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Logic paradox under current corporate finance

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Journal of Modern Accounting and Auditing 2007年第11期3卷 41-43页

作者： YUAN Ye-hu School of Accounting Jiangxi University of Finance and Economics Nanchang 330013 China

The current corporate finance is based on the theory framework of new classical economics. Therefore, the main contents such as free cash flow, NPV method and capital structure decision-making are still based on the balanced price of product and capital markets, they still can＇t reflect the essential character of corporation. The logic paradox, causes the current corporate finance study under a more and more embarrassing circumstance in the front of enterprise financial management practice, with the feature of value management.

关键词： corporate finance capital market finance logic paradox

三个层面透视finance两个维度解析corporate finance

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财务研究 2022年第1期 11-22页

作者：宋献中李丽丹暨南大学管理学院

本文运用系统理论,从宏观、中观及微观三个层面,围绕资金配置的价值最大化,着眼于价值分配、价值流动、价值发现、价值创造,对finance的构成要素、发展脉络及逻辑框架进行整合解析,并对finance及其各子系统之间的相互关系进行系统论述... 详细信息

本文运用系统理论,从宏观、中观及微观三个层面,围绕资金配置的价值最大化,着眼于价值分配、价值流动、价值发现、价值创造,对finance的构成要素、发展脉络及逻辑框架进行整合解析,并对finance及其各子系统之间的相互关系进行系统论述。从经济学与管理学两个维度,归纳了微观层面corporate finance的理论演进,倡导各界既要从经济学原理出发,分析企业在资本市场环境下如何进行资本运作、资本管理与资本增值;亦需结合管理学理论,针对委托代理、治理机制等核心问题探究如何完善企业财务决策、计划预测、控制分析等系列管理活动。从三个层面、两个维度将finance的概念框架进行统一,有利于更好地解决我国现阶段"绿色经济转型"与"数字经济转型"所面临的重大现实问题。

关键词： finance corporate finance 整合思维认知框架

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新理财corporate finance

新理财 2005年第9期 15-15页

2005第2期我们已经连续做了两期关于CFO的话题,这是因为中国的CFO正经历着前所未有的变革。他们正站在一个大的舞台上,有的人已经有了成功的演出,有的人还正在彩排。我们有理由对他们抱有信心。在对多个

关键词：新理财 corporate finance CFO 并购

Five-year plans, China finance and their consequences

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China Journal of Accounting Research 2017年第3期10卷 189-226页

作者： Donghua Chen Oliver Zhen Li Fu Xin Nanjing University National University of Singapore Hohai University

An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China's five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state ***, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.

关键词： Five-year plans Government engineering Industrial policies corporate finance Economic growth China

Comprehensive review of text‑mining applications in finance

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Financial Innovation 2020年第1期6卷 732-756页

作者： Aaryan Gupta Vinya Dengre Hamza Abubakar Kheruwala Manan Shah Department of Computer Science Nirma UniversityAhmedabadGujaratIndia Department of Chemical Engineering School of TechnologyPandit Deendayal Petroleum UniversityGandhinagarGujarat 382007India

Text-mining technologies have substantially affected financial *** the data in every sector of finance have grown immensely,text mining has emerged as an important field of research in the domain of ***,reviewing the recent literature on text-mining applications in finance can be useful for identifying areas for further *** paper focuses on the text-mining literature related to financial forecasting,banking,and corporate *** also analyses the existing literature on text mining in financial applications and provides a summary of some recent ***,the paper briefly discusses various text-mining methods being applied in the financial domain,the challenges faced in these applications,and the future scope of text mining in finance.

关键词： Text mining Machine learning Financial forecasting Sentiment analysis Text classification corporate finance

Capital Budgeting： Methods, Aspects, and Issues

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Journal of Modern Accounting and Auditing 2018年第2期14卷 90-101页

作者： E. Tylor Claggett Salisbury University Maryland USA

This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projects are and are not acceptable from a financial prospective？ Second, of financially acceptable projects, CB methods can rank or order projects relative to desirability. Under conditions of certainty, the paper describes and contrasts three primary methods： pay back （PB）, net present value （NPV）, and internal rate of return （IRR） and three secondary methods： profitability index （PI）, terminal value （TV）, and modified internal rate of return （MIRR）. The presentation lists the strengths and weaknesses of each method in order to direct attention to some of the many aspects of CB decisions that firm managers should consider. Next, approaches for taking risk into consideration are discussed. The discussion raises the important issues of what to do with the net cash benefits from various projects when and if they are received. Finally, the paper provides flexible tools and example problems for teaching CB in a variety of contexts, such as professional corporate training or academic coursework.

关键词： company finance corporate finance corporate investment finance education

Double-principal Agent:False Accounting Information, Supervision Cost and corporate Performance

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Journal of Systems Science and Information 2014年第4期2卷 301-312页

作者： Wuqing WU Suning AN School of Business Renmin University of China

The game among the corporate controlling shareholder, the shareholder in power balance and the manager can lead to severe agency problems. This paper regards the shareholder in power balance as another principal and applies the latest results about double-principal agent theory in the research of manager tunneling, supervision cost and corporate performance, trying to solve the inconsistency of the above corporate governance issue researched by domestic and foreign *** main conclusions are as the followings. The correlation among them depends on which one has a dominant position, the free rider effect of supervision or the positive externality effect on cash flow right. Therefore, the key to excite the positive effect of the corporate governance mechanism such as the check-and-balance of stock ownership is the degree of cooperation between shareholders.

关键词： corporate finance check-and-balance of stock ownership double-principal agent theory corporate performance

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公司融资语境下股与债的界分

公司理财学的理论发展与逻辑框架分析——一个研究范式的构建

民商法学 2019年第8期

作者：许德风

虽然股与债具有不同的法律地位，且公司法与合同法确立了关于股与债的不同规则，但在企业融资的经济现实中，股与债常常被混合使用。就经济实质而言，普通债权人的权利不过是一种相对于担保债权人的买入期权，而股权是一种股东对普通债... 详细信息

虽然股与债具有不同的法律地位，且公司法与合同法确立了关于股与债的不同规则，但在企业融资的经济现实中，股与债常常被混合使用。就经济实质而言，普通债权人的权利不过是一种相对于担保债权人的买入期权，而股权是一种股东对普通债权人的买入期权。在此意义上，股与债不过是公司融资交易中的两个有名合同。在这两个有名合同之间，存在数量众多、类型丰富的无名合同。在不违反借贷管制、利息管制、公司资本管制的前提下，这些无名合同不应被认定为无效。在定性上，是否参与全部利润的按比例分配，是区别股与债的关键要素。而单纯拥有组织法上的投票权、董事委派权、利润分配权甚至有名义上的股东资格，都不宜作为将债权认定为股权的充分依据。现行法僵硬地区分股与债的做法，往往会导致对当事人真实意思的错误解释，并不恰当地破坏当事人之间原来自愿设定的风险分配。尊重当事人关于股债安排的自由约定，不仅适用于公司融资交易，也适用于非公司法下的各类合同，如担保交易和具有分担风险属性的借款交易。

关键词：股权债权企业融资明股实债公司重整 equity debt corporate finance Mezzanine financing corporate reorganization

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公司理财学的理论发展与逻辑框架分析——一个研究范式的构建