事务所和客户的策略选择及监管变动效应分析

本文以2018年1月起执行《中国注册会计师审计准则第1504号》关键审计事项的严重程度和处理为例,运用博弈模型分析了事务所和客户的策略选择和监管政策变动的效应。研究发现,事务所和客户的策略选择存在显著差异,监管政策的逐步强化对双方策略和行为的影响差异明显:它可能促使事务所更加谨慎,而对客户影响有限。因此监管政策变动的方向性和多样性是必要的、可行的。     

灾难风险、习惯形成和含高阶矩的资产定价模型

从战略领导理论和竞争基础观出发,探讨交易型领导、竞争强度和技术创新三者的交互作用对企业绩效的影响。以182家中国高新技术企业数据为样本,用实证研究方法构建概念模型,通过分层回归分析和交互图的方法验证相关假设。研究结果表明,交易型领导下,企业倾向于选择产品创新而非过程创新。高竞争强度下,实施产品创新的企业比实施过程创新的企业拥有更高的绩效。交易型领导在竞争强度低时对绩效提升发挥较大的作用,而随着竞争强度增强则显示出对环境的不适应性。交易型领导、竞争强度和产品创新3项的交互作用负向影响企业绩效, 即在竞争程度较低时,交易型领导较强且产品创新程度较高的企业拥有较好的绩效表现,交易型领导对绩效的贡献程度比产品创新高;而在竞争强度较强时,产品创新程度较高的企业拥有较高的绩效表现,交易型领导对绩效的贡献程度不明显。该研究有助于企业在不同的竞争强度下完成领导风格和创新模式的转变,使企业在管理实践中改善绩效。     

管理层激励、过度投资与企业价值

本文以2005-2010年的沪深A股上市公司为样本,研究过度投资可能引发的后果,并研究管理层激励不足对过度投资后果的影响.实证结果发现,一方面,过度投资能为管理层带来更高的未来货币薪酬,在管理层激励水平较低时,管理层更可能通过过度投资为自己带来未来货币薪酬的增加;另一方面,过度投资减损了企业价值,过度投资企业的未来经营业绩更低,未来财务风险更大,在管理层激励水平较低时,价值减损更为显著.     

高管团队特质、战略变革与企业价值关系的理论研究

全面系统地分析了高管团队特质影响战略变革与企业价值关系的理论基础和内在机制,其中理论基础包括高阶理论、代理理论和综合理论;内在机制包括高管团队构成、进程、结构、运作过程及团队成员与任务的融合程度.研究表明,不同的高管团队特质会对企业战略变革及其价值效果形成多种内在作用机制.同时,综合理论既能够考虑高管团队的认知基础和价值观,也兼顾了高管团队在企业治理结构中的位置差异,是理解高管团队特质对战略变革及其企业价值效果作用机制和关系模式的一种理想选择.     

投资者关系管理、公司治理与企业业绩

本文将上市公司投资者关系管理因素引入法与金融学理论模型分析得出,由于投资者关系管理起到了提高投资者知情权的作用,有助于对投资者权益的保障,故应促进公司治理水平与业绩提高.然而,实证检验结果发现,上市公司投资者关系对公司市场价值产生了显著的正向影响,但对公司治理水平、会计业绩均无显著影响.本文认为以下两个因素造成了理论与实证结果的差异:第一,我国上市公司从事投资者关系的主要目的在于融资,对流通股股东利益并不太关心.第二,由于我国资本市场股权结构的特殊性、法律机制的缺陷,造成了流通股股东"以脚投票"的决策无法有效地影响上市公司"以手投票"的机制.故要发挥投资者关系的作用,唯有协调控股股东与中小股东利益,引入"辩方举证"、"集体诉讼"等机制切实保障中小投资者权益.     

基于企业并购的整合管理研究

本文对企业并购中的整合管理进行了深入的探讨,对整合模式、如何对整合本身进行项目管理、整合内容与整合的方法等问题阐述了作者的观点。     

领导权变更、创业导向及自主创新间关系的实证研究

基于制度理论,考察了领导权变更对企业创业导向的影响,以及创业导向与环境不确定对企业自主创新的影响。通过对195家企业的问卷调查,验证了提出的假设。结果发现:领导权变更与企业的创业导向存在倒"U"型关系;需求不确定削弱创业导向对自主创新的促进作用,而技术不确定加强创业导向对自主创新的促进作用。     

政府失业治理、劳动力成本与企业盈余管理

劳动力成本上升带来的失业增加和企业盈利下降是中国当前经济转型和结构调整中亟待解决的重大现实问题,也为盈余管理研究提供了新的视角。考察劳动力成本上升对企业盈余管理行为的影响,并结合中国政府失业治理的制度背景分析其影响机理,可以拓展关于劳动力成本上升经济后果的研究,还可为研究盈余管理的新动机和新特征提供新兴市场国家的经验证据。利用2003年至2013年中国A股上市公司样本,以职工平均工资作为劳动力成本的衡量指标,利用修正的Jones模型对盈余管理水平进行估计,并分别采用普通最小二乘法、面板固定效应回归和两阶段最小二乘回归检验劳动力成本上升对企业盈余管理行为的影响。同时,采用一系列稳健性检验以保证研究结论的可靠性。为了刻画劳动力成本上升背景下政府失业治理与企业财务政策选择交互作用的完整过程逻辑,对因果关系的机制进行系统的探索。研究结果表明,劳动力成本上升时,企业更倾向选择负向盈余管理隐瞒利润或报告亏损,这种影响在国有企业、劳动密集型企业、高失业率地区的企业中更为显著。进一步研究发现,劳动力成本上升导致就业减少和失业增加,在政府承担失业治理任务的背景下,企业通过负向盈余管理可以获得更多政府就业补贴、税收优惠或减少政府转移的就业负担,这在一定程度上弱化了政府失业治理的政策效应。研究结果对于改革政府失业治理模式、规范企业盈余管理行为、完善政府补贴政策、提高政府公共资源配置效率具有重要意义。建议改革行政干预导向下的政府失业治理模式,改变政府就业补助资金的投向和分配方式,优化政府补贴和税收优惠政策,充分发挥市场机制在公共资源配置中的决定性作用,从而缓解地方政府行为对于企业财务会计政策的扭曲。     

Banks’ Risk Endogenous to Strategic Management Choices

Use of variability of profits and other accounting‐based ratios in order to estimate a firm's risk of insolvency is a well‐established concept in management and economics. We argue that these measures fail to approximate the true level of risk accurately because managers consider other strategic choices and goals when making risky decisions. Instead, we propose an econometric model that incorporates current and past strategic choices to estimate risk from the profit function. Specifically, we extend the well‐established multiplicative error model to allow for the endogeneity of the uncertainty component. We demonstrate the power of the model using a large sample of US banks and show that our estimates predict the accelerated bank risk that led to the subprime crisis in 2007. Our measure of risk also predicts the probability of bank default both in the period of the default but also well in advance of this default and before conventional measures of bank risk.     

投资型人力资源管理系统与企业绩效的关系研究

本文根据对中国116家企业的人力资源实践状况的调查结果,分析了人力资源管理实践与企业绩效之间的关系.本文通过因素分析.揭示了投资型人力资源管理系统的内容结构,同时基于人力资源实践的组合,划分了高低水平人力资源实践组别并对其进行了比较.接着本文进行了相关分析和回归分析,分析投资型人力资源管理系统、人力资源战略整合与企业绩效之间的关系.研究发现,企业绩效不仅与部分人力资本投资活动存在积极的联系.而且与人力资源管理系统和企业战略的整合程度有关.论文的研究结果增加了我们在高绩效工作系统方面的知识.为当前我国企业的人力资源管理实践提供了重要的启发.     

The Bias of Structures: How Multidivisional Organizations Work in the Public Sector

This paper discusses the unexploited possibilities that organization theory offers for explaining the policy output of public-sector organizations. Although political scientists frequently argue that organization matters, exactly how it matters remains unresolved. To investigate this issue, the concept of the multidivisional organization (M-form) is applied to the public sector. Three dimensions of the M-form are identified for closer inspection: 1) the structure-strategy relationship, 2) the managerial or leadership dimension, and 3) the external-relations dimension. Several empirical examples are used to demonstrate that the M-form exerts an independent impact on policy output. While the M-form allows a single organization to perform multiple functions, it also works against crosscutting policies and is inclined toward clientelism and capture. The use of the M-form concept is beneficial for political science analyses in that it requires paying greater attention to the “internal life” of governmental and public-sector organizations.     

Conflicting Subcultures in Mergers and Acquisitions: a Longitudinal Study of Integrating a Radical Internet Firm into a Bureaucratic Telecoms Firm

Media and telecommunications companies face the problem of how to integrate diametrically opposite radical internet firms after acquisition. Extant mergers and acquisitions (M&A) studies report that differences in the organizational culture are important in the cultural integration process. Frequently, M&A research assumes organizational cultures to be homogeneous and unified, but a large body of organizational literature suggests that organizations should be understood as heterogeneous living worlds in which employees construct their own subcultures. The paper focuses on the question of how such subcultures affect the long‐term cultural integration of merged firms. A 12‐year longitudinal field study in the Netherlands examined the integration of iPioneer into Telcom. The findings of the study show how three subcultures in iPioneer influenced the cultural integration process. The paper makes a contribution to the academic debate on cultural integration in domestic M&A by acknowledging that the numerous coexisting subcultures influence cultural integration in the complex process of post‐acquisition integration.     

企业集群成本协同管理效应研究

本文旨在突破交易成本理论的约束,应用企业网络理论并结合企业集群协同创造价值的特点,来揭示企业集群上下游的成本协同管理需要考虑的问题.依据所揭示的问题和已有的研究成果,我们提出了集群成本协同管理的协同效应假设,应用问卷调查收集数据和统计分析方法证实了所提出的假设,得到如下的结论:在企业集群中,成本协同管理的认同度和上游企业的配合程度越高,核心企业的作用越大,集群成本协同管理效应就越大;同时,研究也支持了企业网络理论的协同管理机制可保障增加协同效应.本文对成本管理理论的主要贡献是提出和证实了集群协同成本管理的协同效应假说,同时也为企业管理者如何利用集群的协同管理来创造企业价值提供了理论依据.     

跨国公司海外子公司管理层人员选择的影响因素研究

本文首先以威廉姆森的交易三维度作为分析工具,讨论哪些因素会对跨国公司海外子公司管理层人员的选拔产生影响.海外子公司管理层人员的选择需要考虑诸多成本,如甄选和招聘成本、培训和内部化成本、控制和评价成本以及违约执行成本等等.究竟选择母公司外派还是当地人员担任海外子公司经理,决定于哪种方式的总成本更低.并通过实证分析对理论假设进行了验证.7个假设中有5个得到了验证,表明实证结果和理论推导是比较吻合的.     

高层管理团队的异质性与企业绩效的实证研究

研究了我国企业所处行业的动态性对高层管理团队异质性与企业绩效关系的影响。采用我国深、沪两市356家上市公司2001~2002年的数据进行了实证分析。结果表明,在我国企业中,高层管理团队职业经验异质性、年龄异质性与行业动态性的交互作用在各自对企业绩效的影响中起了负向的调节作用,进而对这种结果进行了具体的分析和讨论,并提出了未来研究的展望。     

Corporate Management,Industry Competition and the Sustainability of Firm Abnormal Profitability

This paper models the sustainability of firmabnormal profitability and uses theeffectiveness of corporate managementcapabilities as a test to examine its impact onthe sustainability of firm abnormalprofitability. The role of industry competitionas a moderator between the effectiveness ofcorporate management capabilities and thesustainability of firm abnormal profitabilityis also examined. Consistent with theresource-based view of the firm, we found thatthe effectiveness of corporate managementcapabilities positively influence thesustainability of firm abnormal profitability.This implies that corporate managementcapabilities are important contributors to theentire bundle of firm-specific resources andcapabilities which enable some firms togenerate competitive advantages that aresustainable. The effectiveness of corporatemanagement capabilities has a larger influenceon the sustainability of firm abnormalprofitability for firms in lowly competitive ormonopolistic industries than firms in highlycompetitive industries. The findings supportthe notion that not only do firm capabilitiesyield sustainable competitive advantages andabnormal profitability, but also industrycompetition reinforces the impact of firmcapabilities in yielding sustainable abnormalprofitability.     

Change Communication in Public Sector Cutback Management

Public Organization Review - Budget cuts in public sector organizations create additional strain for employees, often contributing to uncertainty, rumors, and low morale. This study examines the...     

The Impact of Leadership and Change Management Strategy on Organizational Culture and Individual Acceptance of Change during a Merger

This article reports a longitudinal study that examined mergers between three large multi‐site public‐sector organizations. Both qualitative and quantitative methods of analysis are used to examine the effect of leadership and change management strategies on acceptance of cultural change by individuals. Findings indicate that in many cases the change that occurs as a result of a merger is imposed on the leaders themselves, and it is often the pace of change that inhibits the successful re‐engineering of the culture. In this respect, the success or otherwise of any merger hinges on individual perceptions about the manner in which the process is handled and the direction in which the culture is moved. Communication and a transparent change process are important, as this will often determine not only how a leader will be regarded, but who will be regarded as a leader. Leaders need to be competent and trained in the process of transforming organizations to ensure that individuals within the organization accept the changes prompted by a merger.     

Travel Risks in a Time of Terror: Judgments and Choices

Shortly after the 2002 terrorist attacks in Bali, readers of Conde Nast Traveler magazine were surveyed regarding their views on the risks of travel to various destinations. Their risk estimates were highest for Israel, and lowest for Canada. Estimates for the different destinations correlated positively with (1) one another, (2) concern over aspects of travel that can make one feel at risk (e.g., sticking out as an American), (3) worries about other travel problems (e.g., contracting an infectious disease), and (4) attitudes toward risk. Respondents' willingness to travel to a destination was predicted well by whether their estimate of its risk was above or below their general threshold for the acceptability of travel risks. Overall, the responses suggest orderly choices, based on highly uncertain judgments of risks. Worry played a significant role in these choices, even after controlling for cognitive considerations, thereby supporting the recently proposed "risk as feelings" hypothesis. Thus, even among people who have generally consistent and defensible beliefs, emotions may affect choices. These results emerged with people selected for their interest in and experience with the decision domain (travel), but challenged to incorporate a new concern (terror).