我国企业财务管理目标的探讨

明确财务管理目标是做好财务管理工作的前提。当前我国财务管理目标理论有几种主要观点，净资产收益率是现阶段我国财务管理目标的较好选择。     

所得税会计方法的比较研究

所得税会计是研究如何处理按照会计准则计算的税前会计利润与按照税法计算的应税所得之间差异的会计理论和方法。本文通过对所得税会计方法的对比分析和比较研究, 旨在对企业进行所得税会计方法的运用与选择中提供理论与实务指导     

我国旅游集团的融资模式研究

随着旅游业的快速发展,我国出现了形式多样、规模不一的旅游集团。由于企业特征和经营模式存在着较大的差异,它们的融资模式也不尽相同。本文将旅游集团分为旅行社、酒店、景区、旅游电子商务企业以及综合性五大类,分别对它们的融资特点、融资方式、收入来源、盈利能力进行了分析和总结,并比较了各类旅游集团融资模式的优劣。     

关于上市公司利润表改进之思考

本文结合新企业会计准则的出台,分析了利润表的不足,并结合国际上的收益表改进动态及我国的国情,对上市公司利润表的改进提出了切实可行的建议.     

Early Business Ethics in Spain: The Salamanca School (1526--1614)

Business ethics is not a novelty: it has important antecedents, among which we find the Spanish "Salamanca School". Its most brilliant period was during the sixteenth and early seventeenth century, a historical epoch when Spain was one of the principal centers of commerce in Europe. In this article, we present a panoramic view of business ethics as developed by this school and discuss its potential contributions to new developments in business ethics.The Salamanca School was primarily focused on action, yet ultimately oriented to the agent. The Salamanca School's authors were theologians seeking to harmonize faith, reason and social reality. Many of them were very well-acquainted with the business dynamics of their day and issued precise assessments of them. In their writings, they also considered fundamental aspects of the market economy (property, prices, monopolies, profit, etc.). Their moral reasoning follows the natural-law of Thomas Aquinas, but places greater emphasis on empirical data. In the context of a global economy, the Salamanca School's open, universal approach is especially worthy of consideration.     

长租公寓中国化发展动力、困境及对策探究

十九大会议召开之后,"房住不炒"的定位给住房租赁市场提供了前所未有的发展机遇。而在国家政策大力支持、租赁需求持续增长以及传统市场落后等动力的驱使下,长租公寓更是迎来了行业发展的"高潮"。但融资渠道狭窄,企业盈利困难,住房供给不足以及市场管理混乱等现实问题的存在使长租公寓在中国的发展也面临着巨大的挑战。基于此,提出提供金融支持,拓宽融资渠道;集中化发展,寻求规模效益;立法先行,建立统一行业标准;多方参与,构建租赁住房新格局等具体发展建议。     

Social Entrepreneurship in Nonprofit Organizations: An Empirical Investigation of the Synergy Between Social and Business Objectives

Social entrepreneurship in nonprofit organizations has emerged as an increasingly important domain, both in academic research and in practice. This article attempts to further enhance our understanding of the management of nonprofit organizations by investigating the way they balance social and business objectives. Over 200 senior managers of nonprofit organizations participated in our structured telephone interview. The data revealed that many organizations worried about the potential for reduced or lost funding, especially during economic hard times. Issues of sustainability usually headed their list of concerns. Many of these organizations sought to establish revenue generating business streams to offset expected funding shortfalls. The data suggested that over 70% of the nonprofit organizations we interviewed resided in the social entrepreneurship zone. Our results also showed that maintaining a social objective and managing a viable business can be complementary and mutually beneficial activities.     

Competitiveness of the Malaysian Food Processing Industry

Competitiveness is the goal sought after by governments and private sectors of many developing countries, including Malaysia. The study used net social profits (NSP) at the production level and the Porter diamond approach at the firms’ level to evaluate the competitiveness of 16 food-processing sectors from 2000 to 2008. The results indicate that processed-food industries have a comparative advantage but at a different magnitude. A time trend was fitted to track the dynamic NSP indices where positive trends indicate improvement in competitiveness. The range of NSP indices is quite wide, from RM 1,707.70 for snacks to RM 35.36 for vegetable and animal oils and fats, reflecting the need to improve resource allocation from low to high comparative advantage sectors. The NSP trend and Porter diamond conditions (demand condition, factor inputs, firm strategy and rivalry, and related supporting industries) suggested that the food processing cluster is gaining competitiveness.     

The Profitability of Momentum Investing

We test for the presence of momentum profits in the UK over the period 1977 to 1998. The analysis shows that significant momentum profits are present in both a comprehensive sample of UK stocks and an accounting sub-sample. An analysis of sub-period results, seasonal effects, and the persistence of momentum profits confirms the robustness of the results. Controlling for factors known to be associated with differences in average returns, such as size, stock price, book-to-market ratio, and cash earnings-to-price ratio, cannot explain momentum profits. We also confirm that serial correlation in common factors and delayed price reaction to common factor realisations cannot explain momentum profits. We conclude that the momentum effect derives from market underreaction to either industry- or firm-specific information and it is a significant, independent phenomenon in UK stock returns.     

The persistence of abnormal returns at industry and firm levels: Evidence from Spain

We apply structural equation models to longitudinal data on profits of firms within industries to study the persistence of abnormal returns. We obtain a two‐way variance decomposition for abnormal returns: at firm vs. industry levels, and at permanent vs. transitory components. This decomposition enables us to assess the relative importance of the fundamental components of abnormal returns discussed in the literature. The method is applied to a panel of 5,000 Spanish firms observed over the period 1995–2000. We conclude that: (a) there are significant and permanent differences between profit rates at both industry and firm levels; (b) variation of abnormal returns at firm level is greater than at industry level; and (c) firm and industry levels do not differ significantly regarding rates of convergence of abnormal returns. Copyright © 2007 John Wiley & Sons, Ltd.