基于技术创新和品牌的民营科技企业的国际化战略研究

入世以来,国内企业面临内外竞争对手的双重挑战,迫切需要国内的民营企业进行国际化战略,以形成自身的核心竞争力。文中将从技术创新和品牌这两个内外的重要点着手,集合具体的案例进行说明以做到理论和实践的结合。     

国际油价波动对中国宏观经济影响的实证分析

运用格兰杰因果检验结合脉冲响应函数,来实证分析国际油价波动分别对中国宏观经济的五个变量——消费(C)、投资(I)、政府支出(G)、出口(EX)、进口(IM)的影响;同时,针对油价波动对国民经济各方面产生的影响,提出了一些建议和对策。     

我国会计准则与国际会计准则公允价值运用的比较

新会计准则引入了公允价值计量属性,在整体上与国际会计准则保持了高度的趋同性,但是也做了审慎的改进。主要从公允价值的应用范围和会计处理中的具体运用角度比较了我国会计准则公允价值运用与国际会计准则的差异。     

国际结算业务中提单日的确定方法探析

在国际贸易实务中,提单因其具有物权凭证的性质而成为各种国际结算方式的重要单据之一。在国际结算实务中许多重要日期(如装运期、交单期、付款期、各种单证的有效期等)起止时间的计算往往都以提单日为依据。因此,正确确定提单日对国际结算业务有着十分重要的作用和影响。     

浅谈长螺旋钻孔灌注桩技术在水利工程中的应用

长螺旋钻孔灌注桩施工是工业民用建筑基础处理中经常采用的一种施工技术。文章通过对其在围堤湖分洪闸闸室段基础处理工程中成功应用的阐析,提出它在某些水利工程的基础处理施工中同样可以占据一席之地,并有其独特的优势。     

Credit derivatives, capital requirements and opaque OTC markets

In this paper we study the optimal design of credit derivative contracts when banks have private information about their ability in the loan market and are subject to capital requirements. First, we prove that when banks are subject to a maximum loss capital requirement the optimal signaling contract is a binary credit default basket. Second, we show that if credit derivative markets are opaque then banks cannot commit to terminal-date risk exposure, and therefore the optimal signaling contract is more costly. The above results allow us to discuss the potential implications of different capital adequacy rules for the credit derivative markets.     

国际审计与鉴证准则理事会审计报告模式变革特征及启示

为了提高审计报告的沟通价值,为决策提供更多信息,一些国际机构开始探索审计报告模式变革,国际审计与鉴证准则理事会在2015年发布了新的审计报告系列准则。新审计报告准则虽然保留了通过/失败模式,但要求在审计报告中沟通“关键审计事项”,增加对“其他信息”的评价,关注持续经营假设并报告评价结果,并且调整了审计报告的段落结构,明晰了一些专业术语的表达。在详细解析国际审计报告准则内容变化的基础上,总结了国际审计报告变革的特征,并对国际审计报告变革可能带来的问题进行了深度剖析,以为中国审计报告相关准则的变革提供借鉴之处。     

Incentives for risk reporting — A discretionary disclosure and cheap talk approach

This paper adopts and reviews discretionary disclosure and cheap talk models to analyze risk reporting incentives and their relation to regulation. Given its inherent discretion, risk reporting depends on disclosure incentives. To assess these incentives the analytical models consider risk reporting as an endogenous feature, thereby providing a benchmark to discuss regulatory attempts. Particularly, discretionary disclosure models refer to verified disclosure, e.g., on risk factors or risk management, whereas cheap talk models refer to unverified disclosure, like managerial forecasts on the impact of risk factors. This provides an analytically-based framework for discussion. Unlike prior literature, which focuses on disclosure cost, I argue that uncertainty of information endowment and issues of credible communication can explain restricted risk reporting observed empirically. Linking regulatory attempts to these restrictions implies that regulation may mitigate the incentives-driven restrictions to some extent, but can have adverse effects on risk reporting. I particularly discuss the link between effective risk monitoring and the precision of risk reporting; the ex post assessment and usefulness of managerial forecasts on impacts of risk factors; the claimed decreasing cost of capital by mandatory risk reporting; and the threat of self-fulfilling prophecies. While the discussion has implications for both specific risk reporting requirements and empirical research, overall results suggest that we should not overestimate the informativeness of risk reporting even in a regulated environment.     

Does corporate international diversification destroy value? Evidence from cross-border mergers and acquisitions

This paper investigates the valuation effects of corporate international diversification by examining cross-border mergers and acquisitions of US acquirers over the period 1990–2000. We find that, on average, acquisitions of “fairly valued” foreign business units do not lead to value discounts. In contrast, unrelated cross-border acquisitions result in a significant diversification discount of about 24% after accounting for the valuation of foreign targets. Furthermore, significant wealth gains accrue to foreign target shareholders regardless of the type of acquisition. Overall, our results suggest that international diversification does not destroy value while industrial diversification leads to discounts even after controlling for the pre-acquisition value of the target.     

The capital market implications of the frequency of interim financial reporting: an international analysis

This study examines empirically the extent to which the frequency of interim financial reporting affects stock price volatility over the course of the fiscal year in four countries with different interim reporting regimes: the United States and Canada with quarterly reporting, and Great Britain and Australia with semi-annual interim reporting. It is hypothesized that, in the tradeoff between timeliness and predictive value of the interim reports, semi-annual interim reporting will lead to lesser price volatility after accounting for other potential influences. These expectations are supported in the results found. Moreover, additional tests conducted on American ADRs of British and Australian companies show that those firms have higher volatility than comparable purely domestic firms on their home stock exchanges.