公司治理理论随着经济和企业组织理论的发展而发展.公司治理是对现代公司制下公司内部各利益相关者之间相互制衡和协调运作的制度安排,其目的在于提高公司效率、实现股东财富最大化.近年来,越来越多的学者开始重视公司治理成本这一重要指标,将其纳入公司治理决策的考量范畴.在探究企业微观层面上公司治理成本与治理收益的相互关系时,文章基于当前学术界广泛认可的公司治理成本定义,进行了深入分析,得出了公司治理成本是治理收益和治理风险之间的一种权衡关系这一观点.在当前企业数字化转型的大背景下,借助数字化内部管理的手段,提出了一种理论层次的方法,旨在利用数字技术降低公司内部治理成本,从而提高治理收益,这一方法可为实践活动提供指导和参考.

利用我国资本市场的面板数据,选取2006—2015年公布的财务报表欺诈公司作为样本公司,以1:1比例配比非财务欺诈公司,对27个指标(包括财务指标和非财务指标)进行分析,然后通过独立性检验对指标进行降维处理,最终保留8个建模指标.分别利用网格搜索算法、遗传算法和粒子群算法进行支持向量机模型的参数寻优,基于上述不同算法建立了三个支持向量机财务欺诈识别模型.最后,比较三个模型的运行效果,结果表明,通过粒子群算法寻找最优参数效果最好,据此建立的支持向量机模型可以很好地识别出财务欺诈公司样本.

Notice of Retraction After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE's Publication Principles. We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper. The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org. Based on the forefathers' research, this paper made an empirical study on reason of financial distress. We chose the panel data of new ST companies between 2004 and 2006 and used the method of Logistic regression to find the result. The empirical results indicated that not all the countermeasures we chosen are effective. At last, we got our conclusion that the indicators of current ratio, cash flow leverage ratio and legal person shares of companies had a negative correlation with the probability of financial distress.

Based on the forefathers' research, this paper made an empirical study on reason of financial distress. We chose the panel data of new ST companies between 2004 and 2006 and used the method of Logistic regression to find the result. The empirical results indicated that not all the countermeasures we chosen are effective. At last, we got our conclusion that the indicators of current ratio, cash flow leverage ratio and legal person shares of companies had a negative correlation with the probability of financial distress. © 2011 IEEE.

This paper sets up models for the financial distress restructuring strategies in both cases that the interests of shareholder and manager are consistent or not in order to study the effect of restructuring strategies on the condition of "information asymmetry". Through the quantitative analysis of earning expectations of the shareholder, manager and creditor, this paper studied the optimal strategy of all the parties and their changes. Finally, this paper found that the two sides' optimal restructuring strategies to deal with financial distress were different when the interests of shareholder and manager were inconsistent. The manager could damage the benefits of the shareholder to maximize self-interest using his information advantage and domination. This article also addresses some corresponding recommendations to solve this issue.

本文创新性的指出了并购财务风险实际是并购资本价值经营不确定性的概念本质,并对其进行了较为系统的机理性和操控性分类分析。

笔者认为,在我国现阶段,会计信息相关性与可靠性的选择取向,应在可靠性基本得到保证的前提下,尽可能提高相关性,进而实现会计信息的有用性。

财务危机的频频发生多来自于自公司治理结构的不合理。本文从公司治理结构角度分析了财务危机的成因,提出完善公司治理结构的对策建议。

风险导向审计自上个世纪80年代初问世以来,在其后的20多年时间里得到了近一步的完善和发展.本文针对其几个突出的特点,浅显地谈一下风险导向审计对其审计风险的规避问题.

Corporations are facing more and more financial risks in their business operations nowadays.To prevent the risks from turning them into a financial distress and warn early the corporations through an analysis of financial distress,it is necessary to smooth their control/management mechanism by introducing the board of directors as a predominant factor to perfect the early warning system for financial distress.120 listed companies are therefore taken as instances to screen out their financial variables and board control variables by use of non-parameter test,T-test and principal component analysis.Then,two early-warning models of financial distress are developed by Logistic regression analysis.The results show that the rate of correctness of the model taking no account of the board control variable is 92.5%,while that of the model taking account of the control variable is 94.15%,i.e.,the early-warning accuracy of the latter is obviously higher.The results reveal that the board of directors is a predominant influencing factor on the financial distress of a corporation.

The factual risks in business management will possibly cause the financial distress in a business.So,an early warning model is necessary to set up for such financial distress,with which the signs of the financial distress can be predicted in time.To design the explanatory variables in the early warning model effectively,125 industrial listed companies in China are investigated,according to the status of their equity structure and relevant laws,as well as the impact of equity struture variables on business financial distress in these companies.With the ST(special treatment) listed companies in abnormal financial status taken as the criterion to define a business where the financial distress takes place,the logistic regression analysis is introduced to screen all the equity structure variables of the selected listed companies.It is found that part of the equity structure variables affect significantly the business financial distress.

相对价值法用来衡量目标企业的价值,具有简便、快捷的特点,关键是可比企业的选取及其价值的确定。目标企业的价值与可比企业的价值成正比例关系,如果可比企业的价值被高估了,那么目标企业的价值也会被高估。市盈率模型是相对价值中比较流行的一种,因此,在可比企业确定、采用市盈率模型的条件下,如何更好地评估企业价值的关键就在于可比企业市盈率指标的确定及其方法的正确选择。

This paper tries to introduce the company ownership struc- ture into the research of the financial distress prediction. At first, the paper makes use of the logistic regression analysis in selecting the variables, which will be used in the model, then it carries out princi- pal component analysis based on the selected variables and generates five comprehensive variables. Finally, through the fisher discrimina- tion analysis of the five comprehensive variables, the paper estab- lishes the financial distress prediction model of listed companies. The samples selected by the paper are through listed industrial enterprises in order to establish the industrial financial distress prediction model to improve the predicting ability. The result indicates that the model is relatively effective in the prediction.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">以上市公司公开的财务数据为原始资料,对我国上市公司财务风险的影响因素进行实证分析。认为:企业财务风险与企业负债规模、负债结构正相关,与企业盈利能力、营运能力负相关,与企业负债利息率、偿债能力不具有明显的线性相关关系。</span>

企业合并是指两个或两个以上彼此独立的企业的联合,或一家企业通过购买权益性证券、资产,签订协议或其他方式取得对另一家或几家企业的控制权的行为.在会计实务中,记录企业合并的会计方法主要有购买法和权益结合法.购买法是将企业合并视为一家企业购买另一家或几家企业的行为.它要求对购买企业的资产负债表项目进行重新估价,并按估价后的公平市价反映在购买企业的账户中或合并的会计报表上.权益结合法是将企业合并视为经济资源的联合.这种方法认为,当一家企业完全以自身的普通股去交换另一家企业的几乎所有的普通股时,其实质并非购买,而是参与合并各方企业的股东联合控制了他们全部的或实际上是全部的净资产和经营,以继续共同分担合并后企业主体的风险和收益.

70年代以来,国际金融市场上出现的衍生金融工具的发展规模和影响不仅引起各国金融机构和监管当局的广泛关注,而且对传统财务会计理论和实务产生强烈的冲击.本文首先介绍了衍生金融工具的特点,阐述了衍生金融工具对传统财务会计理论的影响及解决的建议.

一、人力资源价值计量的必要性 目前,对于人力资源的计量问题可以归结为两大类:一部分学者认为目前对人力资源成本会计的研究比较成熟,所以主张采用人力资源成本会计来计量人力资源的入账价值.另一部分学者主张对人力资源的计量应以人力资源的价值为标准,采用人力资源价值会计.本文倾向于后一种观点.

新经济中的智力资产在经济发展中发挥了巨大的作用,传统的为有形资产设计的会计核算方法在对智力资产进行计量与测评时,已经不能完全反映企业的财务状况、经营成果和现金流量的信息,不能为企业的宏观决策、微观决策提供准确的依据.通过会计信息的业绩效用及其在新经济中的表现,会计体系的变革--智力资产的确认和计量,衡量和报告智力资产的工具这几个方面的论述,希望引起会计行业相关人士对这一新经济特有产物的关注.

近年来,随着经济的高速发展,企业合并已形成一种浪潮,但由此带来的企业合并的会计处理方法问题却一直处于争议之中.尤其是我国加入WTO之后,企业合并的会计处理方法问题又一次成为会计理论界与实务界研究的重点.本文首先对企业合并的会计处理方法进行比较,然后针对我国企业合并应采取的会计处理方法提出一些建议.

独立性问题的研究始于国家审计,但其真正引起人们重视的却是民间审计.这主要是因为随着市场经济的发展,民间审计起着维持宏观经济的正常运行秩序,保护社会公众的经济利益的作用,被称为"经济警察".民间审计起到其应有的作用的关键是保持审计的独立性,但近来发生的一系列财务舞弊案件让人们不免对审计的独立性产生了怀疑,尤其是美国《财富》500强排名第七的安然公司(Enron Corp.)破产以后,审计独立性受到了社会公众前所未有的关注,其核心是非审计服务对独立性的影响.