大股东资金占用与外部审计监督

我国上市公司的主要代理问题是大股东与中小股东之间的代理冲突。大股东往往通过各种方式如资金占用等来对上市公司进行掠夺。在西方成熟的资本市场上,审计作为一种独立的外部监督机制能够在一定程度上抑制代理冲突。那么在我国新兴的市场中,审计能否在起到有效的监督作用从而抑制大股东的“利益输送行为”呢?本文从需求和供给两个方面进行了研究。实证结果发现,从需求方来说,大股东资金占用越严重的公司越没有动机聘请高质量的审计师;从供给方来说,审计师在出具审计报告时会考虑大股东的资金占用,大股东资金占用越严重,越有可能被出具非标准的审计意见报告。实证结果表明我国目前还不存在高质量的审计需求,但审计师能对大股东的资金占用作出反应,从而在一定程度上抑制大股东的行为。教育部“新世纪优秀人才支持计划”(编号NCET-04-0591)的阶段性成

从人为放射性核素--(137)Cs看福岛核事故对中国海的影响

2011年4~6月在中国海采集了海水样品,用低本底能谱测定了海水137CS活度,旨在评估福岛核事故对中国海、特别是对东海的影响.在观测期,中国海137CS活度为0.75±0.07~1.43±0.08bQM3,平均值为1.12±0.08bQM3.东海表层137CS水平分布在内陆架最高,沿岸和外陆架均较低;在垂直分布上,137CS在表层最高,并呈随深度逐渐降低.这种分布特征主要受控于137CS大气沉降输入以及随后的决定于不同水团间的混合效应.针对东海而言,137CS在水柱中的储量为93bQM2,大气输入通量为5.4~42.9MbQM2d1,平均为32.2MbQM2d1,在东海的停留时间为45~95d,平均为66d;总体而言,福岛核事故对东海137CS的影响小于切尔诺贝利事故,其输入的总量对东海的影响不显著.国家重点基础研究发展计划(2009CB421200)资

耐热高活性改进铜基甲醇合成催化剂

耐热高活性改进铜基甲醇合成催化剂Ｈｅａｔ－ｒｅｓｉｓｔａｎｔａｎｄＨｉｇｈｌｙＡｃｔｉｖｅＭｏｄｉｆｉｅｄＣｏｐｐｅｒ－ｂａｓｅｄＣａｔａｌｙｓｔｓｆｏｒＭｅｔｈａｎｏｌＳｙｎｔｈｅｓｉｓ杨意泉，张鸿斌，郭忠平，陈汉忠（厦门大学化学化工学院）周文成，..

秭归县医院楼群拆除爆破设计与施工

三峡库区秭归县医院楼群包括10座不同高度、不同布置形式、同样砖结构的楼房,经预处理后成为15座独立的建筑物。采用控制爆破方法一次起爆将这些建筑物拆除。文中以住院部大楼的拆除为例,介绍了爆破方案和参数的确定,起爆网络设计以及施工的基本情况。爆破取得了良好效果

Accounting Information Transparency and Resources Allocation Efficiency:Theory and Empirical Evidence

以1999年至2004年深沪两市的上市公司作为研究样本,本文通过构建证券市场资源配置效率模型,探讨了会计信息透明度对证券市场资源配置效率的影响。研究发现,在控制了股票市场的流动性和规模后,会计信息披露透明度越高的行业,证券市场资源配置效率越好。研究还发现,会计信息透明度与产权、产品市场竞争等其他公司治理变量对资源配置效率的影响具有互补效应。Based on 1999 to 2004 all listed companies in Shanghai and Shenzhen stock market as sample,this article studies accounting information transparency on the securities market's resources allocation efficiency through building a securities market's resources allocation model.We find there is a positive relationship between industry's accounting information transparency and resources allocation in securities market.In addition,we find the complementary effect on resources allocation among accounting information transparency and property right,product market's competition.国家社科基金“投资者保护、公司治理与我国证券市场资源配置效率”(07BJ027);; 国家自然科学基金“信贷配给约束下的企业家异质性特征与中小企业信贷融资研究”(70872081)的资

Are Useful of External Auditing?——An empirical research based on view of resources allocation

本文以1999至2004年深沪两市所有的A股上市公司作为研究样本,借鉴Wurgler(2000)的研究,通过构建证券市场资源配置效率模型,考察了独立审计特别是高质量的独立审计对我国证券市场资源配置效率的影响。研究发现,在控制了股票市场的流动性和规模后,行业的独立审计需求和审计意见对证券市场资源配置的效率产生了显著影响;行业高质量的审计服务所占的比重越大,行业资源配置效率越高;行业非标准的审计意见数量越多,行业的资源配置效率越低。Based on 1999 to 2004 all listed companies in Shanghai and Shcnzhen stock market as sample,this article studies the influence of external auditing especially highly external auditing on the securities market's resources allocation efficiency through building a securities market's resources allocation model.We found,there is a significant effect of an industry's demand for external auditing and audit opinions on resources allocation.The higher of an industry's demand for external especially highly external auditing,the higher of its resources allocation.In addition,the more modified audit opinions received of an industry,the lower of its resources allocation.国家社科基金“投资者保护、公司治理与我国证券市场资源配置效率”(批准号07BJY027)的阶段性成

Internal Control Quality and Corporate Bank Credit Loan Cost

近年来,内部控制成为监管部门、实务界和学术界关注的热点问题。那么,内部控制会产生什么经济后果？利用厦门大学内控课题组构建的企业内部控制指数,本文考察了内部控制质量对企业债务融资成本的影响。实证结果发现,企业内部控制质量越好,所获取的银行债务融资成本越低。进一步研究发现,相对于国有控股公司,企业内部控制质量对企业银行债务融资成本的影响在非国有控股公司中表现更为显著;相对于金融市场发达地区,企业内部控制质量对企业银行债务融资成本的影响在金融市场不发达的地区表现更为显著;企业内部控制质量对企业银行债务融资成本的影响在产品市场竞争较激烈的行业表现得更为显著。此外,从内部控制的五个一级指标来看,影响企业的银行债务融资成本的一级指标主要是公司的内部环境与控制活动。本文的研究对于进一步了解企业内部控制的经济后果具有重要的理论意义与政策启示。As Enron in 2001 and the subsequent exposure of a series of accounting scandals, the United States issued the Sarbanes-Oxley act which has caused the United States and the world's emphasis on internal control.In China, the ministry of finance and other five ministries jointly issued the enterprise internal control basic norms in 2008 and a complete set of guidelines in 2010.The public companies are required to assess the effectiveness of their own internal control and disclose the annual self-assessment of it.However, the high cost of internal control caused widely discussion whether it is necessary to enforce.So, which kind of economic consequences will be caused by internal control? This paper investigates the effect of internal control quality on corporate bank credit loan cost using the internal control index developed by a research team from Xiamen University as our proxy for internal control quality.We find that the better the quality of internal control, enterprises acquired bank credit loans at the lower financial cost.Further studies show that the effect of internal control quality on corporate bank credit loan cost is more severe in non-stateowned companies compared with state-owned enterprises.Others, the effect of internal control quality on corporate bank credit loan cost is more severe in regions where financial market is not developed and in industries which competition is not intense.The results have important theoretical and practical implications.For enterprises, a good internal control not only reduce the corporate internal irregularities and fraud, and improve the efficiency and effect of corporate management, but also reduce information asymmetry between enterprises and external financial institutions, alleviate the financing constraints and reduce the financing costs.For banks, to comprehension and evaluation client's internal control can help to reduce the credit risk and improve the efficiency of credit allocation of resources.We should continue to support and encourage enterprises to establish a system of internal control and learn from the Sarbanes-Oxley Act to establish the mandatory audit of internal control system.国家自然科学基金重点项目(71332008); 国家社科基金项目(11CJY014)资