通过对国务院国资委《关于推动中央企业加快司库体系建设进一步加强资金管理的意见》的理论解读和央企实践案例的剖析,本文提炼出在中国式现代化背景下,司库体系建设过程中资金管理制度和理论创新的六个要点:企业资金管理概念的升级、资金管理主体从单一企业到集团公司的变革、资金管理内容从现金流到全部金融资源的升级、资金管理重点从提升资金效率到防控资金风险的转型、资金管理职能从单纯财务运作到深度业财融合的迭代、资金管理模式从实体资金集中结算到数智化资金管理平台的升级.司库体系应呈现中国式企业资金管理特色,成为企业资金管理和价值创造的重要工具.

本文对2013—2020年中英文权威期刊中发表的以"一带一路"倡议下的中国对外投资为主题的文献进行综述并对未来研究进行展望.基于对现有"一带一路"倡议下对外投资文献的编码,本文总结出OLI范式、制度、国家距离、关系和第三国五个对外投资影响因素的研究视角,并从母国、东道国和投资主体三方面梳理了对外投资的经济效果.针对现有文献更多基于发达国家对外投资理论,难以很好地解释"一带一路"倡议下对外投资实践的不足,本文提出后续研究应进一步关注"一带一路"倡议下的情境特征,以"五通"为基本框架分析对外投资的影响因素,并从不同层面拓展对于对外投资经济效果的探讨.本文全面总结了现有"一带一路"倡议下中国对外投资相关的高水平研究成果,为后续研究构建和完善发展中国家对外投资理论奠定了文献基础.并且,本文结合"一带一路"具体情境构建了未来研究框架,为推动高质量共建"一带一路"提供了理论依据.

This paper explores the main drivers of CSR and its reporting for large Chinese listed companies, and identifies the key institutional pressures and stakeholder influences that shape CSR and its reporting. The data were collected through interviews with managers from large listed Chinese companies. Our findings reveal how the Chinese government uses social organisations and social intermediaries to facilitate and mediate CSR and its reporting to meet changing societal expectations across regions, while ensuring that companies remain responsive to the expectations of international stakeholders. We find that CSR and its reporting help companies gain political legitimacy domestically, while retaining their legitimacy in global markets. Companies co-operate with social organisations and social intermediaries actively and continuously. This helped companies secure political legitimacy with the government, while helping officials maintain their social legitimacy. Our findings on regional differences support the idea that relations between Chinese business and society have a fundamental effect on CSR and its reporting.

企业财会监督是财会监督的重要内容和最终落脚点,需要依赖一套机制来实现.传统财会监督机制往往在关系定位、制度安排、监督重点以及激励和约束等方面存在缺陷,而管理控制系统的基本要点则能够有效弥补现行企业财会监督机制的局限性.本文在分析现行企业财会监督基本原则的局限性以及管理控制系统基本要点的基础上,提出融合管理控制系统原理、完善企业财会监督的实施要点,以期为实现企业财会监督的转型升级、更好地落实财会监督提供借鉴与启示.

近年来,数字化转型已成为企业的战略方向,财务管理必须顺势而为.本文在介绍国家电网财务部推出的多维精益管理、"1233"资金管理体系、国网商旅云、电e金服、以零基预算为主导的全面预算管理、智慧竣工决算、智慧税务管理、财务家园、资本运营全过程管控、风险联防联控管理体系等十大数字化应用实践的基础上,阐明财务管理要对自身职能范围与责任边界进行梳理,树立"大财务"理念,以业务数据化为导向,深度参与数据中台的设计与建设,通过数据驱动流程重塑,全面发力企业数字化,赋能管理体系转型升级,推动业财深度融合和精益闭环管理,助力企业实现高质量发展.

高质量发展既是当今我国社会经济各方面发展的总要求,也是我国企业创新变革的关键词.面对深刻变化的政策取向与外部环境,企业财务管理体系该如何适配企业高质量发展的要求,也是必须直面的话题.本文立足于企业高质量发展的目标,并结合数字化转型对企业财务管理的要求,从财务管理目标、财务管理内容、财务投资分析、财务估值与定价、财务管理模式、财务分析与评价体系、扩张模式等七个方面,提炼出企业财务管理转型的方向.

价值创造应该作为企业制定战略规划与经营方针的唯一目标,但是企业战略管理理论及现实中企业的不少主张和运作却与价值创造的目标在逻辑上发生了偏离.为实现企业价值创造,财务理论尤其是财务估值原理要深度嵌入企业的战略规划中,企业估值模型也应该前置到公司的战略规划制定中.基于价值创造逻辑,提出了企业应选择投资经营市盈率高于平均市盈率的行业或产品,否定了依靠多元化战略来分散风险的主张,指出适时采用合并重组、收购扩张应为当今企业发展的必由之路;强调应从估值模型中筛选出企业盈利模式的关键要素,培养企业核心竞争力,以轻资产模式配置财务资源;提出了企业战略转型的方向应从追逐会计利润最大化转到追逐自由现金流为正,从规模发展转到价值创造,从专注产业链转到专注价值链,从重资产经营模式转到轻资产经营模式,从传统的制造经营转到全流程数字化经营.

在分析制造成本法、作业成本法、弹性边际成本法、资源消耗会计等优缺点的基础上,以如何充分发挥产出驱动、资源领先、成本引导、成本管理与其他管理互动支撑、自我行动和易于操作、权变性强等综合功效为成本管理改革创新的主要思路,提出了服务产出为目标、资源管理为基础、成本费用作映射与引导的“产出资源成本法”,初步从概念和基本框架对其进行阐释,并对后续研究与应用提出展望.

以经济学理论为基础的公司财务学特别关注企业与资本市场的关系,而将企业个体视为"黑箱",对财务管理在企业组织内部管控和经营活动中的角色未作深入探讨,使现有的财务理论在导向上并不完善,进而财务专业人才培养体系也有所欠缺.为了更好地将财务学与企业实践相融合,倡导以管理学的基础理论对公司财务理论体系与内容要领进行梳理与重构.企业财务管理应以企业价值最大化为目标,构建稳定的盈利模式、整合供应链管理与营运资本策略、合理安排组织内部的集权分权体系、确立以市值管理为核心的股利分配政策、重视并购重组的风险控制,同时建设良好的企业文化和价值观,提升财务管理的价值创造能力,以实现企业的经营目标.

2019年设立的科创板旨在增强资本市场对创新企业的包容性和适应性,为符合国家战略、突破关键核心技术、市场认可度高的科技创新企业提供直接融资平台.科创板率先实行注册制的上市制度,基于独特的制度安排,科创板企业呈现出市场化定价、"IPO"折价现象明显、研发投入高、高比例融资超募、资产负债率低、信息披露严格等特征,使现行的企业财务理论基本原则和核心主张面临系统性挑战.本文从估值模式、资本项目预算、资源配置、财务绩效、市值管理等五个方面阐明了企业财务理论转型的主要主张,试图构建针对科创板上市企业的财务理论要领,使其更好地助力科技创新型企业的发展.

随着企业经营环境不确定性加强,战略的稳定性降低,预算的战略功能需有所改进和创新.针对当前企业预算实践中的问题,本文立足价值创造、聚焦盈利模式、提高灵活性等方面提出预算改进的方向,强调预算对战略的价值预评估、预算对盈利模式的体现、滚动预算和交互预算控制的应用等.在新经济环境下,预算应超越传统的"追随战略",成为不断重新审视战略定位和引领业务活动重构的重要平台.

在我国宏观经济下行压力加大的情况下,企业财务理论体系应该做出必要的修正和完善.财务管理体系的转型应该包括系统性架构在逆周期宏观调控政策下的企业财务战略,理性维持企业估值的"定力",加大长期负债融资的比例、细化资本结构,投资策略紧盯国家产业政策,积极推进逆周期并购与资产重组,以及加强市值管理、维持市场预期六个要点.

外部环境和内部价值链如何驱动中央企业履行社会责任？不同类型的社会责任之间存在怎样的关系？本文将“一带一路”倡议下的中央企业社会责任分为战略性和反应性两类,通过案例分析对前述问题进行探讨.本文发现:“一带一路”倡议下,中央企业跨国经营的外部特征表现为沿线国家法制环境相对薄弱、政治风险较高、高素质劳动力相对缺乏、制造业配套产业发展水平相对较弱,内部特征表现为企业通过“产业链一体化”延伸价值链.外部环境中的劳动力特征和配套产业特征驱动中央企业履行战略性社会责任;外部环境中的风险因素驱动中央企业履行反应性社会责任;内部价值链延伸对两种社会责任均有驱动作用.同时,外部环境特征可以通过促进企业内部价值链延伸,间接驱动企业履行战略性和反应性社会责任.中央企业的反应性社会责任对战略性社会责任也有促进作用.本文整合多个视角构建“一带一路”倡议下中央企业履行社会责任的理论框架,进一步厘清了内外部因素对战略性和反应性社会责任的作用机制.本文的研究为政府通过完善社会责任相关法律法规推进“一带一路”建设,以及中国企业在“一带一路”建设中更好地履行社会责任具有积极的启示意义.

In this paper, we conduct two experiments to investigate how managers' differential weighting of objective versus subjective measures affects their performance-evaluation decisions. Drawing on psychological theory, we predict that managers heuristically perceive objective measures to be more scientific than subjective measures. As a result, their performance-evaluation decisions are influenced more by objective measures than by subjective measures. Experimental results are consistent with our prediction. Supplemental analyses further support our theory by showing that participants do not perceive objective measures to be more important for performance evaluation nor do they perceive subjective measurement to be inappropriate. The implications of our findings for management accounting research and practice are discussed.

This study investigates how adopting new performance measures affects the decision process through which supervisors make subjective adjustments. In our setting, the Chinese government substituted economic value added (EVA) for return on equity (ROE) in the performance score formula it uses to evaluate State-Owned Enterprises (SOEs). In accordance with the Chinese government's objective to increase the capital efficiency of SOEs, supervisors shifted the weight in subjective adjustment decisions from ROE to EVA after EVA adoption. Consistent with EVA adoption creating fairness concerns, however, supervisors did not penalize SOEs for performing poorly on EVA when they performed well on ROE, and accomplished this by shifting the weight from EVA back to ROE. Additional analyses suggest that personal preferences motivated supervisors to make these lenient subjective adjustments. Overall, our findings indicate that adopting new performance measures creates fairness concerns that motivate supervisors to consider their personal preferences in subjective adjustment decisions.

本文针对中国企业在本土实践中出现的"业财融合"这一理念,通过对其多角度的分析解读,论证了这是一个属于管理会计概念范畴的理论命题.本文梳理了业财融合理论框架应该包含辅助企业战略与经营全过程的探照灯、导航仪、扫描仪、仪表盘与界面交互等五个方面闭环型的内容要点,并说明了有效落地业财融合在内容、模式、组织、报告与文化等五大实操要点.本文强调无论从管理会计的概念命题还是实践探索,业财融合都是具有中国本土原创性的管理会计创新主张.

ABSTRACTWe study the application of Economic Value Added (EVA®) by Chinese state-owned enterprises (SOEs) following a regulatory requirement to deploy the measure. Our theoretical framing engages conceptual elements of institutional work and public accountability research to consider why key actors vary in their responses to the mandated application of EVA®. Our data derive from 30 interviews with managers in three SOEs and their oversight body (the State-Owned Assets Supervision and Administration Commission of the State Council). We identify two relevant dimensions associated with managers: accounting centricity and institutional potential and report that they drive the authenticity of actors' responses in the absence of enforcement of the mandated measure. When accounting centricity and institutional potential align to the dictates of the higher implementing body, accountability remains high, notwithstanding the absence of enforcement. When these two factors do not align, accountability fails even when politicization is high and formal accountability claims are high. Where the two factors are partially present, the accountability response is mixed. Our study contributes to a refinement of the perspective advanced by prior investigations of institutionally sanctioned rollouts of accounting systems highlighting, in particular, the role of human agency in explaining actor responses.

随着房地产行业利润率的持续下降,各房地产企业的库存和资金压力都在持续加大.故基于自身资源优势,选择适合企业的新模式,从而实现战略转型,成了整个房地产行业的改革需求.中国两大房地产龙头企业——万科集团和绿地香港均提出了将其房地产开发模式向轻资产模式转变的战略.本文将选取这两家公司2013～2015年年报作为案例分析的主要依据,通过对报表数据及相关指标的分析,解读两家公司在财务战略转型上的具体做法及转型效果,同时对这两家公司转型的现状进行总结,并提出房地产行业可借鉴的战略转型方法.

This study focuses on the management of market-political paradox within the context of institutional transition in emerging economies and how management control systems (MCSs) can be used to engage and communicate such a strategy. A case study is conducted in a Chines state-owned enterprise where Economic-Value-Added is introduced to promote shareholder’s value maximization while firm size is still important to meet the political demand. A spatial focus strategy was identified which requires subsidiaries to engage both forces but with different focuses. It provides critical insights on how diagnostic, interactive, beliefs, and boundary control have been employed to visualize and engage the paradoxical strategy in the organization, where the interwoven of ‘either/or’ dilemma and ‘both/and’ paradox brings ambivalence and uncertainty into decision-making. The study extends our understanding of managing organizational paradox and the relevance of MCSs in it, which enriches our knowledge with insights on indigenous Chinese management practices.