Financial crisis and persistence: evidence from sticky expectations consumption growth model

We estimate the degree of stickiness in aggregate consumption growth for the U.S. considering the effects of the Great Recession. The behavior of stickiness estimate in the crisis is somewhat as the U-shaped pattern. Our findings imply that during the crisis consumers’ attentiveness to aggregate information has slightly increased, thereby reducing the persistence of aggregate consumption growth. However, the reduction in persistence is transitory. Since 1980, the U.S. faced five recessions and in most of them the degree of stickiness declined, albeit temporarily.     

EDGAR on the internet: The welfare effects of wider information distribution in an experimental market for risky assets

Policies such as the SEC’s Fair Disclosure Rule, and technologies such as SEC EDGAR, aim to disseminate corporate disclosures to a wider audience of investors in risky assets. In this study, we adopt an experimental approach to measure whether this wider disclosure is beneficial to these investors. Price-clearing equilibrium models based on utility maximization and non-revealing and fully-revealing prices predict that in a pure exchange economy, an arbitrary trader would prefer that no investors are informed rather than all are informed; non-revealing theory further predicts that an arbitrary trader would prefer a situation in which all traders are informed rather than half the traders are informed. These predictions can be summarized as “None > All > Half”. A laboratory study was conducted to test these predictions. Where previous studies have largely focused on information dissemination and its effects on equilibrium price and insider profits, we focus instead on traders’ expected utility, as measured by their preferences for markets in which none, half, or all traders are informed. Our experimental result contradicts the prediction and indicates “Half > None > All”, i.e. subjects favor a situation where a random half is informed. The implication is that in addition to testing predictions of price equilibrium, experiments should also be used to verify analytical welfare predictions of expected utility under different policy choices. JEL Classification D82, D53, G14, L86 This work was largely completed while this author was at The Hong Kong University of Science and Technology.     

Government as a discriminating monopolist in the financial market: the case of China

We show that the many unusual features of China’s financial markets are consistent with a government choosing regulations to maximize a standard type of social welfare function. Under certain conditions, these regulations are equivalent to imposing explicit taxes on business and interest income, yet should be much easier to enforce. The observed implicit tax rates are broadly in line with those observed in other countries. The theory also forecasts, however, that China will face increasing incentives over time to shift to explicit taxes.     

财务会计信息与公司治理

财务会计系统不但给公司控制机制提供直接的财务信息,而且还提供股票价格中反映的所有间接信息。会计治理研究中的一个基本目标是为财务会计提供的信息,在多大程度上减缓由所有权和经营权两权分离所带来的代理问题,以及减少信息不对称问题提供证据。本文着重探讨财务会计信息在公司治理机制中的作用,公司治理机制对财务会计信息反作用的互动研究,并提出了公司治理的对策。     

关于商业银行财务管理创新的探索

本文通过深入探索商业银行财务管理理论,结合近年来我国商业银行财务管理改革的主要进展以及存在的问题,提出推进我国商业银行财务管理创新,从而提升我国银行业在国际上的竞争力。笔者认为,当前财务管理改革的思路是建立一个“以成本效益原则为基础,以信息系统为平台,以预算管理为导向,以内部控制为手段,以业绩评价为依据,通过内外部审计强化监督”的财务管理体系。     

我国企业应用作业成本法面临的问题及对策

随着高科技在企业中的应用、市场竞争的加剧和顾客需求的多样化,作业成本法在我国企业应用的客观条件越来越成熟,对其展开的理论研究也必然有着广阔的空间和潜力。笔者从探讨应用作业成本法的实现途径与寻求解决作业成本法应用环境中存在问题的可行办法入手,以期对作业成本法在我国企业的应用有所帮助。     

Does support from government help firms survive? Evidence on financial and political assistance in China, 1998–2007

ABSTRACT

Using the National Bureau of Statistics data set over the period 1998–2007, this article examines the dual roles of financial assistance and strong political links on firm survival in China by applying a semi-parametric duration model. We find that generally either financial assistance or strong political links had a positive effect on the likelihood of firm survival. Furthermore, if firms received both types of support from government, their survival rate was around two times as high compared to only receiving a single support. The likelihood of survival depended on the amount of assistance a firm received. We also find firm ownership impacts on its survival pattern. Lastly, China joining the World Trade Organisation (WTO) coincided with (cet. par.) higher firm failure, especially with regard to state-owned firms; however, this period also saw the authorities targeting political and financial help on the ‘better’ firms (especially SOEs) with characteristics likely to increase their chance of survival.     

从国营到国有——国家股转让效果分析

本文系统地研究了从1997年到2000年在上海证券交易所和深圳证券交易所发生的国有资产局将控制权转让给国有独资企业和国有法人企业的案例数据。研究发现国家股控制权转让后公司业绩有了明显的改善,同时证券市场对国家股转让行为做出了积极的反应,产生了明显的超额收益。     

控制权转移、民营化与财务报告质量:相关研究评述与启示

随着我国资本市场的发展和国有资本的战略性退出,控制权转移的上市公司在数量和比例上进一步增加,尤其是大量国有企业转变为民营企业。如何评价控制权转移后财务报告质量变化,以及如何提高中国企业民营化趋势中财务报告质量,具有重要的现实意义。本文对国内外关于所有权转移的研究成果尤其是国有企业民营化研究进行了简要的回顾与评述,并提出了在此领域后续研究应当关注的问题,以期对我国研究民营化对财务报告质量研究提供参考。     

上市公司财务危机预警“Z”值区域研究与分析

本文以上市公司作为研究对象,将公司因财务状况异常而被特别处理(ST)作为企业陷入财务困境的标志,利用奥特曼的Z记分模型作多元判别分析,测试符合我国上市公司实际情况的Z值,并将其作为我国上市公司财务危机预警的指标值。实证结果显示,采用多元判别分析可以得到判别财务危机公司与非财务危机公司的Z值区域,并且可以保证较高的判别精确度。同时也发现,相对于主营业务收入指标,现金流量指标为更好的警兆指标。