终极控制人、金字塔控制与控股股东的"掏空"行为研究

以我国上市公司2004～2007年相关数据为基础,从终极控制人的股权属性、金字塔控制结构、控制权和现金流权的分离3个维度对上市公司纵向股权结构与控股股东的“掏空”行为进行了实证研究。结果发现：中央政府控制的上市公司被控股股东“掏空”的总程度最小,地方政府和自然人控制的上市公司被控股股东“掏空”的总程度没有显著差异;政府控制的控股股东更多地通过生产性经营来“掏空”上市公司,自然人控制的股东则更多地通过非经营性方式来“掏空”上市公司;自然人对上市公司的金字塔控制层级越多,控制权和现金流权的分离程度越大,控股股东对上市公司的“掏空”行为越严重;在中央政府控制的上市公司中,金字塔控制层级越少,控制股东的“掏空”行为越严重,控制权和现金流权有分离的上市公司被控股股东占用的资金高于控制权和现金流权没有分离的公司。     

控股股东利益动机、成长期权与投资时机决策

以控股股东的不同控制权利益动机为切入点,考察了公司成长期权对控股股东投资时机的影响及其差异,进而对公司价值产生的影响,并解释其内在机理.研究结论表明,成长期权对控股股东投资时机决策的影响会随着控股股东所持利益动机的不同而存在差异.以成本补偿为动机的控股股东,其投资时机与公司目标较为接近,偏离程度远小于在利益侵占动机的驱使下的偏离程度.公司所拥有的成长期权对控股股东修正延迟投资行为具有激励作用,但是这种激励作用在控股股东持成本补偿动机时更为明显.另外,这种激励作用随着成长因子的增大和控股股东所占股份的增多而更加明显.     

金字塔股权结构、终极股东控制与资本结构

本文以2005年我国270家民营上市公司为样本,对金字塔股权结构的“内部资本市场假说”和“终极股东利益侵占假说”进行了实证检验。结果发现,金字塔股权结构复杂性与上市公司全部非银行借款率、短期非银行借款率显著正相关,即金字塔股权结构越复杂,所形成的内部资本市场规模越大,上市公司越倾向选择非银行借款,这表明金字塔股权结构确实发挥了内部资本市场的融资作用;终极股东现金流权与总资产负债率、流动负债率显著负相关,这表明终极股东的现金流权越大,侵占其他股东利益的程度越低,避免了公司财务状况的恶化,相反,终极股东的现金流权越小,侵占其他股东利益的程度越高,从而引起公司财务状况恶化,资产负债率增加。     

终极控股股东超额控制与现金持有量价值的实证研究

文章以我国资本市场2002年非金融类A股公司为样本,实证研究了终极控股股东控制权与现金流权分离对公司现金持有量水平及其市场价值的影响.研究结果发现:(1)当终极控股股东为国有股东时,控制权/现金流权系数与现金持有量水平显著正相关;而当终极控股股东为非国有股东时,控制权/现金流权系数与现金持有量水平虽然正相关,但不能通过显著性检验.表明在两权分离的情况下,国有终极控股股东对高现金持有量水平具有较高的偏好;(2)当终极控股股东为国有股东,且其控制权与现金流权存在分离时,现金持有量的价值为0.769元;而当终极控股股东控制权与现金流权不存在分离或虽存在分离但终极控股股东为非国有股东时,现金持有量的价值为1.206元.从而表明在两权分离的情况下,国有终极控股股东对高现金持有量水平的偏好是一种控股股东利益侵占动机.     

控股股东自利行为选择与上市公司股权制衡关系研究——基于股权结构的内外生双重属性

本文通过检定公司股权结构的内外生双重属性以及探索公司股权制衡的影响作用,研究了我国上市公司控股股东自利行为的选择与股权制衡之间的关系。站在股权结构外生性的角度,股权制衡能够制约控股股东与其控制上市公司之间的关联交易以及侵占型关联交易行为,但无法制约上市公司的派现行为,主要是因为公司中小股东把关联交易而不把派现视为控股股东的自利行为;站在股权结构内生性的角度,股权制衡受到控股股东的自利行为的影响,表现为关联交易使得中小股东对控股股东的制衡作用增强,但上市公司派现行为降低了这一制衡作用,而且在考虑股权结构内生性的情况下,股权制衡度对控股股东自利行为的制约作用减弱甚至消失。     

控制权和现金流量权偏离下的公司价值和公司治理

本研究运用La Porta et al追踪公司"最终控制权"的方法,通过分析终极控制股东的控制权与现金流量权偏离对公司价值的影响程度,来衡量控制股东对于小股东财富剥夺的程度.实证研究发现我国上市公司的终极控制股东普遍运用投资公司控股、金字塔结构的方式获取控制权,并因此而使其控制权与现金流量权产生偏离,且偏离幅度越大,上市公司的市场价值就越小,终极控制股东对小股东剥削的程度就越大,其中又以终极控制股东为家族企业的上市公司最为严重.     

控股股东资金占用行为浅析

控股股东资金占用行为已经严重地影响了我国资本市场的发展,它拖累上市公司业绩、阻碍上市公司正常经营。本文针对这一严重问题剖析了控股股东资金占用的方式、账目表现,为解决上市公司控股股东资金占用行为这一顽疾提供切实的依据。     

现金流权与控制权分离对控制权私有收益影响分析

在集中的股权结构下,上市公司控股股东享有的控制权可能超过其持有的现金流权,造成控制权和现金流权的"两权分离"。两权分离使得终极控制股东有能力侵害小股东利益。本文以70家发生股权交易的上市公司为样本,对现金流权、控制权、现金流权与控制权分离影响控制权私有收益情况进行实证研究。试图为我国上市公司治理结构的完善以及中小股东利益保护提供一些有益的思考。     

终极控制权、现金流量权与企业价值——基于隐性终极控制论的中国上市公司治理实证研究

在探寻上市公司“终极控制权”的基础上,分析具有隐性终极控制权的上市公司中的终极控制股东的控制权、现金流量权对公司绩效和价值的影响程度,进而度量隐性终极控制股东对于中小投资者利益的影响.实证结果表明我国上市公司普遍存在隐性终极控制股东,并通过金字塔结构等方式使其终极控制权与现金流量权产生偏离,且偏离幅度与上市公司的市场价值负相关,不同类型的终极控制股东控制的公司有显著差异.     

投资者法律保护、两权分离与资金占用——来自中国2006年度公司法调整前后的并购公司数据

本文运用中国2004-2007年有关并购后所有权转移的191家上市公司数据检验2006年我国公司法调整及股权分置改革后,对上市公司中小股东投资者的法律保护是否加强.结果发现,并购后控股股东掏空动机整体较之前有所降低,对中小投资者的保护较之前有所加强;同时,控制权与现金流权分离程度的敏感性大于前期.敏感性增加意味着控股股东在对与掏空行为密切相关的两权分离程度的关注程度、伺机抉择性更强;掏空的方式、方法、手段将更具隐秘性、多样性.股权分置改革完成不能由此结束由两权分离所带来的掏空行为;在海外的一些发达或新兴市场的上市公司不存在股权分置问题,但同样存在类似行为.由此,投资者的法律保护任重而道远.     

Trust, confidence, procedural fairness, outcome fairness, moral conviction, and the acceptance of GM field experiments

In 2005, Swiss citizens endorsed a moratorium on gene technology, resulting in the prohibition of the commercial cultivation of genetically modified crops and the growth of genetically modified animals until 2013. However, scientific research was not affected by this moratorium, and in 2008, GMO field experiments were conducted that allowed us to examine the factors that influence their acceptance by the public. In this study, trust and confidence items were analyzed using principal component analysis. The analysis revealed the following three factors: "economy/health and environment" (value similarity based trust), "trust and honesty of industry and scientists" (value similarity based trust), and "competence" (confidence). The results of a regression analysis showed that all the three factors significantly influenced the acceptance of GM field experiments. Furthermore, risk communication scholars have suggested that fairness also plays an important role in the acceptance of environmental hazards. We, therefore, included measures for outcome fairness and procedural fairness in our model. However, the impact of fairness may be moderated by moral conviction. That is, fairness may be significant for people for whom GMO is not an important issue, but not for people for whom GMO is an important issue. The regression analysis showed that, in addition to the trust and confidence factors, moral conviction, outcome fairness, and procedural fairness were significant predictors. The results suggest that the influence of procedural fairness is even stronger for persons having high moral convictions compared with persons having low moral convictions.     

Equity, Efficiency, Uncertainty, and the Mitigation of Global Climate Change

Policies to mitigate potential damages from global climate change impose costs on the current generation to provide benefits to future generations. This article examines how comparisons among three stylized policies-business-as-usual, mitigation of climate change, and compensation for climate damages-depend on social preferences with respect to risk and intertemporal equity. Also examined is the opportunity-cost criterion, which asserts that mitigation should not be chosen if its net present value is smaller than that of business-as-usual. Analysis reveals that the discount factor used to evaluate whether mitigation satisfies this criterion depends on preferences regarding risk and intertemporal inequality of consumption, and on the risk of the compensation policy. Risk aversion favors mitigation over business-as-usual. If society is neutral to inequality, risk aversion disfavors compensation, but if society is inequality averse, the effect of risk aversion on preferences between compensation and business-as-usual is ambiguous. Inequality aversion tends to favor business-as-usual over both alternative policies provided that, roughly speaking, the anticipated future improvements in welfare exceed the anticipated climate damages.     

The `Game' of Leadership: Exercise, Games, Sports, and Leadership

The relationship between leadership and sports was analyzed. Peer influence was most important, with that of teachers and parents seeming to have a second-order effect as perceived through peers. Each gender benefitted more in leadership when mentored by their own gender, especially so for women. In work settings, men reported more leadership learning and encouragement than did women. Women experienced more frustration in participating in games and sports in school, the encouragement and continued mentoring being insufficient. Harragan's 1977 thesis that the corporate world and the playing field of sports and high-level policy-making have a male schema was borne out.     

Premature Deaths,Statistical Lives,and Years of Life Lost: Identification,Quantification, and Valuation of Mortality Risks

Mortality effects of exposure to air pollution and other environmental hazards are often described by the estimated number of “premature” or “attributable” deaths and the economic value of a reduction in exposure as the product of an estimate of “statistical lives saved” and a “value per statistical life.” These terms can be misleading because the number of deaths advanced by exposure cannot be determined from mortality data alone, whether from epidemiology or randomized trials (it is not statistically identified). The fraction of deaths “attributed” to exposure is conventionally derived as the hazard fraction (R – 1)/R, where R is the relative risk of mortality between high and low exposure levels. The fraction of deaths advanced by exposure (the “etiologic” fraction) can be substantially larger or smaller: it can be as large as one and as small as 1/e (≈0.37) times the hazard fraction (if the association is causal and zero otherwise). Recent literature reveals misunderstanding about these concepts. Total life years lost in a population due to exposure can be estimated but cannot be disaggregated by age or cause of death. Economic valuation of a change in exposure-related mortality risk to a population is not affected by inability to know the fraction of deaths that are etiologic. When individuals facing larger or smaller changes in mortality risk cannot be identified, the mean change in population hazard is sufficient for valuation; otherwise, the economic value can depend on the distribution of risk reductions.     

Leadership in the digital era: A review of who,what, when,where, and why

Leadership as a social influence process has always involved a complex set of phenomena that demands an interdisciplinary lens. Leadership scholarship has now entered into a digital era. In a digital era, the overall phenomenon is changing, as are the tools through which we study it, demanding a new “lens” through which we view leadership. Yet, this raises the question, to what extent is leadership different in a digital era? In acknowledgement of this trend, a special issue was commissioned at The Leadership Quarterly that sought to stimulate the imagination of leadership scholars and practitioners. In the current work, we begin with a brief review of who, what, when, where and why of digital leadership. We cover leadership in informal contexts (e.g., social media), generalization from face-to-face to virtual contexts, computational modeling, the leveraging of technology (e.g., machine learning; Big Data), as well methodological how-to guides. We then plot a path forward for leadership scholars in the dawn of the digital era.     

Breast implants, Hippocrates, and burden of proof

The author argues that the burden of proof for the safety and efficacy of some medical devices properly lies with the manufacturers of the devices and with the providers who use them. The controversy over breast implants is used as a case for this shift in the burden of proof of safety and effectiveness.     

Comments on globalization, interdisciplinary research, myopia and parochialism, government, convergence, and culture

Globalization presents social scientists with a wide variety of issues and challenges that cut across disciplinary boundaries. Disciplinary boundaries encourage specialization and advances in understanding aspects of social behavior, but specialization also creates barriers to more comprehensive understanding of social behavior such as globalization. Successful interdisciplinary efforts entail gains from trade across disciplinary specializations. The papers in this volume help outline an agenda for interdisciplinary investigation of globalization to knock down disciplinary boundaries and encourage gains from trade that further our understanding of globalization. But much work remains before we see real fruits from such efforts.