古代表“负债”义动词历时考察

古代表"负债"义动词主要有两种类型:一是"动+名"式动宾结构,另一种类型是"动+动"式并列结构,其中"动+名"式动宾结构是最主要类型。古代表"负债"义动词一直处于发展与更替的动态变化系统之中,有些在后世文献中逐步消失,有些在现代汉语中仍在使用。

论近代中国企业的“负债经营”

近代中国企业在经营发展中普遍存在“负债经营”现象,且形成固定资产通过筹集资本解决、流通资本通过借贷资金解决的经营模式。企业负债常常接近或超过自有资本。这种现象的出现与近代中国处于经济结构转型期,社会对于经办新式企业认识不足致资本难筹、传统企业分配制度“官利”的影响,以及新式企业与外国在华企业进行商战力求尽快形成规模等因素有关。但是这种“负债经营”模式也使得企业基础脆弱,难以承受金融风险的冲击。

从“负债-通缩”理论到金融不稳定假说

在凯恩斯模型中,投资由资本资产的预期收益折算成现值的贴现率决定,并将金融交易作为一种不确定的经济行为来分析。以现金流为重点的资产选择模型,以及用过度金融概念解释金融体系的脆弱性,是现代金融不稳定理论的最新发展。但是,当代虚拟经济的蓬勃发展,很大程度上改变了传统经济的运行规则,从而使现代理论面临着新的挑战。

Natural Resources Balance Sheet:Chinese Characteristics and International Practices

This paper examines the explorations and practices of environmental- economic accounting in the international community, provides a comprehensive overview and evaluation of the nature and research progress of China＇s natural resources balance sheet, reviews the relevant systems of China＇s natural resources balance sheet and the development of ecological civilization, identifies the issues in the formulation of natural resources balance sheet and makes suggestions for improvement.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING

Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.

Investments in Human Capital： Elements of Investments, Their Valuation, and the Related Financial Performance Ratios

Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.

Synopsis of Fire＇s Forest in the Province of Sidi Bel Abbes： Analysis and Cartography

In order to characterize the forest fires in the province of Sidi Bel Abbes （North West of Algeria） and depending on a statistical data analysis of a 17-year period （1996-2012）, our works are oriented toward a study of the area covered by forest fires in the 53 constituent municipalities of the region. To do this, we depended on the archives of the forest fires balance sheets in forest conservation in the wilaya of Sidi Bel Abbes. The results show that the region lost an annual average 29,929 ha of its total forest area for a maximum of 11,817.5 ha recorded in 2012. On the other hand, the use of the fire severity index ＂FSI＂ by town and its cartography in which we used the map of administrative division of the study area as support, has divided the region into six classes according to the risk of fire, where the municipalities belonging to the forest of Telagh whose land is rugged represent the risk of fire is greater. Indeed, this situation category the study area among the most exposed wilaya and the most affected by this problem at the national level and require new approaches to forest management for its conservation. These are paramount in reducing the risk of fires based on appropriate management plans to be established for each forest conservation area.

Local Government Debt Management Solutions

Two rounds of leveraging-up have led to a high debt ratio in the Chinese economy, triggered liquidity mismatch and increased systemic financial risks. The key causes of local government liabilities are soft budget constraints and non-market-based factor allocation. Currently, the risks of local government liabilities are generally controllable. This paper concludes that the long-term solution to managing local government liabilities is to enhance budget constraint and institutional assurance and proposes countermeasures in the reform of urban construction investment and ftnancing mechanisms.

Study on the environmental information disclosure of Chinese forestry enterprises

Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.

China＇s Sovereign Balance Sheet and Its Risk Assessment

Using available data and necessary estimations, this paper provides a tentative picture of the balance sheet of China＇s sovereign account between 2000 and 2010. The main findings indicate that the net worth of China＇s sovereign assets had been positive and increasing during the period under review. This implies that the Chinese government has sufficient sovereign assets to cover its sovereign liabilities, therefore the likelihood of a sovereign debt crisis in China is extremely low in the near term. Moreover, although China＇s leverage ratio （total liabilities/GDP） is far lower compared to advanced economies, it seems higher than that of other major emerging economies such as Brazil, Russia, and India （BRIC）. In fact, the leverage ratio has been increasing rapidly over recent years and requires special attention. In particular, according to sector-specific analysis, high corporate liability ratios （percentage to GDP） constitute a major concern of China＇s national balance sheet. In 2010, this liability ratio exceeded l OO percent, which exceeds the 90 percent level observed in OECD countries. Lastly, this paper concludes that a sustainable economic growth and structural transformation of growth model are the fundamental means to taming China＇s balance sheet risks.

Currency Systems and Their Role in Entering and Leaving the Economic Crisis

The paper focuses on a comparison of two contrasting approaches： having a single universal currency in a given fiscal area or supporting a concurrent presence of more competing currencies of different types. A systemic analysis （based on studying both conventional and unorthodox literature） of the modern monetary system points out that the very type of money that is used suffers internal errors that make a crisis inevitable. The indebtedness is systemic and unavoidable in a currency that is issued as a liability. Parallel currencies are proposed as a general solution. A specific solution, including a redefined national currency, is offered too, with an outline of its possible experimental verification. Such a system could help to prevent the next economic crisis, mitigate it, or at least facilitate its leaving. The paper also deals with criticism that is held against the idea of concurrent currencies.

Financial statements in less developed countries： What do preparers demand？

This study reports on an empirical investigation of the characteristics, attitudes, and beliefs of preparers of external financial reports in a less developed country. The basic research instrument consisted of a questionnaire in two parts： the first addressing attitudes of professional accountants toward annual financial reports generally; the second, more specifically measuring the importance of the information items to preparers. Our results suggest that the independent auditor is the most influential group in decision-making processes. As in many developed countries, the auditor＇s report and the regulatory framework are considered to have a major influence on financial reporting practices. Preparers believe that a lack of knowledge of external users＇ needs and lack of reporting standards and accepted accounting principles are the main concerns with corporate financial reports in Iran. The results showed that the balance sheet, auditors＇ report, and income statement in that order are the three most important parts of the annual reports.

The Market Reaction to the Pronouncements Related to International Accounting Standards （IAS） 19R

This paper examines whether and how investors reacted to the pronouncements related to International Accounting Standards （IAS） 19R. Using a sample of 401 European firms reporting pension and retirement expense during the period of 2006-2011, this paper finds negative abnormal returns around the pension project initiation by the International Accounting Standards Board （IASB）. More importantly, the abnormal returns are more negative for firms with higher financial leverage and lower ratios of net periodic pension cost to net income, but less negative for firms in countries with weak creditor rights （CR） and infrequent use of the corridor approach under IAS 19. Additionally, the effects of financial leverage and the ratio of net periodic pension cost to net income on the abnormal returns are more pronounced for smaller firms. Overall, the results are consistent with the view that recognition of previously disclosed off-balance-sheet pension liabilities as required by IAS 19R increases debt contracting costs, and highlight the importance of considering firm size and CR in international tests of debt contracting theory.

The IAS/IFRS application on the intangible assets of non-listed companies

With the introduction of IFRS （International Financial Reporting Standards） most of the intangibles are expensed on the income statement and hence they ＂disappear＂ from the balance sheet, while investments in tangible assets are capitalized. Based on a sample of 128 firms, made up of 99 SMEs （Small and Medium Enterprises） and 29 large firms, and through a simulation of IAS （International Accounting Standards） transition, the authors＇ study finds that IAS 38 reduces the amount of intangible assets recognized on the balance sheet of SMEs, while large firms do not appear to experience such large reductions in their intangible assets. The differential effect of IAS 38 on SMEs and large firms can be explained by the different growth strategies of these firm types. SMEs largely depend on internal paths of growth and intangibles assets that typically arise from internal growth strategies are eliminated from the balance sheet under IAS 38. Larger firms are less exposed to such reductions in their intangibles assets, because they mostly follow external paths of growth and the treatment of those intangible assets that typically arise from external growth strategies requires the impairment test.

How to Evaluate Human Capital？

A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, employees） is an important element of the business process, however its value is not disclosed on the assets side of the classical balance sheet. In order to shown assets, human capital has to be evaluated. Evaluation can be made in monetary or non-monetary terms. Non-monetary models for evaluating human capital include organisational and behavioural variables. These variables are not expressed in monetary terms, however, based on changes in their quality, one can assume the increased or decreased value of human capital within the company. The value of non-monetary models should not be underestimated, however monetary models are of greater importance. In this article, the most significant non-monetary and monetary models of human capital evaluation are discussed. Among non-monetary models the Michigan, Flamholz, and Ogan models are discussed. Among monetary models the replacement costs model, the opportunity costs model, the discounted wages and salaries model, and originally created dynamic model are discussed. A descriptive approach is used to identify the basic characteristics of existing models for evaluating human capital. According to these findings a different approach is taken in developing an original model. Dynamic model can efficiently overcome most of the practical problems and can be used as an appropriate estimator of human capital value expressed in monetary terms. The research limitations are that the dynamic model has not been sufficiently verified in practice. The model could prove to be directly applicable in those enterprises that would like to define the value of their human capital.

How to Measure Sports Brand Equity： A Proposal for Football Industry

As in many other industries, strong brands play an important role in football industry inducing sales for the clubs that own it. Brands financial values are not quantified in balance sheets, so quantifying them provides important financial data. This is the research topic. The research questions are： （i） How is the importance of the brand in the revenues of football clubs and （ii） what is the financial value of the brands Futebol Clube do Porto （FCP）, Sport Lisboa e Benfica （SLB）, and e Sporting Clube de Portugal （SCP）？ This investigation was based on an adaptation of the inter brand equity model. This model considers equity as the economic value generated as net profit of the company, which can be apportioned to the brand. The data was collected from the financial maps of these three clubs between 2005/2006 and 2009/2010 seasons. In order to adapt the model to the football industry, a panel of five experts of professional football club managers was questioned. These experts claim that in football industry, brand management contributes with 16% of the economic value, sport management with 63%, financial management with 16%, and other factors with 5%. The conclusion is that FCP has the most valuable brand, with about 54.5 m , followed by SLB with about 51.6 m , and finally by SCP with about 39.5 m.

Finance Sector in Eurasian Economies During and After the Global Crisis in 2008

As in the other countries around the world, banking systems in Eurasian economies, comprised of Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, were adversely affected by the 2008 global crisis. A common challenge across most economies is to revive private-sector credit growth. Compared with the high increases of 80 percent in the period immediately prior to the crisis, credit growth has slowed sharply and even turned negative in real terms in a number of economies. Governments in many countries have taken measures to address banking sector stress. The measures for restoring credit growth and thus a high economic growth will be discussed in a part of our work. In the short run, such measures include aiding banks to repair balance sheets and also providing liquidity. In the medium term, measures should promote de-dollarization and the development of local debt markets.

Pricing and Valuation of Intangible Assets

Intangible assets are parts of the companies＇ balance sheet, but given their intangible nature, they cannot be qualified as financial assets as other incomes can be. Therefore, the valuation, even if reflected in accounting reports, is far from objective, and each company considers it in accordance with their sectors or auditors. Auditors, consultants, and business schools are developing alternative tools for measuring these assets, but there is not a consensus formula that quantifies the business value of intangibles. In recent years, communication analysts and consultants have developed brand valuation and reputation methodologies, which are starting to have a relative weight in business management. The proposed research work is a review of the current methodologies of reputation valuation as a starting point for creating a reference model formula for the valuation of intangibles that provide professionals and experts in the field with a worldwide recognized tool.

Fixed Assets Valuation in the Condition of Bankruptcy Risk： The Role of Estimates

One of the most important issues relating to the economic activity of an enterprise is a reliable valuation of assets. It is also one of the key elements in the condition of bankruptcy risk. The aim of this paper is to present the results of the author＇s empirical research concerning the usefulness of the estimates in the valuation of fixed assets held by the enterprises facing bankruptcy. The empirical research was carried out on a group of 100 companies on which courts declared bankruptcy in 2011 in Poland. The study sample constitutes 14% of the population and is a significant representation of the phenomenon. For comparisons of the carrying amounts and the estimated values, the assets recognized in the balance sheet under ＂property, plant, and equipment （PPE）＂ were selected. During the first stage of the research, the significance of PPE in bankruptcy proceedings was confirmed by comparing the share of their value within the estate with the costs of the proceedings recorded as a percentage of the value of the debtor＇s estate. In the next stage of the research, comparisons between the carrying amounts and the estimated values were made. Simple regression models were constructed. The research results confirm that in the case of a substantial doubt about an entity＇s ability to continue as a going concern, the informative value of financial statements is limited and the estimates of the fixed assets value are of fundamental importance.