Analysis of the Impact of the New Financial Accounting System on the Internal Audit of Colleges and Universities

The new financial accounting system is the reorganization and refinement of the contents of the old financial accounting system, which not only maintains the basic contents of the original system, but also has its new characteristics. As far as the applications of the new accounting system are concerned, its practicability is very strong, and especially the application of the accounting in colleges and universities is very convenient. Moreover, the levels of the financial management under the new financial and accounting system are gradually improving. The purpose of this article is to explore the impact of the new financial accounting system on the internal auditing work in colleges and universities, hoping that this research will be helpful to the related auditing work in colleges and universities in the future.

Systemic risk management and investment analysis with financial network analytics:research opportunities and challenges

Recent economic crises like the 2008 financial tsunami has demonstrated a critical need for better understanding of the topologies and various economic,social,and technical mechanisms of the increasingly interconnected global financial system.Such a system largely relies on the interconnectedness of various financial entities such as banks,firms,and investors through complex financial relationships such as interbank payment networks,investment relations,or supply chains.A network-based perspective or approach is needed to study various financial networks in order to improve or extend financial theories,as well as develop business applications.Moreover,with the advance of big data related technologies,and the availability of huge amounts of financial and economic network data,advanced computing technologies and data analytics that can comprehend such big data are also needed.We referred this approach as financial network analytics.We suggest that it will enable stakeholders better understand the network dynamics within the interconnected global financial system and help designing financial policies such as managing and monitoring banking systemic risk,as well as developing intelligent business applications like banking advisory systems.In this paper,we review the existing research about financial network analytics and then discuss its main research challenges from the economic,social,and technological perspectives.

Sustainable strategy for corporate governance based on the sentiment analysis of financial reports with CSR

Focusing only on shareholders’financial return is not consistent with the concept of sustainable corporate governance.In contrast to financial performance,corporate social responsibility(CSR)is a non-financial performance index.Financial reports consist of both financial and non-financial disclosures.These disclosures help investors make decisions.This paper characterizes the interaction between the sentiment analysis of financial reports and CSR scores.The classification accuracy through SVM exceeds 86%.The empirical study shows that the financial report sentiment based on the PESTEL model,Porter’s Five Forces model,and Value Chain(Primary and Support Activities)significantly correlates to the CSR score.

A Comparative Analysis of the Formation Path and Impact of Debt Risk in the US and Europe

Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.

Research on the Relationship between Corporate Social Responsibility and Financial Performance Based on Grey Correlation Analysis: Taking the Smartphone Company as an Example

In order to explore the relationship between the corporate social responsibility (CSR) and financial performance in different CSR cultures, this paper respectively takes four representative smartphone companies in China, the United States, Japan and Korea as research objects, that is Huawei, Apple, Sony and Samsung smartphone companies. Then, dividing the CSR into five dimensions i.e. shareholder, customer, supplier, technology innovation and government and establishing the grey correlation model to empirically analyze the relationship between CSR and financial performance. The results indicate that for HUAWEI, the CSR performance in shareholder, customer and technology innovation have greater impact on its financial performance;for Apple, the CSR performance in shareholder, technology innovation and customer has greater impact on its financial performance;for SONY, the CSR performance in technology innovation, customer and shareholder has greater impact on its financial performance;for Samsung, the CSR performance in technology innovation, government and shareholder has greater impact on its financial performance.

A generic analysis of English Research Article abstracts and the use of modal verbs for financial economics

This paper is a generic study of schematic structures and the use of modal verbs of 50 English Research Article （RA） abstracts. With Bhatia＇s （1990） model as the framework, three other move patterns were obtained besides the normal move order. The density of modal verbs varies greatly from move to move with significant differences in the frequency of occurrence in different moves. The use of modal verbs is much more move-determined than discipline-determined.

A Multifractal Detrended Fluctuation Analysis of the Ising Financial Markets Model with Small World Topology

We present a multifractal detrended fluctuation analysis （MFDFA） of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the MFDFA shows that there exists obvious multifractal scaling behavior in produced time series. We compare the MFDFA results for original time series with those for shuffled series, and find that its multifractal nature is due to two factors： broadness of probability density function of the series and different correlations in small- and large-scale fluctuations. This may provide new insight to the problem of the origin of multifractality in financial time series.

The Accounting Reform in the Brussels-capital Region： New Tool for Financial Analysis

In the last 20 years, public administrations in Belgium have completely reformed their accounting systems. The new system consists in combining double-entry general accounting with budgetary accounting, which is traditional in the public sector. The accounting reform of 2003 marks a turning point in the history of accounting of the federal State and federated entities （regions and communities）. The Brussels-capital region is the first federated entity to embark on the adventure and implement the new accounting system in 2006. The aim of this article is to introduce the legislative framework and the different implementation steps of the accounting reform in the Brussels-capital region and to provide a financial analysis of the region. The objective is to see if the region has a good financial situation. To do this, this paper analyses the data from the balance sheet and the income statements from 2008 to 2011. On one hand, it analyzes the evolution of the region＇s different results; and on the other hand, it presents different financial ratios. It also analyzes the evolution of the regional debt. This paper concludes that, although expenses and the debt are increasing, the situation of the region is not worrying, because of good budgetary performances, sophisticated financial management, and law loans rates. Even if the results of the analysis don＇t have to be interpreted as the same way as for a private company, the annual accounts provide interesting information that can be used to improve public finance.

Methodological Framework of Financial Analysis Results Objectification in Slovak Republic

The applicability of financial analysis results meets in practice a serious problem as to how to objectify analysis results with regard to the comparable values and information sources. Financial analysis results cannot be taken as useful and acceptable without their objectification on the basis of chosen reference rates, values. The article is focused on key information about financial analysis objectification methods, sources, and databases in conditions of Slovak enterprises. Current database for the comparison in Slovakia is currently provided by the company CRIF - Slovak Credit Bureau, which provides a complete range of solutions for business and consumer information as well as credit and marketing management. This information is very useful for financial analysis objectification, but not available for all potential users.

Infinite Loop?What Is Behind the Ongoing Turmoil in the Banking Sector?

The war in Ukraine is unfortunately not over,to add insult to injury,Silicon Valley Bank collapses and Credit Suisse acquired by UBS under the Swiss emergency legislation.The merger of Credit Suisse with UBS,Switzerland’s biggest bank,has also raised concerns about the proliferation of more institutions deemed“too big to fail”.Through the study of four financial crises in the past 100 years,this paper believes that behind this potential financial crisis is still the real estate bubble,but the significant problems in the United States are the most worrying.Post-financial crisis recessions are costlier and last longer than normal recessions.When credit booms are superimposed with asset price bubbles,financial crises are highly likely and economic recovery will be slower.In this paper,relative data and regression model are used to analyze the causes of the crisis;further this paper discusses the reasons behind the financial crisis and related conjectures and gives relevant development speculations.

Facing Both Challenges and Opportunities:How Can Financial Service Firms Survive Under the Pandemic?SOAR Analysis of Three Leading Firms in the Financial Service Industry

After the breakout of COVID-19,many entity industries have to shut down.The rapid decline of money transaction caused by the shutdown of the entity industries has shocked the financial service industry while the increase in digital transactions also offers them opportunities.Facing both challenges and opportunities,financial services firms should change their target and compensation policy during the pandemic to survive.After analysing three major firms in this industry by using SOAR method,we conclude four keys for financial services firms to survive in COVID-19.

A Financial Approach to Evaluate an Optimized Combined Cooling, Heat and Power System

Iran’s removing subsidy from energy carrier in four years ago leads to spike electricity price dramatically. This abrupt change increases the interest on distributed generation (DG) because of its several benefits such as lower electricity generation price. In Iran among all type of DGs, because of wide natural gas network infrastructure and several incentives that government legislated to support combined cooling, heat and power (CCHP) investors, this type of technology is more prevalent in comparison with other technologies. Between existing CCHP technologies, certain economic choices are to be taken into account. For different buildings with different load curves, suitable size and operation of CCHP should be calculated to make the project more feasible. If CCHP does not well suited for a position, then the whole energy efficiency would be plunged significantly. In this paper, a model to find the optimal size and operation of CCHP and auxiliary boiler for any users is proposed by considering an integrated view of electricity and natural gas network using GAMS software. Then this method is applying for a hospital in Tehran as a real case study. Finally, by applying COMFAR III software, useful financial parameters and sensitivity analysis are calculated.

Predicting Financial Contagion and Crisis by Using Jones, Alexander Polynomial and Knot Theory

Topological methods are rapidly developing and are becoming more used in physics, biology and chemistry. One area of topology has showed its immense potential in explaining potential financial contagion and financial crisis in financial markets. The aforementioned method is knot theory. The movement of stock price has been marked and braids and knots have been noted. By analysing the knots and braids using Jones polynomial, it is tried to find if there exists an untrivial knot equal to unknot? After thorough analysis, possible financial contagion and financial crisis prediction are analysed by using instruments of knot theory pertaining in that sense to Jones, Laurent and Alexander polynomial. It is proved that it is possible to predict financial disruptions by observing possible knots in the graphs and finding appropriate polynomials. In order to analyse knot formation, the following approach is used: “Knot formation in three-dimensional space is considered and the equations about knot forming and its disentangling are considered”. After having defined the equations in three-dimensional space, the definition of Brownian bridge concerning formation of knots in three-dimensional space is defined. Using analogy method, the notion of Brownian bridge is translated into 2-dimensional space and the foundations for the application of knot theory in 2-dimensional space have been set up. At the same time, the aforementioned approach is innovative and it could be used in accordance with stochastic analysis and quantum finance.

Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China

There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.

多节段Ponte截骨与全脊椎截骨矫正复杂脊柱畸形有效性与安全性比较的Meta分析

目的:系统比较多节段Ponte截骨与全脊椎截骨(vertebral column resection,VCR)对于矫正复杂脊柱畸形的有效性与安全性。方法:计算机检索2023年6月之前中国知网、万方、维普、PubMed、Cochrane Library、EMBASE和CBM数据库收录的有关Ponte截骨和VCR矫正复杂脊柱畸形效果对比的临床研究文献,由3位研究人员独立进行文献筛选、资料提取,综合运用改良后的Jadad评分量表和NOS评分量表对纳入文献进行质量评价,纳入指标包括:手术时间、术中出血量、术后并发症、脊柱主弯Cobb角矫正率、脊柱后凸矫正率、SRS-22量表评分、脊柱主弯Cobb角矫正丢失、脊柱后凸畸形矫正丢失,使用Revman 5.3软件进行Meta分析。结果:共纳入6篇文献,均为队列研究,其中1篇Jadad量表评分为3分、质量等级评为B级,5篇Jadad以及NOS量表评分均大于5分。共纳入198例复杂脊柱畸形病例,其中多节段Ponte截骨118例(Ponte截骨),VCR 80例(VCR组)。分析结果显示,Ponte截骨比VCR手术时间更短[OR=-43.08,95%CI(-58.46,-27.70),Z=5.49,P<0.00001]、术中出血量更少[OR=-214.06,95%CI(-336.10,-92.02),Z=3.44,P=0.0006]、术后并发症更少[OR=0.13,95%CI(0.05,0.31),Z=4.50,P<0.00001],两组比较均有统计学差异;两种术式在主弯Cobb角矫正率[OR=1.53,95%CI(-3.24,6.31),Z=0.63,P>0.05]、后凸矫正率[OR=6.40,95%CI(-0.35,13.15),Z=1.89,P>0.05]、SRS-22量表评分[OR=-0.06,95%CI(-0.44,0.33),Z=0.29,P>0.05]、主弯Cobb角矫正丢失[OR=0.15,95%CI(-1.08,1.38),Z=0.24,P>0.05]、脊柱后凸畸形矫正丢失[OR=0.33,95%CI(-3.44,4.10),Z=0.17,P>0.05]等无统计学差异。结论:多节段Ponte截骨与VCR对于矫正复杂脊柱畸形的临床疗效一致,但Ponte截骨在手术时间、术中出血量以及术后并发症少于VCR,是一种更加安全有效的方法。

Tone of language,financial disclosure,and earnings management:a textual analysis of form 20-F

This study investigates the relationship between the tone of financial disclosures and managers’earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S.during 2002–2014.The results show that the proportion of positive,uncertain,or modal words used in financial disclosures is positively related to corporate earnings management,implying that managers attempt to conceal earnings management behavior by manipulating the tone of their financial reports.In addition,robustness tests are conducted using an alternative proxy for earnings management that considers the effects of the financial crisis and separately examines the information and non-information technology industries.The results suggest that the tone used in financial disclosures has informative value,and textual analysis can be an effective tool for identifying earnings management.

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.

Empirical Analysis on Company＇s Competitiveness from Financial Index

Taking the enterprise survival ability and the development ability as a basis, this paper constructs the financial appraisal index system of enterprise competitiveness. Also, it draws the overall impression of the enterprise competitiveness through selecting listed f＇u＇ms＇ financial index of the equipment manufacturing industry, with the aid of factor analysis model, using the principal components analytic method, making rotation of varimax, and arranging the synthesizes enterprise competitiveness from the financial angle. After the empirical analysis, the paper completes appraisal and analysis which based on company＇s competitiveness from financial index.

What explains the technical efficiency of banks in Tunisia?Evidence from a two‑stage data envelopment analysis

In this study we examine the potential determinants of technical efficiency for the Tunisian commercial banking sector over the period of 1995–2017.First,we estimate banking technical efficiency with a radial and non-radial bootstrap data envelopment analysis.For the radial technique,we use an input-oriented approach and for non-radial we use the Range Adjusted Measure(RAM).Second,we use a double bootstrapping regression technique to estimate the influence of a set of eventual determinants on technical efficiency.Finally,based on all possible regressions,we gauge the overall effect of each determinant.Our results reveal that the input-oriented and RAM approach gave somewhat similar results.We found that the return on equity,the expense to income ratio,the loan to deposit ratio,and the growth rate are insignificant to Tunisian banking technical efficiency.In particular,banking technical efficiency increases with capitalization and inflation,whereas,it decreases with size,number of bank branches,management to staff ratio,and loan to asset ratio.In addition,we identified evidence supporting the moderate success of the last decade of reforms and a noticeable one for the post-revolution reforms in helping improve banking technical efficiency.The post-revolution reforms,largely revolving around reinforcing the rules of good governance and banking supervision,coupled with the restructuring of public banks,were found to be insufficient to raise overall banking technical efficiency despite improvement in the technical efficiency of private banks.

Stumpage value in the short wood system for the conversion into high forest of a oak coppice

This study aims to analyze the factors affecting the costs of different logging systems, in particular considering three different bunching-extraction methods. Moreover the stumpage value of each plot was calculated, and a comparison analysis of the results is presented. The work was carried out in Central Italy, in an aged Quercus cerris L. coppice in hill zones, with a 45% average slope. Short wood system harvesting was applied. Felling and processing were performed by chainsaw, while extraction with three different methods： plot No. 1 with mules, plot No. 2 with a tractor with winch, plot No. 3 with polyethylene chute line. Transport of firewood from the forest track to the landing was made by a tractor loaded as a mule. In the plot No. 1 the costs per unit mass （30.76 ∈·t33% ^-1） were higher despite having the lower cost per hour （39.99∈·th^- 1）. The reason was the lower productivity （1.3 t33%·h^-1）. The plot No. 2 had the highest cost per hour （66.79 ∈·h^-1）. However, productivity was the highest （2.7 t33%·h^- 1）. This aspect was notable from the financial point of view （24.74 ∈·t33%^-1）. Plot No. 3 was the less expensive （23.92 ∈·t33%^-1）. Comparing the three methods, a reduction of the costs through more appropriate extraction systems may increase the stumpage value from 8.3 to 9.65 ∈·t33%^- 1.