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。     

The Role of Financial Institutions in the Corporate Governance of Listed Chinese Companies*

This paper explores the role of Chinese financial institutions in the corporate governance of listed companies through interviews with both senior managers of financial institutions and board directors of listed companies. Our results show that, while most securities companies are passive investors, a good proportion of the active mutual funds help their portfolio companies prepare financial forecasts, standardize their operations, raise external funds, strengthen their company image in the capital markets, and sometimes intervene in corporate issues. This limited role can be attributed to a number of factors specific to the Chinese context including highly concentrated state ownership, an immature regulatory environment, inadequate transparency and disclosure of financial information, and weak corporate governance within financial institutions themselves. It could also be affected by several other factors that are considered to cause institutional passivity in developed countries such as conflicts of interest, monitoring costs and lack of expertise.     

Is there an Expectations Gap in the Roles of Independent Directors? An Explorative Study of Listed Chinese Companies

This paper investigates whether an expectations gap exists in the control, strategic and resource provision roles that independent directors play in the corporate governance of listed Chinese firms and the factors that affect their performance of these roles. For this purpose, we interviewed Chinese executive directors, independent directors, institutional investors and stock exchange regulators. We find a performance gap but no reasonableness gap with respect to the control and strategic roles. The results suggest that the performance gap may be attributed to such factors as the ill‐defined roles, independent directors' limited amount of time commitment and their lack of competence and objectivity. Interestingly, there is disagreement over the protection of minority interest as the objective of the control role. We find no consensus on the desirability, reasonableness and effectiveness of independent directors' resource provision role, perhaps because of a pejorative interpretation of this role as an exercise of guanxi.     

独立董事连锁对内部控制的影响机理: 基于声誉效应与学习效应的实证研究

本文首次从独立董事连锁的声誉效应和学习效应视角,运用匹配(1:1 Pairing)+双重差分(DID)法研究独立董事连锁对企业内部控制质量的影响机理。研究发现:在声誉效应视角,独立董事连锁能显著提高企业的内部控制质量,且兼任公司家数较多的连锁独立董事对内部控制质量的提高作用更明显;在学习效应视角,独立董事连锁能显著提高其董事会出席率,且该种效应主要出现在高学历的连锁独立董事身上。此外,本研究首次发现了独立董事连锁对企业内部控制质量的传导机制,即通过提高连锁独立董事的董事会出席率进而提升了企业的内部控制质量。本文的结果表明,我国监管部门和上市公司应当重视独立董事连锁的作用,这对公司治理与内部控制相关政策的制定具有重要的启发意义。     

媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究

企业社会责任(CSR)及信息披露已成为当前社会各界共同关注的热点问题。本文利用独立机构发布的我国A股上市公司CSR报告的评级数据,验证了当前时代背景下我国企业社会责任信息披露与企业财务绩效的关系,以及作为信息传递媒介和"公众日程设置者"的媒体的关注对于二者关系的影响作用。研究发现,高水平披露社会责任信息的企业的绩效明显高于低水平企业,但是这种作用关系是在媒体关注度这一变量的完全中介作用之下实现的。这一新发现不仅丰富和拓展了企业社会责任及信息披露的理论研究框架,对于基于战略性CSR思维制定相关战略的企业管理者也深具启发意义。     

Relationship between boardroom independence and corporate performance: Reflections and perspectives

The perceived economic value of an independent boardroom configuration has progressively emerged as a matter of considerable importance in the academic and popular literature. The normative research paradigm has fundamentally been dominated by positivists who formulate inferential models populated by large sets of archival data. Regrettably, however, several decades of intense inquiries and passionate debates have invariably failed to ascertain (or dispel) the economic value of an independent boardroom configuration. The lingering boardroom independence–corporate performance saga has reached an impasse with no clear resolution in the foreseeable future. In this study, I provide a diagnosis (through the thematic analysis of semi-structured interviews) of why the economic viability of an independent boardroom remains an elusive phenomenon for positivist researchers. A central reason for the research impasse is attributed to ontological complexities intrinsic to the very nature of the corporation, compounded by multiple layers of methodological complexities. Ultimately, the disentanglement of this enigma would require a pivotal reconceptualization of the corporate governance research agenda.     

Women on boards and bank efficiency in ASEAN-5: the moderating role of the independent directors

Corporate governance codes around the world promote women’s presence in corporate board. The extant literature suggests women directors contribute to improve monitoring and advisory role of the board. This study aims to examine the role of independent women directors in improving banks’ efficiency. Using 102 commercial banks from ASEAN-5 countries for a period of 1999–2012, we run generalized method of moments models to test the relationship between the variables. Our results show that banks with independent women directors on board contribute significantly to the bank’s efficiency level. Contrary to the literature, we found that the appointment of women directors or independent directors alone does not significantly enhance banks’ efficiency. The result suggests that women directors are more effective on boards if they are also appointed as independent directors. This finding implies that a combination of corporate governance mechanism is more powerful than relying on a single element of corporate governance.     

企业文化内部传播渠道个人感知量表的建构

通过对企业文化内部传播渠道的文献调研和企业访谈获得了量表的初始条目,在预测试和正式测试两个阶段,采用探索性因子分析、相关分析等技术对量表进行了检验和修改,得出了沟通、CEO榜样作用、直接上级榜样作用、同事榜样作用、英雄人物与故事、奖惩、活动七个因子,数据分析结果表明,量表具有良好的同质信度、折半信度、结构效度和预测效度.     

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.     

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。     

整合市场战略与非市场战略的战略管理模型——基于中国房地产行业的研究

随着企业非市场因素在竞争中发挥出越来越显著的作用,将非市场环境分析及战略制定纳入企业战略管理过程中,并探讨其与市场环境及战略整合的特点,成为企业战略管理研究的新方向.在对中国转型经济时期典型房地产企业的非市场战略进行案例分析的基础上,研究中国转型经济环境下典型的非市场事项管理及相应的企业非市场战略特征,并试图从战略管理的角度出发,构建企业非市场因素与传统战略规划过程的整合模式.研究的结论补充了关于市场战略与非市场战略整合的相关研究,为中国转型时期企业如何在战略管理过程中纳入非市场环境评估及相应的战略制定与实施提供了理论模型与实例支持,对企业战略管理实践有指导作用.     

2009最具创新力公司TOP30

How can companies prosper in spite of the economic downturn? How can companies use their limited capital in an area where it works best? This area is innovation. For the third year, Sino-manager has elected China's Most Innovative Companies. During this election and its related interviews, we have found that Chinese business leaders and best corporate executives have recognized the need to step up innovation efforts in economic downturns. Many wellknow companies are increasing their investment in innovation...     

美的:让创新系统化 将市场占有率作为第一战略目标

2009年8月,广东美的电器股份有限公司增发A股股票1.891亿股,投资者愿意集万千宠爱于美的一身,看中的不仅是它现实的盈利回报,更在于它持续创新所带来的几乎触手可及的未来盈利潜力。作为中国的白色家电龙头企业,     

投资机会（IOS）设定下公司内部治理对经营绩效的影响——基于中国上市公司的经验研究

传统的公司治理研究将处于不同组织环境的企业等同对待,造成了研究结论的较大分歧.本文依据投资机会集(IOS)理论,运用我国上市公司的经验证据,在设定投资机会集的条件下,考察了不同成长性的企业其公司治理对经营绩效的影响.研究结果表明:成长性较高的公司,其经营绩效的改善与独立董事比例、高管层的持股比例显著正相关,但与高管层年薪相关关系不显著;成长性较低的公司.其经营绩效的提高与独立董事比例和高管层的持股比例相关关系均不显著,但与高管层年薪存在弱的正相关关系.     

海尔:不卖产品卖方案 用创新管理消除库存和应收账款

青岛海尔中报显示,尽管受金融危机影响,营业收入下降7.66%,但上市公司归属母公司股东的净利润达6.6亿,同比增长21.3%。取得这样不俗的业绩,源于海尔集团首席执行官张瑞敏对企业创新     

内部控制、过度投资与公司信用风险

本文以2009-2014年中国深沪A股上市公司为样本,研究过度投资对公司信用风险的影响,并检验内部控制质量水平的提高能否有效抑制过度投资导致的信用风险,以及内部控制的这种风险管控作用是否因公司产权性质的不同而有所差异。检验结果发现,过度投资行为会显著增加公司信用风险,内部控制质量水平的提高能有效抑制过度投资导致的信用风险,但上市公司的民营性质会弱化内部控制的风险管控作用。表明在政府的推动下,国企内部控制体系建设已经取得了一定的果效,而民营企业的内控需要进一步提升以降低其发展风险。     

公司绩效、财务风险与年报披露及时性的相关性研究——来自我国能源类上市公司的证据

以沪深两市能源类102家A股上市公司2004~2006年间306组观测值为对象,研究公司绩效、财务风险与信息披露及时性之间的关系。研究结果表明,公司绩效和年报披露及时性显著正相关;财务风险和年报披露及时性显著负相关;财务风险能通过公司绩效影响年报披露及时性;财务风险会对公司绩效和年报披露及时性的关系产生明显的扰动作用。     

The physician executive "arrives"--a new generation prepares for the future

The recent rise in the number of physician executives in the health care industry vividly demonstrates that a genuinely new generation of physician executives is seeking to combine the sensitivity of their clinical skills with the business acumen that today's health care organizations need to prosper and grow. But physicians who are preparing themselves to be selected one day as chief executive officers by hospitals, integrated systems, and managed care organizations should understand that the CEO role is radically different from that of the CEO of a physician practice. The corporate CEO role requires the management of managers and responsiveness to the organization's board. Those who imagine that the corporate CEO role bears any resemblance to the autonomous, independent existence of the practitioner are certain to have a rough time.     

《萨班斯法案》对美国公司董事会影响的分析

2002年度美国出台的《萨班斯法案》全方位地对安然等事件暴露出来的问题作出相应的调整性规定,必将对公司治理产生深切的影响。《萨班斯法案》对审计委员会提出了修正性和提高性要求,本文选择外部董事、女性董事、财务专家、CEO兼任董事会主席、CEO在提名委员会任职等指标进行分析。实证分析结果说明:《萨班斯法案》有效消除了董事会和管理层任人唯亲的现象,董事会的独立性和专业性均有所提高。其实,《萨班斯法案》颁布之前就有加强公司治理的要求,公司治理就有改进的趋势,但《萨班斯法案》关于审计委员会方面的明文规定加速了公司董事会的变化,使得公司治理改革超越了法律的既定要求。     

The Evolution of Korean corporate HRD: launching,growing pains,and transforming

Enthusiasm and greater attention from the international HRD community to Korea has motivated us to conduct research on the evolution of Korean corporate HRD in order to explore where we are now and where we are heading. Research literature on the topic, however, was minimal. The purpose of this study was to examine the evolution of Korean corporate HRD through interviews with 18 HRD researchers and practitioners who have witnessed the field’s growth. In addition, we reviewed the literature and company archives of HRD activities. We identified three major historical milestones of Korean corporate HRD including: the launching period in the 1980s, the growing pains period in the 1990s, and the transforming period from the 2000s to the present. We addressed major trends and issues of Korean corporate HRD in an attempt to generate a future research agenda.