公司治理中股权结构与代理成本之相关研究——来自我国上市公司数据的实证

本文以中国上市公司为样本，运用典型相关分析方法对股权结构与代理成本指标之间的关系进行了理论与实证分析。实证研究表明，从股权结构角度考虑，国有股比例与股权集中度是影响代理成本的主要因素。     

基于财务—技术双视角的企业“效率悖论”研究——以港口上市公司为例

针对企业财务效率与技术效率不一致的"效率悖论"现象,运用熵值法和SE-DEA方法 ,对12家港口上市公司2008~2012年间的财务与技术效率水平进行比较,分析产生"效率悖论"的主要动因,最后为企业运营效率的提升提供合理化建议。     

大股东控制下的关联投资:“效率促进”抑或“转移资源”

在我国资本市场上,上市公司与其控股股东之间的关联投资是一种常见的投资现象,也是一种重要的关联交易形式。本文从"效率促进"和"转移资源"的视角对我国大股东控制下的上市公司关联投资进行分析。以2002￣2004年的样本数据为依据,研究结果表明:上市公司的关联投资与企业绩效呈现负相关关系,关联投资并未增加企业价值,而是成为控股股东转移上市公司资源的一种渠道。进一步,当上市公司前一年发实施了IPO或SEO,EBIT较高时,关联投资与企业绩效呈现负相关关系;而当上市公司ROE为负或3年平均ROE在6%￣8%之间时,关联投资与企业绩效显著正相关,说明控股股东会根据上市公司可供转移的资源多寡,通过关联投资将资源转出或转入上市公司,以实现控制权私利的最大化。     

股权集中、股权制衡与上市公司的技术效率

上市公司以“一股独大”、“股权分置”、“同股不同权”等为特征的股权结构向来被认为是造成目前中国上市公司以及证券市场众多弊疾的根本原因,并成为目前股权分置改革的理论依据。但我们认为,在股权结构选择的问题上,应该以股权结构能否促进上市公司效率水平的提高为标准,毕竟作为国民经济中极其重要的部分,上市公司的效率直接影响着宏观经济效率的高低。本文从股权集中和股权制衡两个方面,对我国上市公司股权结构与技术效率的关系进行了实证分析。结果表明:股权集中度以及控股股东的持股比例与上市公司技术效率以及技术效率水平的提高显著正相关;股权制衡度与上市公司技术效率显著负相关,而与技术效率水平提高的相关性却并不显著。这说明,在现行的制度安排下,较高的股权集中度和较高的持股比例会激发控股股东的“支持行为”,其“掏空行为”并不严重,而大股东之间的制衡则往往成为企业效率提高的障碍。     

化工类上市公司环保投资效率评价研究

本文运用包络分析法,通过运用BBC模型以2011-2013年我国化工类上市公司为研究对象,计算了我国化工类上市公司环境保护投资的综合效率、纯技术效率、规模效率,进而分析了化工类上市公司环境保护投资效率偏低的原因,提出了提高我国化工类上市公司环保效率的相关对策。     

深沪上市公司违规次数与公司绩效的实证分析

本文以深交所和上交所网站公布的2001-2007年上市公司诚信档案中违规上市公司为研究对象,运用描述性统计分析方法对上市公司违规次数与公司绩效之间的关系进行了实证分析．并与同行业平均绩效水平进行对比。发现违规次数较多的上市公司绩效明显低于同行业平均水平。上市公司违规次数与其公司绩效之间存在着明显的正向相关关系,从而得出“盈利能力差的公司更易违规”的结论。     

上市公司增发与控股股东掏空和支持行为关系的实证研究

以上市公司作为行为主体的股票增发和以控股股东作为行为主体的掏空与支持行为之间是否存在相关关系,是一个值得关注的话题。本文选取2004-2008年间中国民营上市公司作为研究样本,对增发前后上市公司业绩变化、控股股东掏空与支持行为变化以及上市公司业绩变化与控股股东行为变化之间的关系进行分析。研究发现,控股股东的支持与掏空行为和上市公司实施增发行为之间存在着紧密联系,控股股东会倾向于在增发之前运用支持手段促进上市公司增发得以顺利实施,而在增发成功之后倾向于实施掏空行为,并且控股股东的这种支持与掏空行为对上市公司业绩有着显著影响。本文的研究丰富了控股股东掏空和支持行为与上市公司业绩之间关系的文献,并从上市公司增发的角度对掏空与支持行为并存的现象给出了解释。     

董事会非正式层级的绩效效应及其影响机制研究

董事会非正式层级是影响董事会治理效率和公司绩效的关键因素.以2010年至2012年沪、深A股1 226家上市公司为研究对象,运用STATA 13.0软件和分组回归分析方法,系统分析董事会非正式层级强度与公司绩效间的关系及其影响机制,分别考察不同最高层级董事身份和控股股东性质对董事会非正式层级强度与公司绩效关系的影响.研究结果表明,董事会内部非正式层级强度与公司绩效之间存在显著的正相关关系,这种正相关关系只有在董事会最高层级董事不兼任总经理职务条件下才成立;业绩压力和股权集中度对董事会非正式层级强度与公司绩效间的关系具有显著的正向调节效应;相对于民营控股上市公司,国有控股上市公司董事会非正式层级强度对绩效的正向效应更强,主要体现在地方政府控股上市公司中,业绩压力对董事会非正式层级强度与绩效间的正向调节效应在国有控股上市公司中不显著.研究结果证实董事会内部非正式层级的实践价值,印证了两职分离和董事会团队互补的积极效应,为优化董事会治理等提供理论支持.     

我国上市公司董事会效率与公司绩效的实证研究

董事会效率是指董事会各项职能发挥的效果,包括董事会的制度建设、董事会的结构设置、董事会战略决策能力以及对管理层经营行为的监控效率。本文从影响董事会效率的因素出发,以我国上市公司2000-2003年样本公司为统计数据,对董事会效率进行了实证研究。首先,通过董事会效率的各因素与公司绩效之间的多元回归分析,建立了董事会效率的测评模型,借助该模型可对我国上市公司的董事会效率实施测评。利用董事会效率测评结果,对我国上市公司的董事会效率与公司绩效的关联关系进行实证研究。研究结果显示,董事会效率与公司绩效之间存在正相关关系,公司绩效会随着董事会效率的增强而提高。同时结果表明,目前我国上市公司董事会效率普遍偏低。因而,提高我国上市公司董事会效率需要设置合理的董事会规模、保持适当的独立董事比例、提高董事会决策效率、增大董事持股比例以及提升董事会对管理层的监控效率。     

不同增长机会下融资决策与公司价值关系的实证研究

本文主要研究我国上市公司在不同增长机会条件下融资决策与公司价值之间的关系.文中选取1999年至2001年间,在深圳、上海证券交易所上市的生物制药行业公司股票为研究对象,依照一定的筛选标准选取了113个有效观测样本,运用描述性统计方法和多元回归分析方法加以分析.结果发现,在缺乏增长机会时,资产负债率与公司价值呈显著正相关关系;在拥有较多增长机会时,增加负债总额对公司价值有负面影响.     

Introduction to Special Section on Sensitivity Analysis and Summary of NCSU/USDA Workshop on Sensitivity Analysis

This guest editorial is a summary of the NCSU/USDA Workshop on Sensitivity Analysis held June 11–12, 2001 at North Carolina State University and sponsored by the U.S. Department of Agriculture's Office of Risk Assessment and Cost Benefit Analysis. The objective of the workshop was to learn across disciplines in identifying, evaluating, and recommending sensitivity analysis methods and practices for application to food‐safety process risk models. The workshop included presentations regarding the Hazard Assessment and Critical Control Points (HACCP) framework used in food‐safety risk assessment, a survey of sensitivity analysis methods, invited white papers on sensitivity analysis, and invited case studies regarding risk assessment of microbial pathogens in food. Based on the sharing of interdisciplinary information represented by the presentations, the workshop participants, divided into breakout sessions, responded to three trigger questions: What are the key criteria for sensitivity analysis methods applied to food‐safety risk assessment? What sensitivity analysis methods are most promising for application to food safety and risk assessment? and What are the key needs for implementation and demonstration of such methods? The workshop produced agreement regarding key criteria for sensitivity analysis methods and the need to use two or more methods to try to obtain robust insights. Recommendations were made regarding a guideline document to assist practitioners in selecting, applying, interpreting, and reporting the results of sensitivity analysis.     

Distinguishing traumatic, vicarious and routine operational stressor exposure and attendant adverse consequences in a sample of police officers

Problems in studying occupational stress within the police service are identified and the paucity of work on operational duties as potential stressors are discussed. The present study reports the results of a factor analysis of operational stressors (N = 601 serving British police officers) that revealed three factors: exposure to death and disaster; violence and injury; sexual crime. These were demonstrated to be reliable scales and were included in logistic regression models together with a range of demographic and psychological variables. Models were applied to men and women separately, which showed there to be different predictors of the likelihood of suffering distress (measured by the General Health Questionnaire, GHQ) in terms of the officer's gender and operational role. Overall the model for women officers was better at predicting psychological distress than that for men. These findings are related to aspects of the police occupational culture. Further discussion is offered that conceptualizes police operational stressors as traumatic, routine and vicarious. Finally, some implications are drawn for the provision of stress intervention in the light of this differentiation.     

Criteria for selecting a production control philosophy

Logistic objectives constitute a compromise between having short leadtimes and a low volume of work in progress on the one hand and a high resource loading and due date obligation on the other. Miscellaneous production planning approaches offered today provide different combinations of logistic objectives for satisfying a manufacturing strategy. To combine the strength of the various approaches into a unified system, a new approach based on a dynamic and distributed production planning methodology is proposed. To customize the approach, various analyses and specifications have to be made and for that reason some important characteristics and criteria for analysing production control philosophies will be given.     

The social construction of the meaning of acute stressors: a qualitative study of the personal accounts of police officers using a stress counselling service

The police profession is one in which acute stressors are encountered more frequently than in other occupations. Using the personal accounts of 35 police officers attending an in-house stress counselling clinic, the aim of the present study was to provide a qualitative examination of how the institutional context of policing influenced the ways in which acute stressors signified to individual police officers experiencing felt distress. Using the framework of Rational Emotive Behaviour Therapy as an analytical tool, it is argued that beliefs contributing to the experience of felt distress are related to the way in which policing as both an identity and an activity is constructed through the police organizational culture. Not only do these constructions influence the ways in which officers perceive themselves and their environments, but they also operate at the collective level to 'normalize' some emotional responses and to 'pathologize' others which, it is argued, could impact upon the outcomes of interventions such as stress counselling.     

The moderating role of social support in Karasek's job strain model

This paper examines whether social support is a boundary-determining criterion in the job strain model of Karasek (1979). The particular focus is the extent to which different sources of social support, work overload and task control influence job satisfaction, depersonalization and supervisor assessments of work performance. Hypotheses are tested using prospective survey data from 80 clerical staff in a university setting. Results revealed 3-way interactions among levels of support (supervisor, co-worker, non-work), perceived task control and work overload on levels of work performance and employee adjustment (self-report). After controlling for levels of negative affect in all analyses, there was evidence that high levels of supervisor support mitigated against the negative effects of high strain jobs on levels of job satisfaction and reduced reported levels of depersonalization. Moreover, high levels of non-work support and co-worker support also mitigated against the negative effects of high strain jobs on levels of work performance. The results are discussed in terms of the importance of social support networks both at, and beyond, the work context.     

Job insecurity, coping resources and personality dispositions in occupational strain

This paper presents research on the relationships between the work-related stressor of perceived job insecurity and various indicators of occupational strain, taking into account employees' personality dispositions (trait negative and positive affectivity) and coping resources. Respondents were 222 Australian public servants surveyed during organizational restructuring that involved downsizing and threat to job certainty. The research was formulated within an adaptation of Osipow, Doty, and Spokane's (1985) framework of stress-strain-coping that included the possible direct as well as moderating effects of personality dispositions in reporting occupational strain (Parkes, 1990). Findings from hierarchical regression analyses indicate consistent significant independent effects of personality dispositions, coping resources and perceived job insecurity on various indicators of strain. There was also support for the moderating roles of negative affectivity and self-care in the relation between perceived job insecurity and physical strain. Implications for the role of dispositional factors, especially negative affectivity, and the utility of various coping resources in accounting for occupational strain in times of threatened job security are discussed.     

Job stress, job strain, and psychological withdrawal among Dutch university staff: towards a dualprocess model for the effects of occupational stress

This study examined the antecedents of job strain (emotional exhaustion, health complaints) and withdrawal behaviour (e.g. lowered organizational commitment) among a cross-sectional sample of 131 academic staff members of the law department of a large Dutch university. Conservation of resources theory (Hobfoll, 1989) provided the theoretical background for this study. Strains and withdrawal behaviours were expected to be most prominent among those who reported having few resources and/or who reported high job demands. Structural equation modelling revealed that this was indeed the case. As predicted, differential patterns of effects emerged for job demands and job resources. Analysis of the effects of four job-specific stressors revealed that especially the structural aspects of a staff member's teaching task (e.g. the number of students in their classes) contributed strongly to perceived job demands. Theoretical and practical implications of the study are discussed.     

Employees' perceptions of organizational restructuring: the role of social support

Organizational change and restructuring is often perceived as leading to increased occupational stress, impacting negatively on the psychological well-being of employees. This pragmatic study investigates the role of social support and dispositional affect as moderators of role stress post-restructuring for employees in a public utility company. A total of 176 employees, including 37 managers, 60 graded staff and 78 industrial staff completed a self-report questionnaire, approximately 1 year postrestructuring, retrospectively assessing role conflict, ambiguity, overload and positive and negative feedback pre- and post-restructuring. Results suggested that overall role stress increased for managers/ senior officers and graded staff, but not for industrial staff. Social support was linked with lower role stress, more positive feedback and less negative feedback at post-restructuring. For certain role stressors this impact was moderated by dispositional affect, but the effect was not consistent across occupational groups. Positive affect enhanced the effect of manager support in reducing role conflict for graded staff, and the effect of co-worker support in increasing positive feedback and reducing negative feedback for industrial staff. Findings suggest that managers should pay particular attention to support and feedback for employees during periods of chronic occupational stress following organizational restructuring.     

The Danish psychosocial work environment and symptoms of stress: the main, mediating and moderating role of sense of coherence

The aim of this cross-sectional study was to explore the main, mediating and moderating role of sense of coherence (SOC) on stress symptoms and on the association between perceived psychosocial work environment and stress symptoms. The sample includes 2053 Danish employees from 52 workplaces. Hierarchical regression models were applied for each measure of stress. The results strongly supported the presence of a main effect for SOC. People with high levels of SOC experienced fewer stress symptoms. A mediating effect of SOC was also supported. Thus, SOC in part explained the association between work environment and stress symptoms. In addition, some support for a moderating effect of SOC was found, suggesting that people with higher SOC coped more efficiently with work environmental strain that people with lower SOC. Taken together the regression models explained 11-32% of the variance in stress symptoms. The results suggest that measures of individual factors such as SOC should be included in analyses of the effects of work environmental factors on stress and well-being.     

Control at work: a generalized resource factor for the prevention of musculoskeletal symptoms?

During the last two decades two potent groups of predictors for work-related musculoskeletal problems have been identified: physical work load and poor psychosocial working conditions. However, little is known about their combined effects. In this study the buffering effect of control at work with respect to the negative effects of psychological demands and physical work load on musculoskeletal problems is examined. All study variables were sampled from 431 people working in geriatric nursing homes in Germany by means of questionnaires. Main effects and interactions were tested with multiple regression analysis. The results showed that control buffered the effects of high psychological demands, but not of high physical work load; the buffering effect of control was observed only when physical work load was low. The combined effects of demands and physical work load were over-additive. Thus, the power of different predictors for musculoskeletal symptoms depended on the level of other predictors. This suggests that the efficiency of certain strategies for the prevention of musculoskeletal problems is likely to depend on the level of risk factors, with different strategies being appropriate for different levels of risk.