·¢²¼Ê±¼ä : ÐÇÆÚÈÕ ÎÄÕ¹ØÓÚ²ÆÎñ±¨±í·ÖÎöÑо¿µÄÎÄÏ××ÛÊö¸üÐÂÍê±Ï¿ªÊ¼ÔĶÁ6a7e8f2b453610661ed9f467
Àî±£´æ£¨2007£©ÈÏΪָ¶Ô²ÆÎñ±¨±íÓйØÊý¾Ý×ÊÁϽøÐбȽϡ¢·ÖÎöºÍÑо¿£¬´Ó¶øÁ˽âÆóÒµ²ÆÎñ×´¿ö£¬·¢ÏÖÆóÒµ¾ÓªÖеÄÎÊÌ⣬Ԥ²âÆóҵδÀ´·¢Õ¹Ç÷ÊÆ£¬Îª¿Æѧ¾ö²ßÌṩÒÀ¾Ý¡£»¹ÓÐһЩѧÕßÌá³öÔÚ²ÆÎñ·ÖÎöµÄÖÐÔöÉè×ÔÓÉÏÖ½ðÁ÷Á¿Ö¸±êºÍÔöÉèEVA(¾¼Ã¼ÛÖµÔöÁ¿)Ö¸±êµÈ¡£
´ÓÒÔÉϹúÄÚÍâѧÕ߶ÔÓڶŰî·ÖÎöÌåϵµÄÑо¿¿ÉÒÔ¿´³ö£¬´ó²¿·ÖѧÕ߶¼ÊǶԶŰîÌåϵ½øÐеÄijһ·½Ãæ»ò¾Ö²¿µÄ¸Ä½ø£¬Ã»ÓÐÉæ¼°¶Ô¶Å°î·ÖÎö·¨µÄÉîÈëϵͳµÄ¸Ä½ø¡£Ä¿Ç°£¬Ëæמ¼ÃµÄѸËÙ·¢Õ¹£¬¿É³ÖÐø·¢Õ¹×÷ΪÆóÒµµÄÒ»ÖÖ·¢Õ¹Ä¿±êºÍÕ½ÂÔ˼ÏëÒѾ±»ÈËÃÇÆÕ±é½ÓÊÜ£¬×÷ΪºâÁ¿ÆóÒµ¿É³ÖÐø·¢Õ¹µÄÖ¸±ê¡ª¡ª¿É³ÖÐøÔö³¤ÂʶÔÓÚÆóÒµ½¡¿µ³É³¤µÄÖ¸µ¼×÷ÓÃÊÇÊ®·ÖÖØÒªµÄ£¬Òò´Ë£¬´Ó¿É³ÖÐøÔö³¤ÂʵĽǶȶԶŰî·ÖÎöÌåϵ½øÐÐÈ«ÃæϵͳµÄ¸Ä½ø£¬½«»á¶ÔÆóÒµµÄ¿É³ÖÐø·¢Õ¹¾ßÓÐÖØÒªµÄÖ¸µ¼×÷Óá£
°î·ÖÎöÌåϵÔÚ²ÆÎñ·ÖÎö·½ÃæµÄÓÅÊÆÊǼò½à¡¢ÏµÍ³ºÍ¿É²Ù×÷ÐÔÇ¿¡£È»¶ø£¬Ëæ×Åʱ´úµÄ·¢Õ¹£¬¶Å°î·ÖÎöÌåϵÈÕ½¥ÏÔ¶ÆäȱÏÝ£¬¾ÍÊǺËÐÄÖ¸±ê¡°È¨Òæ¾»ÀûÂÊ¡±µÄÊÕÒæÖÊÁ¿µÄϽµ¡£±¾ÎÄÔÚ±£ÁôÔÌåϵÓÅÊƵĻù´¡ÉÏ£¬Ìá³öÁË·¢Õ¹ÔÓÐÖ¸±êµÄ½¨Ò飬È羼ø½¼ÓÖµ£¬²¢Í¨¹ý²ã²ã·Ö½â£¬½áºÏ×ʲú¸ºÕ®±í¡¢ÀûÈó±í¡¢ÏÖ½ðÁ÷Á¿±í¶Ô¸ÃÖ¸±êÓÉ±í¼°Àï½øÐнâÊÍ¡£
Îå¡¢×ܽá
ËäÈ»×ÔÉÏÊй«Ë¾³öÏÖÒÔÀ´,²ÆÎñ±¨±í·ÖÎöһֱΪÈËÃÇËù¹Ø×¢,·ÖÎöÀíÂۺͷÖÎö·½·¨²»¶Ï¸Ä½øºÍ·¢Õ¹,µ«ÈÔ´æÔÚÒ»¶¨µÄȱÏÝ,ÈçÏÖ½ðÁ÷Á¿·ÖÎöµÄÓ¦Óò»×ã,´«Í³µÄ²ÆÎñ±ÈÂÊ·ÖÎö·½·¨ÓÉÓÚÉú»îÖÐÄÑÒÔ±ÜÃâµÄͨ»õÅòÕ͵Ⱦ¼Ã²¨¶¯¶ø´øÓÐÖͺóÐÔ,Õâ¾ÍʹµÃ±¨±íʹÓÃÕß²»ÄÜ׼ȷ»ñµÃµ±Ê±µÄ¾ö²ßÓÐÓÃÐÅÏ¢¡£´ËÍâ,ÓÉÓÚ¸÷ÖÖÖ÷¹ÛºÍ¿Í¹ÛÔÒò,Èç²ÆÎñÖ¸±êµÄÑ¡Ôñ,Êý¾ÝÀ´Ô´µÄÓÐÏÞÐÔ,¼ÆËãµÄÎó²îµÈ,Ҳʹ·ÖÎö´æÔÚÒ»¶¨µÄ²»×ã¡£ÔÚÒÔºóµÄ·¢Õ¹¹ý³ÌÖÐ,ÏàÐŲÆÎñ±¨±í·ÖÎöÌåϵ»áÖð²½Ç÷ÓÚÍêÉÆ,Ϊ±¨±íʹÓÃÕ߸üºÃµØʹÓá£
׼ȷµÄ²ÆÎñ·ÖÎöÄܹ»ÕýÈ·µÄÆÀ¼ÛÆóÒµµÄ²ÆÎñ»î¶¯¡¢¿¼ºËÆóÒµ¾ÓªµÄÒµ¼¨£¬ÊÇÍÚ¾òÆóÒµÄÚ²¿Ç±Á¦¡¢¸ÄÉƾӪ¹ÜÀí¡¢Ìá¸ß¾¼ÃЧÒæµÄÓÐÁ¦ÊֶΡ£ÄÜΪ¹ÜÀí¡¢¾ö²ß²ã¸üºÃµØ¿ØÖƺÍе÷ÆóÒµ×ÊÔ´ÓÅ»¯ÅäÖÃÌṩÓÐÀûµØÒÀ¾Ý£¬ÆóÒµµÄ¾ÓªÕß¿ÉÒÔͨ¹ý¼ÓÇ¿¶Ô²ÆÎñϵͳµÄ¼Æ»®·ÖÎö½ø¶ø´Ù½øÆóÒµÆäËü²¿ÃŵŤ×÷¡£°Ñ°´ÕÕ¹«Ë¾¸÷ÆÚµÄÄ¿±êºÍ·¢Õ¹Õ½ÂÔ±àÖƵĸ÷ÏîÔ¤Ë㣬·ÖÅä¡¢·Ö½âµ½¸÷¸ö¶ÔÏóºÍÁ÷³Ì£¬ÊµÐж¯Ì¬¡¢ÑÏÃܵÄÔ¤ËãºÍÁ÷³Ì¿ØÖÆ¡£ÓÅ»¯ÆóÒµµÄÕûÌå×ÊÔ´£¬ÍêÕûµØÅäÖᢼÆÁ¿¡¢¼Ç¼ÆóÒµËùÓÐÓë²ÆÎñ×´¿öÏà¹ØµÄÒµÎñ×ÊÔ´ºÍÒµÎñ»î¶¯²¢½øÐÐÏ꾡µÄºËË㡢ͳ¼Æ¡¢·ÖÎö¡¢¿¼ºË£¬ÒÔʵÏÖÎïÁ÷¡¢×ʽðÁ÷¡¢ÐÅÏ¢Á÷¡¢ÔöÖµÁ÷¡¢¹¤×÷Á÷µÄͳһ¹ÜÀí¡£
8
×ÛÉÏËùÊö£¬¿ÉÒÔÁ˽⵽¹úÄÚÍâ»á¼ÆÑо¿Õß´Ó¼¸¸ö·½Ãæ¶Ô²ÆÎñ±¨±í·ÖÎöµÄÏÖ×´½øÐÐÁËÑо¿£¬ËäÈ»ÒÑÐγÉÁ˽ÏÍêÉƵIJÆÎñ±¨±í·ÖÎöÌåϵ£¬¿ÉÈÔ´æÔÚÐí¶àÓдý½â¾öµÄµØ·½¡£±¾ÎÄÔÚ×ܽáÒÔÉÏÎÄÏ×ÀíÂÛÑо¿³É¹ûµÄ»ù´¡ÉÏ£¬½è¼øËûÃDzÉÓõķÖÎö·½·¨£¬½«ÀíÂÛÓ¦ÓÃÓÚʵ¼Ê£¬²¢²ÉÓÃÒÔ´«Í³±ÈÂÊ·ÖÎöºÍÏÖ½ðÁ÷Á¿±ÈÂÊÏà½áºÏµÄ·½·¨¶ÔÉÏÊй«Ë¾¸ö°¸½øÐзÖÎöºÍÆÀ¼Û¡£
²Î¿¼ÎÄÏ×
[1]³ÌÊÀÌØ£¬ÔøÇì¹ú.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎö[J].ÖйúÏçÕòÆóÒµ»á¼Æ.2006.(4)£º03-14. [2]³ÂÓîÄþ.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎö̽ÌÖ[J].¹ÜÀí¾«´â.2004.(3)£º25-39.
[3]±ËµÃ?µÂ³¿Ë.¹þ·ðÉÌÒµÆÀÂÛ¾«´âÒë´Ô¡ª¡ª¹«Ë¾¼¨Ð§ÆÀ¹À[M].±±¾©£ºÖйúÈËÃñ´óѧ³ö°æÉç.1999.(2)£º31-47.
[4]´÷µÂÃ÷.²ÆÎñ±¨¸æÓë¿ØÖÆ[M].±±¾©:ÖйúÈËÃñ´óѧ³ö°æÉç. 2010.(1)£º07-27. [5]´ÔÖ¾±ó.ÕýÈ·Àí½â²ÆÎñ±¨±íÊDzÆÎñ·ÖÎöµÄÇ°Ìá[J].ÃñÓª¿Æ¼¼, 2009(6):13-28.
[6]´÷Сºì,»ÆÁèÔÆ,Áõ´ºÈª.ÀûÓòÆÎñ±¨±í·ÖÎöÆóÒµ¾ÓªÒµ¼¨µÄ¼¸µãÈÏʶ[J].Å©Òµ¿ÆÑо¼Ã¹ÜÀí.2004(3):15-24.
[7]³Ø¿¡»ª,ÓÚÑï.ÉÏÊй«Ë¾²ÆÎñ×´¿ö×ÛºÏÆÀ¼ÛÖ¸±êÌåϵµÄ¹¹½¨[J].¹þ¶û±õÊÐίµ³Ð£Ñ§±¨.2002(3):03-21.
[8]¹¢ÀòƼ.²ÆÎñÖ¸±êÓë·Ç²ÆÎñÖ¸±êͳ³ï¿¼ÂǵÄÆóÒµ¾ÓªÕß¼¨Ð§Ä£ÐÍÆÀ¼Û̽ÌÖ[J]£®Öйú¹ÜÀíÐÅÏ¢»¯.2008£¨11£©£º72-75.
[9]¹ù¸´³õ.²ÆÎñÐÂÂÛ[M].ÉϺ£:Á¢ÐÅ»á¼Æ³ö°æÉç.2007.(7)£º19-25.
[10]¹ùÄþ£¬Éò½£·É.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎöÑо¿[J].²Æ¾¹ÜÀí.2004.(5)£º14-32. [11]»ÆÈʼÑ.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎöÐÂ̽[J].¾¼ÃÑо¿µ¼¿¯.2008.(4)£º11-36. [12]½¯Ë³²Å.ÉÏÊй«Ë¾ÐÅÏ¢Åû¶[M].±±¾©£ºÇ廪´óѧ³ö°æÉç.2008£¨5£©£º24-38. [13]³°®Ãñ.²ÆÎñ·ÖÎö[M].½Î÷:»úе¹¤Òµ³ö°æÉç. 2008.(12)£º22-37.
[14]À×ÏþÃô,ËμÒ˳.ºâÁ¿ÆóÒµ¼ÒÐÅÓõIJÆÎñÖ¸±ê·ÖÎö[J]£®ÖÐÑë²Æ¾´óѧѧ±¨.2007£¨11£©£º82-85. [15]ÀîÌìÇÅ,Ôø»Û·¼.Ó¯ÀûÄÜÁ¦ÆÀ¼ÛÖ¸±ê¸Ä½øÓëÍêÉÆÖ®ÎÒ¼û[J]£®²Æ»áͨѶ?Àí²Æ°æ.2006£¨09£©£º32. [16]Àîѩ÷.dzÒé²ÆÎñ±¨±í·ÖÎö[J].ÁÉÄþ¾¼ÃÖ°Òµ¼¼ÊõѧԺ.ÁÉÄþ¾¼Ã¹ÜÀí¸É²¿Ñ§ÔºÑ§±¨.2004(4):33-37.
[17]ÃçÓñÊ÷.¾»×ʲúÊÕÒæÂÊÖ¸±ê¼ÆËã·½·¨±È½Ï[J]£®²Æ»áÑо¿.2006£¨06£©£º54.
[18]ÂíÔ¾.¶ÔÓîͨ¿Í³µ¹«Ë¾²ÆÎñ±¨±íµÄ·ÖÎö[M].±±¾©:¶ÔÍâ¾¼ÃóÒ×´óѧ.2007£¨5£©£º11-30. [19]È¨£¬Ñî¿¡ÌËåÓ±.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎö[J].ºÚÁú½Ò±½ð.2007.(3)£º22-37. [20]ɳ½à.ÆóÒµ²ÆÎñ±¨±í·ÖÎö[J]. ²Æ»áÑо¿ . 2004(10):11-24.
[21]Ê©¹úÖù.ÂÛÉÏÊй«Ë¾²ÆÎñ·ÖÎöÖ¸±ê×ÛºÏÔËÓÃÖ®ÒªÒå[J]£®»ª¶«¾¼Ã¹ÜÀí.2008£¨03£©£¬93-95. [22]µ¥†´Ãô.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎö[M].ÉϺ£²Æ¾´óѧ³ö°æÉç.2004.(1)£º22-37. [23]ʯԣÏé.²ÆÎñ±¨±í·ÖÎöӦעÒâµÄÎÊÌâ[J].²Æ»áͨѶ.2003(9):33-39.
9
[24]ʯÓñ»ª,Éò±ó,Áõ¹ãÀö.ÊÔÂÛÆóÒµ²ÆÎñ±¨±í·ÖÎöµÄ¾ÖÏÞÐÔ¼°¶Ô²ß[J].ͳ¼ÆÓë×Éѯ.2004(09):23-26.
[25]Åí¶¡.̸ÆóÒµ²ÆÎñ·ÖÎöÖ¸±êÌåϵ[J]£®Ì츮ÐÂÂÛ.2006£¨S1£©£º127-128.
[26]Ìï¿¡Ãô.¸Ä½øÓ¯ÀûÄÜÁ¦Ö¸±êÆÀ¼ÛÌåϵ[J]£®ºÏ×÷¾¼ÃÓë¿Æ¼¼..2007£¨09£©×ܵÚ328ÆÚ£º34-36. [27]Íõ°²Îä.ÉÏÊй«Ë¾Ó¯ÀûÖÊÁ¿·ÖÎö[J].»á¼ÆÑо¿.2000.(9)£º09-29. [28]Íõ±ù.dzÎöÆóÒµ²ÆÎñ±¨±í·ÖÎö[J].ɽÎ÷ͳ¼Æ.2003(12):13-36. [29]Íõ»¯³É.²ÆÎñ±¨±í·ÖÎö[M].±±¾©£º±±¾©´óѧ³ö°æÉç.2007£¨5£©£º32-39. [30]Íõ¹ã±ó.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎöµÄ»ù±¾ÔÀíÓë·½·¨[J].ɽÎ÷¸ßµÈѧУÉç»á¿Æѧѧ±¨.2004(10):21-29.
[31]ÍõÖ¾»Ô.ÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎöÖ¸±êÌåϵµÄ¹¹½¨[J]£®ÏÖ´úÆóÒµ.2008£¨07£©£º65-66. [32]Ðì½à.dz̸ÆóÒµ²ÆÎñ±¨±í·ÖÎö[J].ÄÚÃɹſƼ¼Óë¾¼Ã.2005(6):14-23. [33]ФӨ.¶Å°îÌåϵÓë²ÆÎñ±¨±íÐÂ̽[J]. ²Æ»áͨѶ.2010 (07):11-29.
[34]Ô¬ÎÀÇï.ÉÏÊй«Ë¾²ÆÎñÀ§¾³Ô¤²âÄ£ÐÍ¡ª»ùÓÚ»á¼ÆÐÅÏ¢ºÍ¹«Ë¾ÖÎÀíÐÅÏ¢µÄʵ֤Ñо¿[J]£®ºÓ±±¾Ã³´óѧѧ±¨.2006£¨05£©£º63-71.
[35]Ò×ÏþÎÄ,³Â½¡·Ò.ÉÏÊй«Ë¾²ÆÎñ×´¿ö×ÛºÏÆÀ¼ÛÖ¸±êÊÔϵµÄ¹¹½¨[J].ÁÉÄþ²Æרѧ±¨. 1999(1) :16-27.
[36]ÑîСÁ¦.¹ÜÀíÊÓ½ÇϵÄÆóÒµ²ÆÎñ±¨±í·ÖÎö¿ò¼Ü[J].²Æ»áͨѶ.2006(10):23-29. [37]Öìºì.²ÆÎñ±¨±í·ÖÎöµÄʵÀýÑÝʾ[J].Ë®Ô˹ÜÀí.2004(09):21-29.
[38]Öì»ðµØ£¬ÆÑÓ½¡.ÆóÒµ¾ÓªÕß¼¨Ð§ÆÀ¼ÛÌåϵÑо¿[J].¹ÜÀíÊÀ½ç£¬2003(07):06-26. [39]ÖÜ·ö.dz̸ÆóÒµ²ÆÎñ·ÖÎö[J]£®ºÓ±±ÆóÒµ.2008£¨03£©£º25. [40]Ö£À×.ÆóÒµ²ÆÎñ±¨±í·ÖÎöµÄ¾ÖÏÞÐÔ[J].´óÖڿƼ¼.2004(03):23-37.
[41]ÕŽ¡.ÔËÓòÆÎñ±ÈÂÊ·ÖÎöÆÀ¼Û¹«Ë¾²ÆÎñ×´¿ö[D]£®¶ÔÍâ¾¼ÃóÒ×´óѧ.2006£®8. [42]ÕÅÃùÖ÷.¹«Ë¾²ÆÎñ[M].ÉϺ£:ÉϺ£²Æ¾´óѧ»á¼ÆѧԺ. 2008.(07)£º02-26.
[43]ÕÔ½ðºì.dz̸²ÆÎñÖ¸±ê¶Ô²ÆÎñ·çÏÕµÄÓö¼ûÓë·À·¶×÷ÓÃ[J]£®¿Æ¼¼Ç鱨¿ª·¢Óë¾¼Ã.2008£¨19£©£º116-118.
[44]ÕÔ÷.ÆóÒµ²ÆÎñ±¨±í·ÖÎö·½·¨¼°ÆäÓ¦ÓÃÖ®ÎÒ¼û[J].ʱ´ú¾Ã³(ÖÐÑ®¿¯), 2007(06)£º:06-27. [45]ÕÅÀöÕ䣬ºú¾².ÂÛÉÏÊй«Ë¾²ÆÎñ±¨±í·ÖÎö[J].ÄÚÃɹſƼ¼Óë¾¼Ã.2009.(8)£º12-31. [46ÕÅ˼¾Õ, ³Âö©¾ê.²ÆÎñ±¨±í·ÖÎöµÄÎÊÌâ¼°¸Ä½ø·½·¨Ì½ÌÖ[J].ÏÖ´úÉÌó¹¤Òµ, 2009(02):23-26. [47]ÕÅÐÂÃñ.ÆóÒµ²ÆÎñ±¨±í·ÖÎö-½Ì³ÌÓë°¸Àý[M].¶ÔÍâ¾¼ÃóÒ×´óѧ³ö°æÉç.2004.(4)£º12-35. [48]ÕÅÐÂÃñ¡¢Ç®°®Ãñ.²ÆÎñ±¨±í·ÖÎö¾«Òª[M].¿Æѧ³ö°æÉç.2006£¨5£©£º09-33. [49]Altman. Corporate financing[J]. Journal of Accounting Research,2008:98-103. [50]Acharya and Pedersen. Asset pricing with liquidity risk[J]. Journal of Financial Economics,2005:375-410.
[51]Clyare. P. Stickney. Financial Statement Analysis and Valucati on[J]. A Strategic Perspective 1996:9-21.
10
[52]De Servigny. Credit risk: measurement and management[M]. Beijing:China Financial and Economic Publishing House,2009:234-243.
[53]Erich A Helfert Financial. Analysis: Tools and Techniques[J].A Guide for Managers 1997:08-19. [54]Edward Altman. Managing Financial Risk [J]. Financial Management,2000: 78.
[55]Freixas X. The Lender of Last Resort: A Twenty-First Century Approach[J]. Journal of the European Economic Association,2009:123-145.
[56]Hymer. Domestic enterprises in international business:the study of foreign direct investment[J]. MIT Press ,1976: 23-25.
[57]K.R Subramanyam, John J.Wild[J]. Financial Statement Analysis, 2009,08:07-26.
[58]Leopold.A.Bernstein and John.J.Wild Financial Statement Analysis[J].Theory, Application and Interpretation. 1999(49):11-43.
[59]Lyn M.Fraser. Aileen Ormiston. Understanding Financial Statements[J]. Edition. Prentice-Hall Inc, 2004£¨05£©:03-21.
[60]Michael Porter, Bank capital requirements and managerial self[J]. The Quarterly Review of Economics and Finance, 2009:77-84.
ÄϾ©Éó¼ÆѧԺ½ðÉóѧԺѧÄêÂÛÎijɼ¨ÆÀ¶¨±í
11