将环境的波动性和度量噪音看作是影响绩效度量的两类不同的随机误差,在Linear-exponential-normal框架下,建立了以价值绩效度量和补偿绩效度量的线性组合为基础的收益激励模型,并分析了激励强度与绩效度量的一致性、敏感性和准确性之间的关系,以及环境波动性对上述关系的影响.研究发现,在确定性环境条件下,激励强度与绩效度量的“信号噪音比”成正比关系,但绩效度量的一致性的提高并不必然增加该度量指标在激励契约中的权重,而要视敏感性或噪音相对于一致性的变化幅度来定.特别地,在绩效度量的敏感性与一致性之间并不存在权衡取舍关系.研究还发现,波动性与激励强度之间存在负向关系,且波动性的存在降低了绩效度量的一致性和敏感性,但波动性对绩效度量的准确性的影响则呈非单调性变化.

With the development of society and economy,business' goals nowadays are more diversified than before,and the concept of corporate social responsibility(CSR) has been gradually put into people's minds.As a Corporate Citizen,the social responsibility has become an important aspect of corporate activities.As a measurement instrument,Accounting itself has been taken for granted that it undertakes it's mission of measuring and supervising CSR.This paper summarizes the society responsibility accounting's(SRA) origin and it's' development,and analyzes realistic significance of information disclosure of SRA,and offers some constructive suggestions of it's disclosure content as well as it's mode selection,and it's supervision of information disclosure.

The debate on activity-based costing (ABC) method between researchers focuses on whether the cost driver selection is scientific and how to prove that ABC method is superior to the traditional cost accounting method.In this paper, regression model is adopted to test cost drivers' correlation based on historical data from HZ-company that has implemented ABCsystem for 3 years.Further optimization of adjustment quotient to the favorable direction is carried out according to the test results with the purpose of heightening cost drivers' correlation.The test and optimization could verify the scientificity of ABCsystem design and lay a solid foundation for the follow-up activity-based cost management system.

The performance evaluation of college takes an important part in higher learning institution management.This study uses data envelopment analysis（DEA） approach to analyze the colleges＇ performance in X University.The efficiency of colleges is decomposed into pure technical efficiency and scale efficiency.Afterwards,this paper discusses the slack of input and output variables and gives some implications for improvement.Lastly,the sensitivity of model is tested and the result shows the model has a high validity.

This paper characterizes incentive contracts for the situation where a principal is privately informed about its ability of investment and the technology governing an agency relationship. A model of incentive contracts under the double moral-hazard is constructed,in order to research the effect of asymmetric information on the transferring payments. It is shown that the optimal contract can be achieved,even in which the principal with risk neutral also participates in the production process,though the agent with risk averse cannot be entirely insured in the incentive contracts. It is necessary that the principal promise enough incentives in the good outputs and a severely penalties in the poor outputs in the interest of the agent making higher effort. We also find that hiding information is no longer the optimal strategy of the informed play,and the second equilibrium of transferring payment can be achieved by sharing information,so the severity of double moral-hazard is not stick as that of single moral-hazard.

文章以委托代理理论、契约理论、利益相关者理论、资本市场效率理论、公平理论、印象管理理论等为基础,对公司信息需求者和提供者的信息需求和提供的动因进行了理论阐释,从信息供需视角构建了公司信息透明度变化的环境制约分析框架,探究公司信息透明度发生变化的机理。研究揭示了公司外部、内部环境变化影响公司信息系统,导致公司信息披露变迁的过程。当环境各因素发展不协调并累积到一定程度时,必然引发危机事件(如南海事件、1929年经济危机、安然事件等),应对危机事件政府会对相关法律制度加以调整,其他各方面也会有相应的变动调整直至达到新的协调状态,而这个过程也恰是公司信息透明度变化的过程。

There are different understandings of the meaning of corporate transparency in the existing literature,the paper classifies and reviews those different understandings,argues that there are differences in the content of the information,the characteristic of the information,the processing course of the information,and the attribute of transparency.The paper analyzes the meaning of corporate transparency,and also points out that corporate transparency has dynamic and relativity characteristics.

本文以一起外资收购内资、协议股权转让和部分要约收购的典型案例-SEB收购中国苏泊尔公司为研究对象,遵循现有研究文献的一般研究理路,从公司治理的制度层面和文化层面力论了公司内部治理环境与公司信息透明度之间的关系.研究表明,公司股权结构的完善、公司剩余收益权与生与索取权的对应匹配、公司激励制度的优化、公司规模的扩大以及公司盈利能力的增强等因素,将有利于促进公司信息披露透明度的提高;另一方面,中西文化的渗透融合,也将进一步促进公司信息透明度的强化与位归.我们的研究进一步表明,公司信息透明度的变化与公司内部治理环境的变动是互动的,认清这种互动,将成为信息时代企业管理者的应然要求.

In Enterprise management,the strategy-oriented budget management does count as a generally accepted effective controlling tool which is the bridge to connect strategy with business process on the basis of environment analysis.Based on the basic principle of system theory,this paper is to analyze the system characteristic of Strategy-oriented Budget Management.Focus of the analysis is on probing the relationship of static match and dynamic adaption between enterprise competitive Strategy and budget management.Strategy-oriented Budget Management is an integrated closed loop system including budget setting,budget control,budget evaluation and budget improvement elements,and bear Strategy statement,Strategy execution,Strategy evaluation and Strategy learning functions.

This paper exams the relationship between institutional trading and the noise in stock prices.Based on the Residual Income Valuation,we evaluate the stock intrinsic value and the rational price.The empirical evidences show that institutions have no tend to buy underpriced stocks and to sell overpriced stocks.After controlling the size and the intrinsic value,the percentage of institutional trading is positively related to the noise in stock prices.

<正>自20世纪80年代末美国作业成本法(简称作业成本法)研究兴起以来,作业成本法不仅已在世界级制造业深化运行,而且扩展运用到物流与运输、设计和开发等诸多方面。我国学术界和企业界10余年来也做了不少探索性的应用研究,并取得了一些初步结果,目

梳理了HZ公司的ABC开发程序,并以发酵车间为例进行了介绍,可为其他制药企业实施作业成本法提供有益借鉴。

文章将伙伴关系成功运行的关键影响因素归为学习机制因素和组织认同因素,然后应用组织认同理论研究了伙伴联盟中的组织认同问题,把组织认同从单个组织层面拓展到伙伴联盟层面,最后以互动性和伙伴联盟认同为维度建立了伙伴关系评估的概念模型。

机构投资者作为证券市场的主要参与者,其对股票市场有何影响一直是一个重要课题。文章从机构投资者的羊群行为、正反馈策略等视角回顾了国内外的相关研究。最后,我们认为,结合中国特殊的市场环境研究机构投资者行为及其对股市的影响是未来研究的方向。

Using the samples drawn from the companies listed in China during 2003 to 2005, this paper analyzes CEO's compensation through factor analysis and multi-regression. We find that CEO's compensation is positively relevant to CEO's personal character, corporate size, corporate profitability and corporate development ability, the board of directors and cash flow, and negatively relevant to share structure and environmental risk. CEO's salary is also positively relevant to the board of supervisors and the performance of main business, but the absolute values of coefficients are so small that they have only a limited effect on CEO salary. At the same time, we find that CEO's share value is positively relevant to CEO's personal character and corporate earning ability, and negatively relevant to share structure and environmental risk.

<正>HZ公司属医药化工行业,始创于1956年,在上海证券交易所上市,拥有国内一流研发中心,研发领域涵盖化学合成、微生物发酵、生物技术、天然植物提取及制剂开发等多个方面,目前共有近200个产品生产,其中有13

作业成本法较之传统的成本计算方法,能够提供更准确的成本信息。但在制药企业作业成本法的应用,国内尚无研究。本文通过对制药企业合成生产车间的调研,在分析企业资源和划分作业中心的基础上,研究制药企业应该如何确定成本动因,从而为准确计算产品成本创造条件。

The key to improve the relevance of cost is to improve the relevance of cost driver.Traditional methods are almost based on normative analysis.Lack of sample data is the basic reason why we cannot use experiential research method.In this article,we study selection of cost driver using experiential research method based on enough sample data gaining from one company using departments ABC.First, get first-hand information based on field study and get possible cost driver using normative method; secondly,catch adequate samples by introduction of Departments ABC;finally,test the relevance of possible cost driver using statistical methods.Study found that the original cost driver is not the best cost driver.The cost driver determined by ABC method is the best cost driver.

By investigating the "announcement effects" of 157 convertible bonds and 459 pure equity offering in Chinese A-share listed companies over 2001-2006,this paper finds that,firms with convertible bonds offering announcement experience significantly higher mean abnormal returns than firms with equity offering announcement,but in general,convertible bonds offering announcement may elicit a negative stock price response,and stock price fall is positively related to financing size,and negatively related to asset-debt ratio.Further,we find that firms with less undistributed cash flow and more investment opportunities experience significantly higher price response than firms with more undistributed cash flow and less investment opportunities.The empirical evidence is consistent with the predictions of agency costs theory of free cash flow.