Ownership, institutions, and capital structure: Evidence from China

We employ a unique data set to explore the role of ownership structure and institutional development in debt financing of non-publicly traded Chinese firms. We show that state ownership is positively associated with leverage and firms’ access to long-term debt, while foreign ownership is negatively associated with all measures of leverage. Surprisingly, firms in better developed regions are associated with reduced access to long-term debt, suggesting the availability of alternative financing channels and the tightening of the lending standards under the on-going banking reform. The combination of ownership structures and institutions explains up to 6% of the total variation in firms’ leverage decisions, while firm characteristics alone explain no more than 8% of the variation. Further, we show that non-state-owned firms tend to have lower total and short-term debt than their state-owned counterparts in less developed regions. Finally, we show that state-owned firms’ easy access to long-term debt is positively associated with long-term investment and negatively associated with firm performance.     

培育实力雄厚竞争力强的煤炭企业集团

党的十五届四中全会通过的《中共中央关于国有企业改革与发展若干重大问题的决定》指出 :“从战略上调整国有经济布局 ,要同产业结构的优化升级和所有制结构的调整完善结合起来 ,坚持有进有退 ,有所为有所不为。”“要着力培育实力雄厚、竞争力强的大型企业和企业集团 ,有的可以成为跨地区、跨行业、跨所有制和跨国经营的大型企业集团。要发挥这些企业在资本营运、技术创新、市场开拓等方面的优势 ,使之成为国民经济的支柱和参与国际竞争的主要力量。”这些精神完全符合煤炭工业的实际 ,认真贯彻、落实好《决定》精神 ,依据市场经济规律和企…     

质量管理成熟度研究

如何切实提高企业质量管理成熟度是企业面临的严峻问题，同时，也是关系到认证机构和认证咨询机构如何为企业提供增值服务的问题。文章从五个方面阐述和探讨了有效提高企业管理成熟度的方法。     

International Variation in Bank Accounting Information Content

This study explores the cross‐country impact of financial system and banking regulations on the information content of bank earnings and book value. Test results provide empirical evidence that financial system and banking regulations have a joint effect on the association of equity price with earnings and book value components in Germany, France, the United Kingdom and United States. This effect is explainable by the objective bank function, which shows that earnings of the period determine the terminal book value, thus consistent with the clean surplus accounting approach. Cross‐country variation in bank accounting information content calls for caution in interpreting international bank financial and operating ratios.     

企业会计如何处理新会计准则与新税法规定之间的差异

随着新《中华人民共和国企业所得税法》的颁布实行,企业会计往往会遇到新会计准则与新税法规定之间存在差异的问题。如何处理好这个问题呢?本文从资产、负债、所有者权益、收入、费用、利润六个方面介绍会计处理和税务处理的差异,帮助企业会计正确地计算、缴纳企业所得税。     

音乐之岛 激琴飞扬

19世纪末,西方世界的文化同他的军队一起涌进青岛.随着教堂的建立,教会音乐等西洋音乐开始兴起,小提琴、键盘乐器等西洋乐器的演奏技法传入青岛.五四运动以后,在"新思想、新道德、新知识、新文化"的热潮中,西方音乐更广泛地融入到青岛的社会文化变革中,使青岛音乐文化呈现出兼容并蓄、具有独特外来文化特质的特点,并成为近代中西音乐交流的一个典型.其间许多音乐爱好者由接触到深人,铺就了青岛早期的音乐基石.百年之后,后人踏着这条基石,一次次将青岛的音乐之旅带进新的航程.     

陈年商脉 复兴古街——即墨路小商品市场

"买小商品去即墨路",这是青岛人延续了多年的生活习惯.无论是白发老者还是时髦青年,即墨路都是青岛人心中最具历史和知名度的交易市场.