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★  学术活动
Ø  2009年11月6日,香港城市大学Yuanto Kusnadi博士为我中心师生做了题为:The Determinants of Corporate Cash Management Policies: Evidence from around the World学术讲座。讲座摘要:We examine the determinants of corporate cash management policies across a broad sample of international firms. We find that firms in countries with strong legal protection of minority investors are more likely to decrease their cash holdings in response to an increase in cash flow than are firms in countries with weak legal protection. In addition, this relationship is most pronounced for firms that are financially constrained and those with high hedging needs. The results are robust to alternative specifications. In general, our findings reinforce the importance of country-level institutional factors in mitigating the effects of firm-level financial constraints and hedging needs on corporate cash management policies.
Ø  2009年10月30日,梅西大学(Massey University)Martin Young教授为我中心师生做了题为:The Ripple Effect of Local House Price Movements in New Zealand学术讲座。讲座摘要:Utilising a selection of ten urban area data sets in New Zealand for the period 1994 – 2004, we examine local house price comovements by using various house price indexing approaches, at a monthly level. Applying the Granger causality test based on a vector error correction model (VECM), where seasonality is considered in the model by using seasonal dummy variables, we found in the long run that the ripple effect is most likely constrained within regions. There is little evidence to suggest that the ripple effect will spread nationally between main regional centres. The results support the theory that the ripple effect is likely to be caused by a region’s internal economic factors rather than migration and spatial arbitrage。
Ø  2009年11月13日,北京大学张翼博士为我中心师生做了题为:Bank Ownership and Executive Perquisites: New Evidence from an Emerging Market学术讲座。讲座摘要:This paper provides comprehensive description of the practice of corporate executive perquisites (perks) in China, a leading emerging economy. We find that expenses and cash payment related to corporate executive perquisites far exceed the monetary payment to top executives, consistent with the notion that perquisites are used more extensively in emerging markets to motivate and reward corporate executives. In addition to common factors known to influence the level of executive perks, we find a significantly positive link between bank ownership of company shares and executive perquisites. Further analyses suggest that higher level of executive perquisites hurt company operating efficiency and may result from the conflict of interests that banks face as both lenders and shareholders in the emerging markets: banks may choose to influence corporate executives and play less effective monitoring if they are concerned with the security of their loans or aim to obtain better arrangement for their loans.
Ø  2009年11月20日,NUS Business School Allaudeen Hameed 教授为我中心师生做了题为:Information Markets, Analyts, and comovement in stock returns学术讲座。讲座摘要:We examine the idea of information spillover as the source of stock return comovement, where one (neglected) stock is priced using readily available information about other stocks that share similar fundamentals. We use the number of analysts following a stock to distinguish !°high profile!stocks from neglected stocks and find that the prices of neglected stocks tend to comove with those of intensively covered stocks in the same industry. Consistent with recent theories about the information markets, we also find that the return comovement is more prominent in industries where analysts concentrate their coverage intensely on very few stocks. Finally, using earnings forecast data, we show that information spillovers from high-coverage, bellwether firms to low-coverage ones and the spillover effect is larger when the information is more certain (there is less dispersion in earnings forecast).
Ø  2009年12月11日, Nanyang Technological University Chuan-Yang Hwang教授为我中心师生做了题为:Is Information Risk Priced?  Evidence from the Price Discovery of Large Trades学术讲座。
★  重大项目进展报告
阶段性成果: 美国政府机构内部控制的发展及其启示, 厦门大学学报(哲学社会科学版),2009年第四期
阶段性成果之二: COBIT的解读及其在我国的应用,生产力研究(CSSCI),2009年第17期
COBIT以其关注业务、面向过程、基于控制和度量驱动的主要特性,对IT 和业务进行联系和控制。本文认为,COBIT 定位于高端,它关注的是治理、管理和控制应该达到什么目标,而并不是关注如何去做。为了弥补COBIT操作性不足的弱点,在实务中结合其他的标准和最佳惯例来使用。同时,为了实现最佳惯例与业务要求的协调一致,建议将COBIT作为最高层次,并提供了一个指导材料体系。
教育部人文社会科学重点研究基地重大项目《“创意经济”与管理会计及管理创新问题研究》(批准号:07JJD630008)的阶段性研究成果有论文《A Fuzzy Valuation Model of Intellectual Capital 》和创意《经济产业集群的智力资本管理作用》和《管理控制系统的发展与创新:从班组核算拓展到与公司治理集成》和《Inter-Organization Cost Synergy Management Using a Multi-Agent Intelligent System》《Valuating Intellectual Capital and Its Application的基础上,又有了如下新进展:
阶段性成果:Incentive Contract Design and Performance Stock Option Valuation(已形成文章,待发表)
Since 2001, the effect of performance stock option for manager incentive is in a dilemma. Some scholars argue that stock option incentive should be abandoned, but some scholars argue that stock option incentive should be continuously applied.  This paper systematically studies the valuation of performance stock option and incentive contracts in order to conclude the three innovative results: (1) to improve the model of vesting numbers and exercise price for their stock option, so that to control managers manipulate the profit and stock price to get the capital gain of their stock share; (2)similar to the Sarbanes-Oxley Act of USA, this paper sets a penalizing mechanism for  manager incentive contract in order to increase the incentive efficiency of performance  stock option, (3) this paper shows that above model and theory can provide an answer that the improved model of performance  stock option is not a terrible incentive tool but is the most useful incentive tool in practice.
阶段性成果: 中国上市公司年报重述公告效应研究  ,会计研究,2009年第8期
阶段性成果之一: 操控性应计项目与盈余稳健性——来自中国证券市场的经验证据. 当代财经,2009(9)105-109.
国内学者对会计信息决策有用性的检验主要从两个方面进行:一是从信息观角度考察会计信息的信息含量,即股票价格是否及时反映披露的会计信息,二是从计量观的角度检验会计信息是否对股票报酬率具有解释作用。然而,这两种方法对于会计信息有用性检验的稳健性在很大程度上依赖于股票市场的有效性,而考虑到我国股票市场的发展现状,这些隐含的假设条件很难达到,因而考察会计信息的有用性就成为一个重要课题。由于依据会计盈余的信息含量与股票报酬率的关系来考察会计信息的投资决策有用性具有局限性,本文从决策有用观最基本的问题,即谁在使用会计信息以及使用哪些会计信息的角度出发,也即从会计信息使用者的角度,针对我国证券投资基金这个最大的机构投资者的持股投资决策,考察了会计信息是否有助于证券投资基金持股决策。本文以2003-2006年我国上市公司的样本数据,结合因子分析和Count panel data 模型,实证检验了我国证券投资基金是否利用会计信息进行投资决策以及利用了哪些会计信息,以期为我国会计信息有用性的研究提供另外一个视角。本文的实证结果表明,会计信息有助于我国证券投资基金的持股决策,即会计信息对证券投资基金具有投资决策有用性,但证券投资基金在决策时,对不同会计信息的依赖程度存在差异,即其更关注上市公司的股本扩张能力、盈利能力、成长能力、现金流量能力以及股利发放情况。本文只是从证券投资基金的角度,考察基金的投资决策是否利用会计信息以及利用了哪些会计信息,从而明确了会计信息对于证券投资基金具有投资决策有用性,但对于证券投资基金如何使用这些会计信息进行决策的问题并未涉及,这有待于今后的进一步研究。