中美上市公司年度报告披露准则比较研究

本文旨在比较分析中美上市公司年度报告披露准则，为我国修订年报准则提出建议。本文首先比较分析了中美年报准则要求披露的项目内容及其特点，在此基础上，结合我／国年报披露中存在的问题，建议在修订年报准则时借鉴美国制订年报准则的经验，并提出了几点具体改进措施。     

上市公司会计稳健性的时序演进与行业特征研究

会计稳健性（accounting conservatism）是财务报告的一个重要特征和惯例。稳健原则的贯彻实施是我国会计改革与国际接轨的突出特征。为分析中国的会计稳健性在实证上的特征，本文采用中国上市公司1993～2003年的数据，运用basu（1997）模型，计算了上市公司分年度的会计稳健性以及行业特征。实证研究发现，随着中国会计制度的改革，证券市场监管和处罚力度的强化，注册会计师的脱钩改制，会计稳健性在1998年后逐渐增强，2001年以后上市公司的会计具有稳健性，会计稳健性具有行业特征，在制造业尤其明显。     

资源类上市公司的价值评估方法探讨

现有“利润加储量”的评估方法应用于资源类公司仍在某些环节出现悖论。本文认为，资源类上市公司的价值构成应包括矿权重估溢价、正常开采投资收益及个别公司的超额利润。其中，采矿权重估溢价的潜在收益应是在矿权未市场化之前的资源类企业获得的特有收益，但其收益期和相应的折现期也因矿权的逐步市场化而受到采矿权有效期的限制。本文用简单模型估算了主要资源类上市公司的基本价值。     

信息不对称、管理者内生偏好与上市公司股权融资偏好

一般以为,上市公司的股权融资偏好是由于不合理的成本因素、有缺陷的监管制度和政策与低效的资本市场等原因造成的.本文分析认为,上市公司股权融资偏好产生的基本原因是管理者的内生融资偏好.如果公司绩效影响管理者的财富(或职位、声誉等),管理者的偏好将支配公司的融资决策;对称信息下,管理者将有充分的股权融资偏好.不对称信息下,如果管理者对公司项目(或资产)拥有私人信息,且厌恶风险,管理者将最大限度地使用股权融资,直至达到均衡.最后,本文提出,管理者对股权融资的偏好是内生的,治理目前上市公司股权融资偏好所产生危害的基本思路是"疏",而不是"堵".     

Carbon Disclosure,Financial Transparency,and Agency Cost: Evidence from Chinese Manufacturing Listed Companies

Given the constraints on carbon emissions due to their impact on global warming, carbon disclosure has become an important way to deliver signals to the market. We examine the benefits associated with carbon disclosure from the standpoint of corporate social responsibility (CSR) for China’s manufacturing industries from 2010 to 2014. We divide corporations into heavily polluting and non-heavily polluting groups in order to control the industry factor. Based on the Principal-Agent Theory, we empirically test the relationship between carbon disclosure and financial transparency, and we evaluate the effect of carbon disclosure on agency costs and operations. Our results highlight that carbon disclosure is negatively associated with agency costs. However, we do not find enough evidence to prove what role financial transparency plays in the relationship between carbon disclosure and agency cost. Therefore, the influence of financial transparency as a mechanism is not yet clear. This study provides a way to look at the intentions of firms that disclose carbon information, and it also enhances the literature on carbon disclosure and agency costs in China based on Chinese data.     

Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads). We are especially interested in how the environmental, social, and governance (ESG) related performance of the corresponding countries moderates this relationship. We find only weak evidence that superior corporate social performance (CSP) results in systematically reduced credit risk. However, we do find strong support for our hypothesis that a country’s ESG performance moderates the CSP–credit risk relationship. Superior CSP is regarded as risk-reducing and rewarded with better ratings and lower z-spreads only if it is recognized by the environment. In addition, we find a reduction of corporate bonds’ z-spreads by approx. 9.64 basis points if the CSP of a company mirrors the ESG performance of the country it is located in.     

Balanced scorecard based performance measurement of European airlines using a hybrid multicriteria decision making approach under the fuzzy environment

The purpose of this study is to evaluate the performance of the European airlines, using a balanced scorecard perspective. Within this scope, a hybrid multi-criteria approach was used by combining the Fuzzy DEMATEL, Fuzzy ANP, and MOORA methods. The results demonstrate that customer dimensions and profit per customer are the most significant key factors in the balanced scorecard perspective. Additionally, the airline companies with the largest profit (per employee) and highest number of passengers and flights (per employee) had the best scores in the multidimensional performance results. Furthermore, the airline companies with the highest profitability and efficiency are more successful than other companies. Therefore, we recommend European airlines to focus on these aspects in order to improve their performance. This study makes an important contribution to literature by helping to solve a significant problem in the market with the proposed methodology.     

The role of financial development on the underground economy in regards to Europe’s 2020 strategy

This paper attempts to investigate the relationships between development in the financial sector and the size of the underground economy in European Union countries. Our aim is to investigate the role of financial sector development when it comes to the size of the underground economy, as well as how financial development aids in meeting the growth objectives of the ‘Europe 2020 Strategy’. Panel data analysis will be conducted for the period 2004–2017 in order to examine the effects of financial sector development on the size of the underground economy. The main findings of this paper suggest that financial development has a significantly reducing effect on the size of the underground economy. In conclusion, development within the financial sector significantly lessens underground economic activity in the European Union. With further development of the financial sector, underground economies will not be an obstacle for the fulfilment of the cohesion and growth objectives of the Europe 2020 strategy.     

希腊国债危机对欧洲银行业信息披露的动态影响

本文探讨了希腊国债危机对银行信息披露的动态影响。经过对173家欧洲银行2009和2011年年度报告的数据统计,分析显示:自危机爆发以来,欧洲银行增加了其年度报告的长度,尤其是年度报告中的风险管理部分的长度。经过实证分析还发现,不管是银行的年度报告还是其风险管理报告长度的增加都与银行的资本成本所受到的外源性冲击相联系。而这种对资本成本的外源性冲击主要是希腊危机引起的。最后研究还发现,2011年风险管理报告部分的增加在一定程度上缓解了之前银行资本成本所收到的冲击,而年度报告的增加与此没有明显的关联。     

In landscape management all of us have something to say. A holistic method for landscape Preservability evaluation in a Mediterranean region

Landscape assessment methods have traditionally valued the landscape through a panel of experts with little or no participation of the population. However, after the adoption of the European Landscape Convention (ELC), the perception and the participation of the population has played an increasingly important role in landscape evaluation and planning. In this regard, the goal of this paper is to develop a model able to evaluate and integrate both the objective and subjective landscape factors into a new concept: the Preservability. This model, as well as selecting and classifying the landscape attributes according to the bio-geographic features of the study area i.e., Ricote Valley (Region of Murcia, Spain), includes two online surveys: one to assess the populatiońs landscape preferences and the other to obtain the specific weight of each objective and subjective landscape factor from a panel of experts. These landscape factors were incorporated into a GIS. To obtain the best model, the Preservability was assessed from three different approaches: objective, objective-weighted and weighted. The final results demonstrate how the Preservability weighted method returns different thresholds appropriate to the landscape attributes, the population’s perceptual preference and the protected areas. The different thresholds allows for priority areas to be identified for protection, as well as the adoption of appropriate management and planning strategies according to the landscapes characteristics, current state and uniqueness.