Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

“国外引进”还是“自主发展”？——对我国政府信息系统审计发展途径的探讨

对于我国政府信息系统审计发展途径这个问题,学界一直有着不同的看法,其中存在＂国外引进＂与＂自主发展＂两种典型的观点。事实上,单纯依靠＂国外引进＂是行不通的,＂自主发展＂虽然还存在很多问题,但却是最终发展的方向。因此当前除了对国外理论进行消化外,研究者和审计人员还需要不断探索、试错和创新,逐步形成适合我国现状的政府信息系统审计体系。     

基于计算机网络的大学英语教学改革研究——以中南林业科技大学为例

为了提高大学英语教学质量,中国高校正在全面推进和实践大学英语教学改革。中南林业科技大学作为全国首批31所大学英语教学改革示范点项目学校之一,实施了基于计算机网络与课堂教学的教学改革,并取得较好的成效,在同层次、同地区、同类型的高校中发挥了先锋示范作用。实践表明：深化大学英语教学改革,应科学处理好制约大学英语教学的6大重要关系。     

Size (and competition) among organizations: modeling scale‐based selection among automobile producers in four major countries, 1885–1981

Based on previous empirical research, size is perhaps the most powerful explanatory organizational covariate in strategic analysis. We suggest that theoretical arguments about size be examined carefully to specify models with explicit comparison sets and with mechanisms linking size and underlying processes to outcomes. We illustrate the approach here by advancing arguments about scale competition within an organizational population. In this effort, we feature a theoretical model of scale‐based selection, which posits that a firm's chances of survival decrease with its aggregate distance from larger competitors on a transformed size gradient. The model assumes that the appropriate comparison set consists of all contemporaneous similar organizations competing on the basis of scale and operating in a localized geographic setting. We argue that aggregate distance of a focal firm from larger other firms (a specific form of relative position in the size distribution) reflects the extent to which it can capitalize on potential competitive advantages of scale emanating from economic, political, and social processes. Analyzing the mortality rates of large organizations across the entire histories of automobile industries in four major countries provides support for the theory. We discuss the general implications of our findings for strategic and organizational analysis. Copyright © 2003 John Wiley & Sons, Ltd.     

基于作业成本法的北京市公交车运营成本测算研究

北京公交的运营成本过高是北京市公交发展中的一个比较突出的问题,而且目前北京公交缺乏科学、精确的运营成本测算方法与体系。为解决相关问题,应该结合国内外相关研究与调研资料对北京市公交运营成本的构成体系进行确定与分析,并运用作业成本法对北京市公交运营成本展开测算研究。     

基于边限检验理论关于我国R&D投入和经济增长关系的实证研究——从分解视角的考虑

基于我国1991~2006年间数据,运用边限检验理论对我国R&D投入和经济增长之间的关系进行了实证研究,结果表明:我国R&D投入和经济增长之间存在长期的稳定关系,从短期来看,上期GDP增量和本期企业R&D投入对我国经济增长的促进作用显著;从长期关系看,企业R&D投入对经济增长的推动作用为正,而政府R&D投入、金融机构的R&D贷款对经济增长的推动作用为负。     

文学与科学相结合:科普社会化的途径研究

科普是科学与人文的交集。在灵活多样的科普途径中,文学途径的优势在于普及科学理性,而科普的根本意义也正在于普及科学理性,因为科学理性是科学的根本和灵魂所在。科学童话既符合科学特质又具有普及性特点,其作用在于深入浅出地介绍科学知识,使少儿在轻松愉快的语境中,学会各种科学知识,增强科学理念。文学途径在科学普及的产业链条中预期会产生很好的社会效益。     

论过程方法在质量管理体系中的应用

本文介绍了以过程为基础的质量管理体系模式的含义,分析了过程与过程方法的相互关系,阐述了在运用过程方法建立质量管理体系时应注意的各种事项。