中美两国企业内部控制框架理论和实施的比较分析

许多企业兴衰的例子证明,内部控制的缺失往往导致企业低下的管理水平和扭曲的会计信息,良好的内部控制对于企业改善管理、提高会计信息质量具有重要意义。中美两国企业内部控制框架理论在控制环境、风险评估、控制活动、信息沟通与反馈及监控方面存在差异,我国应借鉴美国的先进经验,如重视财务报表审计和相关内部审计的整合、正确对待CPA追求审计成本效益最大化。     

Internationalising Professional Skill Development

ABSTRACT

Internationalisation of education, and more specifically tertiary education, all over the world has contributed to a significant overhaul in student composition. Parallel to this runs the need for graduates to leave university with a range of professional skills. In response to this, universities actively encourage the development of such skills in their programs by integrating the teaching and assessing of professional skills into academic programs. This paper reports on the efficacy of a professional skills program and its support structures as used in the Bachelor of Commerce degree program of a university. The paper outlines how the skills were taught and assessed in the International Management 375 unit and presents data on the changes in students' perceptions of their skill levels. The interpretation of the data is further differentiated on the base of gender, language and country of origin.     

新疆喀什地区外向型经济发展：优势、障碍与政策建议

喀什地区地处祖国西部边陲，具有发展外向型经济的资源、区位、人文和政策等优势。本文在调研①的基础上，对喀什地区外向型经济发展现状和障碍进行了分析，从国家和喀什地方政府两个层面提出了喀什地区加快外向型经济发展的政策建议。     

构建适合高校发展的教师岗位绩效导向平台研究与实践

在分析了高校师资队伍建设内涵的基础上，指出由于缺乏战略导向使高校在发展中面临诸多问题，提出围绕“以人为本、公正和谐、共同发展”的主题，通过建立基于岗位绩效导向平台，将个人发展、部门发展、学校发展紧密联系，充分发挥教师在高校事业发展中的核心作用，推动高校全面、协调、可持续发展。     

Professional forecasters and real-time forecasting with a DSGE model

This paper analyses the real-time forecasting performance of the New Keynesian DSGE model of Galí, Smets and Wouters (2012), estimated on euro area data. It investigates the extent to which the inclusion of forecasts of inflation, GDP growth and unemployment by professional forecasters improve the forecasting performance. We consider two approaches for conditioning on such information. Under the “noise” approach, the mean professional forecasts are assumed to be noisy indicators of the rational expectations forecasts implied by the DSGE model. Under the “news” approach, it is assumed that the forecasts reveal the presence of expected future structural shocks in line with those estimated in the past. The forecasts of the DSGE model are compared with those from a Bayesian VAR model, an AR(1) model, a sample mean and a random walk.     

基于工作过程导向的《国际结算》课程改革

＂工作过程导向＂教学模式有利于培养学生的职业能力和职业素养,适合于《国际结算》课程的自身特点,符合其教学要求。基于工作过程导向对《国际结算》课程目标定位、课程内容、教学方法以及考评体系四个方面进行改革,对取得《国际结算》课程良好的教学效果具有重要意义。     

以“创先争优”活动为契机 加强思想政治工作

在党的基层组织和党员中深入开展“创先争优”活动，是继续巩固和拓展全党深入学习实践科学发展观活动成果的迫切需要，是进一步调动和激发基层党组织和党员的积极性、创造性，推动科学发展的有效载体，是加强基层党组织建设、不断提高党的建设科学化水平的重要举措。文章提出了在“创先争优”活动中加强思想政治工作的做法。     

Product pricing and solvency capital requirements for long-term care insurance

This paper presents a comprehensive assessment of premiums, reserves and solvency capital requirements (SCRs) for long-term care (LTC) insurance policies using Activities of Daily Living and US data. We compare stand-alone policies, whole life insurance policies with LTC benefit riders (LTC insurance combined with whole life insurance), life care annuities (LTC insurance combined with annuities) and shared LTC insurance in terms of net premium cost and SCRs. Net premiums and best-estimate reserves for base LTC insurance policies are determined using Thiele’s differential equation. Product features such as the elimination period and the maximum benefit period are compared using a simulation-based model. We show how a maximum benefit period can reduce costs and risks for LTC insurance products. SCRs for longevity risk and disability risk are based on the Solvency II standard formula. We quantify the extent to which whole life insurance policies with LTC benefit riders and life care annuities provide lower SCRs than stand-alone LTC insurance policies.     

家族企业所有者与职业经理人关系研究

企业主与职业经理人信任问题在工业化后的美国、日本等发达国家已不复存在,但在我国仍然困扰家族企业的发展。究其原因,一是企业主"家文化"观念根深蒂固,不相信外人;二是企业主受经理人败德行为打击,心有余悸。为了突破管理瓶颈,提升企业竞争力,引进职业经理人成为家族企业必然的抉择。事实上,规范的企业主与经理人关系是正和博弈,互信是前提,互补是条件,互托是基础,互惠是目的。     

External Financing,Growth and Stock Returns

In this paper we investigate the relation of the value/growth anomaly with the anomaly on corporate financing activities. We confirm and expand earlier results that value/growth and external financing indicators are, to some degree, related predictors of stock returns in the cross section. We show that external financing indicators are incrementally informative since they pick up stock returns associated with earnings quality. Portfolios that combine information from both these indicators generate significantly higher returns than portfolios containing each individual indicator. More importantly, our analysis strongly suggests that the external financing anomaly is, to some extent, distinct from the value/growth anomaly, in that it may also reflect investors’ misunderstanding of the effects of opportunistic earnings management.