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.     

20kV及以下配电网工程造价的确定与有效控制方法分析

随着我国电网逐渐向智能电网迈进,信息技术在电能传输、转换、分配、调度等方面的应用,使电力企业可以进行结构调整,提高电力系统管理水平。据统计,2011年,我国电力信息化投资达220亿元,2012-2015年,电力工程建设稳步推进。为了促进电力企业全面开展项目成本核算和有效控制,提高电力工程项目的效益,确定了典型方案设计模块,通过定额规则库与典型方案设计相匹配的方法,解决了安装过程中定额第一版遗留的一些问题,并通过设计选型等措施加强了成本控制。     

A Note on a Framework for Valuation Ratios Based on Fundamentals*

Valuation ratios divide stock price by accounting metrics such as earnings, earnings growth, and book value. This study adapts the general valuation framework in Ohlson and Juettner-Nauroth (2005) and Ohlson (2005) to present a unified approach for developing valuation ratios based on fundamentals, referred to as fundamental valuation ratios. One starts with a valuation model that is driven by an accounting metric a and its abnormal growth, then divides the valuation model by a to get a fundamental valuation ratio. For any valuation ratio, one can find a corresponding fundamental valuation ratio, as long as the valuation model is based on the same metric a as the valuation ratio denominator.     

The Engineer and The Plumber: Mediating Mumbai's Conflicting Infrastructural Imaginaries

Two decades ago, the rules governing the provision of piped municipal water supply in Mumbai became linked to the policy frameworks governing eligibility for a property titling scheme. This article outlines the ideological basis and practical implications of the shift, as well as the contradictions of the new regulatory regime. The article demonstrates how these contradictions have been mediated by the material and practical knowledge, embodied expertise, local authority and wide‐ranging socio‐political work of two sets of actors: municipal water engineers and a cast of characters known locally as ‘plumbers’. The social, political and hydraulic imaginaries animating the work of ‘plumbing’ are bound up with a temporal and spatial imaginary distinctly at odds with the network‐flow conception of hydraulic engineering within which the work of water supply planning and distribution in Mumbai is conceptualized, materialized and institutionalized. The hydraulic and legal contradictions of these clashing infrastructural idioms––of flow and event––have rendered the regulatory framework highly unstable. These contradictions eventually erupted in Mumbai's waterscape, leaving the city's water infrastructures suspended in a highly politicized state of limbo between dueling infrastructural imaginaries.     

工程投标报价的优化

在报价低者为优的评标规则下，报价、中标可得利润与中标概率总是成反比，最优报价为中标可得利润与中标概率的乘积最大时所对应的报价。结合案例详细分析了只有一个具体竞争对手，有若干具体竞争对手，已知对手数目但不知具体对象，既不知对手数目也不知具体对象四种情况下的报价决策方法。     

谈安徽中小企业产业群的建立

本文针对生物工程产业的特点和国家发展政策 ,根据美国风险投资协会等机构的调查 ,阐述风险投资在生物工程领域的发展状况 ,指出风险投资既是生物工程产业发展的重要动力 ,也是我国生物工程产业发展的战略选择。     

工程建设质量控制中的特殊过程确认

ISO9001质量管理体系中对特殊过程及特殊过程确认作了具体规定,本文就特殊过程及特殊过程确认的概念、特点、内容、方法作了分析,结合其对工程建设中质量控制的指导意义,分析说明了在监理工作中进行质量控制的具体做法。     

工程力学教学与学生能力的培养

根据工程力学课程的特点，从力学的基本概念、教学方法和教学模式上对工程力学的教学体系进行了分析，以充分调动学生的学习积极性，进一步提高学生的逻辑思维能力和综合解决问题能力，增强学生的创新意识和创新能力。     

价值工程在基础优化设计中的应用

本文通过在基础优化设计中应用价值工程理论，分析了基础设计中的功能，成本，价值三方面的关系，从而力求用较低的成本满足必要的功能。     

工程项目管理虚拟组织的构建及运行

建筑工程项目管理是一项复杂的系统工程，面对知识经济的挑战，针对当前的建筑工程项目应如何进行科学管理问题，提出应利用虚拟组织的形式，借助网络平台在工程项目管理中引入知识管理，通过管理各方知识的交流、整合、优化、应用，实现建筑工程整体化，力争以最小的成本最佳的完成项目的建设目标。