital because earnings is a source of capital. Based on the objective bank function, this study investigates the impact of SFAS No. 114 on the information content of loan loss provisions in relation to both earnings quality and capital adequacy in a linear information dynamic framework. Test results show that the association between market value with loan loss provisions became significantly stronger for commercial banks in the post- than in the pre-adoption period. As a result, SFAS No. 114 is also found to positively affect the association of market value with both bank earnings and regulatory capital through the clean surplus relation because of the higher value relevance of loan loss provisions. The findings thus provide empirical evidence that SFAS No. 114 has significantly complemented banking regulations in enhancing (reducing) the (dispersion from the) accounting measurement construct of loan loss provisions.     

对一起购进国产设备抵免企业所得税案例的分析

基本案情S国制药公司与境内某企业合资设立一家中外合资制药公司(以下简称“合资公司”),主要从事中西成药生产。合资公司2001 年正式投产经营,2D02年为其第一个获利年度。2002年1月合资公司购进一批国产设备并投入使用,国产设备不含税价为