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学术活动
Ø 2008年10月10日，Xiaoquan liu，lecturer of Finance，University of Essex为我中心做题为：An Empirical Investigation of Option Pricing Models学术报告。报告摘要：In this paper, we empirically compare the pricing and forecasting performance of the wavelet option pricing model, the sp-line method, and the parametric stochastic volatility model with jumps. Both in-sample pricing and out-of-sample forecasting accuracy are examined using the US and UK index options data in 2006. Our results show that the wavelet model significantly outperforms the others in the in-sample pricing test in both markets. However, there is no clear winner in the out-of-sample forecast.
Ø 为了进一步推进我国管理会计理论的深入发展，更好地传承和发扬余绪缨教授广阔的学术思想，由中国会计师学会管理会计与应用专业委员会主办、厦门大学会计发展研究中心、厦门大学管理学院会计系承办，英国特许管理会计师公会（CIMA）支持的《管理会计与改革开放30年研讨会》于2008年10月11日-12日在厦门大学隆重召开。参会人员来自全国各高校的知名会计学者和实务界的精英，他们汇集在厦门大学，共同研讨我国乃至国际的管理会计理论的发展方向与理论前沿。大家分别从我国管理会计理论研究的演进与发展；预算管理的发展；环境与成本管理理论的突破与创新；业绩评价理论的扩展与创新；管理会计理论的新领域——智力资本协同管理；管理控制系统与管理决策理论；管理会计理论与实务；管理会计理论研究方法等领域进行了深入的研究和讨论。大家认为，为了促进我国管理会计理论研究的深入发展，必须充分结合企业管理实践，坚持理论来自企业实践，又指导企业实践的理论研究思想。大家相信本次研讨会将促进我国管理会计理论研究的新热潮。
Ø 2008年10月24日，Cheung Kong Graduate School of Business professor H. Henry Cao，为我中心做题为：Beauty Contests, Heterogeneous Beliefs, and Bubbles in Stocks and Options学术报告。报告摘要：We analyze how beauty contests due to dynamic trading in the presence of heterogeneous beliefs on public information can result in bubbles in stocks and options. We show that the effects of additional trading sessions on the stock price can be decomposed into two effects, the expectation effect and the risk premium effect. The ¯rst effect is caused by the differences about the mean of the public information among investors. When investors optimistic (pessimistic) about the public information have higher precision, the stock price will be higher (lower). The second effect is due to the disagreement about the covariance of the public information and the stock, which results in a reduction of risk premium, due to mutual insurance among investors provided by dynamic trading. The risk reduction effect causes the stock price to increase with the number trading sessions when investors agree on the expectation of the public signals. Dynamic trading also have two effects on options prices. The ¯rst effect is that the implied volatility in stock option prices will always decrease, which reduces option prices. The second effect is that as the stock price will change, this will in turn affect options prices. Hence, option prices can be higher or lower depending on the trade off between the two effects. Due to the reduction of risk, dynamic trading results in higher market liquidity. In the special case that investors disagree about the mean of the public information but agree on the covariance between the public signals and the stock payoff, the stock and option prices are not affected. We extend our results to heterogeneous priors on stock payoffs, dynamic trading without options and multiple stocks.
Ø 2008年10月31日，Fei Wu, senior lecturer in finance, Massey University，为我中心做题为：Intraday Time and Order Execution Quality Dimensions学术报告。报告摘要：We examine intraday execution quality patterns on Nasdaq stocks using proprietary order-level data from a U.S. broker dealer. Orders submitted midday execute slower than orders submitted around the open and close. However, midday orders have lower execution costs. Our results indicate that execution speed and execution cost exhibit offsetting intraday time-dependent patterns and these patterns appear to be induced by variations in informed trading levels. While some traders concentrate their trading activity around the open and close, others prefer to trade midday. Traders have varying preferences for when to trade, and offsetting patterns exist between speed and cost. These factors highlight the complexity in defining an optimal trading time, which, among other things, is dependent on the dimensional preferences of individual traders.
Ø 2008年11月7日，professor Soo Young Kwon, Korea University，为我中心做题为：Client, Industry and Country Factors Affecting Choice of Big N Industry Expert Auditors学术报告。报告摘要：This study investigates client choice of industry specialist auditors from among the Big N (Big 4 or 5) in an international (non-U.S.) setting. We employ two geographical measures of auditors’ industry expertise as a surrogate for high audit quality: based on industry market shares in clients’home countries, and based on industry market shares in the U.S. We
investigate client-specific, industry-level and country-level factors hypothesized to enhance or decrease client demand for audits by auditors having industry expertise. Using data for 29 countries and 14 broad industries from 1993-2005, we find that international client choice of homebased industry specialist auditors is positively associated with client size, leverage, growth opportunities, capital intensity, and membership in a regulated industry. At the country level, the choice of Big N industry specialist auditors is higher where levels of investor protection and quality of financial reporting environment are higher. We find somewhat different results for the U.S.-based measure of auditor industry specialization. International client choice of U.S.-based industry specialist auditors is positively associated with leverage, growth opportunities, external financing, financial losses, and concentrated industries. Additionally, the demand for the U.S.-based industry specialist auditors is higher where levels of investor protection and national economic development (but not quality of financial reporting environment) are higher.
Ø 2008年11月21日，Prof. Steven X. Wei，The Hong Kong Polytechnic University为我中心做题为：Understanding the Variation of Foreign Share Price Discounts – A Study of Dual-listed Chinese Firms学术报告。报告摘要：This paper investigates what drives the price disparity to vary in the “twin” shares (A shares
traded largely by domestic investors while B- and H- shares traded mainly by foreign investors) in China. Extending the variance decomposition framework of Vuolteenaho (2002), we decompose the unexpected price disparity into two terms: difference in expected return news and difference in cash flow news. Our results show that difference in expected return news overwhelmingly dominates difference in cash flow news in driving the variation of the price disparity. This suggests that to a large extent, market or macro news, rather than firms’ specific news, moves the price disparity of the twin shares.
Ø 2008年11月28日，Martin Young， Professor in Finance，Massey University，为我中心做题为：Buy and Sell Dynamics Following High Market Returns: Evidence from China学术报告。报告摘要：We provide a closer look at the trading dynamics which may give rise to the positive relationship between market trading volume and its lagged returns. Chinese market turnover increases sharply with past day returns. A comprehensive dataset which facilitates the tracing of trading activities among different groups of investors reveals that when previous market returns are high, investors with larger (smaller) average trade size increase their buy (sell) volume. Our findings indicate an important role of differing responses to market information among different classes of investors (e.g. different priors) in explaining this recently documented phenomenon.
Ø 2008年12月12日，Ming Liu， Chinese University of Hong Kong为我中心做题为：Privatization and corporatization as endogenous choices in Chinese corporate reform学术报告。报告摘要：We investigate the endogenous choice problem of Chinese state-owned enterprises in their decision on whether to corporatize or privatize. Corporatization differs from privatization in the Chinese context, as in the former case, the state remains as a large shareholder, and in the latter case, the state has little or no ownership. Using a panel of provincial statistics, we show that the larger the local employment pressure, the less likely we see privatization; the smaller the local fiscal pressure, the less likely we see privatization; the more corrupted the local business environment, the less likely we see privatization. Privatization is found to yield consistent efficiency gains over corporatization measured in terms of both employment and firm profitability. Our evidences are supportive of the theoretical
framework of Boycko and Shleifer and Vishny (1996) where they model privatization as politicians' endogenous decision trading off eployment pressure against public fiscal interest.
Ø 2008年12月19日，Hung Wan Kot，HK Baptist University为我中心做题为：Short-sale Constraints and A-H Share Premiums学术报告。
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重大项目进展报告
重大项目之一：中国财务会计概念框架研究
项目负责人：葛家澍 杜兴强
阶段性成果： 会计选择问题探讨——面向公允价值的计量选择（已形成文章，待发表）
在财务会计中，会计选择无所不在。例如，必须选择资产和其他要素的计量属性。本文面向公允价值计量选择的讨论。文章讨论两方面的会计选择。首先，假定某一项目的计量，选定了公允价值，这一属性必须依赖活跃的市场，最好的作为公允价值估计的价格应产生于活跃市场。其次，关于公允价值信息，我们必须注意它的特殊性质和质量特征。公允价值计量不仅在初始确认时需要，而且以后时期要进行重计量。在两次计量之间差异形成未实现的利得和损失。因此，必须作出的更为重要的选择是：列报上列信息（公允价值变动）最好是在表外披露，而不是在表内确认。
重大项目之二：企业内部激励、约束机制与会计问题研究
项目负责人：陈少华
目前资料和数据收集完毕，实地调查已完成。课题进展顺利，已准备结项工作。
重大项目之三：我国会计准则的国际协调效果研究
项目负责人：曲晓辉
课题进展顺利，已准备结项工作。
重大项目之四：网络化环境下的财务风险分析和财务协同管理效应研究
项目负责人：傅元略
在原有发表在国际性的刊物《Chinese Business Review 》2006 No.5）的文章 “Cyber-Coordinating Mechanism and Strategic Management Accounting”、《CPC模式的网络化风险管理系统》、《跨越企业边界的成本管理优化模型及其协同效应》和《突破时空界限的财务适时监控》等论文基础上又有新的进展：
阶段性成果：调查研究法在我国会计研究中的应用现状——基于73篇样本文献的分析
调查研究是我国会计研究中最早使用的实证研究方法，并在近十年中取得了巨大的发展。
本文通过对发表在《会计研究》等核心刊物上的73篇样本文献的内容分析，从研究领域、调查对象、研究目的、研究模式、测量方法、抽样方式、资料收集方式、统计方法技术等方面对我国近二十年来调查研究法在会计研究中的运用状况进行了全面分析。研究发现，虽然后期在研究目的、研究模式、抽样方式、测量方法、资料收集方式、统计方法技术等方面有了较大的改观，但仍急需进一步提高。
本课题现在已开始结题。
重大项目之五：基于绩效管理的应计制政府会计改革问题研究
项目负责人：李建发
阶段性成果：绩效预算改革与政府成本会计的构建（已形成文章，待发表）
本文在探索绩效预算改革对于政府财务管理的重要意义的基础上，提出了构建政府成本会计是实施绩效预算的必备前提条件，进而从总体定位、相关成本范畴界定、政府组织成本核算方法以及成本会计报表体系设计等四个方面阐述了具有前瞻性的政府成本会计基本架构。
本文认为，绩效预算改革对于政府财务管理的重要意义体现在三个方面：(1)绩效预算是强化政府部门财务责任的有力战略工具；（2）绩效预算有助于提高政府财政资金的配置效率；（三）绩效预算改革有助于实现政府财务管理的长远目标。而政府成本会计是实现政府绩效管理和成本管理相结合的必要技术支持。政府成本会计的总体定位需要两个角度出发，一是政府成本会计对象的范围，二是政府成本会计核算的边界。由于政府成本会计本身是将企业成本会计理念和方法导入政府会计的过程，所以政府成本会计核算应灵活参照企业成本会计的核算方法，尤其要注重作业成本法的应用价值。至于政府会计报表则会体现出对内导向的特点。
重大项目之六：网络化条件下的会计系统流程再造及其控制
项目负责人：庄明来
本期主要围绕会计业务流程再造具体设想，以及会计系统流程控制进行研究。各小组对前期已基本完成的第一、二、三、四、五章进行修改，并基本完成第十一、十二章两章的初稿，共约15万字左右。同时，在前期对第六、七、八、九、十三等五章的子方向进行研究所获取成果的基础上，着手撰写这些子课题研究报告。
阶段性成果：在近期研究的基础上，各课题组已经陆续将所形成的阶段性成果,以学术论文形式寄出发表。其中：刘杰撰写的“论制度经济学视野下的企业会计信息化”、“基于社会系统论与互动论的会计业务流程再造研究”、“论会计业务流程再造的新思维”等3篇论文已分别投寄至《财会通讯》，《中国管理信息化》和《商业研究》（CSSCI）；汤岩撰写的“网络化会计业务流程再造的基本构想”已投寄至《财会通讯》；汤四新撰写的“基于会计业务流程再造的记账凭证自动生成模板模型研究”已投寄至《当代财经》（CSSCI）；阳杰撰写的“基于COBIT的会计业务流程控制”也已投寄至《审计与经济研究》刊物。
重大项目之七：
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创意经济
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与管理及管理会计创新问题研究
项目负责人：傅元略
本课题在发表论文《A Fuzzy Valuation Model of Intellectual Capital 》和创意《经济产业集群的智力资本管理作用》和《管理控制系统的发展与创新：从班组核算拓展到与公司治理集成
*》的基础上，又有了如下新进展：
阶段性成果：Inter-Organization Cost Synergy Management Using a Multi-Agent Intelligent System
The cost synergy management of inter-organization is one new topic which integrates three fields: cost management, firm network theory and IT application, and develops one of the most important tools about how to apply multi-agent intelligent to the improvement of the competence in creating wealth for firm shareholders and market competitive capacity. This study has two objectives: one is to develop the member multi-agent and network coordinating agent; the other one is to construct the framework model of cost synergy management in firm network based on the application of multi-agent. More specifically, this paper develops the synergic management of the product design, and synergic utilization and management of intellectual assets), in order to improve the competitive capacity and to solve some current problems in the cost management of inter-organization.
重大项目之八：上市公司财务信息披露质量研究
项目负责人：李常青
本阶段继续按照项目计划，全面开展文献和现状调研工作，收集国内外财务信息披露质量相关研究文献资料，掌握国内外学术动态和研究前沿，对有关理论进行梳理。同时，课题组成员委派李常青教授利用在国外访问学习的机会与国外同行交流探讨，了解国外最新研究动态。
阶段性成果之一：“中国上市公司财务重述影响因素的实证研究”（厦门大学会计发展研究中心工作论文，2008年11月）
本文是上一阶段工作论文“中国上市公司年报重述分析：1999-2007”的进一步深入研究。本文以2003-2006年超过5000家上市公司为研究样本，深入剖析影响中国上市财务重述的主要因素。实证结果表明，财务状况、股权结构和外部治理环境是目前影响我国上市公司财务重述的主要因素，而公司内部治理结构对财务重述的约束和影响力较小。进一步地，本文构建了一个财务报告重述与投资者保护的拓展分析框架，对加强财务重述监管、引导和规范上市公司信息披露行为提出了相应的政策建议。
阶段性成果之二：“基于Count Panel Data模型的证券投资基金持股偏好实证研究”（首届亚洲金融工程会议和台湾金融工程学会2008年年会宣读论文，2008年10月，台湾）：
随着市场影响力的提高，我国证券投资基金的持股偏好日益成为最受市场关注的焦点之一。在借鉴相关研究文献的基础上，本文以2003－2006年我国上市公司为样本数据，利用Count panel data 模型实证检验影响持有上市公司基金数的各种公司及股票特征，从而考察我国证券投资基金的持股偏好。
