十一届三中全会召开前后《人民日报》子报刊创办探源

人民日报社目前已拥有25家社属报刊,是中国最大的党报子报刊群系。回顾人民日报社属报刊的发展,十一届三中全会召开前后,一批在特定历史时期具有相当影响力的报刊相继问世。本文对十一届三中全会召开前后《人民日报》的子报刊创办进行探源和梳理。

The Extent of Voluntary Information in the Annual Report and the Share Price Volatility： Application of DEA and SFA on the French Market

In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.

Empirical Examination of Market Reaction to Transfer Pricing Taxation Announcement in Press： A Japanese Perspective

The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been many press reports regarding the application of TPT, and so there is much public attention on this issue. TPT is applied to unnatural transfer prices （TP）. If TPT is applied to a multinational company （MNC）, the company will need to bear enormous documentation costs in its calculation of the ratable price. In addition, in the last few years, the target of TPT is shifting to the overseas transfer of intangible assets, such as trademarks, royalties, patents, and charges income. As a result, companies have become more careful about TPT and investors tend to pay attention to companies＇ TPT strategy. With regard to this point, this paper examines how the market evaluates news regarding TP by investigating the market reaction to an initial press report mentioning that a firm was involved in a TP manipulation and may be guilty of tax underpayment. We examine these events both because press reports are currently under intense scrutiny and because there has been very little research on firms that engage in tax sheltering （see, e.g., Graham ＆ Tucker, 2006; Hanlon ＆ Slemrod, 2009）. Some view the fact that not all firms engage in tax sheltering as surprising because of the widespread view that shelters, at least in the 1990s, in expectation, offered a positive net present value position. The potential negative public relations effect is often cited as one reason for this ＂under-sheltering＂ phenomenon （Bankman, 2004）. On the event study analysis, we find that the Japanese capital market has shown a statistically significant negative reaction to the press reports. This result is due to a strong distrust of corporate activity regarding TP strategies. Moreover, in order to clarify the reason why the market responds to reports of TPT being applied, we compute the cumulative abnormal returns （CARs） around the date of the press report and conduct two-stage least-squares estimation to examine where this result regarding the market reaction comes from. Our results indicate that the variables for intangible assets and effective tax rate and the variables which represent the extent of corporate governance （CG） are statistically significant with respect to these reactions.

The Influence of Government Regulation on Audit Quality

＂Independent Audit basic norms＂ pointed out independent audit is the CPA entrusted by law, to be conduct an independent review of the accounting statements and related information and issue the audit opinion.＂ In the stock market, an independent audit is an important means to achieve fair presentation of financial statements by SFC-authorized accounting firm to conduct an independent audit of listed companies. In the open accounting services market, the independent audit is the most occupied audit resources, the most important business, and therefore the business is also subject to severe supervision of the SFC. Its value lies in perform forensic of the financial statements information of listed companies, and the higher the quality, the more it can reduce the risk of material misstatement of the financial statements, which is the need to strengthen and improve audit quality. Our independent audit market originated in the 1980s, along with the reform and opening up, China＇s economy is experiencing rapid growth, the demand for high quality audit increasingly enhanced. Audit activities have the nature of external and information asymmetry. External audit refers to it have an impact to investors, government departments and the other public stakeholders. Information asymmetry refers to the information asymmetry between the auditor and the audited entity, but due to the presence of asymmetric information and other reasons, the interests of stakeholders will be hurt by false information Government regulation as a model audit industry control, either in foreign or domestic, have played an irreplaceable role, especially in the socialism of China, plays a leading role. For example, when Enron bankruptcy United States speedly issue SOX in 2002 to strengthen the role of government regulation, effectively preventing the conspiracy of the CPA and the audited entity and improve audit quality. Visiblely, the role of government regulation in the audit market is very important.

Existing Contradictions and Recommendations to China＇s Insurance Industry Characterized by Low-growth and Low-interest

This article seeks to analyze the contradictions and recommendations to China＇s insurance industry in the context of low-growth and low interest market. Under the pressure caused by the contradictions between the sustainable growth in the insurance premium income and the low ROI, it is very important to solve these contradictions for maintaining a sustainable and steady growth in insurance industry, at the same time, it is also favorable to play a role as a social stabilizer as well as an economic booster for insurance industry. This paper can be divided into four parts： Part I analyzes the five basic characteristics of Chinese low-growth and low-interest insurance industry; part II elaborates the principal contradictions faced by Chinese low-growth and low-interest insurance industry; part III analyzes the development environment of Chinese insurance industry; part IV proposes the recommendations to solve these contradictions.

Sale of the Crown of Beer： A Study Based on the Strategy Tripod of Mike Peng

The main objective of this study is to analyze through tripod strategy Peng, the basics of why the acquisition and sale of Grupo Modelo （which it is the largest brewer in Mexico with the highest market share） through analysis of the annual reports of the company. The analysis will be supported under three main theories： theory of industry, theory of resources and capabilities, and ultimately theory of institutions. The paper concludes with a compilation and analysis of information giving rise to answer the question why 6rupo Modelo sold？ And if have you had a positive result in the acquisition of Grupo Modelo by the company ABI？ The answer is yes. The sale price of the shares by Grupo Modelo was very high and it received an award of 30% over the closing price of the shares of the C series in 2012. So it was a good sale regarding previous observations.

The Portuguese Newspapers Market Between Consolidation and Concentration Strategies

The main objective of this research is to assess the existence （or lack） of media concentration in the Portuguese dailies newspaper sector, and to evaluate the extension to which this situation may be compromising fundamental society values： freedom of speech and right of access to information. Authors resorted to market indicators, namely total average circulation,number of copies per issue, business volume and advertising investments. These indicators are found to be complementary： some indicators evaluate group position in the readers＇ market, whereas other evaluates group position in the general market and the advertising market in particular. Based in this market information, we used quantitative models （HII, CR4 and Noan） to measure de concentration in the newspaper segment. Additionally we tried to demonstrate that to analyze the dailies newspaper concentration situation in Portugal a holist perspective of the media market is needed, using a country context to understand some local characteristics and market structure and political, economic, social and technological dynamics. Additionally, there are evidences that existing concentration indexes are not conclusive because of potential replacement effects in the Portuguese media sector.

Ethical Trading： The Implications of the Human Rights Watch Report on South African Fruit Exports

This paper presents an ex-ante assessment of the potential implications of the 2011 Human Rights Watch Report on the South African fruit industry. The report explicitly mentions the lack of compliance with ethical codes within the fruit industry, the prevalence of exploitative conditions for farm workers and diverse human rights abuses in farms. The report recommends import ban on culprits as well as engaging third party auditing to ensure compliance. The high vulnerability of the smallholder farmers justified the special interest in the implications on their reputation and hence their ability to access profitable export markets. Although large-scale commercial farmers are potentially at risk of reputational damage due to the Human Rights Watch Report, they are better able to cope owing to their stronger capital base. The opinions of knowledgeable industry insiders were therefore elicited through qualitative research that used a five-point Likert scale to assess perceptions about market access. On the basis of the results, it is probable that the report will lead to improved working conditions for farm workers, improved concern for consumers＇ health, and enforcement of legislation by the govemment. The negative implications involve increased competition, possibility of retailers＇ rationalising their supply base and increased evaluation that ends at the farm gate. There is also high probability of increased marginalisation of the already disadvantaged smallholder suppliers, and possible increase in costs of auditing and accreditation for the entire fruit industry. Thus, active collaboration among all stakeholders to ensure the competitiveness of the fruit industry is inevitable.

Verlagsgruppe Passau, Orkla Media, and Mecom Analysis of Different Business Strategies on Polish Press Market

After socio-political breakthrough in 1989 foreign companies entered Polish media market. Firstly, investors appeared in the press sector, later on in the electronic media. One of the first groups presented in Poland was Orkla Media. The Norwegians launched a brand new regional daily. After subsequent failure they changed the pattern of business activity. When in 2006 Mecom bought out Orkla＇s shares, a new era began. The British fund was mainly interested in making their assets more profitable. The biggest shareholder of the regional press sector, however, is still Verlagsgruppe Passau （VGP）. The German group appeared in 1993, in disguise of a Swiss company and next year took over eight regional dailies. In due course, VGP bought out a couple of more regional titles and became the leader of this sector of the market. Although the Germans were competing against the Norwegians and the Brits, they showed a different style of managing their assets. The author attempts to describe different patterns of business strategy in the press sector in Poland, examining each investor＇s behavior and the results of their efforts. This can lead to conclusions about the past activities as well as to predictions about the future of the market.

The extent of voluntary disclosure in an emerging capital market： The case of Jordan

This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.

Effect of Macro Factor Volatility on the Returns of Financial Sector in Southeast Asian Stock Markets

The emphasis of this study is on the practice of the Pooled Mean Group （PMG） estimators to investigate the magnitude of macroeconomic performances： Real Gross Domestic Product （RGDP）, Foreign Exchange Rate （EX）, and Deposit Interest Rate （DINT） affecting on the rate of financial sector returns in Southeast Asian Stock Markets including Stock Exchange Of Thailand （SET） index （Thailand）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI） （Singapore）, Philippine Stock Exchange （PSE）, and the Jakarta Composite Index （JKSE） （Indonesia）. The Panel Autoregressive Distributed Lag （Panel ARDL） is applied to model the relations. The study applies the Levin, Lin, and Chu （LLC） test （2002） and Im, Pesaran, and Shin （IPS） test （2003） to investigates a set of time series data to examine whether the determinants and the rate of financial sector returns contain a unit root, the next step is investigated the cointegration and causality relationship of the determinants of financial sector influencing on long-run rate of returns of financial sector in Southeast Asian Stock Markets.

An Empirical Study on the Relationship Between Growth and Earnings Management of Chinese Listed Corporation

This paper explores whether investors can assess the company＇s growth and risk management according to the company＇s financial statements in the capital market or not. The company＇s growth will affect the company＇s earnings manipulation for earnings management which is often encountered in corporate governance problems. This research constructs the research hypothesis on this basis of the summary and analysis of the relevant theory, using the data from Chinese listed corporation during the period of 2009-2011, and designs the empirical model to prove it. The study found that for Chinese listed corporation, the higher the company＇s growth and business risk, the higher the degree of earnings management. The degree of earnings management will be high when the growth of the company and the business risk exist at the same time.

A Comparative Analysis of Disclosures in Annual Reports

Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with corporate sustainability issues like market share, customer loyalty, supply chain management, corporate governance, and human resources in annual reports as well as the audited financial reports. Annual reports, one of the important instruments of transparency and disclosure, are widely used by shareholders and stakeholders. Recent laws and regulations in the US, European Union, and Turkey require enhanced disclosures in annual reports. In the first part of this study, a comparative regulatory framework for annual reports will be established under the Sarbanes Oxley Act （SOX）, the Securities and Exchange Commission （SEC） filing requirements, the New Turkish Commercial Code, and regulations of Capital Markets Board （CMB） of Turkey. In the second part of this study, annual reports of four sample companies listed in the New York Stock Exchange （NYSE） and Corporate Governance Index of Borsa Istanbul will be discussed in the light of disclosure requirements of Form 20-F. Findings of this study support the hypothesis which states that regulatory environment has a positive impact on the quantity and quality of disclosures. Attention is drawn to the need for global standardization to reduce the reporting variances and the need for independent audit of annual reports to increase the reliability.

Management Development Trends of Nowadays in Albania

Albanian business environment is defined by complexity, dynamism, uncertainty. In Albania, there are small and medium enterprises （businesses）. Although we have a high degree of business bankrupt, many businesses are reinforcing their competitive positions in market. In these conditions, a new appropriate organizational structure often plays a crucial role in managing the challenges. While the finn grows, at the same time grows the need for organization, involvement and leadership. In today＇s changing times, effective leadership is a key component of organizational success. Even if management is the key of operation and the standard operating procedures, our study shows that the manager always need leader＇s power. In today＇s global marketplace, organizations that strategically focus on building leadership capacity for the future will reap the benefits in the years to come. New trends in business development, of course have increased requirements for local managers. The organizations are under pressure to show return on investment for training and development. Although positive trends, problems which management is faced are more challenging than the degree of preparation and performance that they offer, so their qualitative qualification remains the continuous preoccupation as the role of our school is in this direction. From this point of view, education in distance can be considered as complementary approach and in some conditions as a worthy replacement of direct education, which still dominates educative systems in Albania.

Does Accounting Choices Affect Financial Reporting Communication？ Some Critical Consideration

The aim of this work is to analyze the critical issues related to stock options accounting granted to employees. Given the different ways to collect stock option plans, it follows that according to the accounting treatment adopted, it changes the financial reporting of stock option plans, and thus the information communicated to stakeholders and markets in general. The examination of the accounting treatment of stock options starts from the study of legal changes relating to the stock options and various criteria suggested will be presented for the evaluation of the options and for detection of their cost in the financial statements of companies （Guay, Kothari, ＆ Sloan, 2003）. After the analysis of international accounting standards issued by the International Accounting Standards Board （IASB） on the subject, specifically the ＂IFRS 2＂, we can state that they had a strong impact on Italian companies （Ciampaglia, 2008）. The central aspect of the study, however, consists of an analysis of the market effects of accounting for the cost associated with the issuance of stock option plans （Cerri ＆ Sottoriva, 2010）. Budgeted costs relating to the adoption of stock option plans granted to employees change the measures of economic performance of the enterprise, such as return on investment （ROI） and return on equity （ROE）, with significant effects on the evaluation of the economic capital of the company. A company that does not account for costs related to stock option plans recorded a best exercise, but it could distort the valuation of fmancial analysts （Tagliavini, 2000）. Finally, it can be observed that the proper accounting of costs associated with stock options is a prerequisite for the comparability of financial statements of companies that grant, and it is therefore necessary to adequately reflect the value of the company.