迎接知识经济时代 实现财务管理创新

随着知识经济的日益发展,尤其是我国改企建制工作的广泛推行和进一步深化,勘察设计企业为了能更好地应对市场竞争的挑战,其日常运作的各项工作就需要有所改进。而作为企业管理的核心,财务管理则需要密切配合企业改制工作的整体部署,进行相应的创新。本文结合勘察设计企业的实际情况,谈谈实现财务管理创新的几点思路。     

The relevance of currency risk in the EMU

We investigate how the elimination of intra-European exchange risk may affect international financial markets using a conditional version of the International CAPM. We estimate the EMU and non-EMU components of aggregate currency risk and document significant exposures to both. The premium for EMU risk is positive and associated with exposure to the French, Italian and Spanish currencies. The premium for non-EMU risk is consistently negative and accounts for most of the aggregate currency premiums. In the 1990s, exposures to EMU risk declined significantly while exposures to non-EMU risk increased. Hence the adoption of the Euro is unlikely to have a large impact on aggregate currency risk premiums.     

Applying continuous improvement to teaching in another culture

As international business programs proliferate, the mixing of many cultures in the classroom creates new teaching challenges. This paper reports on how an American accounting professor coped with cultural differences at INSEAD in France. Student evaluations for the first course taught at INSEAD revealed a variety of problems that the professor tried to resolve by applying the principles of continuous improvement in the next course he taught. Confronting the students directly with the problem, enlisting their aid in improving the course, and eliciting specific feedback all combined to substantially raise the level of student satisfaction. The principles applied in this intervention are broadly applicable to college professors, not only those working with “international” students.     

Sources of Bank Interest Rate Risk

We investigate bank stocks'sensitivity to changes in interest rates and the factors affecting this sensitivity. We focus on whether the exposure of commercial banks to interest rate risk is conditioned on certain balance sheet and income statement ratios. We find a significantly negative relation between bank stock returns and changes in interest rates over the period 1991–1996. We also find that bank characteristics measured from basic financial statement information explain bank stocks'sensitivity to interest rate changes. These results suggest that bank managers, analysts, and regulators can use this information to assess the relative risk exposure of banks.     

境外战略投资者参股中资银行与中国金融安全

近期，关于引入境外战略投资者是否会影响中国金融安全的讨论颇多，但研究者在讨论时所使用的金融安全概念较为模糊，不利于正确理解两者之间关系。本文从界定金融安全的概念入手，澄清了金融安全的学术含义及当前人们所关心的金融安全问题，之后对目前引进战略投资者的情况进行介绍，通过对我国的引资政策和相关数据的深度分析得出结论，认为不应该对中国金融安全过分担忧，而阻碍通过引入境外战略投资者促进银行业改革的战略。     

The Foundation and Pattern Choice for the Sustainable Development of Chinese Financial Trust Industry

Since it was resumed in 1979, China＇s financial trust industry has experienced five major improvement and rectification. With the implementation and promulgation of ＂one law and two regulations＂ and the establishment of China＇s Trust Industry Association, financial trust industry is developing into a relatively good stage. In view of practice and regular patterns of its development, we have to set up ideas of sustainable development so as to prevent the financial trust industry from involving in a circle of ＂development-- reorganization---development again--reorganization again＂. At present, the premise to realize financial trust industry＇s sustainable development is to fully understand the unique comparative advantage of financial trust industry and establish scientific market function.     

Financial Globalization,Social Exclusion and Financial Crisis

This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide reconsideration of financial firms’ strategies that has accompanied financial globalization. It is shown that the neoliberal and asymmetric‐information approaches to credit markets and financial crises in developing economies overlook these dimensions of financial globalization because of their tendency to focus on representative credit markets. Banks’ strategic shift has led to the global homogenization and stratification of financial practices—and this in turn has been a key driver of processes of financial exclusion. Financial exclusion then involves bifurcation within financial markets, so that different markets serve different portions of the household and business population. This analysis suggests a reconstruction of Minsky’s microfoundational model of the origins of financial fragility and crisis, which shifts from Minsky’s emphasis on a representative borrower–lender relationship to a situation of borrower–lender relationships in bifurcated markets.     

Market structure and profitability in the international tourist hotel industry

This paper adopts Hsiao (1986) panel data techniques, with metropolitan-level panel data from Taiwan, to examine how the market structures of various related service markets and hotels’ locations affect hotels’ profitability. The empirical results indicate that: (1) market concentration in rooms could significantly improve international tourist hotels’ profitability, while concentration in the food and beverage markets have positive but insignificant effects, and (2) the locations of the international tourist hotels significantly affect their profitability.     

A Study of Accountants' Judgments With Respect to the Provision of Consolidated Financial Statements

The release of the Australian Accounting Standards Board AASB 1024. Consolidated Accounts. in September 1991 represents a fundamental shift in concept, criteria and approach. The Standard is based on the entity concept and adopts 'capacity to control' as the sole criterion for identifying related entities for the purpose of preparing consolidated financial statements. A conceptual (substance-over-form) approach is used to implement the control criterion. In essence, this approach requires accountants to make professional judgments about the existence of control based on the substance of group structures and arrangements rather than their legal form. Concerns about the subjectivity and possible variability of accountants' judgments cast some doubt on the operational effectiveness of the conceptual approach. In response to these concerns, this paper reports the results of an experiment that examines the consolidation judgments accountants make in response to a number of hypothetical scenarios. The purpose of this paper, therefore, is to provide some insights into the likely quality and reliability of consolidation judgments under the conceptual approach adopted by AASB 1024. The results indicate that accountants can be expected to exhibit broad consensus in their consolidation judgments. In addition, an analysis of the variables suggests that the degree of share ownership is the most significant factor in making such judgments. Nevertheless, other factors including the composition of the board of directors, the existence of a special arrangement, and interactions with the other variables also proved to be significant. Overall, the study provides tentative support for the conceptual approach adopted in AASB 1024.     

北京CBD金融发展的SWOT分析

本文运用SWOT分析法,从战略角度对北京CBD金融发展中的优势与弱势、机会与挑战,进行了分析和思考,并提出了自己的一些观点和建议。