管理者过度自信、企业价值与企业财务困境的关系——基于东星集团的案例研究

实证研究表明,管理者过度自信与企业财务困境之间存在一定的关系,但现有文献并未清晰地回答管理者过度自信对企业财务困境形成的影响机理。本文通过理论分析和案例研究建立了管理者过度自信与企业价值之间相互影响、递进上升,最后导致企业陷入财务困境的分析模型。文章提出了用OC系数来衡量管理者过度自信,是对管理者过度自信研究方法的一个贡献;建立了管理者过度自信、企业价值与企业财务困境之间的关系模型,能够比较清晰地解释管理者过度自信对企业财务困境形成的影响机理,丰富了管理者过度自信和企业财务困境的理论研究成果。     

浅谈大庆高新区如何推动银行业和非银行金融机构快速发展

采用强化政策支持、引导金融创新的措施促进高新区银行业快速发展,实施"速贷通"工程提高商业银行对中小企业支持力度,更加充分发挥银行主渠道融资功能,推动高新区银行业快速发展。充分发挥政府的引导作用,引导非银行金融机构快速发展,缓解中小企业"融资难"问题。     

Impact of International Financial Reporting Standards （IFRS） Adoption on Key Financial Ratios＂ The Case of the Czech Republic

This contribution analyzes the impact of new International Financial Reporting Standards （IFRS） reporting rules on financial ratios prepared in the Czech companies. Using a sample of 16 Czech firms, we attempt to measure the scope and size of the differences in the selected set of financial ratios as calculated with data reported according to the traditional Czech accounting standards （CAS） and under the IFRS provisions. Our study discovers that there are important differences resulting from the two reporting formats. Our research comes to a conclusion that translation of Czech statements to IFRS may cause changes in the values of financial indicators without relationship to the real change in the firms＇ value, performance, and stability. Even though the findings were not statistically significant, the indicative results of our measurements disclosed an important fact that the transition to IFRS could cause deterioration of key indicators and thereby could impact on the overall rating of companies. One needs to be cautious with generalization due to the small sample size.     

科技型企业技术资源对财务竞争力的影响

科技型企业作为推动我国经济发展的新生力量,其发挥的作用不容小觑。本文主要对科技型企业的技术资源进行研究,选取了部分创业板上市公司作为研究样本,运用因子分析的方法对其财务竞争力进行综合评价,并运用灰色关联分析方法就科技型企业技术资源对财务竞争力的影响进行了实证研究,由此得出二者的关联度及结论,提出了科技型企业的技术资源配置应以人为本等相关政策建议,力求通过合理配置科技型企业技术资源来提高其财务竞争力。     

企业精益财务管理模式研究——以神东煤炭集团财务管理为例

财务管理是企业内部管理的中枢,也是企业实现与外部互通的桥梁。本文以神东煤炭集团财务管理为研究对象,探索企业财务管理各重要组成部分间相互作用的过程及内在机理。研究表明,与企业战略契合的财务管理目标、专业化的财务管理核心内容、持续完善的财务管理制度及流程、高度集成的信息化财务管理工具相协同的精益财务管理模式可以有效提升企业财务管理水平,在为客户提供更好的产品和服务的基础上实现企业价值最大化。本文为处在经济全球化形势下的中国企业财务管理提供了理论与方法借鉴。     

河北省农村教育机制现状及发展对策研究

本文试图从当前河北省农村教育机制建设中存在的问题及现状分析出发,努力探寻出一条改善河北省农村教育现状、提高河北省农村教育水平的道路,促使河北省农村教育走上健康、和谐的发展轨道,进而为培养社会主义新农村与和谐社会必备人才做出应有的贡献。     

Defining Capitalism

This article aims to incorporate the essential features of capitalism in an operational definition that identifies capitalism per se (pure laissez‐faire capitalism), and clearly excludes variations such as welfare capitalism and crony capitalism. By concisely highlighting the fundamental structures and mechanisms of capitalism, this essential definition facilitates defences of it that are more robust than those ordinarily offered. It also clarifies the relation between capitalism and phenomena with which it is frequently associated, and suggests a straightforward way of identifying and measuring the extent of capitalism in mixed economies.     

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

利率市场化背景下银行系统性危机的实证研究

从利率市场化的国际经验来看,无论是在发达国家还是发展中国家,其实施过程都容易导致不同程度的银行业危机。采用1973~2012年42个国家的面板数据,对利率市场化背景下的银行业危机进行的实证研究表明：利率市场化的推进将增加银行系统性危机发生的机率,特别是在存款利率市场化阶段,而严格的银行监管是抑制银行系统危机发生的有效方法;显性存款保险制度的设立无助于利率市场化后银行系统性风险的防范,甚至有可能会增加危机发生的机率;资本账户开放下进行利率市场化会增加银行系统危机发生的机率。利率市场化进程中允许开设民营银行不会增加银行系统危机的发生机率。     

完善地方政府金融管理体制研究

地方政府金融管理体制是我国金融体制的重要组成部分。目前我国地方政府金融管理实践中还存在着重复监管、监管盲区、责权不对等、职能混淆等问题,基于对当前地方政府金融管理体制缺损主要原因的分析,借鉴国外经验及寻求理论指导,本文建议从中央地方政府统分结合、金融发展与风险防范关系、需求角度及基础性制度安排等方面入手,逐步完善地方政府金融管理体制。