Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies

Countries in transition now represent a significant sector of the international political economy. One of the challenges that they face in moving towards market-based systems and institutions is that of transforming the structure of business enterprises into forms more compatible with capitalist economies. Corporate governance is an important part of this. We argue that, certainly during an interim stage whilst equity markets are weak or non-existent, debt finance has a useful role to play. However for this to be possible there are some important institutional changes that are necessary in order to provide the infrastructure within which debt finance can operate effectively and efficiently. We then present an overview and evaluation of the progress of change in four selected transition countries. This revised version was published online in July 2006 with corrections to the Cover Date.     

顾客参与公司治理与公司相互持股的比较研究

通过顾客参与公司治理与公司相互持股的比较研究,从企业战略联盟的角度,得出了顾客参与公司治理实质上是代表了一种新型的企业战略联盟类型——治理权战略联盟——的结论,它与现有的包括公司相互持股在内的股权型战略联盟和契约型战略联盟相比更具生命力和优越性。在当前经济总体上由短缺经济过渡到过剩经济、卖方市场变成买方市场的背景下,通过顾客参与公司治理的形式在供需双方间建立治理权的战略联盟必将成为越来越多企业的现实选择。     

管理者代理行为、公司过度投资与公司治理——基于企业生命周期视角的实证研究

通过建立企业生命周期新的划分指标,从企业发展的动态层面研究管理者代理行为与公司过度投资之间关系随企业生命周期的演变,并检验公司治理机制随企业生命周期的治理效果。结果表明,我国上市公司管理者代理行为随企业生命周期动态变化,其对公司过度投资的影响随企业生命周期发展不断减弱。不同公司治理机制的治理效果随企业生命周期也发生变化,其中董事长总经理兼任在成长阶段能够有效抑制公司过度投资,而独立董事在成熟阶段及大股东在衰退阶段均显著没有发挥应有的监督作用。成长阶段中的公司监事会能够对代理行为引致的过度投资起到显著的监督作用,而董事长总经理兼任则显著加剧代理行为引致的过度投资,成长阶段中管理层持股、成熟阶段中独立董事与外部机构持股以及衰退阶段中大股东均显著没有起到应有的治理作用。     

公司治理与机构投资人持股之研究

在一连串的管理阶层舞弊案发生后,信息透明度(Information Transparency)成为实务界和学界关心的焦点,而信息透明度为其探讨公司治理制度的重点之一。本研究探讨董监事会的组成、股权结构、薪酬制度和信息透明度等公司治理机制与机构投资人投资间之关系,了解包含信息透明度在内的多项公司治理评量变量是否为机构投资人投资的重要参考指标。研究结果亦显示,董监事持股比例、样本公司所有权透明度与投资者关系透明度与机构投资人持股呈现显著正相关。显示公司治理成效愈佳及信息透明度越高的企业,将较易吸引机构投资人的青睐。     

Can Independent Distribution Function as a Mode of Corporate Governance?: An Examination of the UK Life Insurance Market

This paper examines whether independent modesof distribution can act as effective externalmonitors of managerial action. Becauseindependent agents are owners of the clientlist, control of an essential cash-generatingasset is concentrated in the hands of informedpurchasers. A consequence of this concentrationis the ability of independent agents tochastise bad management by moving customers toalternative management teams. Therefore,insurance companies that use independent agentsshould exhibit lower levels of opportunisticbehaviour. By studying 42 UK life insurancecompanies over the period 1990–1997 this studyprovides evidence that independent agents doreduce life companies' free cash flow,managerial expenses and shareholder dividends,while increasing policyholders' reserves.     

中国公司治理理论与实证研究——国家杰出青年基金项目(70525005)回溯

回顾了国家杰出青年基金资助项目"企业理论"(70525005)的研究情况,分析了该项目的研究背景及意义,介绍了该项目的主要研究内容与主要成果,列举了该项目的代表性论文和著作.     

Corporate Governance: A New Limit to Real Options Valuation?*

Including real options in firms ’ value raises numerous difficulties. Limitations concerning the relevance of option pricing models outside financial markets are the most salient, but carrying out a valuation implies other assumptions, especially on firms’ governance. In particular, assessing whether a real option should be included within a firm’s boundaries and how its value should be shared, is difficult. Most of these issues result from the different property rights on real options: who creates and who can exercise the option? We discuss existing answers to these difficulties and propose a matrix based on property rights to help practitioners decide whether a real option can be valued appropriately or not by real options models. We support our discussion with a case study based on an R&;D firm valuation.     

公司治理效率与投资者保护：一个理论分析框架

本文通过一个理论模型的分析框架,探讨了公司治理与投资者保护之间的内在联系.本文的研究结果表明,公司治理与投资者保护之间存在密切的联系.法律对投资者的保护越好,则股东经理转移公司利润的倾向越低,治理效率越高;在信息不对称情况下,所有上市公司都将选择治理效率最低的战略组合,这是目前我国上市公司治理效率普遍较低的原因之一;如果法律强制性地提高对投资者的保护,将使所有公司都能从中得到效率收益,从而使得所有公司的状况得到改善.     

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.     

机构投资者公司治理角色的识别:一个基于持股比例的博弈分析

机构投资者在公司治理中扮演有效监督者还是利益攫取者角色视其持股情况而定.本文基于一个完全信息静态博弈模型刻画了与机构投资者公司治理角色选择行为相对应的持股比例,为健全我国机构投资者的监管制度提供理论支持.     

机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究

随着中国股票市场的发展,机构投资者的数量和市值比例越来越高,参与公司治理的动力也越来越大.本文采用面板数据(Panel Data)和截面数据(Cross Section Data)计量方法研究了与个人投资者相比具有专业、信息和资金优势的机构投资者参与上市公司治理的效果.基于CCGINK2004-2006沪深两市3470家样本的实证结果显示.机构投资者在提升上市公司治理水平方面发挥了重要的作用.降低了上市公司的代理成本,机构投资者持股比例与公司绩效和市场价值之间存在显著的正相关关系.     

基于控制权私有收益视角的可转债融资的治理效应研究

通过在职消费、过度投资、自由现金流和现金股利支付4个变量间接测度管理者攫取的控制权私有收益,并运用中国A股市场数据实证检验权益、债务和可转债3种不同融资方式下(横向比较)以及可转债发行前后(纵向比较)企业控制权私有收益的差异。研究结果表明,可转债发行将导致在职消费和自由现金流的降低以及现金股利支付的增加;但在抑制管理者过度投资中可转债并未发挥积极作用。研究结果为优化我国企业融资结构,完善内部公司治理提供了理论支持;同时,也将为促进我国资本市场金融创新提供新的证据。     

机构投资者持股对信息披露的治理作用研究——以管理层盈余预告为例

本文以我国A股上市公司2004-2007年盈余预告披露数据为例,实证检验了机构投资者对信息披露的治理作用。结果发现:(1)随着机构投资者持股比例的增加,管理层采取的盈余预告精确性提高(更具体的形式和更小的误差),及时性也增强;(2)银行、财务公司类机构、一般基金类机构对管理层盈余预告选择的积极治理作用相对较强,而养老、保险类机构对管理层盈余预告选择的积极治理作用则相对较弱;(3)处于不同持股规模时,管理层盈余预告的精确性、及时性均随着机构投资者整体持股比例增大而提高。但是,机构投资者持股比例的提高易导致了管理层盈余预告的乐观态度倾向;(4)股权分置改革后,机构投资者持股对管理层盈余预告披露选择的积极治理作用比股权分置改革前有所增强。建议大力发展机构投资者规模和专业素质以优化投资者结构,促进我国资本市场的健康发展。     

Integration and Autonomy in Organizational Governance: A Comparative Study of Two Government-Owned Railways in Hong Kong

This article identifies the patterns of integration and autonomy in organizational governance in two government-owned railways in Hong Kong in relation to relevant external and internal actors from the government, market and civil society. The Kowloon Canton Railway Corporation, a government department turned into a statutory corporation, and the Mass Transit Railway Corporation Limited, a statutory corporation turned into a listed company, are both profitable enterprises. They have been subjected to similar macro-governance influences (mainly political and policy changes), but their patterns of integration and autonomy with relevant actors in organizational governance are not the same. The historical variations in the integration-autonomy patterns, notably an increased tendency for government intervention, as well as major differences between the two railways in their relationships with market and civil society actors, can often be explained by three interrelated factors, namely, political conditions, community expectations and performance.

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System of Systems Engineering and Risk Management of Extreme Events: Concepts and Case Study

The domain of risk analysis is expanded to consider strategic interactions among multiple participants in the management of extreme risk in a system of systems. These risks are fraught with complexity, ambiguity, and uncertainty, which pose challenges in how participants perceive, understand, and manage risk of extreme events. In the case of extreme events affecting a system of systems, cause‐and‐effect relationships among initiating events and losses may be difficult to ascertain due to interactions of multiple systems and participants (complexity). Moreover, selection of threats, hazards, and consequences on which to focus may be unclear or contentious to participants within multiple interacting systems (ambiguity). Finally, all types of risk, by definition, involve potential losses due to uncertain events (uncertainty). Therefore, risk analysis of extreme events affecting a system of systems should address complex, ambiguous, and uncertain aspects of extreme risk. To accomplish this, a system of systems engineering methodology for risk analysis is proposed as a general approach to address extreme risk in a system of systems. Our contribution is an integrative and adaptive systems methodology to analyze risk such that strategic interactions among multiple participants are considered. A practical application of the system of systems engineering methodology is demonstrated in part by a case study of a maritime infrastructure system of systems interface, namely, the Straits of Malacca and Singapore.