Cultural industry development and multiple group participation in Taiwan

Based on the unique historical site culture assets, series of culture activities and constructions are held by Taiwan municipal government positively in recent years to raise local strength. Though the city landscape of Taiwan is far away from the traditional one, the comparison and analysis of foundation of cultural industry and the situation of cultural participation should be carried on to find out the real issues in Taiwan＇s cultural industry and cultural marketing so as to strengthen the ability of local development. This study finds out the resources of culture administration and the social participation in hope for clearing up the matters of Taiwan＇s cultural industry development, avoiding type Ⅲ errors, and giving suggestions.     

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.     

论我国税收制度和会计准则关系模式的选择

税收和会计既紧密相关，又相互区别。会计是征税的基础，而征税结果又反过来影响企业的经济效益和会计信息。在我国市场经济条件下，两者既有分离的必要，又有缩小差异的现实要求，即适度分离。     

On the Use of Value Efficiency Analysis and Some Further Developments

The purpose of this paper is to discuss the use of Value Efficiency Analysis (VEA) in efficiency evaluation when preference information is taken into account. Value efficiency analysis is an approach, which applies the ideas developed for Multiple Objective Linear Programming (MOLP) to Data Envelopment Analysis (DEA). Preference information is given through the desirable structure of input- and output-values. The same values can be used for all units under evaluation or the values can be specific for each unit. A decision-maker can specify the input- and output-values subjectively without any support or (s)he can use a multiple criteria support system to assist him/her to find those values on the efficient frontier. The underlying assumption is that the most preferred values maximize the decision-maker's implicitly known value function in a production possibility set or a subset. The purpose of value efficiency analysis is to estimate a need to increase outputs and/or decrease inputs for reaching the indifference contour of the value function at the optimum. In this paper, we briefly review the main ideas in value efficiency analysis and discuss practical aspects related to the use of value efficiency analysis. We also consider some extensions.     

Research on Firm Size, Firm Performance and Internal Auditing Modes——Based on Listed Manufacturing Companies of China

This paper is based on the samples of listed manufacturing companies of China, taking the financial performance as criterion, and then does research on the firm performance with different internal auditing modes, using Cross-sectional data to analyze the distribution of internal auditing modes and the characteristics of the firm performance. The conclusion is that setting up internal auditing is good for the development of companies, but the function of internal auditing has not been widelv fulfilled.     

经济生产量模型对库存的控制

在分析需求变化的基础上修改和完善了经济批量模型,进一步研究了单项物品和多项物品的最小经济生产批量以及年最小总成本,改进了经济生产量模型。     

我国大型百货商场的多角化经营战略

我国百货零售业在自身竞争手段落后导致的低准入门槛、市场成长缓慢和其它业态竞争者的大批跟进等多面夹击下销售增长急速下降、利润空间日益狭窄.应对全球化竞争,大型百货商场发展需要走内涵式道路,积极取向多角化经营,包括:跨区域组建企业集团、建设城乡统筹连锁网、优化商品结构、积极进入国际化购销链、运用现代信息技术降低物流成本等.     

主位结构理论与写作教学——对中国学生英语记叙文和议论文的主位分析

文章依据主位结构理论,对中国学生所写的英语议论文、记叙文在主位系统中所呈现的语言特征进行了研究分析,结果表明:议论文中语篇主位、人际主位的使用频率明显高于记叙文,在两种体裁中,语言执行着不同的语篇功能。最后指出该研究对写作教学的指导意义。     

多重关联下PE/VC持股对公司财务风险影响的传导效应

在资本结构、股权结构及市场价值三类多重关联关系下,研究了我国PE/VC持股对公司财务风险影响的多重传导效应。实证检验表明：我国PE/VC的介入会加剧其持股公司发生财务风险的危机,且在该影响过程中,资本结构波动和市场价值波动会增加公司财务风险,而股权结构波动可抑制公司财务风险发生。同时,股权结构波动的遮掩效应最为显著,资本结构波动次之,而市场价值波动的遮掩效应最弱。此外,这三类潜变量在该影响过程中的多重传导效应存在上市板块差异。     

技术独董、经济政策不确定性与企业创新产出

创新产出是企业创新能力的直观体现,也是企业价值创造的源泉。以2008—2017年披露了专利授权信息的中国A股上市公司为样本,研究了独立董事技术专长对企业创新产出的影响。结果显示：（1）技术独立董事显著地促进了企业创新产出,且这种促进作用受到经济政策不确定性的负向调节;（2）技术独立董事是通过提高企业的创新投入来促进企业的创新产出的;（3）技术独立董事兼职席位与企业创新产出呈倒U型关系。根据上述研究结论,企业应当增加技术独立董事的引入并适当限制技术独立董事在其他企业兼职的行为,以充分发挥技术独立董事的创新驱动效应,提高企业创新产出。