An Empirical Investigation of the True and Fair Override in the United Kingdom

Abstract:  The True and Fair View concept requires companies to depart from GAAP or the law if necessary to present a true and fair view of the corporation's financial affairs. We analyze UK public companies invoking a true and fair override to assess whether overrides are associated with weakened performance, earnings quality and informativeness. We find quantified overrides increase income and equity significantly, and firms that invoke more costly overrides report weaker performance. We also find that firms invoking the most costly overrides have less informative financial statements than control firms, and lower earnings quality. In contrast, firms invoking less costly overrides do not exhibit weaker performance, less informative financial statements or weaker earnings quality. These findings are relevant for the debate on principle- vs. rules-based accounting.     

公平偏好在劳动契约中的作用探讨

劳动契约是典型的不完全契约,一般认为自利的工人仅仅只会做出最低程度的努力水平,而近年来的实验与行为经济学发现工人的选择并不完全符合自利的假设,工人的努力程度还会受到其公平偏好的影响,由于工人的选择直接影响到企业的获利状况,故企业在制定工资水平时应该考虑工人对公平的诉求。     

Sharing a River

A group of agents located along a river have quasi-linear preferences over water and money. We ask how the water should be allocated and what money transfers should be performed. The core lower bounds require that no coalition should get less than the welfare it could achieve by using the water it controls. The aspiration upper bounds demand that no coalition enjoy a welfare higher than what it could achieve in the absence of the remaining agents. Exactly one welfare distribution satisfies the core lower bounds and the aspiration upper bounds: it is the marginal contribution vector corresponding to the ordering of the agents along the river. Journal of Economic Literature Classification Numbers: D62, C71.     

中日韩三国的公允价值计量属性比较研究——基于财务会计概念框架角度

作者在研究过程中,综述了公允价值计量属性的相关理论.在比较中日韩三国财务会计概念框架中,作者在公允价值计量属性表述的基础上,分析了中日韩三国之间的差异,提出中日韩会计准则制定机构在公允价值研究领域存在着区域性合作的共同课题,并就加强合作的路径安排提出了笔者的构想.     

Interaction between securitization gains and abnormal loan loss provisions: Credit risk retention and fair value accounting

This study investigates whether managers use asset securitization gains to substitute loan loss provision (LLP) management for earnings management, and, if so, whether the percentage of credit risk retained affects such a relationship. The literature provides evidence that managers have used securitization transactions to boost earnings. Using 2001?2014 data for a sample of bank holding companies, I find that managers use securitization gains and LLPs as partial substitutes and that earnings management from securitization gains grows at an increasing rate to substitute income increasing LLP management as the level of risk retention increases. These findings are consistent with the argument that the higher the level of risk retention, the greater the potential impact on achieving earnings targets, given banks’ exercise of discretion over securitization gains through estimation of fair value of retained interest. In addition, I document that the substitution effect between the two tools is non‐existent in the post‐SFAS 166/167 period. Taken together, the findings have timely implications for accounting standards by informing the effect of risk retention that I measure through earnings management techniques. Moreover, my findings provide additional support for improved disclosures on assets‐backed securities.     

金融资产规模、公允价值会计与管理层过度自信

本文以2004-2009年持有证券资产的A股上市公司为样本,对金融资产规模的决定因素进行了理论和实证研究,得到以下研究结论：（1）公允价值会计是上市公司金融资产规模显著增加的解释因素;（2）管理层过度自信在成本计量模式下与金融资产规模只有弱相关性,但在公允价值会计下却与金融资产规模显著正相关;（3）受政府控制的公司、大股东持股比例高的公司在成本计量模式下有显著更低的金融资产规模,但在公允价值会计下,特别是当管理层过度自信时,金融资产规模却呈现为显著增加。上述结论解释了会计理念、管理层行为与金融风险的内在关联性：公允价值计量模式遵循的是价值相关性原则,要求把证券持有利得也计入资产价值和会计收益,这个未来价值理念激励了公司管理层和控股股东的金融投资行为。     

财政补贴的竞争法审查及其改进——兼论《公平竞争审查制度实施细则（暂行）》

财政补贴是国家干预经济的重要手段,能够促进产业结构调整和转型升级、平衡和加速地区间的经济发展,但极易对市场公平竞争带来消极影响,例如破坏市场结构、误导市场行为、减损市场绩效,等等。《公平竞争审查制度实施细则（暂行）》对此予以重点关注,但缺乏全面性的制度构建。这方面,欧盟国家援助制度值得我们学习和借鉴。欲改进我国财政补贴的竞争法审查,必须落实公平竞争审查制度,坚持必要性原则、公平原则和透明度原则,同时要建立补贴评估机制、豁免机制、信息披露机制和异议机制,以规范财政补贴的实施,平衡财政补贴和竞争政策的冲突,确保市场竞争机制不被财政补贴所扭曲。     

建立我国风险投资机构报告体系初探

风险投资是创新的催化剂。随着国内外风险投资的不断发展,构建风险投资报告体系迫在眉睫。借鉴欧洲、美国、英国等发达国家或地区风险投资报告体系的主要内容,对构建我国特色的风险投资机构报告体系提出了建议。     

基于层次分析法的汽车上市企业公允价值研究

构建了同时考虑财务因素和非财务因素的企业公允价值评估模型。首先,利用层次分析法计算财务因素和非财务因素对企业价值的影响系数;然后,在传统自由现金流量模型的基础上,使用此调整系数,构建企业公允价值评估模型;最后还选取汽车制造上市企业进行实证研究,证明了该模型的适用性。     

公允价值会计顺周期性及其改进——基于金融危机的视角

近两年的金融市场动荡显示了会计信息的不确定性,公允价值会计（FVA）方法被引入到银行的资产负债表中,是金融机构首选的核算框架。FVA方法的缺陷可能会带来波动性和顺周期性,因此需要一些改进。资本缓冲、前瞻性的拨备和更完善的信息披露有助于减轻FVA方法的顺周期性。会计估值方法、审慎监管措施和风险管理之间需要相互协调,并根据各方要求作出调整。