经理任期风险和公司治理的实证分析

对公司经理任期的约束应该是公司治理的一个重要方面.本文通过多元线性回归和生存分析的方法检验了内外部治理因素对经理职位变动的影响.这两种方法得出的结果大同小异,相互补充.从结果可以看出,董事长和总经理因为同样处于代理人的位置,所以他们的任期风险影响因素中有几个是共同的:市场业绩、年龄、学历、股权变更.市场业绩的影响作用和理论相反.由于董事长和总经理存在权力的分别,所以领导独立性、内部监事比例和企业规模三个变量对两个职位任期风险的影响作用不同.另外,在检验的变量中,企业的利润率和国有股权比例都没有对经理任期风险产生显著影响,说明经理任期风险并不受企业会计业绩和企业股权性质的影响.     

集体林权改革后农户林地转入意愿影响因素研究——基于江西省670个农户的实证分析

利用SPSS软件和Logit模型进行计量分析,揭示集体林权改革后农户林地转入意愿的影响因素。结果表明：集体林权改革后,农户林地转入意愿受多种因素影响,受经营目标和生活方式的选择的影响最大,同时,受户主的主要职业、家庭的收入来源、家庭的劳动力数量以及对经营环境的认知等的显著影响。     

Director tenure and contribution to board task performance: A time and contingency perspective

Director tenure is a topic of great interest in the corporate governance debate. Researchers try to assess the effects of tenure on director contribution, board effectiveness and firm performance. Regulators, corporations, and institutional investors advocate for term limits for outside directors to reduce the risks of impaired governance. Despite the burgeoning interest, there is lack of consensus on the mechanisms shaping directors' contributions over time. We argue that next to the ‘loss of independence’ and ‘knowledge acquisition’ hypotheses, respectively predicting a negative and positive effect of tenure on task performance, socio-cognitive and behavioral approaches elucidate the way in which directors' contributions rise and decline with time. Using a multiple case study approach, we document wide variability in directors' contributions at similar levels of tenure. We find this is due to a series of contingencies including whether directors are novice or experienced, the frequency and nature of board interactions, and the relative power of a director. This variability is particularly clear in longer serving directors for whom we find polarizing results: while some grow stale in the saddle, others sustain high levels of contribution despite extreme tenures. The latter finding is at odds with agency-based assumptions and general predictions from the literature. Overall, our study offers a tentative explanation as to why setting an ‘ideal’ tenure for outside directors has proven so difficult and encourages boards and policy makers to consider the influence of director-level features as well as board dynamics in shaping directors' contributions.     

Executive turnover – Firms’ subsequent performances and the moderating role of organizational characteristics

I apply context-emergent turnover (CET) theory to investigate how different organizational characteristics moderate the effect of executive turnover on firm performance. I suggest and investigate different organizational characteristics as contextual factors. I find that executive turnover reduces future sales and employment growth, and show that three organizational characteristics (the firm's age, top management tenure, and employee tenure) moderate this effect. These results contribute to our understanding of the role of context in moderating executive turnover. Previous studies that examined the performance effects of executive turnover have often struggled to prove the causality between this event and a firms' post-turnover performance conclusively. The problem is that executive turnover is often correlated with a firm's current performance and expected future challenges. I address this endogeneity problem by exploiting the exogenous variation in firms' performances following 516 top managers' unexpected deaths. I use a matched sample to investigate which organizational characteristics that mitigate the negative effect on the firms' subsequent performances resulting from these executive turnovers. I obtained this sample randomly from a comprehensive dataset containing yearly observations of all Danish firms from 1995 to 2007.     

林权概念的界定——《森林法》抑或《物权法》的视角

对于林权的界定,《森林法》与《物权法》有所不同。《森林法》将森林视为立体结构的自然资源,故而将林权定为以森林、林木和林地为客体的所有权和使用权的统称。而《物权法》则将森林资源视为土地资源的一种,将其归入土地承包经营权之中。在《森林法》修订中,可以将林权界定为一个开放的概念,其客体包括林地与林木,而内容包括林地所有权和使用权,林木所有权和使用权,林下资源所有权以及森林景观开发权等。在具体语境下,应对具体的林权所指进行限定。     

New job – new ideas: the relationship between tenure and perceived creative climate

Human resource development (HRD) practices are intertwined with organizational creative climate (CC). Understanding the factors that influence CC is important since CC influences not only employees' possibilities to share and develop ideas, but also potentially employees' decision to leave their current organization. This study focuses on how perceptions of CC is related to tenure in organizations by analysing perceived CC in a random sample of unionized Swedish white-collar workers (n = 1303). It finds tenure to be negatively related to perceived CC for the first few years of employment. The level of knowledge required for a position does not moderate this relationship, but more knowledge-intensive work in itself tends to be associated with higher levels of perceived CC. Implications for HRD are discussed.     

林权改革、产权结构与农户造林行为——基于江西、福建等5省7县林改政策及415户农户调研数据

对江西、福建、安徽、浙江、湖北等省7个重点林业县林改政策(System)进行分析,研究出对农户造林行为有影响的农户产权结构(Structure),并将权利量化后作为自变量对农户是否造林、造林面积和造林投入(Conduct)进行定量分析,并得出绩效评价结果(Performance)。分析结果显示:现行林改政策确实起到激励农户造林的作用,但尚未达到促进农户加大林地投资的程度;不彻底的林木采伐管理制度改革加重和扩大权力寻租的负面影响;现行林权抵押制度未能解决农户造林资金缺口问题。     

中国古代农村土地所有权和使用权关系的演变及其现实意义

租佃制度是在土地所有权和使用权分离的前提条件下所产生的一种土地经营制度。租佃制度的发展变化,在很大程度上反映着土地所有权和使用权之间关系的发展演变。本文试图从租佃制度的视角来考察传统中国社会农村土地所有权和使用权之间关系的演进路径,同时对不同租约形式下土地所有权和土地使用权之间的关系进行了经济学分析,进一步地对能为中国当前土地制度改革提供借鉴的历史经验进行了总结。     

高管激励对中国企业海外并进型战略的影响研究——基于激励因素及高管任期的实证研究

学术界关于海外并进型战略的研究由来已久,但是缺乏对高管激励与战略机制之间关系的探索。基于委托—代理理论和激励理论,利用中国沪深A股制造业上市公司2006—2017年数据,从高管激励的视角分别研究了高管股权激励和控制权激励对并进型战略平衡度的影响和作用机制。实证结果表明:高管股权激励与公司海外并进型战略的有机平衡度呈正相关关系,高管控制权激励与公司海外并进型战略的有机平衡度呈“倒U形”关系,高管任期负向调节股权激励及控制权激励与企业海外并进型战略有机平衡度之间的关系。跨国公司应充分利用高管任期和高管激励模式之间的替代效应,形成激励效用最大化的管理层权力体系。上述研究完善了新兴市场国家企业对外直接投资及公司治理的相关理论,为中国企业国际化过程中提高并进型战略平衡度和海外绩效提供了新思路。     

家庭农场土地流转合同期满续约过程中的利益博弈

获得适度规模、集中成片的土地是家庭农场生存和发展的前提和基础,在农村土地“三权分置”法律政策下,家庭农场主对通过土地经营权流转集中起来的土地仅享有债权性质的经营权,如果农户在土地流转合同期限届满时选择不续签合同,那么,家庭农场主轻则面临“钉子户”问题,重则丧失全部土地而破产。因此,地权稳定性是家庭农场可持续发展的一个重要指标。在土地流转合同期限届满续期时,家庭农场主和农户都有各自的潜在利益诉求,土地流转合同续期能否实现是双方博弈的结果。利用博弈模型法,基于研究假设条件,建立博弈收益函数,挖掘不同主体在土地流转合同期满续约过程中的利益诉求、冲突表现及矛盾根源,推算出预期社会效果成为均衡策略时需要满足的前置条件。研究发现,最终的均衡策略既要满足农户的土地流转收益需求,又不能让农场主的用地成本负担过重。故而,通过签订土地流转收益动态调整型合同,在家庭农场主和农户之间构建起“紧密的利益共同体”关系,使得农户决定续签土地流转合同与否和收益的增量挂钩。因土地流转收益存在着“阈值”,因而还应考虑家庭农场主的投资回收问题。