Financial Reporting,Private Disclosure and the Corporate Governance Role of Financial Institutions

This paper explores how large UK financial institutions (FIs) pursued a private corporate governance agenda with their portfolio companies. It also investigates the role of financial reporting in private and public corporate governance. The case financial institutions argued that the limited quality of public information, especially in financial reports, was a major constraint on their ability to act in fund management and corporate governance roles. However, the financial reporting cycle determined a private institutional and company meeting cycle and this created opportunities for private information collection and for governance influence by FIs. In addition, the perceived limitations of public governance mechanisms such as voting encouraged private governance approaches. As a result, the case financial institutions had the incentive and the means to improve the quality of their sources of corporate information and to obtain a competitive edge over other financial institutions and the market through their direct contact with companies. Despite the limitations of public information, the paper reveals how public disclosure in financial statements and the financial reporting cycle played a central role in corporate governance. Public sources of information were combined with private sources to create a financial institutional knowledge advantage. The institutions used this knowledge to diagnose problem areas in strategy, management quality, and the effectiveness of the board, and their impact on financial performance. The financial reporting cycle meant that the quasi insider financial institution had the access opportunity and the joint public/private insight to influence companies across a wide corporate governance agenda and in a range of corporate circumstances. The case institutions exploited these private access and knowledge advantages for investment purposes and for Cadbury style corporate governance purposes. Thus, the private governance process was critically dependent on the FI knowledge advantage, which in turn relied on both financial reports and private disclosure. This wide ranging governance behaviour by institutions corresponds to recommendations subsequently made by the Hampel report in 1998 concerning UK corporate governance. The paper ends by exploring how the private institutional and company meeting agenda can suggest new directions for financial reporting and public disclosure and how this can further improve public and private corporate governance.     

资本结构与产业生命周期：基于中国上市公司的实证研究

资本结构与产业生命周期间的关系属于产业组织理论和公司财务理论两个学科的交叉领域———战略公司财务研究的范畴。本文基于中国上市公司的数据,在对于现有文献回顾的基础上,通过建立计量经济模型研究了资本结构决策与产业生命周期之间的互动关系。本文的实证研究表明:处于产业生命周期不同阶段上市公司的资本结构存在显著的差异;产业生命周期阶段能够稳定、有效的影响上市公司的资本结构。处于成长阶段的上市公司由于内源融资能力较强,同时增长机会较多,因此企业保持较低的财务杠杆,资本结构和成长阶段显著负相关;而处于衰退阶段的上市公司,公司经营风险高而财务风险低,公司则宁愿选择较高的债务水平,资本结构和衰退阶段显著正相关,这可能是由于公司财务战略造成的。     

上市公司治理因素与财务困境关系的实证研究

对中国上市公司治理因素与财务困境的关系进行了实证研究。以1998~2005年被ST(special treatm ent)的公司及其配对样本共计528家作为研究样本,通过使用二元Log istic回归分析方法,发现大股东持股比例、H-10股权集中指数、股权制衡度、国家股比例、最终控制人类型、独立董事持股比例以及审计意见与公司发生财务困境的可能性显著负相关,管理者代理成本显著提高了公司陷入财务困境的危险性。而高管持股比例、董事会规模以及CEO的双职合一对困境发生的概率无显著影响。     

机构投资者持股与上市公司违规行为的实证研究

本文采用部分可观测的Bivariate Probit估计方法,对2001年至2009年中国1729家上市公司进行回归检验,发现机构投资者持股比例降低了公司违规行为倾向,同时增加了公司违规行为被稽查的可能性。该结论在控制了机构投资者变量内生性的因素后仍旧稳健。进一步研究表明,相比公司经营违规,机构投资者对信息披露违规倾向的影响更强。另外,相比证券机构投资者,养老保险基金、社保基金、企业年金持股的公司中违规公司比例更低。除此以外,机构投资者对公司违规的抑制与检举作用并不受其它公司治理变量的影响。本文的研究表明中国机构投资者在预防与打击上市公司违规行为方面发挥了重要的作用,并且也为上市公司与监管部门提供了治理和防范企业违规的线索。     

机构投资者持股与关联方占用的实证研究

近年来,一系列财务危机和舞弊事件的出现,使公司治理成为全球范围内倍受关注的研究课题。随着对这一问题研究的逐渐深入,机构投资者持股等更为广义的公司治理机制开始成为实务界和学术界共同关注的焦点。本文检验了机构投资者持股能否有效降低我国上市公司资金被关联方占用的程度。结果表明,前十大股东中存在机构投资者的上市公司被关联方占用的资金显著少于其它公司,同时机构投资者持股比例的增加与上市公司被关联方占用资金的程度呈显著负相关。以上发现意味着目前我国机构投资者已经参与到公司治理中,对公司的经营运作起到一定的监督作用。     

公司治理、控制权性质与审计定价

借鉴Simunic的审计定价模型,构建关于审计定价影响因素的多元线性回归方程,并以沪深两市上市公司2007年数据为研究对象,对股权结构、公司治理与审计定价之间的关系进行实证检验.研究结果表明,总体而言,公司治理因素对中国上市公司审计定价的解释力有限,说明中国会计师事务所在决定审计收费时对被审计单位的公司治理因素考虑较少.具体而言,终极控制人为政府的上市公司审计费用较低,股权集中度、管理层持股比例与审计定价之间大体上呈U型关系,即股权适度集中和管理层适度持股最有利于降低审计定价,进一步的研究发现,管理层持股比例与审计定价的U型关系仅存在于非国有控股公司样本中.研究还发现,中国会计师事务所在确定审计费用时会结合公司控制权的性质考虑风险因素时审计定价的影响.     

基于中国上市公司的CEO更替与公司治理有效性研究

以中国上市公司为样本,采用2002～2005年的数据,从CEO更替的视角检验了中国公司治理的有效性.实证结果表明:中国的公司治理是有效的,即企业绩效差的CEO更可能被更换,但是这种有效性与正式制度安排的公司治理机制并不相关,这可能是非正式制度的公司治理机制发挥了重要作用.     

Regulatory intervention and the effect of changes in corporate governance on firm decisions and market reactions

This paper investigates whether Italian companies that cross-list in the United States between 1993 and 2005 show (1) a change in their internal policies as anticipated by the bonding hypothesis, (2) an increase in market value, or (3) an increase in the access to capital funds. We use the unique environment created by the 1998 Draghi reform which significantly improved the protection of Italian listed companies’ minority shareholders and we further examine the impact of legislated changes in corporate governance in Italy on the decision of Italian companies to cross-list in the United States. Our results indicate that following the Draghi reform (1) firms that cross-list in the United States modify their dividend and cash policies as anticipated by the bonding hypothesis. Contrary to prior research, (2) we do not find evidence that cross-listing serves to enhance shareholder value or (3) is used as a vehicle to more easily access capital funds either before or after the domestic corporate governance is improved. The results of this study provide evidence that country level legislative innovations intended to enhance a weak corporate governance system can be a valid and effective substitute to the bonding mechanism by providing an alternative signal of a firm’s quality.     

高管从军经历影响公司治理吗?--来自中国上市公司的经验证据

从军经历影响高管行为选择和管理风格,对于公司治理具有重要的价值。采用2004-2014年上市公司数据样本,以盈余管理程度以及审计意见类型作为反映公司治理的代理变量,本文实证分析了高管从军经历对公司治理的影响。研究发现,有过从军经历的高管所在民营上市公司被出具非标审计意见的可能性以及实施盈余管理的程度相对更低,国有企业则不显著;制度环境影响高管从军经历的治理效应,表现为所在地区政府干预越弱时,高管从军经历对于完善民营企业公司治理的作用越大;高管从军经历与MBA教育在影响民营企业公司治理方面具有替代效应,且从军经历具有更为重要的稳定影响;管制行业民营企业高管从军经历的治理效应更为显著。本文的研究对理解我国企业高管从军经历对于公司治理的重要性以及拓展高管异质性影响公司决策的相关研究具有重要的价值。     

公司治理结构信息披露:若干发现

本文以 “ 公司治理结构 ” 定性信息披露为观察对象,通过认真阅读 2001 年度 1160 家上市公司的公司治理结构信息披露的文本,我们发现上市公司治理结构信息披露总体上存在 “ 表述操纵 ” 的特征主要表现为:华而不实、 文字游戏、避重就轻、虚假披露等现象。     

公司治理结构与股利分配动机--基于代理成本和利益侵占的分析

本文以我国上市公司为对象,从公司治理结构安排的角度,系统研究2001年管理层出台新政策后公司的股利分配动机.结果表明,降低代理成本假说和利益侵占假说都在不同程度地发挥作用,集团控股公司适合降低代理成本假说;而对于政府控制公司,用利益侵占假说解释其股利分配动机更为恰当.我们进一步发现,针对我国特殊的股权结构特征及流通特征,现金股利在中国资本市场中具有"双刃剑"特征.     

机构投资者持股偏好、筛选策略与企业社会绩效

以中国上市公司为研究对象,采用最小二乘法和两阶段最小二乘法,借助EViews工具,检验中国机构投资者持股与企业社会绩效的关系,以考察机构投资者基于企业社会绩效的持股偏好和筛选策略,选取2005年至2009年沪深两市918家上市公司为样本进行实证检验。研究结果表明,机构投资者表现出对企业社会绩效的持股偏好,在制定持股决策时会考虑企业社会绩效,尤其是近两年的企业社会绩效。进一步对机构投资者进行分类研究表明,各类机构投资者持股与企业社会绩效关系的差异性较大,仅有基金表现出类似的持股偏好。机构投资者整体和基金的持股偏好是源于筛选策略的介入,正面筛选策略比负面筛选策略对持股偏好的影响程度更大,即机构投资者制定投资决策时以正面筛选策略为主要手段,负面筛选策略为辅。     

The double-edged sword of CEO/chairperson duality in corporatized state-owned firms: evidence from top management turnover in China

This study examines how board leadership structure (CEO duality) affects the corporate governance of corporatized state-owned firms where the state shareholders use these firms to serve both profit and non-profit objectives. We propose that CEO duality will generate a positive (negative) significant impact on the firms’ corporate governance when state owners tend to monitor their CEOs on the basis of profit (non-profit) considerations. We test our hypotheses by examining the relations between CEO duality and CEO turnover in Chinese listed companies that are ultimately controlled by central or local governments. We find that CEO duality is negatively related to turnover in marginal profit-making firms where turnover would be value-enhancing. This suggests that CEO duality is detrimental to these firms’ corporate governance because it entrenches relatively poorly performing CEOs. Duality is also negatively related to turnover in high-profitability firms where turnover would be non-value-enhancing. This suggests that CEO duality might positively contribute to the corporate governance of these firms by reducing the occurrence of non-value enhancing turnover. Overall, our study suggests that CEO duality is a double-edged sword in corporatized state-owned firms.     

资本结构、金融中介和公司治理

公司治理作为当前国有企业改革的重要措施之一,受到了人们广泛的关注。而金融中介机构的发展与成熟程度直接影响着公司的资本结构和治理结构,进而影响着公司的竞争能力。本文借鉴西方财务理论和日美公司治理方面的经验与教训对金融中介机构是否应积极参与公司治理进行了较深入的探讨,提出其积极参与公司治理的理性决策模型,同时也回答了如何来完善我国上市公司的公司治理结构的问题:重构现代金融体系,激励国有商业银行,大力发展资本市场、培育机构投资者以及修改与制定相关的法律制度,促使其积极参与公司治理。     

Corporate social responsibility recognition and support for the arts: Evidence from European financial institutions

This research investigates whether financial institutions that have gained a good reputation in relation to their CSR activities also engage in significant corporate support for the arts (CSA). Using a sample composed of the 42 largest listed European financial institutions, data from 2004 to 2013 (i.e., 420 firm-year observations) and manually collected CSA disclosure information, our findings indicate that entities rewarded for their CSR initiatives are also those that engage in significant CSA. We also find that CSA disclosure reported in the social reports of financial institutions is a predictor for the attainment of a CSR award, whereas that reported in annual reports is not. Our findings suggest that annual and social reports have a different informative relevance, at least in relation to CSR initiatives in the form of CSA, for the stakeholders of financial institutions. Thus, our results provide useful insights for companies’ communication strategies showing, for example, that social reports are the best channel to communicate about CSA.     

上市公司对外担保行为的股权结构特征解析

我国上市公司对外担保行为在证券市场和金融机构中引发了诸多问题.本文从公司自身角度研究上市公司对外担保的行为.研究发现,公司的控股股东持股比例、流通股比例和国有股比例都会对担保行为的某些特征产生影响,但是控股股东持股比例和流通股比例的影响较为复杂.此外本文还发现,公司的资产规模、负债情况以及盈利能力也会对担保行为产生影响.     

民营上市公司集团治理与终极控制人侵占效应分析

本文以民营上市公司为样本,采用2002-2004年的面板数据,针对民营上市公司中普遍存在的集团治理现象,理论分析并实证检验了集团治理的各因素对终极控制人行为的综合影响.研究发现,在集团治理条件下,随着控制权和现金流权偏离程度的增加,终极控制人采取具有侵占效应的行为的激励越强.而上市公司的治理结构能够对这一影响起到调节作用,其中,股权结构中的内部股东集团比例增加会强化侵占效应的激励;董事会结构中外部董事比例的增加会抑制终极控制人的侵占效应行为.本文的经验证据表明,在对民营上市公司集团治理结构加强监管的同时,正确认识外部董事的作用、强化董事会的独立性并完善内部机制能够取到良好的治理效果.     

Corporate governance and social norms during financial crisis: evidence from France and Saudi Arabia

The resistance to financial crisis and compliance with social norms and effectiveness of corporate governance mechanisms is considered recently as a good matter of concern. Focusing on differences between French and Saudi firms, we examine the effect of (1) board of directors, (2) audit committee, (3) compliance with Corporate Social Responsibility activities, (4) compliance with Shariah principles on financial volatility during subprime crisis of 2007. We find that larger boards, larger audit committees, independent members on boards and audit committees are related negatively to financial volatility. The result supports corporate governance theory which suggests that corporate governance variables outlined provide effective of monitoring of the management thereby enhancing firm’s resistance to financial crisis. In addition, we find that compliance with CSR alone does not explain the financial volatility. Its concert with corporate governance variables is necessary. This result supports stakeholder theory which argues that companies compliant with CSR activities in their business strategy and have larger boards and audit committees, and independent directors on boards and audit committees resist more financial downturns and any economic shock. Furthermore, we find that compliance with Shariah norms plays a significant role in protecting shareholder interests, improving functioning of corporate governance mechanisms and affect positively the resistance of Saudi firms to financial crisis.     

媒体监督公司治理的实证研究

随着国内改革环境的逐步宽松和市场竞争的加剧,为了赢得社会声誉和获得商业利益,媒体有动力去监督公司中存在的治理问题。在本文所选取的96个研究样本中,60.42%存在公司治理问题的企业都在证监会正式介入调查前受到过媒体的质疑和负面报道,说明媒体并非事前"缄默无语"、事后"言辞铿锵",而是积极地扮演了资本市场监督者的角色;基于成本与收益的权衡考虑,媒体会选择性质严重和涉及金额大的公司治理问题进行负面报道。本文的研究结论一方面为媒体在转型经济国家发挥公司治理监督者的作用提供了证据,另一方面也分析了在法律制度和市场化尚不完善的情况下,影响媒体发挥监督作用的因素,依此提出了若干政策建议。     

财务欺诈风险特征筛选框架的建立和应用

本文从金融科技大数据出发,以人工智能的吉布斯随机搜索(Gibbs Sampling)算法为工具,在大数据框架下建立了针对公司财务欺诈风险的特征因子筛选的一般处理方法与特征提取推断原理,并结合上市公司的财务报表数据进行实证分析,结合从2017年1月到2018年12月证监会对上市公司财务报表信息披露违规的数据样本,筛选出刻画财务欺诈的特征因子并进行了验证测试,支持财务欺诈的识别。本文提出的框架和模型方法可以加强和提升对上市公司财务欺诈风险的识别能力,并实现对公司财务在欺诈方面的探测与预测(Detecting and Predicting)功能。