Econometric Analysis of Managers' Judgements on the Determinants of the Financial Situation in Russia

The paper presents an econometric analysis of the determinants of the financial situation in Russian manufacturing. Official statistics in Russia are not reliable. This is why the analysis is based on business opinion surveys carried out within `The Russian Economic Barometer' long-term research programme for monitoring and investigation of the transition to the market in Russia. The new adaptive approach elaborated by the author of the paper is used to form a correct set of explanatory variables in regression equations. This approach is based on the comparison of the forecast abilities of alternative models with different sets of explanatory variables. Two periods are considered and compared: January 1993 to January 1995 and February 1995 to January 1998. Two variables, the diffusion index of output and the average order-book level, provide the best explanation of the managers' judgement regarding the financial situation in Russia for the first period. It was found that for the second period, the influence of the `output index' diminished. The main factors with which managers related a `good' financial situation in their enterprises were the sample average of order-book level, the stocks of finished goods, the index of order-book level, the index of output prices ratio, and the indebtedness to banks. All relationships are presented in the context of linear probability and logit models.     

东亚金融结构与法律制度演进及其对区域金融合作的含义

区域成员在法律制度和执法效率上的差异,将体现为金融结构的差异,这会导致共同货币政策在区域成员间的传导效果出现较大差异,影响货币联盟的稳定性。东亚各经济体的金融法律制度呈现较大的差异,相应地金融结构也有较大的差异。通过机制化的区域金融合作,采取最低协调一致标准,促进东亚各经济体法律制度和金融结构的渐进趋同,是未来东亚货币金融合作的基础。     

企业集团财务的分层分权管理

企业集团是在集团公司主导下组建的法人联合体,集团公司要借助于企业集团这一组织平台来协调、统一集团所属成员企业的生产经营及财务政策。企业集团应当依据章程规范及组织机构进行逐级授权,对集团财务进行分层分权管理。集团公司既是集团财务的一个管理层次、又是集团主要成员企业母公司的双重身份,决定了其在企业集团财务中具有无可替代的核心管理地位。     

循序渐进地推进我国金融深化的对策选择

随着金融改革力度的不断加大,我国的金融深化问题已成为金融领域的重要问题之一。目前我国金融业飞速发展,金融结构发生显著的变化,金融深化程度不断提高。我们要积极主动地面对金融深化进程中存在的市场效率损失问题,建立一个高效的金融市场,推动和指导中国金融深化进一步深入,使金融深化带动经济增长。     

《金融工具确认和计量》准则对基金投资的影响

现行会计准则体系中《金融工具确认和计量》准则首次对金融工具的确认和计量做出了相关规定。本文分析了该准则对基金投资可能产生的影响，认为一方面公允价值计量模式将引起基金估值的变化，另一方面公允价值变动可能引起基金分红规模的扩大，这对基金投资者的影响是显而易见的。本文结合这两方面的影响对基金投资提出了相关建议。     

中国金融市场与房地产投资的协整和Granger检验

本文通过对中国1985～2005年金融资产和房地产投资的年度数据进行协整和Granger因果关系检验,发现以金融资产为指标的金融市场和房地产投资之间存在长期和短期的均衡关系及单向因果关系,即金融资产的增加极大地促进了房地产投资总额的增加。     

三次代表性国际金融危机异同比较研究

1900年以来,全世界先后发生了1929-1933年、1997-1998年、2008年等三次代表性的国际金融危机。这三次代表性国际金融危机危机在影响范围大小、持续时间长短、产生原因、表现特点、演变阶段、影响程度等方面,既有相同点,但也有许多不同之处。     

Bank Concentration and Firm Investment: Empirical Evidence from India

This paper investigates the impact of bank concentration on firm-level investment across firm groups classified according to size, investment destination, and debt maturity structure. Using data of 302 manufacturing firms for the period 2000-2009, we show that elevated financial constraints are associated with small and medium-size enterprises and firms that are dependent on short-term debt and exhibit high levels of sensitivity of investment to cash flow. Our empirical finding confirms that bank concentration exerts a positive impact on firms' financial constraints on investment. This effect is more pronounced for small firms and firms dependent on short-term debt. However, our results are indifferent to domestic versus foreign investing firm groups.     

Harmonization of financial reporting of small and medium-sized enterprises in the Czech Republic

A current problem of the present-day accounting and financial reporting consists in aligning the accounting in small and medium enterprises. In July 2009 the International Financial Reporting Standard for small and medium-sized enterprises was issued, which extended the aligning possibilities also to small and medium enterprises considerably. If the standard is adopted by the national legislation, problems connected with the standard implementation in the national legislation will have to be solved as well as practical issues connected with making financial statements. At present the yields and the problems which can arise in connection with the standard application have to be focused on. A contribution of the standard application will be a better informative ability of financial statements on the international level. At small and medium enterprises this can contribute to better comanunication with banks, with investors, rating application are： parallel reporting according to national agencies etc. The problems connected with the standard regulations, differences between the national legislation and the standard, wide practice at keeping accounts and making financial statements and limited approach of small and medium enterprises to obtaining information and to training of their employees. Another problem can be a tight link between the trading income and the tax base, when small companies prefer rather the tax point of view.     

现代企业制度对财务工作及其人员的新要求

现代企业制度对财务管理、理财观念、运作方式都发生了变化.因此,要求现代企业财会管理和财务人员改变管理方式、转变理财观念,在企业运作中,发挥财务职能,维护企业利益,促进企业发展.