The Impact of Corporate Governance and Fair Value Accounting on Debt Contracts

This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.

Analysis of Internal Control Management Problems in Hospital Finance and Accounting

This paper outlines the internal control management of hospital accounting and finance,introducing its concept,importance,and objectives.It then analyzes the problems existing in the internal control management of hospital accounting and finance,including an unsound management system,insufficient system implementation,inadequate risk assessment and control capabilities,poor information communication,weak internal supervision,and uneven personnel quality.The reasons for these problems are also analyzed,including outdated management concepts,irrational organizational structures,imperfect training and incentive mechanisms,low levels of information technology,and changes in the external environment.This paper proposes improvement measures for the internal control management of hospital accounting,including enhancing the management system,strengthening system implementation,improving risk assessment and control capabilities,enhancing the information communication mechanism,strengthening internal supervision,improving personnel quality,advancing information technology,and adapting to changes in the external environment.

The evolution of the relationship between fairness and efficiency in China's distribution system

Since the founding of the People's Republic of China, the distribution system in China has experienced several transformations from absolute equalitarianism to "efficiency first, giving consideration to equity" and then sharing Scientific Outlook on Development's achievements. In the period of deepening the reform, the idea of sharing means a new stage of shared development aimed at the goal of common prosperity. It is of great guiding significance for promoting the healthy development of economy and society, building a well-off society in an all-round way and realizing the Chinese dream.

Discussion of the Relationship between Fairness and Efficiency——Based on Rawls'“A Theory of Justice”

Since China’s reform and opening up,from the Third Plenary Session of the 14th Central Committee of the Communist Party of China that put forward"efficiency first and fairness"to the 18th National Congress of the Communist Party of China,"first distribution and redistribution must deal with the relationship between fairness and efficiency,and redistribution pays more attention to fairness"Distribution policy,in 2021,the tenth meeting of the Central Finance and Economics Committee clearly stated that it is necessary to promote common prosperity in stages.The relationship between fairness and efficiency has always been the basic principle and standard for the country to formulate policies,and it is also the core issue discussed by scholars.Both utilitarianism and Rawls'two principles of justice provide us with different perspectives to explore the relationship between fairness and efficiency.This article focuses on Rawls's critique of utilitarianism and the specific content of the two justice principles,and makes a simple discussion on the relationship between fairness and efficiency and its enlightenment on the formulation of distribution policies in our country.

Fair Valuation Issues and the Subprime Mortgage Debacle： Could Generally Accepted Accounting Principles Underlying the Historical Cost Method Have Prevented the Crisis？

There are three primary methodologies employed to determine real estate value in the appraisal industry： the cost approach, the sales approach and the income approach. The definition of market value is defined as： ＂a type of value, stated as an opinion that includes a set of assumptions concerning the market＂. Unfortunately, untrained and unlicensed appraisers provided opinions using primarily the sales approach or market data approach and virtually ignored the other two methodologies. The ensuing game of ＂Can You Top This＂ resulted in creating an out-of-control real estate market driven by unregulated fiduciaries as appraisers.

Joint Flexible Duplexing and Power Allocation with Deep Reinforcement Learning in Cell-Free Massive MIMO System

Network-assisted full duplex(NAFD)cellfree(CF)massive MIMO has drawn increasing attention in 6G evolvement.In this paper,we build an NAFD CF system in which the users and access points(APs)can flexibly select their duplex modes to increase the link spectral efficiency.Then we formulate a joint flexible duplexing and power allocation problem to balance the user fairness and system spectral efficiency.We further transform the problem into a probability optimization to accommodate the shortterm communications.In contrast with the instant performance optimization,the probability optimization belongs to a sequential decision making problem,and thus we reformulate it as a Markov Decision Process(MDP).We utilizes deep reinforcement learning(DRL)algorithm to search the solution from a large state-action space,and propose an asynchronous advantage actor-critic(A3C)-based scheme to reduce the chance of converging to the suboptimal policy.Simulation results demonstrate that the A3C-based scheme is superior to the baseline schemes in term of the complexity,accumulated log spectral efficiency,and stability.

Exploiting Spectral-Energy Efficiency Tradeoff with Fairness in Non-Orthogonal Multiple Access Systems

The spectral efficiency(SE)and energy efficiency(EE)tradeoff while ensuring rate fairness among users in non-orthogonal multiple access(NOMA)systems is investigated.In order to characterize the SE-EE tradeoff with rate fairness,a multi-objective optimization(MOO)problem is first formulated,where the rate fairness is represented with theα-fair utility function.Then,the MOO problem is converted into a single-objective optimization(SOO)problem by the weighted sum method.To solve the converted non-convex SOO problem,we apply sequential convex programming,which helps to propose a general power allocation algorithm to realize the SE-EE tradeoff with rate fairness.We prove the convergence of the proposed algorithm and the convergent solution satisfies the KKT conditions.Simulation results demonstrate the proposed power allocation algorithm can achieve various levels of rate fairness,and higher fairness results in degraded performance of SE-EE tradeoff.A pivotal conclusion is reached that NOMA systems significantly outperform orthogonal multiple access systems in terms of SE-EE tradeoff with the same level of rate fairness.

Non-Value-Added Tax to improve market fairness and quality

The promotion of both market fairness and efficiency has long been a goal of securities market regulators worldwide.Accelerated digital disruption and abusive trading behaviors,such as the GameStop mania,prompt regulatory changes.It is unclear how this“democratization”of trading power affects market fairness as economies cope with pandemic-driven shifts in basic systems.Excessive speculation and market manipulation undermine the quality of financial markets in the sense that they cause volatil-ity and increase the pain of bubble and crash events.Thereby,they weaken public confidence in financial markets to fulfill their roles in proper capital allocation to irrigate the real economy and generate value for society.While previous studies have mostly focused on market efficiency,our study proposes a tool to improve market fairness,even under periods of stress.To encourage value generation and improve market quality,we advance a graduated Non-Value-Added Tax that we implement in an agent-based model that can realistically capture the properties of real-world financial markets.A profitable transaction is taxed at a higher rate if it does not enhance the efficiency measured by deviation from fundamentals.When an agent locks in profit not supported by fundamentals but driven by trend-following strategies,the generated profit is taxed at various rates under the Non-Value-Added Tax regime.Unlike existing financial transaction taxes,the non-value-added tax is levied on profit rather than on price or volume.We show that the proposed tax encourages profitable trades that add value to the market and discourages valueless profit-making.It significantly curtails volatility and prevents the occurrence of extreme market events,such as bubbles and crashes.

Full-Goodwill Method of Accounting for Business Combinations and Quality of Financial Statements

Accounting goodwill arises as a result of business combinations and appears in a consolidated balance sheet of an acquirer. It is an intangible asset which reflects an excess of value of an acquired business as a whole over a summed value of its identifiable net assets. Since 2010, the International Financial Reporting Standards （IFRS） allow for two alternative methods of measuring goodwill in those business combinations, where an acquirer obtains a control over a target company without obtaining 100% share in its shareholder＇s equity. Under one of these methods, which is called a ＂full-goodwill method＂, the goodwill attributable to non-controlling interests in subsidiary is measured at fair value. Thus, the main accounting problem with this method lies in its requirement to estimate the fair value of non-controlling interests. This paper suggests that the ＂full-goodwill method＂ may sacrifice financial statement reliability for its alleged relevance, with significant potential for ＂creative accounting＂. The problems with reliability and transparency of financial statements, when ＂full-goodwill method＂ is applied, are illustrated by a real-life example of the takeover of Formula Systems Ltd. by Asseco Group （one of the biggest IT companies in Europe, listed on the Warsaw Stock Exchange）.

To Overcome the Obstacle of Data Exchange to Increase the Utilization Efficiency of Accounting Data

On Nov.4^(th), AQSIQ (General Administration of Quality Supervision,Inspection and Quarantine of the People' s Republic of China), SAC (Standardization Administrationof China), National Audit Office of China (CNAO), and National Ministry of Finance of China jointlyheld the conference press on the national standard of Information Technology--Data Interface ofAccounting Software (GB/T 19581-2004) in Beijing. The standard was approved and issued on Sept. 20,2004 by AQSIQ and SAC, and it would come into effect all over the whole nation from January 1^(st),2005. Pu Changcheng, Vice Director of AQSIQ, Shi Aizhong, Vice Director of CNAO, Li Zhonghai. amember of the Party Group of AQSIQ and Director of SAC, the other leaders of concerned departmentssuch as National Ministry of Finance, National Telegraphy Office, and etc. attended the ConferencePress and made speeches. They fully affirmed the important significance and the achievements onstandardization work of electronic government business, and also they set new demands on the workfor the future.

医疗人工智能应用的法律挑战及其治理

医疗人工智能的高效性和先进性对公共卫生和医疗保健领域的技术创新产生了深刻影响。医疗人工智能有望使公民更好地享有健康权,并对整个公共卫生领域带来裨益,但同时也需注意医疗人工智能的发展速度远超对其监管框架的部署规划,会对个人权利和公共健康构成严重挑战,亟需法律作出相应回应。从相关当事人的尊严和自主性的保护、健康数据处理中的隐私和个人信息保护、医疗人工智能应用的公平性和透明度、问责制度和归责原则等方面分析了医疗人工智能应用的法律挑战,并从明确医疗人工智能的治理原则,建立包含硬法和软法在内的初步立法框架,构建科学、合理、高效的监管体制等角度构思了我国医疗人工智能的治理框架。

基于全国统一大市场建设的社会保障制度改革

建设全国统一大市场是国家为提高资源配置效率、实现高质量发展而做出的重大决策部署。公平统一且设计合理的社会保障制度具有降低商品及生产要素流通成本、释放流通潜力的功能,因此有效的社会保障制度是全国统一大市场的必备要件。然而,现行社会保障制度在公平和效率两个方面都存在不足,尤其是地区间和人群间的制度政策差距大、部分项目资源配置不合理、绩效管理机制缺失等,与建设全国统一大市场的要求不相适应。因此,要全面深化社会保障改革,不断增强制度的公平统一性,提高制度运行效率,逐步统一社会保障权益设置、筹资规则、管理规程和服务规范,为形成全国统一大市场做出积极的贡献。

资本账户开放对企业投资效率的影响研究

依据2001—2017年95个国家的上市企业数据,考量资本账户开放对企业投资效率的作用。结果显示:资本账户开放能提高企业投资效率,缓解投资不足,抑制过度投资;机制检验表明,资本账户开放通过提高市场竞争、缓解融资约束以及提高风险承担水平三个渠道提高企业投资效率。异质性检验显示,流入方向的资本账户开放对企业投资效率的提升更大,资本账户开放主要提高了金融市场发展程度高的国家、外部融资依赖度高的行业以及高杠杆率企业的投资效率。鉴于此,建议有序开放资本账户,加快金融市场建设,积极融入全球资本市场发展。

货币政策对企业劳动投资效率的影响研究

基于2010—2020年我国A股上市公司的相关数据,对货币政策与企业劳动投资效率之间的关系进行探讨。研究发现,在货币政策紧缩时,企业劳动投资效率会有明显的提高,会计稳健性的提高以及自由现金流量的减少是紧缩性货币政策影响企业劳动投资效率的主要作用机制。进一步研究发现,高质量的公司治理水平会抑制紧缩性货币政策对企业劳动投资效率的影响。非效率劳动投资分组检验结果表明,紧缩性货币政策对企业劳动投资效率的促进效应,更多地表现为抑制劳动投资过度。

经营投资问责能否提升国有企业投资效率?

建立健全经营投资问责制度是新时期深化国有企业改革的关键举措,对有效防止国有资产流失和实现国有企业高质量发展至关重要。文章基于各地区违规经营投资责任追究工作相继实施的制度背景,通过构建多期双重差分模型来实证考察经营投资问责对国有企业投资效率的具体影响和内在机制。研究发现,经营投资问责能显著提升国有企业投资效率,且主要表现为抑制过度投资;机制分析发现,经营投资问责既能通过治理效应减少管理层机会主义行为,又可以发挥信息效应提升国有企业信息透明度,进而抑制国有企业非效率投资行为;异质性分析表明,经营投资问责对国有企业投资效率的提升作用在地方国有企业、商业竞争类及党组织治理嵌入度高的样本中更为显著;此外,经营投资问责通过改善国有企业投资效率,提升了国有企业价值和实现了国有资产保值增值。研究结论不仅为经营投资问责制度的实施提供了直接的经验证据,也对进一步深化我国国有企业改革,推进新时代国有企业治理体系建设具有重要政策启示。

基于改进分层博弈交叉效率模型的政策评价

政策评估作为政策实施过程中的关键环节,是检验政策效果的基本途径与实现资源优化配置的重要依据.在复杂博弈情境下,决策单元群体间竞合关系不变的假设已经不能满足现实中效率评价的需求,考虑群体间动态变化的合作与竞争关系至关重要.本文将外界冲击下主体间竞合关系演变纳入效率评价框架,提出改进分层博弈交叉数据包络分析方法:从公平的视角出发,基于二次目标模型构建多层次效率矩阵,结合Shapley值对决策单元动态关系演变进行效率评价,进而,以水权交易市场试点政策为例,验证该模型的可行性.该方法放松了政策前后群体竞合关系稳定的假设,验证了水权交易市场政策的有效性和外溢性,为能源与环境领域试点政策效果评价提供了新方法.

公平与效率:普惠性学前教育资源配置的双重价值追求

学前教育资源配置的公平与效率是我国新时代学前教育普惠高质量发展的核心要义和关键路径,也是我国新人口形势下学前教育可持续发展的内在需求与条件保障。通过对全国8132所普惠性幼儿园资源配置的公平与效率评估,发现我国普惠性学前教育资源配置的公平水平与效率水平均不佳,且内部存在显著的分化与交叉重叠现象;普惠性学前教育资源配置的公平与效率关系已经由对立转为统一。我国农村地区幼儿园资源配置的总体效率显著高于城市与县镇地区幼儿园;普惠性民办园资源配置的总体效率略高于教育部门办园与其他部门办园;西部地区幼儿园资源配置的总体效率稍高于东部与中部地区幼儿园。建议通过扩充资源来源与总量、优化资源配置机制、完善资源配置效果评估等措施,整体提升我国学前教育资源配置的公平与效率水平,确保我国学前教育健康稳定发展。

“共同富裕”目标下新型农村集体经济组织财会监督效能提升路径探析

发展壮大新型农村集体经济,可以为农民走向共同富裕提供物质保障。在集体产权制度改革大背景下,财会监督对新型农村集体经济组织发展壮大意义深远。通过深入分析当前新型农村集体经济发展过程中财会监督存在的问题,针对性地提出财会监督效能提升路径,以期为新型农村集体经济组织健康发展助力,最终实现全体人民共同富裕。

数字经济背景下饲料企业会计工作的提质增效

数字经济背景下饲料企业会计工作迎来了新的发展机遇,其工作内容、方法、程序等都产生了一系列的变革,进而提高了饲料企业会计工作的质量和效率。因此,要关注数字经济对饲料企业的影响,明确饲料企业会计工作的转型方向,积极探索会计工作的提质增效策略,从而有效发挥会计工作在经营管理中的监督、核算、管理职能,促使饲料企业经济业务活动朝着有利方向发展。