我国企业实施战略管理会计的必要性和可行性研究

本文以知识经济和网络革命为背景，着眼于企业全球竞争和战略管理的迫切需要，对比传统管理会计与战略管理会计的优劣势，客观而又理性地分析在我国实施战略管理会计的必要性和可行性。     

项目投资决策中折现率的选择

项目投资是否可行需要根据决策评价指标来判断,而评价指标的计算离不开折现率,其高低对决策结果起着关键性作用.所以,要正确选择折现率,提高决策质量.     

润滑情报站

国内基础油价格上涨 原油价格在高位震荡,基础油的价格也一路上扬。从2002年年底开始,国内基础油价格飙升,已使今年的基础油价格达到了10年来的最高水平。 中国石化350SN基础油已从去年的3000元/吨涨至4000元/吨,进口基础油500SN从去年的295美元/吨涨至370美元/吨,比去年同期上涨了25％。     

Traders’ choice between limit and market orders: evidence from NYSE stocks

In this paper, we examine a trader's order choice between market and limit orders using a sample of orders submitted through NYSE SuperDot. We find that traders place more limit orders relative to market orders when: (1) the spread is large, (2) the order size is large, and (3) they expect high transitory price volatility. A rise in informational volatility appears neither to increase nor decrease the placement of limit orders. We also find that a rise in lagged price volatility decreases the size of spread, which is driven by the increase in the placement of limit orders.     

独立审计与公司治理结构的关系

独立审计服务的与众不同之处在于,作为审计服务购买方的被审计单位对审计服务的需求不是内生性的,而是来自于外界(例如,证券交易监督委员会、债权银行或外部股东)的法定义务,被审计单位本身不存在对审计服务的需求。审计服务的真正需求者是被审计单位的外部利益关系人,例如:投资者、债权人、税务机关、政府采购机关、学者等等。审计服务是衡量被审计单位的财务报表在多大程度上公允地、一致地披露了被审计单位的财务状况、经营成果与财务变动情况,审计服务通过诸如审计抽样等技术方法来检查被审计单位的财务报告与公认会计准则的符合程度来…     

创新事务所运行机制的思考

创新运行机制是事务所稳定发展的重要保障在中注协第四次全国会员代表大会上,华建敏国务委员要求行业要按照市场化原则,逐步建立符合行业规律和特点的自律管理体制。金人庆部长也提出力争用五年左右的时间,基本形成一套质量和风险控制严格、竞争有力有序的会计师事务所内部管理科学机制。这为我们行业在今后一段时期的改革和发展指明了方向。上世纪末会计师事务所脱钩改制时,百分之九十的事务所选择了有限责任公司制形式,但其中的部分事务所并没有建立相应的治理机制和管理手段,仍实行家长制领导并由此引发了内部不同利益体之间的矛盾激化和…     

Enterprise Risk Management and the Cost of Capital

Enterprise risk management (ERM) is a process that manages all risks in an integrated, holistic fashion by controlling and coordinating any offsetting risks across the enterprise. This research investigates whether the adoption of the ERM approach affects firms' cost of equity capital. We restrict our analysis to the U.S. insurance industry to control for unobservable differences in business models and risk exposures across industries. We simultaneously model firms' adoption of ERM and the effect of ERM on the cost of capital. We find that ERM adoption significantly reduces firm's cost of capital. Our results suggest that cost of capital benefits are one answer to the question how ERM can create value.     

Does corporate diversification reduce value in high technology firms?

We find that firm value is reduced via industrial diversification and this reduction in value depends upon a firm’s technology intensity. We consider that asymmetric information problems are more severe in technology intensive industries and find that high tech industry firms present distinctly larger value reduction when compared to low tech industry firms. The negative valuation effect is greater for firms that have a relatively larger amount of intangible assets and greater R&D capital. We determine that our findings are robust to different estimation methods and alternative excess value measures.     

Competitive pricing strategies in social networks

We study pricing strategies of competing firms selling heterogeneous products to consumers. Goods are substitutes and there are network externalities between neighboring consumers. In equilibrium, firms price discriminate based on the network positions and charge lower prices to more central consumers. We also show that, under some conditions, firms' equilibrium profits decrease when either the network becomes denser or network effects increase. In contrast, consumers always benefit from being more connected to each other. We determine the optimal network structure and compare uniform pricing and discriminatory pricing from the perspectives of firms and consumers.