It is not a flat world after all: Tax repatriation costs and cash value

US corporations have accumulated record‐high amounts of cash, and most of it is trapped in foreign accounts. This study tests the hypothesis that the marginal value of cash decreases in the presence of tax repatriation costs, as these costs are a strong indication that part of the cash is trapped abroad. Cash abroad is not readily available to the company because it is subject to an additional layer of tax before it can be used or distributed. Moreover, uncertainty surrounds the potential use of foreign cash, and research documents that firms holding high amounts of cash abroad are likely to invest in negative net present value activities. Finally, possible changes in tax regulation are an additional source of uncertainty. Consequently, foreign cash should be worth less than domestic cash. Using a large sample of US firms drawn from COMPUSTAT during the 1991–2012 period, the analysis suggests that shareholders value an extra dollar of cash at $1.086. However, this result changes dramatically when the change in cash is interacted with the tax cost of repatriating the earnings. That is, the marginal value of cash decreases significantly in the presence of tax repatriation costs, and shareholders discount cash when it is likely to be held abroad. This study contributes to the literature on cash holding by investigating whether tax repatriation costs affect the value of corporate cash. Moreover, the findings show that there are important economic consequences linked to the phenomenon of cash accumulation in foreign countries and therefore provide regulators with a sound foundation on which to take additional actions to require more disclosure of and transparency in the actual location of firms’ cash holdings.     

商业银行发展汽车金融业务的策略分析

当前,汽车市场出现井喷式增长,各商业银行相继推出新的汽车金融业务.为应对外来汽车金融公司的同业竞争,避免再次陷入“车贷信用危机“,商业银行应积极借鉴国外的业务发展经验,针对自身业务发展障碍,制定合理的策略,审慎发展.     

上市公司企业利润质量分析——来自国内某大型空调制造企业的实践

本文以利润表为主要分析对象,以定量分析为主要分析方法,对我国空调市场某领导企业(文中简称G公司)进行了利润质量分析与评价,以期发现目前我国上市公司利润表中存在的粉饰公司业绩、扭曲利润质量的手段与途径。     

多元化企业品牌延伸的相关利益者组合比较研究

从多元化的角度来说，企业的品牌延伸行为就是一种新产品的推出模式。在相关多元化和非相关多元化模式下，企业通过品牌延伸推出新产品会形成不同的相关利益者组合。而现有产品市场企业、延伸产品市场企业、行业内潜在进入者和行业外潜在进入者是构成相关利益者组合的基本企业类型，其中的现有产品市场企业和延伸产品市场企业是延伸企业的现实利益相关者，其行为模式对延伸效果有重要影响。     

Cooperative game analysis of coordination mechanisms under fairness concerns of a green retailer

This study discusses how a green retailer's fairness concerns affect product greenness and profit and explores how to distribute surplus profits under the fairness concerns using cooperative game theory. Research findings indicate that cooperation contributes to increasing channel profits and improving product greenness, but the fairness concerns are detrimental to them. The three proposed coordination mechanisms (SVM, NSM, and TVM) are feasible to ensure coalition stability, but their beneficiaries differ. NSM benefits a manufacturer, while SVM benefits retailers. Additionally, the green retailer's fairness concerns serve as distribution tools to narrow profit gaps between the manufacturer and the green retailer.     

Impact of quality on estimations of hotel efficiency

This paper provides empirical evidence on the impact of output quality on hotel efficiency. It demonstrates how ignoring quality can lead to erroneous efficiency estimates. The study uses stochastic frontier methodology and the model proposed by Battese and Coelli (1995) to estimate the efficiency of 838 hotels in Spain in the period 2009–2013. The key advantage of this methodology is its ability to estimate efficiency and identify factors that explain differences in efficiency in a single-stage sampling procedure. Estimates of cost efficiency, which only include the costs of higher quality, are compared to those of profit efficiency, which not only consider costs but also the revenues generated by higher quality. Results show that quality has a negative impact on cost efficiency and a positive one on profit efficiency. Thus, hotel management should implement strategies that increase the value of their services as a way to achieve sustainable competitive advantages.     

企业价值评估贴现模型的比较分析

贴现模型是企业价值评估中应用较为普遍的模型,但在我国实践中使用贴现模型存在很多问题。本文利用自由现金流量贴现法、调整现值法、经济利润贴现法三种常用的方法,探讨贴现模型不同参数指标的原理、使用原则、使用条件及在我国实践中的适应性,希望讨论能够为企业价值评估实务提供指导和帮助。     

基于“交易圈”的异常利润汇出分析方法

异常利润汇出的方式主要有通过构造利润分配决议、虚构利润等方式实现超额利润汇出和利用跨部门监管薄弱环节违规汇出。对异常利润汇出排查的传统方式主要基于服务贸易外汇监管系统的定期预警指标,成本高企且效率低下。人民银行济南分行在分析异常的利润汇出行为特点及资金流动路径的基础上,提出了将指向性强的筛查指标和"交易圈"分析法相结合的创新性核查方法,有效提升了核查线索的精准度及发现异常违规行为效率。     

供需因素博弈下常设机构利润归属方法的新思路

在传统物理经济中,囿于信息技术水平的限制,跨国企业生产经营活动以固定性、有形性、不易移动为特征,趋向于生产供应方向,且销售、市场等需求因素只是消极地提供单一消费市场,对于企业价值创造与营业利润的实现影响甚微.对此,贯彻以“以供应为基础”理论的功能独立实体法尚且能在居民国、来源国间合理划分常设机构的可归属利润.然而,经济...     

现代物流服务企业价值链的分析与构建

文章分析了现代物流服务企业所具有的服务企业和制造企业的双重特点,剖析了在现代物流服务企业价值链分析中运用基本价值链模型和服务价值链模型可能存在的局限性,在此基础上探讨了现代物流服务企业价值链模型的构建。