试论企业会计信息产权博弈

企业是一系列契约关系的结合,会计信息依附于企业而存在,企业与会计信息的关系实质上是企业利益相关者间对会计信息的博弈。由于会计信息外部性的存在,意味着利益相关者可能会因会计信息供求而产生冲突,解决该冲突必然要求明确双方对会计信息的产权,会计信息产权交易费用的存在,奠定了会计信息产权博弈基础,这种博弈依赖于会计信息的管制和伦理道德产生,缓冲其负外部性效应。契约关系、管制、伦理道德,对会计信息产权博弈均衡有一定的功效,但要使会计信息利益相关者达到会计信息产权博弈均衡,建立一套科学、完善的“共同治理”与“相机治理”有机结合的机制势在必行。     

我国产险公司利用赔款准备金实现盈余管理的实证研究

利用我国产险业2001--2005年的财务数据,本文采用盈余频率分布模型,发现产险公司存在盈余管理现象。在此基础上,本文实证分析产险公司赔款准备金与盈余管理及其他财务指标之间的关联性,揭示公司调整赔款准备金的动机。结果表明,产险公司存在利用赔款准备金评估方式修饰盈余的动机。当承保结果不佳、赔付恶化,或者投资收益较低时,产险公司会低估赔款准备金,虚增账面盈余。应对监营也是产险公司利用赔款准备金进行盈余管理的重要诱因。中、外资产险公司税赋动机存在显著的差异。2005年赔款准备金评估方法的改变并未显著减弱产险公司利用赔款准备金进行盈余管理的动机,但赔款准备金提取的谨慎程度显著提高。     

宏观审慎框架下防范跨境资本波动的国外经验与借鉴

2008年金融危机以来,发达经济体为提振本国经济,采取了量化宽松政策,致使大量资本流向新兴经济体。给许多新兴市场国家包括土耳其的金融稳定带来严重挑战。本文以此为背景探讨了土耳其在2010年末所采取的宏观审慎政策的有效性,分析了利率走廊机制平滑了外汇的供给波动的机理,并运用实例验证了储备选择机制在降低需求对供给波动的敏感度方面的效果,对新形势下我国防范跨境资本波动提供一定的政策参考。     

美国联邦储备体系的性质、功能和治理结构

联储体系依据美国国会通过的法律成立,作为美国的中央银行行使包括制定和执行货币政策、监管金融机构、维护支付体系运行等公共职能,代表公共利益,具有公共机构性质。联储体系理事会属联邦机构性质;各联储行兼具联邦机构、公司和银行性质,但以联邦机构性质为主,公司色彩较淡,是银行的银行和政府的银行。     

从紧货币政策背景下的银行机构经营选择及赢利能力分析

从理论上讲,货币政策调整存在着利差变动效应,而实际利差直接影响着银行机构的盈利能力。但从实证结果来看,非对称加息、法定存款准备金率提高以及公开市场操作等政策工具对银行机构的实际利差影响效果都不明显,而对称性加息的效果显著。商业银行应该根据货币政策的实际利差变动效应采取应对措施。     

Unconventional monetary policy and the dollar–euro exchange rate: further evidence from event studies

New evidence is presented on the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (FED) and the European Central Bank (ECB). To that end, we employ an event study approach using daily the USD–EUR exchange rate for the period from 2 January 2007 to 31 January 2015. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused in general an appreciation of the dollar, while those by the FED would have caused a depreciation of the dollar.     

Participation in the implementation of Natura 2000: A comparative study of six EU member states

The establishment of Natura 2000, the European Union’s network of protected areas, has been a challenging process and has caused a variety of conflicts. These conflicts are related to contradictory stakeholder interests and perceptions, as well as to procedural issues and feelings of exclusion, especially by concerned local land user groups. To prevent further conflict, local participation has been stressed as an important tool to increase the inclusiveness of Natura 2000 and its acceptance among land users. In this paper, we present an analysis of participation practices related to the Natura 2000 implementation processes in six EU member states. Based on material collected from semi-structured interviews and document analysis, we describe the organisational settings of the participatory processes, focusing, among other things, on the type of participants involved, the level and intensity of their involvement, and the goal of participation. In addition, we also describe the local context in which the participation processes have been embedded. Finally, we assess the outcomes of the participatory processes in terms of their impact on forest and nature conservation management practices. Our results show that local participation practices were shaped not just by the Natura 2000 policy, but also by the history of the area, including, for example, earlier conflicts among the local actors. We also show that although the participation process leads to a greater acceptance of the Natura 2000 policy, this does not relate to significant changes in management practices among local actors. These findings, however, do not suggest that participation is irrelevant. Rather, we conclude that participation involves context-dependent, localised learning processes that can only be understood by taking the historical socio-economic and institutional context in which they are situated into account.     

Local participation in cultural landscape maintenance: Lessons from Sweden

Local participation has evolved as a strategy in the conservation and maintenance of biological and cultural values in cultural landscapes. The meaning(s) of the concept, however, are fuzzy, and conditions for fruitful implementation have only been investigated to a limited extent. In this article, a couple of Swedish cases serve as points of departure for a better understanding of the prerequisites and critical aspects as regards an increased local involvement in landscape management. A review of research on community participation reveals some essential aspects; power relations, participants, the institutional framework, organisation, communication, knowledge building, monitoring and contextual factors. These aspects have formed the structure for the analysis of two cases within which local involvement is considered successful; Southern Öland, where community involvement in seminatural grassland management has been experienced in LIFE-projects and in the process of becoming a UNESCO World heritage site, and Mälarhagar, an integrated restoration and beef production project carried out in close collaboration with farmers. The results are discussed in terms of successful ingredients, counterproductive aspects and operational difficulties. The findings show that trust, communication and local influence are vital ingredients in a participatory approach. Communication and co-management are pointed out as central areas of competence for executives working with landscape management and planning. There are, however, collisions between directives concerning nature conservation and directives concerning public participation. For successful local involvement, the subject for collaboration has to be broadly defined. Furthermore, the strong emphasis on collaboration in participatory approaches demands that democratic aspects have to be considered.     

The Impact of Market Environment on Excess Capacity and the Cost of an Empty Hospital Bed

The health economics literature contains contradictory empirical findings regarding the cost of an empty hospital bed. Recent empirical studies which account for the endogeneity of reserve capacity produce high estimates of these costs, while earlier studies and industry experts maintain that empty beds are cheap. This paper provides evidence which helps to reconcile the controversy. The cost of excess bed capacity will depend upon staffing levels of different types of labor in the hospital. We provide a relationship between capacity utilization, productive efficiency, and the cost of empty beds, and then compare the utilization of bed capacity in four very different market environments. These are the highly regulated, public Norwegian hospitals, who face very little competitive pressure, and the unregulated, private California hospitals, divided into three groups with variation in ownership and competitive environment. We find considerable variation in input utilization and excess capacity, with different implications for the cost of empty beds across the hospital groups and their respective market environments. Our findings suggest that the cost of an empty bed varies with market conditions, hence the seemingly contradictory findings in the literature are to be expected. Our findings also suggest an interesting area of future research: the impact of managed care on reserve capacity in hospitals.     

Viewpoints of higher education teachers about technologies

In the context of recent debates on technological literacy, a renewed research effort has focused on the nature of technologies. The aim of this work, which considers ’epistemological knowledge’ as viewpoints which spring into gear in a given situation, is to use questionnaires and interviews to identify the opinions of teachers in a training institute for master technicians in Tunisia on technologies. The objective was to try and define how these teachers perceive the relations between sciences, technologies and societies and how social and cultural aspects affect their discourse on technologies. The results of the questionnaires and the analysis of their discourses indicate that teachers essentially perceive technology as an applied science for which the ultimate purpose is progress and consumption. The relations identified by teachers between technologies, sciences and societies, reveal dichotomies between science and technology both with respect to the status teachers attribute to knowledge and to their views on its teaching.