外戚“干政”?姻亲涉入与家族企业代理成本

由血缘与姻缘关系所缔结的家族企业一直受到诸多学者的关注，但长期以来姻亲与血亲成员被完全等同，假定他们在目标、决策行为等方面具有同质性.本研究以公司实际控制人的姻亲家族成员作为分析对象，基于社会嵌入理论提出了姻亲代理人假说.基于中国家族上市公司的数据，研究发现：公司实际控制人的姻亲方成员涉入企业将显著提高家族企业的代理成本，姻亲代理人假说得到验证；公司实际控制人的中立的父辈对家族冲突起到显著的缓解作用，有助于弱化姻亲成员涉入企业所产生的代理成本.另外，实际控制人的配偶涉入和血亲涉入会产生不同于姻亲涉入的代理成本，不同亲缘关系远近的血亲与姻亲参与治理也会带来不同程度的代理成本；女性家庭地位与公司非家族大股东的制衡将对姻亲涉入所带来的代理成本起到不同的作用.本研究进一步丰富了家族企业代理问题的研究成果，对家族企业建立完善的治理机制具有重要的借鉴意义.     

控股家族的“垂帘听政”与公司财务决策

当控股家族退居"幕后"时,非家族成员担任公司董事长使得家族声誉和公司形象分离,由此可能加剧控股股东与中小股东的利益冲突。本文以1999~2014年中国上市家族企业为样本,较为深入地研究了控股家族退居"幕后"对公司财务决策的影响。实证检验结果表明,与由实际控制人家族成员担任董事长的企业相比,非家族成员担任董事长企业的资本支出更少、创新水平更低、负债比例更高、债务期限结构更长、现金持有更多、股利支付更少。进一步地,本文发现当家族成员不担任董事长时,资金占用、关联交易等控股股东私利行为更多;管理层的薪酬—业绩敏感性、离职—业绩敏感性较低而在职消费更高,表明控股股东与公司管理层存在合谋的倾向;而且,家族成员不担任董事长的企业的业绩表现要劣于家族成员任董事长的企业。这些研究结论表明,控股家族退居"幕后"降低了家族声誉受损成本,恶化了公司的代理问题,从而扭曲了公司财务决策。本文从一个新的视角检验了家族涉入对公司财务决策的影响,为家族与非家族成员参与企业财务决策的差异提供了新的解释。     

利他主义、代理成本与家族企业成长

家族管理模式的代理成本是高还是低?这是国外家族企业代理问题研究领域争论的焦点。本文分析了利他主义对家族企业代理成本的动态影响作用,本文认为:在家族企业发展的初期,利他主义有利于降低家族管理的代理成本;在家族企业发展的后期,利他主义会增加家族管理的代理成本。在此基础上,本文对学术界关于家族企业代理成本的争论进行整合,并从代理成本的维度提出了家族企业管理模式相机选择的原则。     

家族成员组合与公司治理效率:基于家族上市公司的实证研究

家族成员内部的组合是家族治理安排的重要内容之一,不同的家族成员组合模式将对家族企业治理效率产生不同程度的影响.本文假定家族成员具有利他主义动机、趋同性与行动一致性,但也具有自利动机、目标与偏好差异性.基于此,本文将家族成员的组合模式分为核心家庭成员主导型、远亲家族成员主导型、复合家族成员主导型,并基于中国家族上市公司的数据,以家族持股成员作为分析对象,对这些家族成员组合模式的功效进行了实证检验.本文的研究结论表明:(1)不同家族成员组合内部,其冲突与代理问题是存在差异的,核心家庭成员内部的冲突与代理问题最低,这种组合能够创造最优的治理效率;远亲家族成员内部与复合家族成员内部存在显著的矛盾与代理问题,这种组合明显不利于提高公司治理效率.(2)家族成员为了其自身的家族财富最大化能够凝聚在一起,采取一致性的监督管理者或侵占其他非家族股东利益的行为.但家族成员的一致性行为主要体现在核心家族成员内部以及以核心家庭成员为主的复合家族成员组合中,而远亲家族成员很难采取一致性的决策行为.本文的研究为进一步探索家族公司治理机制的本质提供了一个新的方向.     

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.     

家族成员参与管理对IPO抑价率的影响

本文研究家族成员参与管理对公司IPO抑价率的影响。基于代理理论和信息不对称理论,本文发现,家族参与管理的企业的IPO抑价率显著低于其他民营企业,并且家族成员担任CEO的企业IPO抑价率比非家族成员担任CEO企业的抑价率更低。进一步,我们发现,当家族参与管理企业不存在现金流权和投票权分离时,IPO抑价率更低。本文认为,家族股权与家族管理的结合可靠地向市场揭示了家族参与管理企业内在价值的信息,降低了IPO市场的信息不对称,从而降低了IPO抑价率。     

全球化情境中的儒家伦理与代理成本

儒家思想是中国传统文化的重要组成部分。在全球化的今天,儒家伦理是否能够有效地降低代理成本仍是一个未知的学术问题。本文运用2002~2012年沪深两市上市公司的数据,研究了儒家伦理、全球化和公司代理成本之间的关系。研究结果表明,儒家伦理可以降低代理成本,提高代理效率,但是公司参与国际市场竞争削弱了儒家伦理的边际贡献。本文不仅为儒家伦理的经济价值和合法性提供了经验证据,而且纠正了一些学者对中国儒家的偏见。     

ERP系统的实施与代理成本——基于中国ERP导入期的证据

截止到2006年,我国企业基本完成了从认识ERP到导入ERP的过程.通过ERP系统的实施,越来越多的与企业运营相关的信息,如财务信息、物流信息等都通过ERP进行处理和优化,这样不但可以减少管理层与普通员工之间的代理成本,也可以降低股东计量、控制管理层行为的监督成本,进而进一步优化代理成本.基于此,本文研究了导入期ERP系统的实施对于我国上市公司代理成本的影响.研究结果表明,实施了ERP系统的公司,其代理成本显著降低;但是,实施了ERP系统的国有控股公司,其代理成本没有发生显著变化.     

控制性家族类型、双重三层委托代理问题与企业价值

本文在“控制性家族—双重三层委托代理问题—企业价值”假说基础上,将2004年212家上市家族企业分为创业型家族企业(FFB)和非创业型家族企业(N-FFB)两类,发现虽然两者都属于家族企业,但面临着不同的代理冲突:FFB主要面临着第一重代理问题——业主和经理人之间的代理问题,尽管业主权威能降低代理成本,但家族内部的利他主义加剧了业主和家族经理人之间的代理问题,没有证据表明控制性家族存在系统性侵占社会股东利益的情况。相反,N-FFB主要面临着第二重代理问题——控制性家族和分散的社会股东之间的代理冲突,控制性家族通过隧道行为侵占外部股东利益的情况已经比较严重,这类代理冲突随着控制权和现金流权偏离程度的扩大而恶化。     

业务外包委托代理模型中的风险补偿安排

外包活动中代理成本的高低直接影响到外包企业的核心竞争力,如何降低业务外包中的代理成本是本文的研究重点。本文首先从代理成本的机理分析入手,考虑到风险补偿在针对"代理问题"的激励契约设计中的重要性,对一个经典的最优激励契约模型进行改进,期望改进的模型能够有效降低代理成本。改进后的模型结果表明:在最优激励契约中加入风险补偿因素可以使得风险成本和激励成本下降,从而降低代理成本。本文的研究结果具有一定的普遍意义,适用于各种类型的业务外包活动,对外包企业最优激励契约的设计具有指导意义。     

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.     

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.     

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.     

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.     

Dermal Uptake of 18 Dilute Aqueous Chemicals: In Vivo Disappearance‐Method Measures Greatly Exceed In Vitro‐Based Predictions

Average rates of total dermal uptake (K_up) from short‐term (e.g., bathing) contact with dilute aqueous organic chemicals (DAOCs) are typically estimated from steady‐state in vitro diffusion‐cell measures of chemical permeability (K_p) through skin into receptor solution. Widely used (“PCR‐vitro”) methods estimate K_up by applying diffusion theory to increase K_p predictions made by a physico‐chemical regression (PCR) model that was fit to a large set of K_p measures. Here, K_up predictions for 18 DAOCs made by three PCR‐vitro models (EPA, NIOSH, and MH) were compared to previous in vivo measures obtained by methods unlikely to underestimate K_up. A new PCR model fit to all 18 measures is accurate to within approximately threefold (r = 0.91, p < 10^?5), but the PCR‐vitro predictions (r > 0.63) all tend to underestimate the K_up measures by mean factors (UF, and p value for testing UF = 1) of 10 (EPA, p < 10^?6), 11 (NIOSH, p < 10^?8), and 6.2 (MH, p = 0.018). For all three PCR‐vitro models, log(UF) correlates negatively with molecular weight (r² = 0.31 to 0.84, p = 0.017 to < 10^?6) but not with log(vapor pressure) as an additional predictor (p > 0.05), so vapor pressure appears not to explain the significant in vivo/PCR‐vitro discrepancy. Until this discrepancy is explained, careful in vivo measures of K_up should be obtained for more chemicals, the expanded in vivo database should be compared to in vitro‐based predictions, and in vivo data should be considered in assessing aqueous dermal exposure and its uncertainty.     

Systems Resilience for Multihazard Environments: Definition,Metrics, and Valuation for Decision Making

The United Nations Office for Disaster Risk Reduction reported that the 2011 natural disasters, including the earthquake and tsunami that struck Japan, resulted in $366 billion in direct damages and 29,782 fatalities worldwide. Storms and floods accounted for up to 70% of the 302 natural disasters worldwide in 2011, with earthquakes producing the greatest number of fatalities. Average annual losses in the United States amount to about $55 billion. Enhancing community and system resilience could lead to massive savings through risk reduction and expeditious recovery. The rational management of such reduction and recovery is facilitated by an appropriate definition of resilience and associated metrics. In this article, a resilience definition is provided that meets a set of requirements with clear relationships to the metrics of the relevant abstract notions of reliability and risk. Those metrics also meet logically consistent requirements drawn from measure theory, and provide a sound basis for the development of effective decision‐making tools for multihazard environments. Improving the resiliency of a system to meet target levels requires the examination of system enhancement alternatives in economic terms, within a decision‐making framework. Relevant decision analysis methods would typically require the examination of resilience based on its valuation by society at large. The article provides methods for valuation and benefit‐cost analysis based on concepts from risk analysis and management.     

UNIX系统性能监控简述及shell系统资源统计程序

本文简要阐述了unix系统中(主要以IBM的AIX为例)进行系统性能管理的几种命令行工具,并通过编写shell实例程序,运用其中提到的工具实现系统资源利用率的统计程序,为做好unix系统管理和调优提供参考.