公司治理结构与超能力派现的实证研究

本文选取了2004年深圳主板市场超能力派现的42家公司作为测试样本，建立Logistic模型。通过实证研究发现，公司治理结构是上市佥司发生超能力派现行为的重要影响因素，其中独立董事比例、高级管理人员薪酬水平对超能力派现具有显著性影响，公司治理结构的优化有利于制约上市公司的超能力派现行为。     

日本企业的股权特征与现金持有量

本文利用东京证券交易所上市企业作为分析样本，对日本企业股权结构、现金持有、企业价值三者之间的关系进行实证检验。研究结果表明，日本企业经营者与安定投资者（银行股东及关联企业股东）串谋实施内部控制，通过有意识地在企业中积累过多的现金，从而实现他们侵占其他股东利益的目的。本文研究为分析我国企业现金持有决策行为提供了有益的借鉴。     

The Free Cash Flow Anomaly Revisited: Finnish Evidence

Abstract:  This paper examines the performance of an investment strategy based on free cash flows using financial statement data of Finnish companies during the period 1992-2002. The analysis in this paper is motivated by the so-called free cash flow anomaly previously documented e.g. in Hackel, Livnat and Rai (2000) . Using annual financial statement information, we identify large-capitalization companies with positive free cash flows, low free cash flow multiples, and low financial leverage. Since a portfolio of these companies is found to consistently outperform the market index, our results suggest that the free cash flow anomaly also exists in the Finnish stock market.     

Driving Shareholder Value: The Role of Marketing in Reducing Vulnerability and Volatility of Cash Flows

Marketing professionals have historically found it difficultto measure and communicate to other disciplines and to top managementthe value created by marketing activities. All too often, justificationof marketing and communication initiatives is restricted to theirimpact on revenue generation. But, marketers do create valuein other ways. Marketing actions do lead to an acceleration ofthe market's acceptance of new products, to enhanced customerretention/loyalty, to an improvement in the size and qualityof customer bases, to price premiums and other desirable payoffs.Such financial outcomes suggest that marketing activities areoften strategic investments, not tactical, intangible expenses.We suggest that the effectiveness of marketinginitiatives should be evaluated on the basis of their impacton the basic drivers of shareholder value–cash flow acceleration,cash flow enhancement, reduction in volatility and vulnerabilityof cash flows, and growth in the long-term value of business).These shareholder value metrics provide a framework for communicationof the contribution of marketing strategies to value creation.In particular, this paper focuses on the role of marketing inenhancing shareholder value by reducing the vulnerability andvolatility (hence risks) associated with cash flows. This riskreduction (and shareholder value creation) role of marketingactivities is examined within cross-functional processes forcreating customer value such as design of new products and services,supply chain management and management of relationships withcustomers, channels and strategic partners.     

More on the Discounting of Residual Income Streams

The purpose of this paper is to take the conclusions reached by Peasnell (1981, 1982) and Kay (1976) and show that the use of discounted residual incomes for project evaluation purposes requires the prior appraisal on a cash flow basis. The use of residual income at the investment planning and subsequently at the accounting stages is also evaluated.     

中国旅游上市公司经营业绩评价

首先对旅游上市公司的外延进行了合理界定,然后根据旅游业自身特点从会计学角度提出了旅游上市公司经营业绩的评价方法——即结构性评价和“含金量”评价。同时也发现了传统经营业绩评价中存在的一些问题,并提出了自己的看法。     

中国国库现金最佳持有水平估计及预测——基于改进的Miller-Orr模型

基于2000年1月—2011年12月的月度数据,建立改进的Miller-Orr模型和新陈代谢GM(1,1)模型,对中国国库现金最佳持有水平进行估计和预测。结果表明:中国国库现金最佳持有水平呈逐年微幅上升特征,每年国库资金波动渐趋平稳。当前,政府需要继续加大国库资金的商业银行定期存款操作力度,以降低国库现金存量;适度把握国库资金的投放时机和投放频率,避免对货币政策的频繁干扰;充分积累历史数据,提高对国库现金流的估算和预测水平,确定国库现金的最佳持有量。     

现金持有量决策具有战略效应吗?——基于现金持有量的平均效应与区间效应的研究

文章根据掠夺理论来考察现金持有量是否具有增加产品市场业绩的战略效应。研究结果表明,就平均效应而言,现金持有量能够增加企业的产品市场业绩;就区间效应而言,现金持有量的战略效应呈现出随着现金持有水平的提高而逐渐增加的趋势。进一步地检验结果表明大量持有现金引起的投资是造成现金持有量的区间效应呈增加趋势的主要原因,且最终也增加了企业价值。文章还发现行业的竞争强度以及整体财务状态也会影响现金持有量的战略效应。     

农村地区推广非现金结算的对策思考

我国农村地区非现金结算方式极不发达,其原因有多个方面。应切实改善非现金结算的宏观环境,严格现金监管,完善非现金结算法律制度,强化非现金结算风险防范合作机制,规范非现金结算流程;同时,应因地制宜创新支付结算工具,实现结算业务的多样性,并推行非现金结算代理制,以推广农村地区非现金结算方式。