经营、投资和筹资现金流动态交互影响分析

本文提出系统现金流的面板向量自回归模型(Panel Vector Autoregression,PVAR)考察经营、投资和筹资现金流三者间的动态交互影响效应。该模型不但解决了变量内生性问题,并且有效刻画了系统变量间的冲击反应。敏感度分析与方差分解的结果表明:中国制造业上市公司投资现金流对经营现金流具有突出的敏感性,而投资现金流的波动则更多地受到筹资现金流的波动影响。正交冲击反应分析则进一步表明:经营现金流对投资、筹资现金流冲击的反应不显著,而投资现金流对经营、筹资现金流冲击的反应要持续较长时间,并且筹资现金流与经营现金流具有一定程度上的短期替代作用。以上研究结果分别从现金流敏感度和现金流波动性两个角度说明中国制造业上市公司存在外部融资约束问题。

Accounting Harmonization for the Assessment of the Public Expenditure in Healthcare Service： Evidence From the Italian Experience

The introduction of the New Public Management （NPM） has not bridged the differences among the various European accounting traditions. In Italy, in particular, there are still different accounting methods in all public sectors. In the healthcare system, these differences have emerged more strongly. The recent Italian reform on accounting harmonization seems to be the answer to this accounting disharmony and represents a means of controlling public expenditure. This study aims to analyze the consolidated financial statement and the consolidated cash flow statement of the regional healthcare system as a new tool for the accounting harmonization. This paper is divided into two logical parts： In the first part, the authors analyze how the new accounting model is evolving under the current reform; in the second part, the authors analyze the consolidated financial statement and the consolidated cash flow statement that has been applied experimentally over the last two years in the Umbria Region.