浅谈企业房地产价值信息的背离与披露

房地产交易中企业财务报告反映的房地产账面价值与实际市场价值的背离程度大,造成了企业资产价值的“低估”。该文试图分析引起企业房地产账面价值与实际市场价值背离的原因,提出了财务报告使用者了解企业房地产实际价值的几种可操作方法。     

ESA理论在大学英语精读教学中的运用

在大学英语阅读教学中引入英国英语教学专家杰里米·哈默（Jeremy Harmer）的ESA教学模式的三要素（投入-Engage、学习-Study和运用-Activate），通过它们之间顺序的不断变换，创造出多样的教学模式，有效地将传统的以教师课堂讲授为主的活动模式转变为在教师指导下以学生为主体的教学模式，并取得了很好的课堂教学效果。     

油气企业环境会计的研究与探讨

在国民经济中占有主导地位的油气企业同时也是造成环境污染的主体之一,建立油气企业环境会计制度有着极其重要的现实意义。本文针对油气企业环境会计应用现状,运用环境会计基本理论,对企业环境会计核算方法及其信息披露模式进行了探讨,以期为油气企业环境会计实践提供理论依据和具体方法,推动油气企业环境会计建设的进程。     

关于图书馆开“书吧”之我见

文章提出了图书馆创办书吧的设想,对于书吧的性质、经营项目、选址和环境设计问题做了详尽的说明,阐明了该构想的可行性和价值效应。     

Balance sheet conservatism and audit reporting conservatism

Financial reports are prepared on a going‐concern (GC) basis rather than a liquidation basis even when companies are highly distressed. This allows distressed companies to report book values of assets that greatly exceed their liquidation values, implying a lack of conservatism in the balance sheet. We argue that auditors issue going‐concern opinions in order to warn investors about this lack of balance sheet conservatism. This argument leads to two testable hypotheses. First, for companies that are at risk of bankruptcy, auditors are more likely to issue GC opinions when the book values of assets under the GC assumption are high relative to the expected liquidation values of assets (i.e., when the GC assumption causes the balance sheet to lack conservatism). Second, for companies that enter bankruptcy, the issuance of a prior GC opinion has predictive information content with respect to the wedge between the book values of assets and the future liquidation values of those same assets. Our results strongly support both hypotheses. The findings are important because they indicate that conservative audit reporting helps to compensate for a lack of conservatism in the balance sheet, which arises because the GC assumption permits the book values of assets to exceed their liquidation values.     

Tax avoidance and ex ante cost of capital

This study examines the association between tax avoidance and ex ante cost of equity capital. Based on prior research, we develop two proxies for investors’ expectations of tax avoidance and explore whether deviations from those expectations result in higher ex ante cost of equity capital. We find that the ex ante cost of equity capital increases with tax avoidance that is either below or above investor expectations and that the increase is larger for tax avoidance that exceeds investors’ expectations. We then examine whether firms that alter their future tax avoidance exhibit a lowering of their ex ante cost of equity capital and find that tax avoidance decreases (increases) from the prior year for firms that were above (below) investors’ expectations in the prior year. These results are consistent with the trade‐off suggested by the Scholes and Wolfson framework and reinforce the notion that balancing tax benefits and non‐tax costs is an important feature of firms’ tax planning.     

Trade-off relationship between modern agriculture and biodiversity: Heavy consolidation work has a long-term negative impact on plant species diversity

Human-driven land-use changes often cause a decline in biodiversity. Although traditional agricultural practices maintained biodiversity at high levels, recent land-use changes may have negative consequences on species composition. In this study, we examined the hypothesis that land consolidation, which is a major recent land-use change in agricultural areas, decreases plant species diversity over the long term (the so-called negative legacy). To test this hypothesis, we examined the relationships between consolidated areas and the occurrence of threatened plant species across Japan and at the prefecture scale. Twenty-three threatened plant species were selected, all of which were formerly common. Our results show that areas containing records of threatened plant species rarely experienced consolidation at whole-country and prefectural scales. Breakdown analysis showed that unconsolidated agricultural areas contained significantly more threatened species than consolidated agricultural areas. These results suggest that threatened plant species require unconsolidated agricultural areas (i.e., these species could not grow in consolidated areas). Thus, we propose that consolidation history could be used as an indicator of the potential for biodiversity recovery. We also suggest that consolidated agricultural areas should be used for food production rather than for the restoration of biodiversity, for reasons of cost efficiency.     

Liquidity,information, strategic trading in an electronic order book: New insights from the European carbon markets

The electronic limit order book (LOB hereafter) has rapidly become the primary way of trading European carbon assets over the 4 years of the EU ETS programme (2008–2012). In this first attempt of examining the informational content of an electronic order book, we evidence that order flow imbalances have a moderate capacity to predict short term price changes. However, we find that both LOB slope and immediacy costs help to forecast quote improvements and volatility in the next 30 min. Further, we explain why informed trading is highly influential and show that it consists in mixing order splitting strategies and posting fleeting orders once the asymmetric information is reduced (Rosu, 2009). Overall, the consolidated status of the order book mirrors a high level of market uncertainty and a low degree of informational efficiency. In this way, strategic trading can in itself explain some of order book properties, independently of the degree of traders’ sophistication and market competition.     

Optimal order display in limit order markets with liquidity competition

Order display is associated with benefits and costs. Benefits arise from increased execution-priority, while costs are due to adverse market impact. We analyze a structural model of optimal order placement that captures trade-off between the costs and benefits of order display. For a benchmark model of pure liquidity competition, we give a closed-form solution for optimal display sizes. We show that competition in liquidity supply incentivizes the use of hidden orders to prevent losses due to over-bidding. Thus, because aggressive liquidity competition is more prevalent in liquid stocks, our model predicts that the proportion of hidden liquidity is higher in liquid markets. Our theoretical considerations ares supported by an empirical analysis using high-frequency order-message data from NASDAQ. We find that there are no benefits in hiding orders in il-liquid stocks, whereas the performance gains can be significant in liquid stocks.     

基于零增长理论的图书剔旧方法——以上海图书馆基藏中文书库为例

图书馆每年都要购进大量图书。在藏书达到一定的规模后,应控制藏书增长接近于零。保持零增长可以主要考虑剔除过时且不流通、复本过多、内容重复的书籍。被剔除书本则下架更改馆藏地移至外围书库按年份进行密集式排架储藏。