Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

From elite capture to marginalization of the poorest: a new social exclusion in anti-poverty programmes in China

Based on a case study of state-directed aid resources in anti-poverty programmes, we detected a new phenomenon of social exclusion in China. In a period of several years, a shift is observed from elite capture to marginalization of the poorest. This phenomenon occurs under the administrative pressure from the authoritarian state and the morbid democratic mechanism. Contemporary structural changes in economic and social culture also make it difficult for marginal people to escape from this predicament. From a social structural transformation point of view, we suggest that the marginalization of the poorest should be seriously taken into consideration in rural development programmes and policies.     

试析城市发展的外部效应

城市发展是以城市经济发展为基础的包括城市经济发展在内的整个城市社会的进步，实际是一种有机体的经济活动，因此受到经济学“外部效应”普遍性的影响，对经济、文化、民主政治以及生态的协调发展产生积极的作用。因此实现城市科学、可持续发展，是现阶段城市建设的重要目标。     

落实科学发展观 推进政府决策的绿色化转型

政府决策绿色化转型,对纠正片面的经济增长方式具有重要作用,而且对促进经济、社会、生态可持续协调发展有决定性意义。尤其在生态环境遭到严重破坏、自然灾害频繁发生的情况下,政府决策绿色化转型,无论从实践中,还是理论上来说,更加显得紧迫和重要。     

论附加价值会计

建立附加价值会计,是现代会计的发展趋势。文章在阐述附加价值会计理论含义的基础上,将附加价值会计与传统财务会计进行了比较分析,认为附加价值会计能够更为准确反映企业的财务信息,协调各方关系,减少企业的短期行为,是联系微观会计和宏观会计的纽带。     

浅议高层建筑设计与城市空间整合

高层建筑反映了现代新技术成就给城市带来的活力与形象,但由于目前许多高层建筑与城市空间格格不入,使人们产生了对它的冷漠感、距离感。分析了高层建筑设计和城市空间在融合中存在的缺陷并论述了城市空间对高层建筑设计的影响。     

浅议WBS在大型国际工程投标中的应用

WBS(工作分解结构)是项目管理的有力工具。结合国际工程投标实例,依据WBS的概念与原则,探讨了WBS在大型国际工程投标中应用的准则与方法。