为什么CEO解职如此罕见? 一种基于前景理论的解释

基于前景理论和公司行为理论,本研究将商业风险、所有权集中度及CEO解职后的继任来源整合于同一框架。基于中国上市公司数据所进行的大样本实证分析表明,商业风险、CEO与董事长兼任、所有权集中度与CEO解职率正相关,所有权集中度负向调节商业风险对CEO解职关系。但针对CEO解职后不同继任来源的分析显示,这种调节作用尽管在两类CEO解职中仍然得到保持,但其它所考察变量在外部继任型解职中则有着明显不同。这些发现,进一步加深了对高所有权集中度情境下,CEO解职这一极为重要的战略决策过程的理解。     

中国上市公司的有效控制权及实证研究

本文从公司所有权和控制权分离的理论分析入手研究中国上市公司的有效控制权问题。公司控制权与公司所有权的集中度有较为密切的关系,公司控制权从最初的现象提出到后来的理论总结经历了较长时间的变化。控制度的度量方法有多种,本文使用了较为简单和直接的概率投票模型和Banzhaf指数模型计算控制权。通过对中国上市公司的有效控制权的现状分析和实证研究,获得了上市公司的有效控制权比例。     

银行贷款、商业信用融资及我国上市公司的公司治理

本文讨论了银行贷款以及商业信用融资对我国上市公司公司治理的影响.通过对1995到2000年间上市公司CEO更换的研究,我们得到两个结论:第一,在经营业绩为负的公司中,银行贷款与强制性CEO更换存在负向关系,而商业信用融资与强制性CEO更换存在正向关系;第二,在盈利能力一般的公司中,商业信用融资与强制性CEO更换仍为正向关系,但银行贷款与强制性CEO更换却不存在明显的关系.以上结果表明,商业信用融资在CEO强制性更换中起到了积极的作用,改善了上市公司的公司治理,而银行贷款却没有起到相应的作用,甚至有负面的作用.     

家族控制、职业化经营与公司治理效率——来自CEO变更的经验证据

本文以2002-2008年上市公司为研究样本,从CEO变更的视角,考察了家族控制和职业化经营特征对不同类型家族企业公司治理效率的影响.研究发现,由于家族所有权与管理层的分离以及家族控制对管理层的有效监督,相对于非家族企业和家族CEO企业,在职业经理人担任CEO的家族企业中,代理问题较低,CEO变更与公司业绩之间具有较强的敏感性,公司治理效率较高.家族职业化治理效率的实现机制主要是所有权监督和董事席位控制.进一步研究发现,在公司较差的经营业绩期间,CEO变更决策所导致的代理问题会影响公司价值.上述研究结论说明,在CEO变更的情境中,家族控制特征降低职业化经营的家族企业中的代理问题,加重家族成员担任CEO的企业中的代理问题.     

上市公司独立董事辞职行为研究--基于前景理论的分析

尽管独立董事辞职现象很普遍,但对此的相关研究不多.借助前景理论的基本原理,本文分析了上市公司独立董事的辞职行为;通过把发生独立董事辞职的公司和其它公司对比,发现独立董事辞职主要是基于自身对所任职上市公司的风险权衡.具体来说,上市公司的流动性风险、股权变更、股权集中度和重大关联事项会对独立董事辞职选择产生重大的影响.这些结果为监管机构进一步完善独立董事制度提供了参考.     

CEO权力强度、信息披露质量与公司业绩的波动性——基于深交所上市公司的实证研究

公司治理机制的效度不仅应该体现在提高公司业绩水平上,更应该体现在稳定公司业绩风险的作用上.本文选取2004-2008年深交所上市的374家上市公司为研究样本.以公司业绩的波动性分析为切入点,分析CEO权力强度、信息披露质量对公司横向和纵向业绩波动性的影响.研究发现:(1)CEO权力强度越大,公司的经营业绩越高但公司经营业绩的风险也越大,表明赋予CEO更多的决策权力是一把"双刃剑";(2)信息披露质量的提高能有效降低公司业绩的波动性,并且信息披露质量越高,越能有效降低CEO权力强度加大的经营风险;(3)通过对不同股权性质企业的分析,发现国有企业CEO的权力强度对公司业绩波动性的影响显著地高于非国有企业CEO权力强度对公司业绩波动性的影响.信息披露质量对于CEO权力强度下公司经营风险的抑制效应在国有企业表现得更为明显.     

基于公司年报披露的交易量与信息不对称研究

在资本市场中,信息的经济意义表现得最为突出,主导这个结果的关键因素是上市公司的信息披露与投资者对上市公司的估价之间存在着较大程度的关联性.定期报告作为市场中非常重要的信息来源,其披露的盈余信息应是投资者最关注的信息,以公司年报信息披露为事件,研究了交易量对于年报披露事件的反应以及超常交易量与信息不对称指标的关系.实证研究表明,与国外发达市场不同,在年报披露前,中国证券市场上的股票交易量不减反增,而且在信息不对称的情况下继续交易,投资者并没有选择延迟交易以降低风险,这说明中国股票市场上的投资者并不理性.     

我国上市公司高管报酬影响因素分析——基于民营上市公司的实证研究

本文主要研究我国上市公司高级经理人报酬水平的影响因素.本文从公司业绩、公司规模、公司所有权结构和资本结构等方面对影响薪酬契约的因素提出了假设.实证结果表明:高管货币薪酬的高低与公司业绩和公司规模有明显的正相关关系;高管持股与企业的市场价值存在显著的正相关关系.股权集中度对高管货币薪酬和持股均有显著影响.     

股权特征与会计信息透明度研究

笔者以2007～2009年深圳证券交易所A股上市公司作为研究样本,以其信息披露的考评结果作为衡量会计信息透明度的指标,分别考察了包括股权集中度、股权制衡度和股权构成的股权特征对会计信息透明度的影响,在选取控制公司财务风险和公司规模的控制变量后,发现股权特征能够对会计信息透明度产生影响。上市公司的股权集中度越高,股权制衡度越低;国家股持股比例越高,法人股持股比例越低,会计信息透明度就越高。因此可认为,上市公司的会计信息透明度依赖于内部公司治理的股权特征。     

两职分离形式的公司治理效应及其滞后性

董事长与CEO两职合分问题一直受到学术界、从业者和主管机构的关注,针对这一问题的实证研究大都基于静态视角进行分析,仅将两职合一的公司和两职分离的公司进行对比,得出各种不同结论。 基于比较静态视角,根据职位变动信息将两职分离划分为见习式、离职式和降职式分离3种类型,根据分离意愿将两职分离划分为自愿分离和非自愿分离两类,使用固定效应模型研究这些不同分离方式对公司绩效的影响,并进一步讨论这种影响的滞后性。将2008年至2013年沪、深A股上市公司纳入研究范围,最终筛选出182家进行董事长和CEO两职分离并在接下来几年内没有再次两职合一的公司作为研究样本。 研究结果表明,在中国制度背景下,自愿分离和见习式分离对公司绩效没有显著影响;尽管非自愿分离和离职式分离在分离后一年对公司绩效也没有显著影响,但两年后公司绩效显著提高;降职式分离对公司绩效的影响最为特别,在分离后一年这种影响显著为负,但是两年后则转变为显著为正。也就是说,非自愿分离、离职式分离和降职式分离对公司绩效的影响最终都是正向的,但是存在两年的滞后期。此外,还发现报告期绩效越差的公司非自愿分离、离职式分离和降职式分离对公司绩效的影响越明显。 研究中考虑中国的制度背景和国人的信念特征,对学术界、业界和主管机构具有一定的参考价值。研究结论表明,中国上市公司两职分离不能一刀切,应针对不同公司的具体情况选择不同的分离形式,同时需要尽快完善公司治理改革,缩短时滞效应。     

Comments on globalization, interdisciplinary research, myopia and parochialism, government, convergence, and culture

Globalization presents social scientists with a wide variety of issues and challenges that cut across disciplinary boundaries. Disciplinary boundaries encourage specialization and advances in understanding aspects of social behavior, but specialization also creates barriers to more comprehensive understanding of social behavior such as globalization. Successful interdisciplinary efforts entail gains from trade across disciplinary specializations. The papers in this volume help outline an agenda for interdisciplinary investigation of globalization to knock down disciplinary boundaries and encourage gains from trade that further our understanding of globalization. But much work remains before we see real fruits from such efforts.     

Complexity,simplicity, simplexity

“In the midst of order, there is chaos; but in the midst of chaos, there is order”, John Gribbin wrote in his book Deep Simplicity (p. 76). In this dialectical spirit, we discuss the generative tension between complexity and simplicity in the theory and practice of management and organization. Complexity theory suggests that the relationship between complex environments and complex organizations advanced by the well-known Ashby’s law, may be reconsidered: only simple organization provides enough space for individual agency to match environmental turbulence in the form of complex organizational responses. We suggest that complex organizing may be paradoxically facilitated by a simple infrastructure, and that the theory of organizations may be viewed as resulting from the dialectical interplay between simplicity and complexity.     

Flexibility, Hierarchy, Markets

The conclusion that organizations need to become more strategically flexible as a response to increasing environmental dynamism and uncertainty has been an important feature of recent contingency theories of organization design. In this literature organizations have been analysed from the perspective of the development of networks of organizations concentrating on their core competencies and contracting among themselves on a stable long-term basis. This model of inter-firm relationships provides an alternative mode of organizational structuring to that arising from vertical integration, which, by contrast, is seen as fostering strategic inflexibility. In the literature on corporate restructuring and changes in ownership form arising from the markets and hierarchies perspective, we see a similar emphasis on the dysfunctional consequences of large-scale bureaucratic organization. Changes in ownership form are seen as a major means of providing more effective managerial control. In this paper we argue that linking the literature on flexibility emanating from contingency theories of organizational design and the markets and hierarchies perspective provides important new insights into current and emerging forms of organization.     

Trust, confidence, procedural fairness, outcome fairness, moral conviction, and the acceptance of GM field experiments

In 2005, Swiss citizens endorsed a moratorium on gene technology, resulting in the prohibition of the commercial cultivation of genetically modified crops and the growth of genetically modified animals until 2013. However, scientific research was not affected by this moratorium, and in 2008, GMO field experiments were conducted that allowed us to examine the factors that influence their acceptance by the public. In this study, trust and confidence items were analyzed using principal component analysis. The analysis revealed the following three factors: "economy/health and environment" (value similarity based trust), "trust and honesty of industry and scientists" (value similarity based trust), and "competence" (confidence). The results of a regression analysis showed that all the three factors significantly influenced the acceptance of GM field experiments. Furthermore, risk communication scholars have suggested that fairness also plays an important role in the acceptance of environmental hazards. We, therefore, included measures for outcome fairness and procedural fairness in our model. However, the impact of fairness may be moderated by moral conviction. That is, fairness may be significant for people for whom GMO is not an important issue, but not for people for whom GMO is an important issue. The regression analysis showed that, in addition to the trust and confidence factors, moral conviction, outcome fairness, and procedural fairness were significant predictors. The results suggest that the influence of procedural fairness is even stronger for persons having high moral convictions compared with persons having low moral convictions.     

GMM,GEL, Serial Correlation,and Asymptotic Bias

For stationary time series models with serial correlation, we consider generalized method of moments (GMM) estimators that use heteroskedasticity and autocorrelation consistent (HAC) positive definite weight matrices and generalized empirical likelihood (GEL) estimators based on smoothed moment conditions. Following the analysis of Newey and Smith (2004) for independent observations, we derive second order asymptotic biases of these estimators. The inspection of bias expressions reveals that the use of smoothed GEL, in contrast to GMM, removes the bias component associated with the correlation between the moment function and its derivative, while the bias component associated with third moments depends on the employed kernel function. We also analyze the case of no serial correlation, and find that the seemingly unnecessary smoothing and HAC estimation can reduce the bias for some of the estimators.     

Bacon, Boole, the EPA, and Scientific Standards

The scientific standards of the Environmental Protection Agency (EPA) include the use of retrospective meta-analysis. This analysis entails a use of the theory of probability that is only a simulation and cannot accurately measure the confidence that should be placed in the results. The uncertainty necessary for probability is, in a retrospective study, simulated rather than real. There are three logical forms for establishing a proposition. In the logic of the syllogism, a proposition is established by deduction from assumed propositions. In the logic of the physical sciences, a proposition is established by its ability to predict the outcomes of future experiments. In the logic of the courtroom, a proposition is established by its ability to explain past events. The logic of the courtroom operates under the handicap of working with nonrepeatable events. It is more subject to the preferences of the judge than the logic of the physical sciences or that of the syllogism. Because the logic of the courtroom is less reliable than either the logic of the physical sciences or that of the syllogism, it is the logic of last resort, i.e., it is used only when the other two are not applicable. Under the EPA scientific standards, the logic of the courtroom is accepted for establishing propositions about the physical world. As the logic of the courtroom is less reliable than that of the physical sciences, this practice increases the likelihood of errors.