Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

The mean-variance investment problem in a constrained financial market

This paper extends the mean-variance analysis and the two-fund separation theorem to a market with some constraints, such as, the incompleteness, prohibition of short-selling, and partial information, with stochastic interest rate, and with stochastic volatility for risky assets. By maximizing a quadratic utility of terminal wealth, we show that the efficient frontier for the problem is a straight line in the mean-standard-deviation diagram. The quadratic utility function exhibits mean-variance efficiency. Our results apply to portfolios of claims in a single period, multiperiod, and continuous time.     

强化企事业单位内部审计的研究

随着企事业单位管理的需要,内部审计显得越来越重要。本文通过阐述我国企业内部审计中存在的问题,从内部审计认识、内部审计建设、内部审计人员三个方面进行分析,从中找出对策。     

公司财务控制机理:一个基于制度博弈的分析

财务控制的目标是对出资者和经营者之间形成的代理契约的冲突进行管理和协调.以出资者与经营者的制度博弈模型为分析基础,可以清楚表明财务控制机理特征:首先,财务控制本身具有的制度成本(控制成本)是制约控制成效的关键因素;其次,财务控制作为一种制度安排,应具备使经营者违背代理契约的外部成本内部化的功能;最后,财务控制本质是一种契约安排,是出资者和经营者之间多次动态博弈的结果,因此需要不断进行修正完善.     

Are recent segment disclosures of Japanese firms useful?: Views of Japanese financial analysts

Since 1990, the Japanese Ministry of Finance (MOF) has required Japanese firms to disclose segment data in annual financial statements. Using a survey instrument, we examine whether Japanese analysts find these segment disclosures to be useful. Our study finds that analysts perceive that segment data aid them in forecasting consolidated sales and net income. However, results also show that analysts are concerned that Japanese firms do not define segments meaningfully and consistently and are arbitrary in the allocation of common costs. Further, the analysts do not believe that the usefulness of segment data improves when it is audited. These results have implications for investors in Japanese stocks and accounting policy bodies, such as the US Securities and Exchange Commission (SEC).     

从战略管理角度透视财务管理目标

运用战略管理的基本理论 ,在分析现行理论界关于财务管理目标的不足之处的基础上 ,提出了财务管理的新的目标———战略计划期利润最大化。     

商业银行服务营销战略透析——以中国银行为例

美国次贷危机波及全球金融体系、金融产品及金融衍生产品的受信度受到质疑。我国的商业银行受此冲击强度较小，很大程度上取决于银行战略眼光和营销运作的成功。本文从营销战略的角度，结合中国银行服务营销的运行状况，对中国银行发展走势及营销战略进行深度透析。     

基于协整分析的东北区域产业结构优化与金融支持关系研究

基于1978—2003年的统计数据,采用协整关系检验法和格兰杰(Granger)因果检验法对东北地区金融发展与产业结构优化之间的关系进行了实证检验。分析结果表明东北区域产业结构优化与金融发展之间存在长期动态均衡关系及单向因果关系,即金融发展对东北区域产业结构优化具有支持作用,从而为政府经济决策提供了政策依据。     

从“大萧条”看中美两国应对当前金融危机之策

本文站在历史的角度，审视与检讨中关两国政府在应对当前由次贷风暴引发的金融危机中的得与失。历史是一面镜子，发生在20世纪30年代的世界性大萧条与今日美国金融危机在很多方面具有相似之处。以史为鉴，在百年一遇的危机面前，各国政府应携手并进，同舟共济，避免陷入更深的困境。当前的局势为中国充分展示负责任大国的形象提供了契机。