演化博弈视角下地方环境规制部门执法策略研究

通过建立环境规制中地方规制部门与排污企业的演化博弈模型,研究了博弈双方的决策演化规律,着重分析了地方规制部门环境执法的影响因素,并采用结构方程模型对理论分析结果进行了实证检验。研究结果表明:地方规制部门与排污企业的决策演化规律一共包含12种情形,对方策略既定条件下治污和执法策略的相对净支付决定了博弈主体策略选择。加大中央(上级)环保部门对地方规制部门的奖惩力度、提高环境规制标准,能够促使地方规制部门提高环境执法力度,而且加大奖惩力度的促进作用要大于提高环境规制标准。对环境执法产生负面影响的主要因素是地方政府干扰,其次是环境执法成本。污染削减技术创新既可能提高、也可能降低环境执法力度,实证结果表明其降低了环境执法力度。企业污染物产生量越大,地方规制部门越倾向提高环境执法力度。地方规制部门的环境执法特征是现有政治、经济和环保体制下多方互动的均衡结果。     

Attitudes Toward Managing Hazardous Waste: What Should Be Cleaned Up and Who Should Pay for It?

Hazardous waste policy in the United States uses a liability-based approach, including strict, retroactive, and joint and several liability. To assess attitudes toward these basic principles of liability, and toward priorities for clean-up of wastes, a questionnaire was mailed to legislators, judges, executives of oil and chemical companies, environmentalists, and economists. The questionnaire consisted of abstract, simplified cases, which contrasted basic principles rather than dealing with real-world scenarios. Subjects were asked how they would allocate clean-up costs between companies and government as a function of such factors as adherence to standards, adoption of best available technology (BAT), and influence of penalties on future behavior. Most subjects felt that, if the company followed government standards or used the best available technology (BAT), it should pay for only a portion of the clean-up cost, with the government paying the rest. In general, responses did not support the principles underlying current law–strict, retroactive, and joint-and-several liability. Most subjects were more interested in polluters paying for damages than in deterrence or future benefit–even to the extent that they would have "harmless" waste sites cleaned up. A bias was found toward complete clean-up of some sites, or "zero risk." Different groups of subjects gave similar answers, although more committed environmentalists were more willing to make companies pay and to clean up waste regardless of the cost.     

资产减值准备计提与会计盈余价值相关性——基于亏损上市公司的经验数据

采用多元回归分析法对新8项资产减值会计准则实施后,亏损上市公司计提减值准备的会计盈余价值相关性进行了研究;在考虑公司个体特点的基础上,运用堆栈回归法,采用随机效应影响的面板模型对不同年度的会计盈余价值相关性进行了分析。结果表明,从整体上看,亏损上市公司计提减值准备后增强了会计盈余价值相关性,计提的减值准备数据本身也具有增量价值相关性,同时,研究还发现盈利年度的会计信息对投资者的决策更有用,以及投资者不能有效识别微利公司的会计盈余质量,而对于巨亏公司与通过转回减值准备方式盈利的公司来说,其会计盈余数据的决策相关性显著低于对比公司,投资者能有效识别其会计盈余质量,这为2007年1月1日起实施的《企业会计准则第8号——资产减值》中规定的关于已计提的减值准备不可转回的会计准则变革提供了实证支持。     

Transparency after 9/11: Balancing the “Right-to-Know” with the Need for Security

Mandatory and voluntary environmental information disclosure has grown dramatically over the past decade. The prevailing view had become that the public has a “right-to-know” the risks they face and that more information would ultimately lead to better societal decision-making. This all changed on September 11, 2001. The concern for homeland security has led to thousands of web pages and documents at public reading rooms being withdrawn. This article reports on a panel discussion with leading environmental information disclosure experts on the change in the transparency landscape post 9-11. Among the questions addressed: Have companies begun to rethink this trend post 9/11? What is the public's “right-to-know”? Does reducing the amount of information available to the public increase or decrease the risk to communities or emergency responders? Will the heightened threat of terrorist use of chemicals put pressure on companies to find alternative chemicals and processes?     

Environmental Management — the European Way

While international agreements, international standards, and internationally operating companies have left behind the idea of national borders for environmental management issues, research is still lagging behind in describing developments in this area from an international perspective. The European Business Environmental Barometer (EBEB) is a quantitative survey of the state and development of environmental management in Europe and one of the first to regularly provide results on this issue at a European level. It covers topics such as perceived environmental impact, environmental stakeholders, corporate environmental activities, and environmental management (systems).The results presented in this article are drawn from the latest completed round of the EBEB during which data was gathered in 1997/98. The questionnaire-based survey includes information on more than 2,800 companies from the producing sector with 50 or more employees in 11 European countries.¹     

基础设施产业放松规制对企业效率影响研究

以中国基础设施产业放松规制改革为背景,应用规制理论和产业组织理论,构建了放松规制影响企业效率的概念模型。以1999-2006年电力行业上市公司的统计数据为样本,采用面板数据和分层线性模型方法,实证检验了放松规制对企业效率的影响,揭示了行业市场结构和所有权结构两个变量的中介作用,为放松规制改革实践提出了一些启发。     

债务保守、投资机会与中国上市公司资本投资

国内对于财务保守行为的研究,均是从产品市场竞争角度展开的。然而,这些研究并没有得出一致的结论。公司的财务保守目的,是给公司提供一定程度的财务灵活性,便于公司在未来使用这种灵活性。当公司遇到有利的投资机会时,具有这种灵活性的公司能够抓住有利的投资机会,进行资本投资。运用1999-2008年中国上市公司的不平衡面板数据,采用动态面板模型进行了实证分析。实证结论表明:公司的财务保守行为与公司未来的投资机会高度显著相关;公司的财务保守行为与公司未来的资本投资高度显著相关。同时,动态面板回归结果也显示,公司的财务保守行为和公司的投资支出都具有时间连续性,与其滞后项高度显著相关。     

控股股东两权偏离、董事会行为与企业价值:基于中国民营上市公司面板数据的比较研究

论文对2002-2004年中国民营上市公司的董事会行为与公司价值之间的关系进行了实证研究.在根据面板数据本身的特征选择适宜回归技术的基础上,通过研究发现,在通过家族控股上市而形成的民营上市公司中,年度内董事会会议次数对企业的市场价值有显著的正向影响,而在通过兼并重组取得控股地位的民营上市公司中,这种影响并不显著;在考虑控股股东现金流权与投票权分离程度的调节作用后发现,随着控股股东现金流权与投票权分离程度的提高,年度内董事会召开会议次数的增加有利于企业市场价值的增加.同时,本研究通过比较不同回归方法的结果还发现,如果不注意控制面板数据本身可能存在的非观测因素的影响,就可能会得出虚假的结论,这启发我们在对面板数据进行分析时,一定要审慎选择具体的回归技术,而不能简单地直接选择OLS方法.     

A Delphi Method Expert Survey to Derive Standards for Flood Damage Data Collection

For the purpose of flood damage analyses reliable, comparable, comprehensive, consistent, and up-to-date data are an indispensable need. Like in many other countries a database with this kind of datasets does not exist in Germany. To establish it, standards have to be set for flood damage data collection. We approached this problem by questioning experts about their information needs for flood damage analysis. This survey is done by applying a Delphi survey approach. The aptitude of the Delphi approach to assess, structure, and standardize expert knowledge is evaluated in this article. In the survey a panel of 55 experts working in the field of flood damage analysis for insurances, engineering companies/consultancy, public water management, and universities and other scientific institutions helped to identify common information needs. The multi-step Delphi method proved to reduce the deviation of answers thereby enabling consensual results and also enhanced the quality by modifying group answers in the direction of experience based answers. There was also a high level of congruence in information needs between experts from different fields of employment that allowed the derivation of common standards.     

1 network privatisation: The trend for the future

At the recent Financial Times Conference on Telecommunications and the European Business Market: the Perspectives for Change, two of the contributors examined the question of whether companies should “make” their own private telecommunications network, or “buy” a publicly-offered service.The topic is not only interesting as a case study of “make or buy”, but is especially timely in the specific field of telecommunications in Europe. In June 1987, the European Commission issued its Green Paper on telecommunications liberalisation and rationalisation of Europe's equipment manufacturers. Current difficulties include national regulatory powers, cross subsidies, lack of common standards, and lack of agreement on standards, frequencies and tariff principles. Not least, rapid changes in the technology itself has turned telecommunications into a Strategic competitive asset for companies.The two authors of these articles argue from slightly different perspectives; White as a major user developing into a provider, and Wilson as an adviser and provider. Both are convinced that the make or buy decision is an over-simplification; there are other, intermediate, options. Both agree that which ever decision is taken, it is likely to be the most important one in information technology that companies make in the next few years.     

交叉上市、治理环境与上市公司超额现金价值

从超额现金持有价值的角度,将治理环境和治理约束的改变引入到公司治理与公司价值的研究框架中。以1998年至2011年中国A股上市公司的非平衡面板数据为研究对象,采用Dittmar等提出的公司超额现金持有量估计方法,在回归方程中加入交叉上市的虚拟变量,对比分析A股与AB股、AH股以及发行ADR企业所处治理环境的不同对超额现金持有价值的影响。实证结果表明,中国上市公司的超额现金持有普遍存在折价现象;只在A股市场上市的企业超额现金资产的边际价值为负;既在A股市场上市同时又在B股市场或H股市场交叉上市的企业,超额现金资产的折价程度降低,且私有上市公司的折价降低程度更加明显。上述结果表明严格的治理环境和治理约束有助于改善公司治理和降低现金资产折价;中国的A股上市公司,特别是私有公司,可以通过交叉上市增加外部治理约束降低现金资产的折价程度,提升公司价值。     

基于动态Panel Data模型的上市公司区域治理效率研究

本文在中国大陆地区910家上市公司样本数据基础上,利用动态Panel Data模型对中国上市公司地区治理效率进行了实证研究.我们发现,中国上市公司的治理效率在不同的区域之间存在着较大的差异.本文认为,造成上市公司治理效率存在地区性差异的主要原因是由于我国各地区在市场化进程中出现的地区发展差异,上市公司治理效率的地区性差异是我国证券市场的一个重要特征,把握这个特征对制定和完善具有针对性的上市公司治理法规和政策有着积极的意义.     

环境行政处罚能以儆效尤吗?——同伴影响视角下环境规制的威慑效应研究

环境规制是促进企业实施环境保护策略的主要推动力,本文应用犯罪经济学中的威慑理论,分析环境规制发挥治理作用的内在机理,实证研究目标企业环境行政处罚对同伴企业环保投资的影响,验证了环境规制发挥威慑效应的重要途径:同伴影响.以上市公司为样本,结合手工收集的2007年～2015年间企业环境行政处罚数据,实证结果显示:目标企业环境行政处罚增加了同伴企业的环保投资,即通过同伴影响路径,环境规制产生威慑效应.此外,企业规模、处罚性质以及媒体报道等因素影响环境规制的威慑效应,具体体现为被处罚企业规模大、处罚严厉以及媒体报道,对同伴企业的威慑效应更强;行业竞争作为一种外部机制,有助于强化环境规制的威慑效应.研究结论表明政府实施环境规制中提高处罚确定性、典型性、严厉性,以及舆论监督与行业竞争能够增强同伴影响,提高环境规制威慑力.     

Sustainable supply chain management in the fast fashion industry: An analysis of corporate reports

In recent decades, the fast fashion industry has been characterized by widespread operations across both developing and developed countries. Due to the economic, social and environmental problems in developing countries, companies increasingly focus on sustainability and try to ensure the same quality and standards in working and production conditions throughout their supply chains. Although the tension in the exchange of resources between developing and developed countries lies at the heart of current sustainability activities, what these companies are actually doing to manage their supply chain has not yet been explored in depth in the literature. Drawing on the theoretical framework of Seuring and Müller (2008), the current study attempts to fill this void by conceptually mapping the current situation of sustainable supply chain management (SSCM) in the fast fashion industry by analysing reports from 9 companies that use the same reporting guidelines. The results of the study reveal that these companies focus significantly on supplier compliance with their code of conduct, employing further monitoring and auditing activities to prevent production problems in developing countries, improve overall supply chain performance and set sustainability criteria for their suppliers.     

Environmental proactivity and business performance: an empirical analysis

This paper analyses the relationship between environmental proactivity and business performance on a sample of 186 industrial companies. This relationship is approached by studying a bundle of relationships between different dimensions or manifestations of environmental proactivity and different measures of business performance. The analysis in part supports the idea that environmental management can bring about competitive opportunities for companies, although it also reveals that some environmental practices produce negative effects. It is thus concluded that there is no one single response for the question of whether environmental proactivity has positive effects on business performance and that this relationship must be disaggregated into more specific and concrete relationships.     

零售商主导下促进绿色产品需求的联合研发契约协调研究

针对绿色环保产品价格过高,阻碍其成为主流消费品这一现实问题,在绿色经济背景下,探讨零售商向负责绿色研发成本投入的制造商提供不同联合研发契约时的供应链均衡策略和协调问题。以零售商主导的双边垄断型绿色供应链为研究对象,在考虑消费者环保意识、产品绿色度水平、价格等多种因素影响需求的基础上,分别探讨批发价契约、成本分担契约和两部制契约对绿色产品需求、供应链成员利润及渠道利润的影响。结果表明,成本分担契约无法实现供应链成员利润的Pareta改进;一定条件下,两部制契约可以实现供应链成员利润的双赢,并提高绿色产品的市场需求。此外,虽然消费者环保意识的提高并不总是会带来绿色产品市场需求的增加,但却总是会使得绿色供应链的利润提高;并且较高的消费者环保意识将激励企业追求一个较低的绿色成本系数,从而促使企业积极进行绿色技术创新努力。     

资本结构与产品市场竞争之间的交互作用研究

公司代理成本受到资本结构和产品市场竞争的双重影响,资本结构与产品市场竞争之间还具有关联关系.基于2000年～2006年A股上市公司面板数据的实证研究发现,资本结构和产品市场竞争对代理成本的影响是显著的,影响方式随控股股东性质的不同而不同.资本结构与产品市场竞争之间存在交互作用,股权集中度越高,产品市场竞争的隐性激励效果越弱;产品市场竞争越激烈,股权激励的效果越显著,债务融资的负面效应也越大.产品市场竞争与分散型股权结构、股权激励之间是互补的,与控股型股权结构、债务融资之间相互替代.这一结论对于改善中国上市公司,尤其是国有控股上市公司的公司治理结构具有重要的现实意义.     

An environmentally conscious robust closed-loop supply chain design

Strategic network planning activities of national and even more of multinational companies are recently influenced by an increasing number of laws and regulations regarding environmental issues. On top of that non-governmental bodies pose additional pressures on companies to comply with environmental as well as social standards. Therefore, this paper presents a multi-objective and robust optimization-based closed-loop supply chain design model. In the objective function both expected total costs as well as carbon dioxide equivalents (CO₂e) are to be minimized. Customer demands and used-product return ratio are considered to be uncertain. The model supports the decision makers to better understand the influence of parameters and their values as well as the interrelationship between these when deciding on the structure of the entire value chain.     

企业环保导向、环保策略与绩效关系研究——来自武汉城市圈“两型社会”建设试验区的调查

在可持续发展理论、利他行为理论和企业环境管理的基础上,建立了企业环保导向、环保策略(行为)与企业绩效关系模型;运用层次回归分析法,检验武汉城市圈"两型社会"建设试验区内304家食品企业在嵌入"两型社会"的利他环保观念和环保行为后,对企业绩效产生的影响。结果表明,企业利己环保导向和利他环保导向并不矛盾,可以并存,且对企业绩效存在正相关关系,嵌入利他性的环保导向后,企业利己环保导向对企业绩效影响减弱;虽然企业环保行为仍然偏好产后污染治理("管末"策略),但利他环保导向却显著促进了企业基于环保的组织和战略创新("管前"策略)以及经营过程的环保策略("管中"策略)转变,并显著正向影响企业绩效。