国内外营运资金管理研究的回顾与展望7030967046

3(266071710061),2090,,,,,,,,,2090TheJournalofFinancialResearch,TheJournalofFinance,Fi2nancialManagement,2090,,2080,2090,,1.:20302070,()W.D.Knight(1972):,,,KeithV.Smith(1979):,,;1989,JohnJ.Hampton&CeciliaL.Wagner583(NCET20520590),,,:,()(),,2090,,,,RELCFO1000(TheWorkingCapitalSurvey)1997,,,:,,,,2.:,(),:()(),,(,,,),,,,RichardV.D.E.J.Laughlin(1980)(CashConversionCy2cle),:=+-JamesA.Gentry,R.VaidyanathanHeiWaiLee(1990),1997,RELCFO1000(TheWorkingCapitalSurvey),(DWC,DaysofWorkingCapital)(CCE,CashConversionEfficiency),:=CCE-CCECCE-CCE+DWC-DWCDWC-DWC(DWC=DSO+DIO-DPO)RichardV.D.E.J.Laughlin,2003,68DSO=/(/365)DIO=/(/365)DPO=/(/365)3.:KeithV.Smith(1973),:(AggregateGuidelines)(ConstraintSet)(CostBalancing)(probabilityModels)(PortfolioTheory)(MathematicalProgramming)(MultipleGoals)(FinancialSimulation),,2090,2000,DELL,,,2001,RELCFO2001:(DWC)(),,,,,,,20022005,DPO,DPO,,,2090,1993,,,(1995),:,,(2000),,,;,,(2005):,,,,()2004,2003(DSO):61,105,48,,2/3;,50,20045090,781/3,,1.,,,,,(:),,(:),,,,,,,,,,,,:,,;,,,:,,,:;,,,:,,;,,,,,,,,,,,,88RELCFO1000,()2004(DSO)4019,(DIO)3017,(+--)(+--)(+-),,2.,,:,,,,,:=(/360)=(/360)=(++)/360)=(/360)=(+--)(/360)=(/360)=(+--)(/360)=(/360)=(+)(/360):=/=(/)+(/)+(/)3.,,,,,,(),,,,,984.,,,,,,,1,,(TheWorkingCapitalManagementSurveyofChineseListedCompanies),.1995..,1,,.2000...4.2003..1.:,.2005.:.,6StephenA.Ross,RandolphW.Westerfield,BradfordD.Jordan.1991.FundamentalsofCorporateFinance,Irwin.W.D.Knight,1972.WorkingCapitalManagement:SatisficingversusOptimization,FinancialManagementRichardV.D.andE.J.Laughlin,1980.ACashConversionCycleApproachtoLiquidityAnalysis,FinancialManagement(Spring).JamesA.Gentry,R.Vaidyanathan,andHeiWaiLee,1990.AWeightedCashConversionCycle,FinancialManagement(Spring).RandyMyers,CashCrop:The2000WorkingCapitalSurvey,CFOMagazine,2000RonaldFink,ForgettheFloat?The2001WorkingCapitalSurvey,CFOMagazine,2001TimReason,WeCanWorkItOut:The2002WorkingCapitalSurvey,CFOMagazine,2002TimReason,BarelyWorking:The2003WorkingCapitalSurvey,CFOMagazine,2003TimReason,OfftheShelf:The2004WorkingCapitalSurvey,CFOMagazine,2004TimReason,CapitalIdeas:The2005WorkingCapitalSurvey,CFOMagazine,2005BrianFlanagan,2005.ManagingWorkingCapital,BusinessCredit.AndrewHarris,2005.WorkingCapitalManagement:Difficult,butRewarding,FinancialExecutive.KeithV.Smith,1973.StateoftheArtofWorkingCapitalManagement,FinancialManagement.KennethP.Nunn,Jr.1981.TheStrategicDeterminantsofWorkingCapital:AProduct2linePerspective,TheJournalofFi2nancialResearch.HarryG.Guthmann,1934.IndustrialWorkingCapitalDuringBusinessRecession,HarvardBusinessReview.09ChallengeandReform:ARationalThinkingaboutHowTraditionalAccountingShouldAdjustItsIdeasandMethodsundertheCircumstancesofInformationSocietyCaiLixin&CuiYeguangStartingwiththeconceptofinformationsociety,thispapersetsforththefourbasiccharacteristicsofthissociety,whichareprerequisitelogicthatcanhelpustocomprehendthosechallengesthataccountingwillprobablybeconfronted.Thenthepaperconcludesthreeseverechal2lengeswhichaccountingwillfaceintheenvironmentofinformationsociety,anddeeplyanalysethedetailsandcontributingfactorsofthesechal2lenges.Finally,thispaperputsforwardthattraditionalaccountingneedchangeinthreemainrespectsinordertomeettheabovethreechallen2geswhichconfrontaccountingininformationsociety.ThebasicideaofthesechangesisthatITshouldbepenetratedintofinanceandaccountingorganicallyandcompletely,andthisisthewayofaccountinginformatization.AssessmentontheQualityandDecisionValueoftheSocialResponsibilityDisclosures:AContentAnalysisoftheFinancialAnnualReportsofListCompaniesSongXianzhong&GongMingxiaoInthisstudy,accordingtotheinformationqualitycharacteristicsconceptualframeworkweconductacontentanalysistogivethequalityanddecisionvalueofsocialresponsibilitydisclosuresinannualreportsoflistcompaniesfromChinaawholeassessment,andfindthatthequali2tyanddecisionvaluelevelofsocialresponsibilitydisclosuresinannualreportsislower.Finally,wesuggestthatfinancialannualreportisnottheoptimalchoiceforsocialresponsibilitydisclosureiftherelackofregulations.ExaminetheSustainableGrowthofMarketCompaniesfromtheFinancialAngle:theEmpiricalStudyoftheInformationIndustrialListedCompaniesWangYuchunThepaperisbasedontheSGRmodelbyRobertCHigginsandJamesCVanHome,ThroughPaired2SamplesTTestandWilcoxonSignedRanksTest,Wefindthatthepracticalgrowthrateexceedsthesustainablegrowthrates,thesustainablegrowthratesglidesyearbyyearandthereistheexcessiveinvestmentphenomenonoffinanceconcerningtheChineseinformationindustriallistedcompanies.Basedonthese,weanalysisthereasons,putforwardtosomecounter2measuresandsuggestions.StudyontheEffectoftheImplementationofStockIncentivesbyChineseListedCompaniesGuBin&ZhouLiyeRecently,thestockincentivehasbeentakenmoreandmorefocusinChina.Asthestockincentiveisawayoflong2termincentivemecha2nism,theeffectonstockincentiveshouldbemeasuredbasedontheincreaseinthefinancialperformance.Thisarticleusesanempiricalanaly2sistostudytheeffectonthestockincentive,exclusiveofindustryfactor,andindicatesthateffectonstockincentiveappearsunconspicuousinlong2termperiodinChin