政治治理、管理层权力与国有企业过度投资

党组织参与公司治理是我国国有上市公司治理的重要特征。本文以2011-2016年国有上市公司为样本,研究了政治治理、高管权力与过度投资的关系。结果表明,管理层权力与过度投资显著正相关,政治治理对管理层权力起抑制效应,减小了管理层权力较大企业过度投资的可能性。党委书记或党委副书记兼任董事、党委书记或党委副书记兼任高管分别对管理层权力与过度投资的正向关系产生抑制效应,而党委书记任董事长与党委书记任总经理的政治治理模式则分别与管理层权力与过度投资的正向关系产生协同效应。分组检验结果表明,地方国有企业中管理层权力与过度投资的正向相关关系较之中央国有企业更为显著,政治治理的对于管理层权力与过度投资关系的抑制作用在中央国有企业中比在地方国有企业中更为显著;在2015年新文件发布之后,管理层权力与过度投资的正向相关关系不再显著,政治治理对管理层权力的抑制效应较新文件发布前更为显著,降低了管理层权力较高的企业过度投资的可能性。     

产权结构、公司治理、社会保障与国企改革——基于Cournot竞争的系统分析

国企改革是我国经济体制改革的核心环节,引起了学界的高度关注,但现有研究基本是着眼于其某个特定侧面,忽略了国企改革系统工程的本质特征。考虑到我国经济转轨时期的特点,本文应用Cournot模型构建了关于国企改革的系统分析框架,使其涵盖了产权结构、公司治理和社会保障等重要影响因素,进而讨论了各种产权形式、公司治理状况及其社会保障建设程度与与混合产权国企的产出、收益、利润以及社会福利之间的关系,并获得了一些有益的结论,最后将其与已有研究成果进行了比对,凸显了这种系统研究的优势。     

经理交替模型与我国国有企业治理模式分析

我国国有企业的产权特征和管理特征与日、德两国的公司有类似的地方,国有企业拥有实现“共同治理”的产权和管理基础。文章借助“经理交替模型”,证明在共同治理模式下,我国国有企业治理特征有可能有效地限制经理人员的寻租行为,但由于存在“新老三会”两套权力系统的冲突问题,使得企业内存在“强势经理”,其寻租行为会导致企业治理问题的恶化。     

Applying the ‘comply-or-explain’ principle: discursive legitimacy tactics with regard to codes of corporate governance

The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible “one size fits all” approach, it has since been incorporated into code regimes around the world. Companies can either comply with code provisions or may explain why they do not comply, i.e., why they deviate from a code provision. Despite its wide application very little is known about the ways in which comply-or-explain is used. In addressing this we employ legitimacy theory by which explanations for deviating can be understood as means of legitimizing the company’s actions. We analyzed the compliance statements and reports of 257 listed companies in the UK and Germany, producing some 715 records of deviation. From this we generated an empirically derived taxonomy of the explanations. In a second order analysis we examine the underlying logic and identify various legitimacy tactics. We discuss the consequences of these legitimacy tactics for code regimes and the implications for policy makers.     

政府治理、产权偏好与资本投资

本文从投资机会和融资约束视角分析了地方政府治理水平影响企业投资行为的机制,认为地方政府通过提供高质量的公共治理水平,帮助企业获得更多的投资机会和融资渠道,扩大企业投资规模,提高投资效率。以我国2005-2007年间上市公司为研究样本,本文实证检验的结果表明,较高的地方政府治理水平会提高公司的资本投资规模;政府治理影响企业资本投资与投资机会的敏感度在民营企业中更为显著,政府治理对国有企业资本投资的影响随着实际控制人的行政级别提高而降低。进一步研究发现,政府治理能够降低企业的融资约束,提高企业投资效率。     

Nicht alles ist „systemisch“

This article is a reply to an essay titled “Systemic—what else!”, recently published by Claus Nowak. Despite of great sympathy with Nowak’s passionate plea for an appreciative use of classical approaches to counseling and consulting—especially approaches of the humanistic psychological tradition—our analysis shows that the terms “systemic” and “systems theory” open up our understanding for new phenomena. Therefore, an adequate usage of the term “systemic” and a proper utilization of “systems theory” and its principles are not superfluous.     

Do ‘soft law’ board gender quotas work? Evidence from a natural experiment

In a new era of “open governance”, in which societal and corporate change is taking place, 15 predominantly European countries, including Spain, enacted board gender quotas to increase the share of women on boards. In this paper, we explore the effectiveness of the European Union’s first “soft” quota – the 2007 Spanish Gender Equality Act recommending all large public and private Spanish firms to appoint a target of 40 percent of each gender to serve as board directors by 2015. The Act provides an incentive in that quota compliant firms may receive a preference for the tendering of public contracts. We draw on institutional and resource dependency theories to motivate the first empirical test of a “soft” quota which is distinct from Norway’s “hard law” board gender quota, and more similar to the proposed EU-wide quota. Using a large novel panel of 767 Spanish firms and 2786 firm-year observations from 2005 to 2014, we exploit the Spanish Act as a natural experiment and employ a difference-in-differences model. We find that less than nine percent of targeted firms fully comply with the quota. Firms that depend on public contracts are significantly more likely to increase female representation, although quota compliant firms do not actually benefit from the Act’s potential incentive. The results highlight the Spanish government’s lack of commitment to the quota, and that the quota’s normative obligations did not trigger the adoption of gender-balanced boards.     

Social movement spillover: Barriers to board gender diversity posed by contemporary governance reform

Managerial oversight is strengthened and firms' strategic performance improved when boards are gender-diverse. Yet the rate of women's appointment to corporate boards is decelerating. This study proposes an explanation for the unexpected attenuation rooted in social movement dynamics, particularly cross-movement influences originating from the contemporary governance reform movement. Seeking to alleviate managerialist tendencies, the governance reform movement has compelled major changes to board structure, composition, and activity, as well as the broader logic surrounding corporate boards. By definition, social movements' cognitive and structural advances manifest “spillover” effects – unintentional impacts affecting the opportunity structure, and ultimately progress, of neighboring campaigns. Drawing on social movement theory, a conceptual model is outlined explicating the mechanisms by which governance reform's broad enactments have incidentally impeded board gender diversity's advance. Theoretically-grounded strategies for reversing those effects are also outlined and the study closes with a discussion of implications for research, practice, and policy.     

Corporate and managerial characteristics as drivers of social responsibility disclosure by state-owned enterprises

The public administration sector, including state owned enterprises (SOEs), has developed various types of information disclosure practice, in response to stakeholders’ demands, in parallel with developments in the private sector. This paper analyses the corporate social responsibility (CSR) information disclosed by SOEs and the influence exerted by the characteristics of the SOEs themselves (size, industry sector, degree of government ownership and number of years in operation) and by those of their managers (age, gender, CSR education profile and CSR responsibilities in the workplace). To do so, an index of CSR information disclosure was created, based on the responses made to a questionnaire in this respect. An empirical regression model was then applied to test and categorise the factors analysed. According to the results obtained, the size and sector of the SOE, together with the manager’s CSR responsibilities, are the factors that most significantly affect the online disclosure of CSR information.     

Lust an der Macht – Frauen in Organisationen

Storyline and analysis of the film “The Devil Wears Prada” provide vivid scenes to derive reflections on organisational culture in globalised companies and women in chief positions. Women come into conflict with leading the company successfully, the dependence on efficient – female – staff and the image as a woman. The article illustrates, how influences of the company’s products fashion und fashion market have a normative effect, especially on female staff members. Theories of organisational culture, careers of women and findings of gender research are shown in connection with complex strategies of women in their determination to succeed, to self-realization and the pressure to adapt oneself. This involves reflected perspectives to leave clichés of gender and to reinforce organisational and personal potentials.     

Evaluation of corporate governance systems by credit rating agencies

In periods of high market volatility, and in order to minimize their risks, some investors prefer to invest their funds in well-governed companies. This paper aims to describe the methodology used by rating agencies to assess corporate governance systems (CGS) and to compare agencies’ practices. More and more the shareholders and creditors incorporate mechanisms related to CGS in the assessment of risks. Using a sample of five rating agencies, we distill 51 governance criteria to two governance factors using principal components analysis. The first factor represents the “shareholders rights and board of directors”. The second one is related to “remuneration policy and convergence of interests for shareholders and managers”. We identify three different business models for the corporate governance rating process.     

From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues

This paper aims at contributing to corporate governance theory by developing a model of governance that takes into account a recent legal innovation: the introduction of purpose-driven legal business forms in the corporate law of several countries. Current debates in such theory oppose models that grant “primacy” (i.e., ultimate control rights) to different constituencies. The resulting uncertainty proves problematic in the face of new, urgent social and environmental stakes that are difficult to represent in traditional governance bodies. Newly adopted profit-with-purpose corporate forms' introduction of a “purpose” in corporate contracts renews these debates. We show that through the “purpose commitment” model it enables, the distribution of control rights in the governance system is decoupled from the objectives assigned to the corporation. This new approach renews the formal role of management, and corporations’ accountability to society. We explore the theoretical, practical, and political consequences of this new model.     

市场化进程、产权配置与上市公司资产剥离业绩——基于同属管辖交易视角的研究

本文以2004-2005年沪深A股上市公司资产剥离事件为研究对象,基于同属管辖交易的独特视角,从市场化进程差异、资产剥离同属管辖交易以及企业产权配置三个方面探讨对上市公司资产剥离业绩改进的影响.研究发现,市场化程度越高、地方政府干预越少,上市公司资产剥离后的业绩越好.但是,如果资产剥离交易双方同属地方政府管辖,则对上市公司的业绩具有显著的负面影响.进一步的研究发现,地方政府控制的产权生质对上市公司资产剥离后业绩改进产生负面影响,非政府控制的产权性质则有显著的正面促进作用.     

My network,my self: A social network approach to work-based identity

As the organizational landscape becomes increasingly turbulent and the gig economy grows, the conventional anchors for a work-based sense of identity – a relatively stable organization, workgroup, and occupation – are losing relevance. We argue that a “network identity,” defined as the core, distinctive, and more or less enduring character of a set of social ties (e.g., “we are high-achievers”), helps fill this growing void because individuals’ networks often reflect agency and have more or less fluid boundaries and portability. These attributes enable individuals to develop or join networks that may transcend specific contexts and adapt to change. An individual’s network identity simultaneously implicates all three levels of self – individual, relational, and collective – such that it is a potentially very powerful means for realizing his or her identity motives. Crossing the dimensions of network boundary strength and network density, we offer a 2 × 2 typology of networks and discuss their implications for members’ network identities and what kinds of individuals might prefer each network.     

非标准审计意见对上市公司投资行为的影响

文章利用沪深两市A股非金融类上市公司2007—2015年数据,检验了非标准无保留审计意见(以下简称“非标意见”)对公司投资规模和投资效率的影响。结果发现,就投资规模而言,非标意见会导致公司投资规模显著降低;就投资效率而言,非标意见可以抑制公司的过度投资行为从而提高投资效率,但其也会加剧投资不足从而降低投资效率。因此,非标意见对投资过度和投资不足的影响是不同的。进一步研究表明,非标意见对投资的影响与公司产权性质、所在地区金融环境、融资约束有关。并且,非标意见对投资的影响具有长期性;此外,不同类型的非标意见对投资的影响是有差异的。其中,无法表示意见对投资的影响最为明显。     

Korreferat zum Beitrag: Hanno Merkt,Die Rolle des Bilanzrechts in der aktuellen Corporate Governance-Diskussion

Objective of my discussion is to assess the findings of Hanno Merkt and to provide some suggestions regarding several of the discussed issues. The coactions of company law and capital market regulation as well as codices pertaining to accounting and corporate governance as mentioned by Hanno Merkt call for a differentiated approach. In particular, a distinction regarding capital market orientation of companies as well as regarding differing purposes of individual and consolidated financial statements has to be made. Also, I encourage the research community to discuss the company’s management and monitoring philosophy (“Unternehmensinteresse”) and its enforcement in more detail (again). In my opinion, financial reporting serves the purpose of accountability and therefore is—in this sense—only a part of corporate governance in the area of capital markets.     

外部治理环境、内部治理结构与合谋侵占实证分析

本文以中国A股上市公司2003-2005年期间的数据为样本,实证分析了公司内部治理结构和外部治理环境对控股股东与管理者合谋侵占公司利益的行为产生的影响。研究结果表明:控股股东的持股比例与其对上市公司的资金占用正相关,而非控股大股东的持股比例与控股大股东对上市公司的资金占用负相关;集团控股股东对上市公司的资金占用程度显著高于非集团控股股东;董事会中内部董事的比例与控股大股东的资金占用正相关;地区法治化水平和政府干预程度这两个外部治理环境因素也对控股股东的行为产生了显著影响,地区法治化水平越高,政府干预程度越低,控股股东占用上市公司的资金越少。     

Partial privatisation and the role of state owned holding companies in China

China has never agreed to full privatisation of its state-owned enterprises (SOEs). This essentially means a dual role for the government—as a shareholder of privatised SOEs and a regulatory authority of the corporate sector. This begs the question—how does the government avoid being caught in the awkward state-first condition where political-economic interest overrides the commercial interest as its exercises both the shareholder and regulatory roles? This paper argues that a positive way forward is to establish state-owned holding companies (SOHs). As shareholders representative of the government, the SOHs serve to monitor the performance of partially privatised firms and see that the state receives its fair share of return. In China, the State-Owned Assets Supervision and Administration Commission (SASAC) assumes the role of the SOH. However, the relationship between the central government and SASAC is ambiguous with evidences suggesting SASAC’s commitment to political-economic goals. To play the role more effectively, this paper argues that SASAC must function independently of the government. SASAC must demarcate the government’s role as a shareholder and a regulator with SASAC assuming the role of a shareholder representative of the government.     

股权结构的适度性与公司治理效率

股权结构与公司治理效率存在着密切的关系,在一定条件下,股权结构决定着公司治理结构,适度的股权结构又是影响公司治理效率的决定因素之一。本文从股权结构的适度性角度来考察德美日公司的治理效率,并在此基础上提出了建立有效的公司治理的股权结构适度性模型,从而对转轨时期的中国企业公司治理改革具有一定的参考价值。     

高管权力与公司治理效率——基于国有上市公司高管变更的视角

本文基于国有企业的高管变更视角分析了高管权力对公司治理效率的影响.以2004 -2008年的国有上市公司为研究样本,实证发现:(1)总体上高管变更与公司业绩呈负相关,而高管权力的增强会降低其因业绩低劣而被强制性更换的可能性,表明国企高管的权力在高管变更决策中发挥了显著的职位堑壕效应;(2)发生了高管变更的公司其未来业绩有明显的提高,但这一促进效应仅在权力较小的高管被变更后出现,而权力较大的高管被变更后公司业绩并没有得到改进;(3)进一步的研究显示,政府控制层级的提升和制度环境的改善能够抑制国企高管的权力寻租行为.本文的研究结果有助于我们理解国有企业高管权力的经济后果,并为当前有关国企公司治理和高管选聘体制改革的政策导向提供了经验启示.