大股东控制下的资本投资与利益攫取研究

基于资本投资形成控制权收益的理论阐释,结合我国上市公司大股东攫取控制权收益的自利动机和市场风险分析,本文以2001-2005年沪深两市A股市场发生了非流通股交易的公司作为考察对象,从固定资产投资和股权投资两个方面对大股东的控制权收益攫取进行了实证研究,并进行了稳健性检验.研究发现,大股东不仅通过资本投资形成了控制权收益,而且资本投资规模越高,增加等量资本投资所攫取的控制权收益越低;尽管通过股权投资攫取控制权收益的隐秘性较高、成本较低,但由于增加了控制链的代理层级,控制性股东的收益占有程度也较低;大股东的自利性资本投资行为不仅挤占了中小投资者的共享利益,而且形成了从增加资本投资、形成更高控制权收益到损害企业价值的传导机制.根据经验结论,本文提出了相应的政策建议.     

企业社会失责媒体曝光与投资者选择性反应

出于自身利益的考量,企业很少主动披露其社会失责,媒体便成为披露企业社会失责的重要渠道。基于信号理论的观点,企业社会失责这种信号通过媒体传递给投资者,投资者会据此做出反应。由于不同维度企业社会失责涉及的利益相关者群体不同,而且企业在社会失责媒体曝光前积累的媒体声誉以及在社会失责曝光时基于社交媒体的投资者情绪均存在差异,投资者可能对不同维度企业社会失责信号产生差异性反应,这就构成了投资者对企业社会失责媒体曝光的内在选择性反应机理。以信号理论为理论基础,构建多维度和多因素条件下企业社会失责媒体曝光对投资者反应的影响效应模型。以2011年至2015年205个中国沪深上市企业的社会失责媒体曝光事件为样本,从中国重要报纸全文数据库收集企业社会失责媒体曝光数据,从东方财富网股吧、报刊新闻量化舆情数据库和国泰安数据库获取其他变量数据。采用事件研究法、层级回归分析法和bootstrap中介效应检验法,实证分析企业社会失责媒体曝光对投资者选择性反应的影响。研究结果表明,(1)3个维度企业社会失责媒体曝光均促使投资者产生消极反应,与企业绿色失责媒体曝光和社会层面失责媒体曝光相比,企业治理失责媒体曝光对投资者...     

媒体追捧与明星CEO薪酬

本文以2005-2010年媒体评选的明星CEO作为研究样本,实证检验媒体追捧报道的动机及其对明星CEO薪酬的影响.研究发现,一方面,CEO的经营能力并不是决定其能否成为媒体追捧对象的决定因素,相反,获得上市公司的广告收入与迎合公众的认知偏好才是媒体追捧明星CEO的真实原因;另一方面,媒体的追捧报道不但没有提高公司经营业绩与明星CEO薪酬之间的敏感性,反而进一步强化了明星CEO在公司管理结构中无形的权威和影响力,使其获得了丰厚的个人薪酬.本文研究表明,现实中的媒体可能为利益所“收买”,成为公司管理层攫取私利的“鼓噪者”,媒体的追捧报道不仅没有起到树立真正光辉典范的作用,反而弱化和降低了公司治理的有效性,引发了消极的经济后果.本文对媒体追捧报道的动机及其对明星CEO薪酬的影响分析,将有益于全面和客观评价媒体在资本市场中的作用.     

医药行业上市公司抗疫表现的资本市场反应研究

2020年初,我国突发重大公共卫生事件,新冠疫情给我国经济社会发展和资本市场运行带来了巨大冲击。文章以中国医药上市公司上海医药集团公司作为研究对象,通过事件研究的思路,选取“捐助疫区”“云健康业务融资”“新药通过一致性评价”“与其他企业达成战略合作协议共同推进疫苗项目”等6个典型事件,采用超额收益率、超额成交量与日波动率3个指标测度资本市场对医药企业抗疫行为的反应,并选择典型事件计算验证。研究结果表明：医药企业的相关抗疫行为表现能够引发积极的资本市场反应。本文研究拓展了事件分析的应用场景,从突发重大公共卫生事件背景下医药企业行为特征的视角丰富了企业社会责任的经济后果研究。     

品牌负面曝光事件下焦点品牌和竞争品牌动态响应行为研究

基于动态竞争的视角,通过案例研究法探析品牌负面曝光事件发生后焦点品牌和竞争品牌的响应行为特征和差异。研究发现:①与事件焦点品牌相似性最高或处于市场领导地位的主要竞争品牌的响应行为数量最多,响应速度最快;②市场占有率和品牌知名度处于中等偏上地位的次要竞争品牌对品牌负面曝光事件的响应行为最具多样性;③焦点品牌影响力越弱,市场细分越独特,负面曝光事件可能引起的竞争品牌响应行为越少。     

单位自利化与领导者的“分蛋糕”艺术

单位自利化主要表现为对上求权索利、对下侵权占利、同级争权夺利。造成这种现象的主要原因是行政体制间隙提供的自利化空间、财政体制空洞形成的自利化基础、立法机制缺口形成的利益攫取机会、监督机制漏洞形成的自利化条件及领导干部自身的自利化倾向和绩效考核压力。避免单位自利化需要领导干部合理"分蛋糕",即民主评议,合理划分利益;确定需求,科学对照利益清单;优化协调,注重反馈信息;做大"蛋糕",扩大目标范围。     

公司章程中的反收购条款：价值创造还是私利攫取?

运用文本分析技术构建中国上市公司反收购条款数据库，从企业投资的视角出发考察反收购条款可能存在的价值创造假说和私利攫取假说.研究发现：总体上，反收购条款的私利攫取假说成立，即设置反收购条款的企业管理层倾向于谋求“帝国建造”的过度投资而非享受“安逸生活”的投资不足；机制检验发现，反收购条款会加剧企业内部人控制进而影响企业投资行为；进一步地，当企业设置反收购效应较强条款、事前防御条款和巩固管理层职位条款时，反收购条款的私利攫取效应更为显著；在家族企业中设置反收购条款存在价值创造效应，而在其他民营企业、股权分散企业或无实际控制人企业中设置的反收购条款却发挥着私利攫取效应.本文揭示了公司章程条款对实体经济行为的影响路径，为深化资本市场改革和推动公司治理完善提供了新思路.     

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.     

大股东自利动机下的资本投资与配置效率研究

本文将终极控制人和直接控制人两类大股东的利益动机纳入统一的分析框架,实证考察了大股东自利动机下的资本投资选择与配置效率。研究发现:(1)终极控制人的现金流权比例越低,越有动机增加资本在固定资产、无形资产和长期股权上的自利性投入,导致总体投资规模扩张;(2)地方企业集团投资扩张受终极控制人自利动机的影响最强,央企投资所受影响最弱,民营企业居中;(3)随着控制层级的增加,终极控制人决策权的履行成本增大,企业资本配置行为因直接控制人持股比例高低而表现出"利益攫取"与"利益协同"两种效应;(4)在较高持股比例的收益分配激励下,直接控制人将减少自利性资本投入,抑制过度投资,提高资本配置效率。     

经济人假设与加强政府人管理

“经济人”假设被运用到政治市场领域为我们分析政府行为提供一个基础性视角，本文在分析政府人经济理性行为基础上，提出一系列控制政府人扩张自利性行为的管理主张。     

Pension Fund Trustees:: Role and Contribution

Although Boards of Trustees have statutory authority over pension fund investment, how these boards exercise their responsibility is considered to vary unduly. Recently, pension fund trustees have been under pressure from government, sponsors and beneficiaries. The question being asked is, ‘What is the trustee’s role and contribution?’. In response, a UK-based study conducted at Cranfield School of Management explores, from the trustees’ perspective, the nature of their role and contribution.The results of the study highlight that in addition to pension fund trustees being mindful of their fiduciary duties, under trust law, by acting at all times in their beneficiaries’ best financial interests, they also make a valuable contribution to seven key areas of activity considered as critical to pension fund management. It is concluded that trustees are well capable of positionally responding to the challenges they face within the financial markets environment and utilize external resources, such as financial services consultants, effectively.     

Leadership development:: A review in context

Interest in leadership development is strong, especially among practitioners. Nonetheless, there is conceptual confusion regarding distinctions between leader and leadership development, as well as disconnection between the practice of leadership development and its scientific foundation. The present review examines the field of leadership development through three contextual lenses: (1) understanding the difference between leader development and leadership development (conceptual context); (2) reviewing how state-of-the-art development is being conducted in the context of ongoing organizational work (practice context); and (3) summarizing previous research that has implications for leadership development (research context). The overall purpose is to bridge the practice and science of leadership development by showing the importance of building both human and social capital in organizations. Specific practices that are reviewed include 360-degree feedback and executive coaching, mentoring and networking, and job assignments and action learning. Practices and research are framed in terms of a general need to link leader development, which is primarily based on enhancing human capital, with leadership development that emphasizes the creation of social capital in organizations.     

Hawthorne:

The Relay Assembly Test Room study in the famous research that produced the Hawthorne effect can be regarded as an early OBM experiment. As was shown in reexamination and analysis more than four decades later, it involved both monetary reinforcement and discriminative feedback and had numerous points in common with contemporary OBM investigations. From that restudy have been derived some lessons for productivity that are pertinent today, involving conditions of work, information feedback, money incentivation, removal of disincentives, job enlargement, job satisfaction, job attendance, automation and potentiation, and long-term investment. The Hawthorne research left a richer legacy than has been generally realized.     

Occupational Safety:

After a feedback condition, assigned (foreman-selected) and participative (worker-selected) goal-setting were examined to determine how they might augment the safety performance of 150 workers in 17 rooms of a paper mill. A statistical comparison of performance under assigned goal-setting, with that under baseline conditions of feedback-alone demonstrated a significant increase in the percentage of nonhazardous conditions but not of safe practices. Goal-setting by workers did not produce significant increases for either practices or conditions, and rates of injuries remained at the same reduced level as during feedback-alone. A visual analysis of a graphic plot of repeated performance measures suggested that trends established during feedback alone could account, in part, for the improvements. Possibly ceiling effects and the stated opinions of workers about various attributes of goal-setting may have been related to the outcomes.     

The Retirement Syndrome:: The Psychology of Letting Go

This article analyzes a problem that can be described as the retirement syndrome. In exploring the difficulties many leaders face in letting go at the end of a full career, it reviews a number of the barriers to exit: financial, social, and psychological. It looks at the physical and psychological effects of aging, in the context of retirement; examines the experience of nothingness that single-minded careerists often feel after retirement; describes the talion principle, a subliminal fear of reprisals; and discusses the ‘edifice complex,’ the wish to leave behind a legacy. The article concludes with suggestions as to how individuals and organizations can develop more effective and humane disengagement strategies.     

Endorsing Comments: Public Organization Review: An Appreciation

Public Organization Review -