On the (non-)equivalence of IRR and NPV

The internal rate of return (IRR) is generally considered inferior to the net present value (NPV) as a tool for evaluating and ranking projects, despite its inherently useful comparability to the cost of capital and the return of other investment opportunities. We introduce the “selective IRR”, a return criterion which, as a selection of an extended set of possible IRRs, is NPV-consistent. The selective IRR always exists, is unique, easy to compute, and does not suffer from drawbacks that befall the project investment rate, the only other known NPV-consistent return criterion.     

中国审计市场制度安排与研究思考——兼评审计意见购买的内在机理

审计市场在发展中,逐渐形成一些主要制度安排,如会计师事务所体制形式变迁、上市公司可以同时发行A股、B股和H股等、责权利失衡的上市审批和监管以及设定配股和退市底线。这些安排导致国际所在审计市场的主导地位,并产生股权融资偏好、IPO包装上市、上市公司"保壳"和控股股东"圈钱"等奇怪的现象,同时也决定着审计服务的基本特征。结合这些特有的制度背景,才能深刻把握审计意见购买的内在机理,从而揭示审计意见购买的基本规律和主要特征,并推动审计理论的发展。本文对此进行了探讨。     

国家审计公告制度研究

国家审计公告制度是目前我国审计理论界和实务界高度关注的一个问题。本文着重探讨了西方国家的审计公告制度的基本特点、我国国家审计公告制度中存在的问题,在此基础上提出了改进我国国家审计公告制度的建议,希望对推动我国国家审计的规范发展有所裨益。     

Does top management Team’s academic experience promote corporate innovation? Evidence from China

This study investigates whether top management teams’ academic experience affects corporate innovation, using manually-collected data on Chinese firms from the period of 2008–2017. The results indicate that academic experience has a strong positive effect on corporate innovation. The positive effect of academic experience on corporate innovation is more pronounced, when firms grow faster or are non-state-owned. By exploring the transmission channels, the results generally show that academic experience influences corporate innovation by improving internal controls and reducing the degree of information asymmetry. These findings are among the first empirical evidence of the association between academic experience of top management teams and corporate innovation.     

农村环境治理绩效审计的作用机制与实施路径

农村环境治理是实施乡村振兴战略的重要举措,实施农村环境治理绩效审计是推进环境治理体系和治理能力现代化建设的重要内容之一。目前农村环境治理存在着投资大、周期长、涉及面广、收效缓等问题,亟需开展农村环境治理绩效审计以提升农村环境治理绩效。本文基于农村环境治理全流程,把农村环境治理绩效审计的主要内容分为农村环境政策审计、农村环境资金审计、农村环境项目审计和农村环境监管审计。然后从审计的预防、揭示和抵御功能分析了农村环境治理绩效审计的威慑、纠偏和反馈作用。在此基础上,提出了农村环境治理绩效审计的实施路径:加强审计处理与处罚力度,协同审计追责问责;聚焦审计整改与纠偏控制,统筹审计资源技术;完善审计建议与公开制度,构建审计评估机制。     

REGULATION STRATEGIES FOR THE PROVISION OF PATERNALISTIC GOODS

In this study, we analyze the regulation of markets for the provision of services whose costs are subsidized for paternalistic reasons. We model the choice of a benevolent regulator who wants to maximize consumer welfare in a setting where quality cannot be verified and the good provided is fully subsidized. The choice is thus made between two types of providers (profit maximizers and altruistic providers) and two frameworks (monopoly franchise and quality competition). Our analysis shows that in this environment the performance of mixed markets is always dominated by pure forms. Moreover, although making efficient providers compete for the market minimizes cost, the choice of quality competition with altruistic providers may be preferable from a welfare point of view whenever service quality is relevant and the productivity differential is not substantial.     

A model to evaluate the effectiveness of enterprise training programmes

This paper describes a model developed to measure customer satisfaction with enterprise training programmes. Based on developments in customer satisfaction and quality measurement, it is proposed as an alternative to the training evaluation model developed by Kirkpatrick (1959). A single indicator, a Customer Satisfaction Index (CSI), quantifies the level of satisfaction with each training programme. The model also measures the individual parameters that contribute to the CSI, as well as their relative importance. It facilitates a benchmarking process regarding these parameters and between training programmes. The development process of the model is described, as is its use in practice.     

经济增长质量的研究进展与学术展望

改革开放40多年来,中国经济铸就了高速增长奇迹,目前已经具备向高质量发展转变的客观条件。本文通过梳理中国经济增长质量的相关文献,总结当下经济增长质量问题的研究不足和未来研究方向。研究发现：关于经济增长质量的文献集中在经济增长质量的内涵界定和解析、经济增长质量的评价维度与定量测度、经济增长质量的影响因素与调控政策等方面,研究成果较为丰富,但也存在经济增长质量的评价指标选取不一致、经济增长质量的评价指标缺乏宏微观维度区分、经济增长速度和增长质量关系认识不清等问题,今后学术研究当以此为重点突破方向。本文关于经济增长质量的文献梳理和评价,对各界理解经济高质量发展,确定经济增长质量的研究方向具有重要意义。     

分析师跟踪、内控有效性与科技型中小企业创新

基于2009-2017年创业板317家科技型中小企业数据,从发明专利产出视角,探究分析师跟踪、内部控制有效性与企业技术创新的关系。结果显示,分析师跟踪人数显著提升了企业发明专利产出,内部控制有效性在分析师跟踪人数与企业发明专利产出关系中起部分中介作用,且在融资约束程度较高的企业中更为显著。即企业内外部治理机制有效配合对科技型中小企业技术创新发挥促进效应,且该效应在企业融资约束程度较高时更为显著。     

国外科研资助机构同行评议质量控制机制及启示

同行评议是各国科研资助机构普遍采用的项目申请评审方法。由于同行评议自身存在一些局限性,国外科研资助机构采取了各具特色的质量控制措施。我国国家自然科学基金自成立以来,在提升同行评议质量方面进行了很多有益探索。通过对几个典型国家的科研资助机构同行评议质量控制机制进行梳理,总结分析了各自特点和优势,结合我国实际情况,提出了加强我国科学基金同行评议质量控制的建议。