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    2024 Annual Meeting of Financial Management Committee of Accounting Society of China Held in SWUFE

    December,13,2024        

    On November 23, 2024, the 2024 Annual Meeting of the Financial Management Committee of the Accounting Society of China (ASC) was held at the Southwestern University of Finance and Economics (SWUFE). The meeting was hosted by the Financial Management Committee of ASC and undertaken by the School of Accounting (SOA) of SWUFE. Experts, scholars, teachers and students, and industry representatives from nearly 40 universities across the country attended the meeting, including Liu Guangzhong, Level I Inspector of the Accounting Regulatory Department of the Ministry of Finance and Secretary General of ASC, Liu Guoqiang, Deputy Secretary General of ASC, Guo Fuchu, famous Financial Expert and Professor at SWUFE, Zhao Dewu, Chairman of the Financial Management Committee of ASC and former Secretary of the CPC Committee of SWUFE, Wang Huacheng, Professor at the Renmin University of China, Song Xianzhong, former President of Jinan University; Tian Xiangyu, Vice Chairman of the Financial Management Committee and President of Shanxi University of Finance and Economics, Zhang Weidong, Vice Chairman of the Financial Management Committee and Professor at Jiangxi University of Finance and Economics, Ma Yongqiang, Member of the Financial Management Committee and Member of the Standing Committee of the CPC Committee and Vice President of SWUFE, and members of the Financial Management Committee. Built on the theme of "New Quality Productive Forces, High-quality Economic Development, and Financial Management Innovation", the meeting consisted of two parts: keynote presentations and paper discussions. Participants engaged in in-depth discussions and exchanges around the theme, emphasizing new quality productive forces, advancing financial theory innovation, and supporting high-quality economic development.

    The opening ceremony was presided over by Tian Xiangyu.

    Professor Ma Yongqiang first offered a warm welcome to the guests attending the annual meeting on behalf of SWUFE. He reflected on the university's century-long journey, shared its prosperous growth, and outlined a new strategic blueprint for financial development. He emphasized that in this new era of academic exploration, research paradigms are shifting. Universities should actively embrace technological advancements, align with practical frontiers, focus on new quality productive forces, advance financial theory innovation, and steadfastly cultivate outstanding talent who can lead social development trends and meet the demands of the times.

    Professor Zhao Dewu reviewed and summarized the work of the new Financial Management Committee since its establishment. He noted that over the past year, the committee has diligently implemented the work arrangements of the 9th ASC Council, formed a new committee, developed a work plan, strengthened the construction of academic platforms, produced several high-quality outcomes, and fulfilled other tasks assigned by ASC. He expressed hope that the work in 2025 will be more distinctive and effective. He elaborated on the theme of the annual meeting, emphasizing its significance and importance. The concept of new quality productive forces reflects the current state of productivity in the new era. New quality productive forces signify a qualitative leap in productivity, representing a higher level of modern productivity. New quality productive forces promote and support high-quality development. Developing new quality productive forces and advancing high-quality development are essential tasks for our times. He emphasized that financial management has emerged due to the scarcity of resources, which creates the need for the optimal allocation and effective utilization of financial resources. In the context of accelerating new quality productive forces and promoting high-quality development, it is essential to study the inherent mechanisms and practical pathways between new quality productive forces and financial management innovation. Financial management should focus on five key areas: (1) Supporting technological innovation to generate more practical productivity; (2) Serving industrial innovation to facilitate the transformation and upgrading of traditional industries and the forward-looking deployment of future industries; (3) Innovating development methods and using green finance to promote green development; (4) Promoting institutional and mechanism innovation and optimizing the allocation of financial resources to guide the innovative allocation of other production factors; (5) Fostering talent mechanism innovation to better reflect the market value of knowledge, technology, and talent by energizing production factors. Every finance professional should take a leading role in the transformation of financial management.

    On behalf of ASC, Deputy Secretary General Liu Guoqiang commended the work of the Financial Management Committee. He pointed out that under the leadership of Chairman Zhao Dewu and the efforts of all members, the committee has effectively implemented the initiatives of ASC for 2024, contributing positively to the innovative development of China's accounting academic field and achieving significant results. He stressed that ASC and the Financial Management Committee should uphold Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and implement the guiding principles of the Third Plenary Session of the 20th CPC Central Committee to further advance three important aspects of accounting and finance theory research in the new era: first, enhancing political awareness to accurately grasp the fundamental requirements of accounting and finance in supporting the development of new quality productive forces; second, maintaining a problem-oriented approach to effectively address theoretical challenges in serving new quality productive forces; and third, engaging deeply in practice to expedite the establishment of an independent Chinese accounting knowledge system.

    After the opening ceremony, the keynote speech part was presided over by Professor Hu Guoliu, Dean of the School of Accounting of Zhejiang Gongshang University, Professor Wen Subin, Dean of the School of Accounting of Nanjing Audit University, and Professor Rao Pingui at the School of Management of Jinan University.

    Professor Guo Fuchu delivered a keynote speech on "New Quality Productive Forces and Financial Theory Innovation". He noted that new quality productive forces are driven by technological innovation and characterized by high technology, high efficiency, and high quality. Financial management should adapt to the development of new quality productive forces. Specifically, it is important to focus on the following points: first, financial management should support the digital and intelligent transformation of traditional industries, the development of emerging industries, and the formation and growth of future industries, facilitating the conversion of technological advancements into tangible productivity. Second, financial theory needs foundational innovation, including developments in strategic finance, smart finance, financial risk, financial assessment, financial pricing, and new perspectives on financial theory research. This mainly includes emphasizing the connection between financial theory and major national development strategies, focusing on the capital investment and output activities related to significant national and corporate strategies; integrating internet and artificial intelligence (AI) technologies to achieve scientific and modern financial management; adopting long-term risk control methods to manage financial risks in the development of new quality productive forces; revising traditional evaluation methods to unify the assessment of economic and social benefits; conducting value assessments of new technological products using market comparison pricing and other scientific methods; and exploring interdisciplinary topics in micro and macro finance, production and distribution finance, and the finance of capital markets and the real economy. Professor Guo Fuchu hopes that financial scholars will delve into research on financial management innovation to adapt to the development of new quality productive forces and contribute to Chinese modernization.

    Secretary General Liu Guangzhong delivered a keynote speech on "Building an Independent Accounting Knowledge System in China: Goals, Pathways, and Challenges". He expressed that establishing an independent accounting knowledge system in China is a critical measure to implement General Secretary Xi Jinping's important speech on the independent knowledge system. It also responds to the objective demands of economic and social development and is necessary for the innovative development of accounting theory in China. Currently, the technological revolution and industrial transformation present challenges to traditional accounting theories and methods, making it urgently necessary to reconstruct accounting theory to capture and refine Chinese practices and to advance the future development of the accounting discipline. The independent accounting knowledge system in China is centered around a foundational accounting theory system and includes domestic financial accounting, management accounting, financial management, and auditing knowledge frameworks, as well as more specialized fields or directions within the discipline. To effectively implement and establish an independent accounting knowledge system in China, it is necessary to review important academic literature to promote ongoing innovation in accounting theory, reflect on the development of accounting regulations to advance innovation in accounting systems, integrate advanced technological achievements to drive continuous innovation in accounting methods, and research typical accounting practices to foster ongoing innovation in accounting practice. To this end, he encouraged all financial and accounting professionals, noting that ASC and its branches should play a leading role in constructing an independent accounting knowledge system in China. He outlined specific goals and tasks for three phases from 2024 to 2050, with the ultimate aim of establishing a globally influential independent accounting knowledge system in China.

    Professor Wang Huacheng gave a keynote speech on "From Core Competitiveness to New Quality Productive Forces—An Exploratory Study of the Influencing Factors of Financial Management". He pointed out that core competitiveness is the key resource and capability that allows a company to achieve a sustainable competitive advantage, while new quality productive forces refer to an advanced state of productivity driven by technological innovation, characterized by high technology, high efficiency, and high quality. He presented the practical application of core competitiveness by combining the institutional background established by the China Securities Regulatory Commission in 2012, which required listed companies to disclose their core competitiveness, with case studies of Yunnan Baiyao and BOE. Based on this, he developed a framework of 30 indicators for measuring core competitiveness. Their series of studies found that a company's core competitiveness can reduce the cost of equity capital and debt, influence auditor decisions, increase analyst attention, and is associated with corporate social responsibility performance, as well as helping to mitigate financialization in real enterprises. Furthermore, he pointed out that the definition of new quality productive forces emphasizes two aspects: the "new" and the "quality". This encompasses the emergence of new types of workers, labor resources, and labor objects, along with their optimized combinations, as well as economic growth and productivity improvements driven by technological innovation. New quality productive forces can significantly boost the total factor productivity of enterprises, particularly in regions featuring high technological intensity and robust intellectual property protection.

    Professor Song Xianzhong delivered a keynote speech on "ESG's 20-Year Development: Review and Outlook". He emphasized that ESG is a crucial aspect of high-quality economic development and serves as a core driving force behind the emergence of new quality productive forces. This year marks the 20th anniversary of the official introduction of the ESG concept, during which significant advancements have been made in both theoretical research and practical applications. ESG has been fully integrated into enterprise operations and investment decisions, becoming a vital assessment framework for measuring enterprises' sustainable development capabilities. Moreover, ESG aligns closely with China's new development philosophy, the five characteristics of modernization efforts, and national strategies such as green productivity. To promote ESG research and application, Professor Song systematically reviewed nearly 1,000 academic papers published over the past two decades both domestically and internationally. The research was organized into five key sections: ESG's concept and functions, performance, disclosure, investment, and rating. Besides, Professor Song offered suggestions for future research directions. The functions of ESG are categorized into evaluation and behavior, with research primarily focusing on influencing factors and economic consequences. Studies on ESG disclosure investigate the drivers behind disclosures and their impacts on enterprise performance as well as investment and financing activities. Factors influencing ESG performance include external institutional and cultural environment, stakeholder pressure, and risk shocks, as well as internal governance structures, strategic actions, and digitalization. Research in ESG investment examines how ESG preferences affect asset prices and enterprise behaviors. Studies on ESG ratings delve into the nature of ratings, the factors that influence them, and their economic consequences. Currently, within the Chinese context, ESG disclosure research needs further exploration, and studies on ESG ratings should emphasize assessing how Chinese policies support enterprises' ESG ratings. Future research should prioritize significant issues such as employment, common prosperity, and the development of new quality productive forces. In alignment with national strategies, it is essential to emphasize the livelihood aspect of ESG performance and explore practical pathways for achieving sustainable economic and social development in China. Furthermore, research should examine how enterprises can enhance their ESG ratings through green transformation and upgrading. It is also important to establish an ESG rating framework that aligns more closely with China's policy orientation and to provide suggestions for enterprises aiming to improve their ESG ratings.

    Professor Tian Xiangyu delivered a keynote speech on "New Quality Productive Forces, Digital Economy, and Financial Management Innovation". He highlighted that in September 2023, General Secretary Xi Jinping introduced the concept of new quality productive forces, emphasizing its significance in advancing high-quality development. The successful development of new quality productive forces necessitates innovative advancements in financial management. First, new practices in financial management serve as the engine for developing new quality productive forces. Innovative financial thinking acts as the guiding light, while advanced financial technologies provide the driving force, and new financial models function as catalysts. Second, high-quality financial management is a cornerstone for developing new quality productive forces. The digital economy is emerging as an incubator for new quality productive forces. However, the rise of the digital economy presents new challenges for quality innovation in financial management. At the same time, it offers robust support for advancing innovative practices in this area. (1) The digital economy fosters innovation in financial management theory, giving rise to intelligent finance. (2) It promotes the development of new financial management models, emphasizing the alignment of strategic objectives and enabling the deep integration of business and finance. (3) The digital economy encourages the application and innovation of digital technologies and facilitates the use of new technologies such as AI and machine learning in financial management, which significantly enhances automation and intelligence in this field. (4) It drives the innovation of financial talent training models, prompting colleges and universities to establish interdisciplinary knowledge frameworks and jointly explore new approaches for training intelligent financial talent.

    Professor Zhang Weidong delivered a keynote speech on "Mergers and Acquisitions Promote the Development of New Quality Productive Forces: Policies and Mechanisms". He emphasized that new quality productive forces, which represent an advanced form of productivity arising from technological breakthroughs, innovative allocation of production factors, and profound industrial transformation and upgrading, are essential for driving the high-quality development of Chinese modernization. To assist listed companies in advancing new quality productive forces through mergers and acquisitions (M&A), the China Securities Regulatory Commission has issued and refined a series of systems, including the Guidelines on Deepening the Market Reform for Mergers and Acquisitions of Listed Companies (commonly referred to as the "Six Guidelines for Mergers and Acquisitions"). As a vital means for enterprises to acquire and optimize innovation resources while mitigating innovation risks, M&A play a crucial role in promoting enterprises' technological and institutional innovation. They are also essential for enhancing the core competitiveness of enterprises and advancing industries supported by new quality productive forces. The China Securities Regulatory Commission has raised the identification standards for M&A, implemented differentiated criteria for various sectors, and optimized the examination and registration processes for major asset restructuring. Additionally, it has enriched the payment methods and pricing mechanisms associated with M&A, improved predictability, and facilitated channels for M&A of listed companies. These initiatives are significant for concentrating resources in key areas and industries, strategic emerging industries, and future industries, thus enhancing new quality productive forces.

    Professor Liu Zhiyuan delivered a keynote speech on "Building China's Independent Financial Management Knowledge System: Goals, Paths, and Problems". He emphasized that building an independent financial management knowledge system for enterprises in China is a long-term and challenging endeavor that must be pursued incrementally. In the short term, it is essential to thoroughly understand the financial management practices of Chinese enterprises and examine how the institutional context impacts their financial management behaviors. This understanding will provide a solid foundation for the comprehensive development of an independent financial management knowledge system for enterprises in China. In the medium to long term, efforts should focus on exploring and addressing major financial management challenges faced both in China and globally. This includes innovating theories and methods in financial management, ultimately contributing to the prosperity and advancement of the global financial management knowledge system. Overall, it is crucial to critically assess the theoretical shortcomings of the current financial management knowledge system. We should summarize the innovative practices of digital and intelligent financial management in Chinese enterprises, explore new theories and methods of enterprise financial management in the digital economy, and investigate innovations that align with China's unique contexts—such as Chinese modernization, high-quality development, new quality productive forces, and the synergy between an efficient market and competent government. The goal is to systematically develop an independent Chinese-style enterprise financial management knowledge system that meets contemporary development requirements.

    Professor Li Xinhe delivered a keynote speech on "Discipline Classification and System Restructuring of Corporate Finance". He pointed out that the classification of finance as a discipline shapes its content organization and system design. In the Western context, the prevailing perspective classifies finance under economics, while in China, finance is classified under management. As a result, the content organization and system design in Chinese finance have largely inherited the Western economic framework. To date, no financial textbook has been developed from a management-oriented perspective. To address and overcome the challenges facing finance, it is essential to change the existing discipline classification and tackle three core issues in establishing a management-based finance system. (1) Beneficiaries of management (objective function): Guided by the foundational principles of the discipline, it is necessary to choose among various theories: the theory of shareholders' interests, stakeholders' common interests, public interests, national interests, and corporate interests. (2) Management objects (research objects): When selecting between the commonly accepted theory of capital movement in China and the Western perspective on cash flow in financial markets, we must take into account factors such as the economic structure of China and the operational framework of Chinese enterprises. (3) Management methods (management tools): Traditional finance, from an economic standpoint, emphasizes the economic analysis of investment and financing decisions, utilizing analytical tools such as accounting statements, ratios, present values, risk-return models, and option pricing models. Conversely, finance from a management perspective must integrate financial management functions, processes, mechanisms, and methods into its system development.

    Professor Tang Xuesong delivered a keynote speech on "Institutional Changes, Key Technological Breakthroughs, and Financial Management Innovation". He noted that institutional changes create the essential social and economic environment for key technological breakthroughs. These changes facilitate the development and advancement of key technologies by providing resources, stimulating demand, and fostering cooperation. First, institutional changes are typically accompanied by policy support and enhanced resource allocation, which provide funding and policy guarantees for technology R&D. Second, with the evolution of institutions, new market demands and consumer preferences emerge, driving technology to adapt and facilitating breakthroughs. Third, institutional innovation can invigorate market dynamics, encouraging enterprises and research institutions to allocate more resources for technological innovation. Finally, institutional changes may create new opportunities for cooperation, promoting technological exchanges and partnerships that accelerate the innovation and application of key technologies. Professor Tang further reviewed the establishment of the "chain leader system" in China's industry chain, providing empirical evidence on how institutional changes have facilitated key technological breakthroughs. He conducted a profound analysis of the internal mechanisms, potential risks, and strategies associated with institutional changes, highlighting their role in promoting key technological breakthroughs. His insights offer valuable theoretical guidance for the path of financial management innovation.

    The annual meeting received a total of 213 papers, out of which 42 were selected for discussion on topics including "New Quality Productive Forces and Financial Management Innovation", "Further Comprehensive Deepening of Reform and State-owned Capital Management", "Technology, Digitalization, and Development of New Quality Productive Forces", and "ESG and High-quality Development". Seven parallel sessions were organized, featuring engaging speeches and comments that attracted both online and offline viewers.




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