公允价值下公司交叉持股的会计计量

在公允价值计量模式下,交叉持股的双刃剑效应明显,成为股市助涨助跌的双头怪。在对其后续计量时,上市公司交叉持股价值重估是计入所有者权益还是当期损益,企业具有较大的自主选择权,不同选择所造成的经济后果差异明显。文章通过应用数学公式分析发现：在对金融资产价值重估时,一是重估增值选择计人权益还是损益,对公允价值会计的顺周期效应影响不同;二是采用传统估值体系评估企业价值时,市净率更优于市盈率。     

股权特征、社会责任与企业价值——基于我国商业银行的实证检验

本文选取我国上市银行2008-2012年的面板数据为样本,实证分析了股权特征、商业银行社会责任与企业价值之间的关系。研究发现：相比于国有控股银行,非国有控股银行履行社会责任更为充分,第一大股东持股比例与商业银行履行社会责任存在显著正相关;当期社会责任与当期企业价值呈正相关,说明商业银行履行社会责任有助于提高企业价值;同时,社会责任履行对银行价值具有滞后影响,且表现为滞后一期,即前一期社会责任的履行会提高当期的企业价值,并且相比于当期社会责任,前一期社会责任对当期企业价值的贡献更大。建议商业银行应增强社会责任意识以提升企业价值,保持适度的控股股东持股比例有助于社会责任的履行。     

公允价值模式下投资性房地产计量探析--以ST上控为例

采用公允价值计量,企业的财务状况和经营成果能更加公允、恰当地反映,但是不完善的外部市场机制和无法忽略的监管披露成本,会影响企业的选择,在ST公司当中尤为明显。本文以投资性房地产为例,分析在2010—2012年度ST公司对其采用公允价值模式计量的情况,并以ST上控作为案例进行分析,以探究选择公允价值模式计量投资性房地产的财务效应和ST企业在进行会计政策选择时面临的问题所在。最后,通过本案例,分析了如何完善企业的外部监管制度和如何保证企业更加理性地进行会计政策选择。     

我国煤炭需求总量分析与预测

为了更好地研究煤炭总量的运行规律和特点,引导煤炭工业健康可持续发展,对我国煤炭需求总量的内涵、平衡态势和数量进行分析与预测。通过研究可以看出,我国煤炭生产总量和消费总量均呈逐步上升、基本保持平衡态势,而且两者波动趋势基本相同。结合设定的情景与我国经济增长,在高煤情景下,2050年之前没有出现峰值;中煤情景下,峰值在2020—2025年出现;低煤情景下,2025—2029年出现峰值。考虑到我国煤炭总量的特征,提出了具体的政策建议。     

Firm litigation risk and the insurance value of corporate social performance

This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to 4 percent to firm value. But CSP is less likely to create value if the firm is in financial distress or is operating in socially contested industries. Copyright © 2013 John Wiley & Sons, Ltd.     

Comment on “fishing for sharks: Partner selection in biopharmaceutical R&D alliances” by diestre and rajagopalan

A recent study of R&D alliances between new biotechnology firms (NBFs) and pharmaceutical firms investigated how NBFs deal with the “swimming with sharks” dilemma involved in allying with firms capable of appropriating value. It concludes that NBFs are less likely to select alliance partners with related expertise because of greater appropriation risk. Based on our experience as NBF managers and a survey of NBF executives, we believe that such situations are uncommon, and that the study more likely shows pharmaceutical firms seeking diversification. Thousands of NBFs seek alliances with the top 100 pharmaceutical firms, and the larger company is much more likely to be the one to select among multiple potential partners. Copyright © 2013 John Wiley & Sons, Ltd.     

死刑案件新闻报道的刑事法律解读——兼论死刑案件新闻报道的价值取向

目前我国保留死刑制度，死刑作为最严厉的刑罚，广大民众关注死刑的适用，媒体热衷于死刑案件的新闻报道。从刑事法律的角度解读死刑案件的新闻报道，从真实死刑案件的新闻报道着手，分析新闻报道的现状，分析死刑制度沿革，寻找他们之间存在的共同价值取向——人权保障。     

改进原料气取样方法 提高丙烯含量分析结果平行性

分析了目前原料气罐车三次取样丙烯含量极差较大的问题,阐述了如何改进原料气取样方法,提高丙烯含量分析结果平行性。     

Disorder in the Risk Order

Abstract

This paper studies the difference in global equity portfolios allocated by the criterion of minimizing the risk by using two different risk measures, the standard deviation and the conditional value at risk. An empirical analysis is performed on a comprehensive stock exchange database. The main hypothesis of the present work is that the choice of risk measure has crucial importance in portfolio optimisation, especially in those situations when the stock markets are extremely volatile and the return distributions are non-normal. The rationale behind establishing minimum-risk portfolios is to keep track of the highest possible risk reduction benefits from international diversification.     

从社会主义核心价值体系谈社会主义和谐社会的构建

究竟什么是社会主义核心价值体系呢?它和社会主义和谐社会又是怎样的关系?它的完善是否能促进和谐社会的构建呢?本文主要是通过对社会主义核心价值体系的分析,谈其对社会主义和谐社会构建的重要意义。