Matching Items (12)

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How Should Goodwill Be Evaluated?

Description

This research study aims to find out the way how goodwill should be evaluated. This paper is about accounting for goodwill which will provide general information about goodwill value, especially

This research study aims to find out the way how goodwill should be evaluated. This paper is about accounting for goodwill which will provide general information about goodwill value, especially of public companies. Additionally, I will discuss sources of goodwill, the importance of goodwill, why it is important to evaluate goodwill correctly, and what methods have been applied to evaluate goodwill. This thesis will analyze the advantages and disadvantages of both methods of accounting for goodwill which are the impairment testing method and the amortization method. This study is done by researching studies, journal articles, reviews, books, and websites about accounting. Lastly, this study will provide a suggestion for how goodwill should be evaluated effectively.

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Date Created
  • 2021-05

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Does Credit Supply Competition Affect Accounting Conservatism?

Description

This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA)

This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 permits banks and bank holding companies to expand their business across state lines, introducing a positive shock to credit supply competition in the banking industry. The increase in credit supply competition weakens banks’ bargaining power in the negotiation process, which in turn may weaken their ability to demand conservative financial reporting from borrowers. Consistent with this prediction, results show that firms report less conservatively after the IBBEA is passed in their headquartered states. The effect of the IBBEA on conditional conservatism is particularly stronger for firms in states with a greater increase in competition among banks, firms whose operations are more concentrated in their headquarter states, firms with greater financial constraints, and firms subject to less external monitoring. Robustness tests confirm that the observed decline in conditional conservatism is causally related to the passage of IBBEA. Overall, this study highlights the impact of credit supply competition on financial reporting practices.

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Created

Date Created
  • 2018

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公司治理结构对盈余管理的影响研究—基于民营类上市公司的实证分析

Description

当前,上市公司的盈余管理问题已是我国资本市场中普遍存在的突出问题。一般来说,一些企业为了满足资本市场对于上市、增发等条件的要求,以及为有效推动企业的并购、重组等行为的顺利实现,甚至为了谋求公司管理层的个别利益,往往运用盈余管理等举措实施公司财报及关键指标的粉饰修正,让不知情的股民蒙受一定的损失。普遍分析显示,我国股市中民营企业比其他企业遭遇的问题和压力更多、更大、更突出,因此民营企业从客观上来说拥有更强的盈余管理动机。而从当前我国资本市场的实际情况来看,我国相关专家学者对盈余管理的系统性深入研究,一般都瞄准了上市企业群体或持续亏损企业,对盈余管理的研究不系统、不全面、不深入,这将对我国进一步提升盈余管理监管水平构成一定不利影响。当前,由于我国民企在自身管理及发展动力方面的特殊性,我国民企的管理、盈余管理特点和国外上市公司还存在着很大的不同,进一步深入研究我国民企上市公司自身管理方面的突出特点,以及其对企业盈余管理等方面的深层次影响,有助于监管层对症下药,更有针对性地研究出台全新的监管措施,进一步提升管理水平。这还可以为公司发展的决策层及相关会计信息使用人员提供一定的决策参考, 因此其拥有十分重要的意义。

本文首先认真总结分析了有关上市企业治理结构和盈余管理等方面的历史文献资料,依托当前资本市场上普遍运用的委托代理、内部人控制和契约等理论,系统研究了我国民企上市公司在自身治理结构方面的突出特征以及其对盈余管理方面所构成影响的深层次原理。在此基础上,本文通过2015-2017年我国上市企业数据,基于截面Jones模型对民营企业和非民营企业盈余管理程度进行测算和比较分析,发现民营企业盈余管理程度更高;从四个层面系统研究民企公司自身的治理结构突出特点,设立回归模型论证了民营企业独特的公司治理结构特征对盈余管理程度确实会产生影响;最后,本文进一步利用修正的费尔萨姆一奥尔森估价模型对民营上市公司盈余管理有公司价值的关系进行了验证,发现两者具有显著相关性。

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Created

Date Created
  • 2019

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中国民营企业的传承模型研究

Description

当前,民营企业已成为中国重要支撑力量,而未来5到10年,约有300多万家民营企业面临传承困境。但学术研究领域在传承整体框架、配套机制建设方面有完整论述、有成功案例的所见不多。首先,针对以上民营企业的传承现状,本文将研究、回答五个问题:1、成功传承的标准和要素是什么?2、传承模式有哪几种,每种模式配套的传承机制是什么,该如何建立?3、民营企业应选择何种传承模式,如何选择?4、民营企业的整套传承方案如何落地搭建?5、是否有普适性的、可借鉴的民营企业传承模型,包含哪些要素?
其次,本文主要使用文献研究、案例研究、实证分析,选取中、美、德、日四家不同传承阶段、不同传承模式的知名民营企业,对其传承情况进行深入研究。在此基础上,归纳总结出传承的关键要素,对前述五个问题进行系统解答。同时,本文创新性地结合理论研究、案例研究及企业实践,提出适合我国大部分民营企业的传承全周期管理框架。
最后,根据以上研究,本文总结出关于中国民营企业传承的八大结论及建议:1、本质:权力的交接和义务的传递;2、两大风险:继任风险(继任人的能力要求)、代理风险(继任人对企业核心理念的意愿/忠诚度);3、降低风险的四大机制:领袖锻造、人才梯队、管控治理、激励机制;4、两大成功要素:“选领袖”和“建机制”;5、四大机制是并行推进、相辅相成的,要尽早构建、持续优化;6、三大模式:家族成员继承、内生培养经理人、外聘职业经理人;7、民营企业传承模型包含七大要素、五大步骤;8、民营企业在制定传承方案时,除了要注意传承模型中的要素,还要注意其他关键要素。

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Date Created
  • 2020

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Do Proprietary Costs Deter Insider Trading?

Description

Insider trading potentially reveals proprietary information, allowing rivals to compete more effectively against the insiders' firm. This paper examines whether proprietary costs are associated with insiders' trading decisions and the

Insider trading potentially reveals proprietary information, allowing rivals to compete more effectively against the insiders' firm. This paper examines whether proprietary costs are associated with insiders' trading decisions and the profitability of their trades. Using a variety of approaches to identify proprietary information risk, I find proprietary costs significantly deter insiders' trading activities. The deterrence effect is more pronounced when insider trading is likely to be more informative to rivals. Specifically, trades by top executives, non-routine trades, and trades at low complexity firms are curbed to a greater extent by proprietary costs. Examining the mechanisms of this deterrence effect, I find firms with higher proprietary costs are more likely to impose insider trading restrictions, and insiders' trading decisions are more sensitive to proprietary costs when they have higher share ownership of the company. These results suggest insiders reduce trading activities not only due to firm policies, but also due to incentive alignment. Finally, when insiders trade despite higher proprietary costs, they earn significantly higher abnormal profits from their purchase transactions. Overall, this study suggests product market considerations are an important factor associated with insiders' trading decisions and profitability of their trades. These findings are likely to be of interest to regulators and corporate boards in setting insider trading policies, and help investors make investment decisions using insider trading signals.

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Created

Date Created
  • 2017

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中国工程机械企业并购绩效研究 — 以中联重科为例

Description

为适应我国经济的快速发展以及经济的全球化,我国企业借助日益成长完善的资本市场,从主要依靠技术与产品的引进、消化和吸收转向了技术与产品的引进和输出并举的发展道路,企业并购成为了企业快速发展壮大的利器之一。我国的工程机械类企业凭借并购使全行业规模上升到世界第一位,成为了经济发展的支柱之一,并已形成三一重工、中联重科、徐工集团等一批行业领军企业,行业竞争力得到了提高,同时行业中企业之间竞争的加剧促使了我国工程机械企业在全球范围内整合产业价值链,进行了大量并购。

中联重科自成立以来,通过一系列的并购实现了快速规模发展,这一系列并购案例也为研究工程机械类企业并购研究和并购绩效分析提供了极好的素材。本文通过对中联重科从2001年到2018年并购案例进行详细分析和归纳总结,采用案例研究法对中联重科并购案例的短期绩效进行了研究,采用主成分分析法对中联重科主要并购案例的长期财务绩效进行了分析,同时就并购中的企业绩效和行业绩效进行了分析说明,认为并购行为是我国工程机械类企业发展和竞争的重要方式,是我国工程机械行业发展壮大的必然结果;短期绩效具有不确定性,不能成为判断并购成功与否的决定因素,长期的财务绩效也因指标影响差异明显,不一定能达到预期的效果,但并购对于我国工程机械企业的发展壮大又是有目共睹的。

因此在并购绩效评价中,要考虑并购所产生的溢出效应对于行业整体发展和国家经济综合发展的影响,要考虑并购所带来的先进技术和管理方法本身所引起的企业整体技术和管理水平的提升对企业成长的重要性。充分考量全球宏观环境,协整企业战略,放长并购绩效评价时间线,选择合适并购对像,合理估价,加强并购后资源整合,不失为企业发展的可选之策。

关键词:企业并购; 绩效评价;中联重科; 工程机械行业

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Created

Date Created
  • 2020

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基于因子的FOF组合构建应用

Description

近年来,中国内地FOF业务发展迅速,但在业务发展初期的实践中,FOF管理人在遴选基金资产和预测其未来收益等方面遇到诸多困难,传统的FOF组合构建技术往往不理想。本文借鉴海外因子配置相关理论,尝试通过归因分析基金的收益来源,寻找能深度刻画基金经理管理能力的特质因子,创新性地提出了基于权益类基金的特质因子构建FOF组合的新方法。本文选择100家权益类私募基金,通过因子拆解剥离了市场、行业、风格等共同影响因素,遴选出特质因子表现更优的基金经理,而不是仅仅选择过往业绩好的基金经理,并基于特质因子构建一组FOF组合,与此同时,运用传统方法构建基于基金资产的另一组FOF组合,对比两种组合方法的组合绩效,实证结果显示基于特质因子的FOF组合绩效更优。本文进一步运用转移概率矩阵和相关性分析,找到了基于特质因子的FOF组合绩效更优的证据,即特质因子延续性更好和相关性更低。与基于基金资产的FOF组合配置传统方法相比,由于基金的特质因子延续性更好,运用历史数据预测未来收益的确定性相对更好;基金的特质因子之间的相关性低,大幅增强了FOF组合配置的稳定性和分散性。总体来讲,基于特质因子的FOF组合配置方法为FOF管理人提供了一个更量化、更有效、更稳健的组合配置新路径,能有效提升FOF组合配置的绩效。

关键词: FOF、因子投资、组合配置、特质因子

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Created

Date Created
  • 2020

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Accounting Quality and Household Stock Market Participation

Description

Recent research finds that there is significant variation in stock market participation by state and suggests that there might be state-specific factors that determine household stock market participation in the

Recent research finds that there is significant variation in stock market participation by state and suggests that there might be state-specific factors that determine household stock market participation in the United States. Using household survey data, I examine how accounting quality of public companies at the state level affects households’ stock market participation decisions. I find that households residing in states where local public companies have better accounting quality are more likely to invest in stocks. Moreover, those households invest greater amounts of their wealth in the stock market. Cross-sectional tests find that the effect of accounting quality on stock market participation is more pronounced for less affluent and less educated households, consistent with prior findings that lacking familiarity with and trust in the stock market is an important factor deterring those types of households from stock investments. In state-level tests, I find that these household outcomes affect income inequality, which is less severe in states where high public-firm accounting quality spurs more stock market participation by poorer households. Conversely, in states where public firms have lower accounting quality, stock market participation among poorer households is less common, and a larger share of high equity returns accrues to richer households, exacerbating income inequality.

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Agent

Created

Date Created
  • 2020

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融资约束、企业创新与流动性管理研究—基于中国军工板块上市企业的实证研究

Description

2008年金融危机以来,全球一大批企业因现金流短缺而破产或濒临破产,流动性短缺由金融机构蔓延至实体经济,给企业的正常运转造成巨大冲击,致使企业陷入资金紧张、融资困难的境地。在此情况下,持有适量现金对企业而言就显得尤为重要,本文也发现经济总量居世界前二的中美两国,其本土企业的现金持有水平逐年上升。

然而,企业持有现金规模的上升也会导致两大问题的产生:第一,持有较多的现金就意味着必须削减当期投资支出,在未来投资机会存在较大不确定性的情况下,这种持币等待会加大公司的经营风险,并限制公司的成长能力;第二,由于现金是最容易被侵占和攫取的资产,高额现金持有可能成为经理人获取私利或大股东掏空的猎物,从而引发了高昂的代理成本。在军民融合这一国家战略背景下,对于转型阶段的中国军工企业而言,上述两大矛盾在这一轮改革红利中也显得尤为突出。军工企业作为我国国防建设和经济建设的一员大将,是我国国防的重要支撑,承担着为人民军队和民兵提供各种所需武器装备和民品的重要任务。而技术创新是军工企业赖以生存的原动力,失去了技术创新的军工企业将给国家带来无法估量的灾难。但是军工企业的创新活动需要大量的资金支持,中小型军工企业因融资约束问题所导致的研发投入少、创新水平低在当下便显得较为严峻。

基于以上理论与现实背景,本文对我国军工上市企业的融资约束、流动性管理与企业创新等问题进行了深入研究,结果发现:(1)军工企业的融资约束与公司现金持有水平间具有显著的正向关联性,融资约束程度越高,企业持有现金及其等价物越多;(2)样本企业的融资约束问题也抑制了研发投入,融资约束程度越高,研发投入的资金越少;(3)通过调节效应模型,作者检验并证实了样本中企业持有更多的现金及其等价物可有效改善融资约束对研发投入的负向抑制作用。最后,根据本文实证得出的结论,并考虑到中国军工行业的发展现状,提出了相应的政策建议以缓解融资约束对军工企业的负面影响。

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Agent

Created

Date Created
  • 2020

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对个人贷款不良资产偿贷机制的厘清

Description

随着中国居民消费占GDP比例的提升,人均GDP的增长,银行等贷款机构对个人和零售业务的长期发展,中国金融机构的个人贷款不良资产规模发生了很大的变化。居民个人对外负债主要是以债权方式体现。基于债权的一致性,对于借贷人的个人外部负债缺少特定的强制性的偿贷顺序安排,偿贷行为也不会受到法律框架的强制约束,导致借贷人在偿贷能力不足时,个体的主观意愿对于偿贷行为结果的影响显著。
既往的个人贷款不良资产管理和服务模式,均参照企业贷款不良资产管理和服务模式,体现出在标的资产的产品特点、信贷主体差异、法律完备性、对公共基础服务支撑要求等方面存在显著的不同。原有针对企业贷款不良资产的管理和服务模式在适应个人贷款不良资产管理和服务时,也就需要采用不同的方式和策略,所以,优化、提升对于借贷人的管理和服务模式就存在必要的调整和优化空间。
由于借贷人的自然人属性,区别于企业的法人属性,其生命周期自然存续期间,偿贷能力存在修复的可能,外部征信环境的改善,也会对个人贷款不良资产的产生影响。现有的个人贷款不良资产的管理和服务模式也需要做出必要的调整过和安排。
21世纪前20年,互联网/通讯/IT技术发展迅速,AI、BigData、Blockchain等技术逐渐成熟,对厘清个人贷款不良资产偿贷机制提供了必要的基础数据。在此基础上,运用日趋完备的信息不对称和行为决策等理论工具,对既有对个人贷款不良资产管理和服务模式做出优化和调整就存在可能性。
本文基于P2P个人贷款不良资产管理和服务过程中形成的数据,选取金额回款率和失联事件发生率来计量借款人的行为决策结果,通过对这两个指标在个人贷款不良资产管理和服务中呈现的规律进行分析,初步厘清了个人贷款不良资产的偿贷过程中的行为决策机制,在既有框架基础上,对个人贷款不良资产管理和服务中的资产定价优化、资产交易模式、管理和服务机构评价、不良资产策略管理策略、催收服务策略等提供提供了有益的补充。

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Agent

Created

Date Created
  • 2021