我国大额存单市场发展历程、监管与国际经验借鉴

利率市场化初期可能伴随一定的利率上升,大额存单的发行,也可能引起金融市场利率的上涨,但随着市场化步伐加快,资金有效供给增加,将有助于稳定利率水平。2015年6月,中国人民银行发布《大额存单管理暂行办法》(以下简称《暂行办法》),标志着我国大额存单发行工作重新启动。大额存单(CD,Certificates Of Deposit)作为银行主动负债管理工具,体现着银行负债端自主定价能力,拓宽了银行负债产品市场化定价范围,是利率市场化推进的关键环节。从国际经验看,美国、日本。

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.

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.

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.

Non-performing Loans in Turkish Banking Sector and Balance Sheets Effects

In the 21st century, while the scope of banking activities has been expanding every day, collecting deposits and providing credit remain as their main and most important functions. They transfer the collected funds thanks to the market confidence they create back to the market in terms of the credits they give. For the organizations operating in the banking sector, crediting is the highest revenue earning source. However, uncollected loans may disrupt the activities of banks and may reduce their effectiveness. Therefore, the control of bank credits has a particular importance in the bank balance sheets. In this study, the relationship between bank balance sheets and non-performing loans （NPL） will be analyzed using Granger causality test and vector autoregressive （VAR） method. This study aims to discuss the impact of NPL on balance sheets and contribute to making correct credit decisions. It also intends to assist to reduce the NPL ratios of banks and minimize the level of negativity in their financial statements.

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.

Debt financing and firm performance ： a perspective of overindebtedness

The asset-liability ratio of most listed companies in China is more than 50% and that of some unlisted companies is even higher. Debt financing has actually become an important source of funds for the companies. Faced with the description of over-indebtedness, the author put forward the method to make the definition of over-indebtedness creatively and carried out empirical research on the impact the over- indebtedness having on firm performance as well as optimal asset-liability ratio from the perspective of over-indebtedness and at the same time gave some relevant suggestions, which makes this study have an important practical significance.

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.

Stock Performance of the Property Sector in Malaysia

Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.