Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

Research on Crop Irrigation Schedules Under Deficit Irrigation—A Meta-analysis

Water Resources Management - Increasing water consumption in agriculture due to global climate change has posed considerable challenges to food security, thus improving the efficiency of water...     

失败学习对企业绩效的影响机制研究

已有文献认为失败学习对企业绩效具有重要作用，但失败学习通过何种途径促进企业绩效提升的研究并不完善。基于失败学习理论，引入资源拼凑和机会识别作为中介变量，构建失败学习影响企业绩效的多路径模型，探索失败学习对企业绩效的驱动路径及内在机理。实证结果表明：失败学习对企业绩效具有显著积极作用，资源拼凑和机会识别分别在失败学习与企业绩效之间起中介作用，资源拼凑和机会识别在失败学习对企业绩效驱动过程中存在链式中介作用，战略柔性能够强化资源拼凑与企业绩效之间的关系，并正向调节资源拼凑的中介作用。研究结论拓展了失败学习对企业绩效的影响路径，对企业复苏和成长具有重要启示。     

MODELING SOVEREIGN RISKS: FROM A HYBRID MODEL TO THE GENERALIZED DENSITY APPROACH

Motivated by the European sovereign debt crisis, we propose a hybrid sovereign default model that combines an accessible part taking into account the evolution of the sovereign solvency and the impact of critical political events, and a totally inaccessible part for the idiosyncratic credit risk. We obtain closed‐form formulas for the probability that the default occurs at critical political dates in a Markovian setting. Moreover, we introduce a generalized density framework for the hybrid default time and deduce the compensator process of default. Finally, we apply the hybrid model and the generalized density to the valuation of sovereign bonds and explain the significant jumps in long‐term government bond yields during the sovereign crisis.     

铁塔加工中型材零件优化下料管理系统

介绍了铁塔加工中角钢零件优化下料管理系统,阐明了系统的模块化结构及工作原理。建立的面向角钢加工工艺的优化下料管理系统可以将生产管理与下料优化两大功能整合为一体,使用极为方便。该系统在铁塔生产中,可节省大量材料,有效地提高了企业的经济效益。     

网络预算管理

本文介绍了网络预算管理是如何有效地克服传统预算方法的缺点,通过有效的控制去解决企业预算管理工作中的实际问题,指出了该预算方法能大大提高工作效率和管理效率。     

葛洲坝二江电厂监控系统升级改造的实施与探讨

葛洲坝二江电厂计算机监控系统投产于1995年,运行时间已久,无论从硬件还是软件方面已不能满足目前的生产要求。升级后的新系统在各个方面均有了很大程度的改进,它的应用使得葛洲坝二江电厂的自动化控制程度有了很大的提高,为厂站“无人值班(少人值守)”的现代化管理以及三峡—葛洲坝梯级电站的联合调度提供了有力的保障。     

DIRECT RESONANCE OF TURBULENT BOUNDARY LAVER OVER COMPLIANT WALLS

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Dynamics and biogeochemical significance of the physical environment in Lake Biwa

We have examined two aspects of the dynamics and biogeochemical significance of the physical environment in Lake Biwa. One is the horizontal distribution of cyanobacteria as it relates to the ‘first gyre’ in the north basin of Lake Biwa. We could easily measure the first gyre using a vessel‐mounted acoustic doppler currents profiler. We were able to quantify the dynamics of the horizontal and vertical structure of currents and water temperature of this gyre. The first gyre did not remain at a fixed position; it moved north and south according to the growth of the gyre. This may play a role in the redistribution of cyanobacteria from place to place in the north basin. The second important environmental dynamic we measured was oxygen consumption rates from 1994 to 2000. We found that the minimum oxygen concentration in the hypolimnion has a clear inverse relationship with the apparent oxygen consumption rates in the 80–85 m depth layer. As a reduction in oxygen concentration in the hypolimnion can have a serious impact on benthic organisms, we concluded that the Lake Biwa environment should be monitored carefully and systematically.     

试论商业银行信息披露的法律制度功能

我国已经基本建立起了商业银行信息披露法律制度体系。本文从其固有的功能上分析商业银行信息披露法律制度对我国金融市场的积极作用，指出继续完善与发展我国商业银行信息披露法律制度具有的重要意义。