公司控制权转移与盈余管理研究

本文基于控制权市场理论,研究控制权转移公司高管为应对离职风险而与买方合谋策略及其后果。研究发现,公司控制权转移前存在向下盈余管理;且公司盈余管理越严重,股权转让价格越低,控制权转移后高管留任福利越多;特别地,国有公司民营化前更显著地向下盈余管理,且转让价格更低,民营化后高管留任、加薪福利更多,公司业绩更好。研究表明,在资本市场不完善且公司治理不健全条件下,高管通过向下盈余管理协助买方降低受让成本以换取个人福利的行为更严重;且控制权转移前的盈余管理策略使控制权转移效率玄机更大。本文拓展了控制权市场理论,丰富了股权转让各主体博弈、目标公司盈余管理及民营化效率的研究。     

高管控制权、报酬与盈余管理——基于中国上市公司的实证研究

本文基于代理理论分析框架,应用LISREL模型,深入分析高管报酬与盈余管理行为的相关性,并在此基础上考察了高管控制权对高管报酬诱发盈余管理程度的影响。研究发现,高管报酬与盈余管理正相关。然而,在引入高管控制权影响条件下,即当总经理来自控股股东单位或兼任董事长时,高管控制权的增加提高了高管报酬水平,但却降低了高管报酬诱发盈余管理的程度。研究结果表明,当高管控制权缺乏监督和制衡时,公司激励约束机制失效,导致总经理寻租空间增大,由此,相对抑制了高管报酬诱发盈余管理的程度,即在追求个人报酬最大化的动因下,反而减少了高管选择风险和成本都比较高的盈余管理行为。     

经济增加值：公司业绩评价的重要指标

公司业绩,是一定期间公司利用其有限资源从事经营活动所取得的成果,公司业绩评价,是将经营活动和预先设定的标准或存在的初始状况进行比较,来判断公司现状的优劣,业绩评价结果是公司绩效管理的依据和经营决策的基础,公司业绩的表现形式和实施业绩平价的指标是多种多样的,如：净收益,每股盈余,投资报酬率,剩余收益,每股盈余,投资报酬率,剩余收益,净现金流量,经济增加值（EVA,economicvalueadded),产品市场占有率,顾客满意度,员工忠诚度等。     

高管变更与盈余管理的研究述评

公司发生高管变更与公司的业绩存在紧密联系,同时,公司高管变更中往往伴随着盈余管理行为。对高管变更与公司业绩、高管变更与盈余管理的研究进行文献回顾,并对相关研究现状进行评价。     

股权再融资、盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究

本文采用应计项目操控与真实活动操控两种模型,研究了我国上市公司股权再融资过程中的盈余管理行为及其对公司业绩的影响。结果表明,在股权再融资过程中,上市公司会同时使用应计项目操控和真实活动操控两种盈余管理方式。二者的影响效果存在明显差异,应计项目盈余管理会导致融资后公司业绩的短期下滑,而真实盈余管理则会引起公司业绩的长期下滑。相对而言,真实盈余管理是上市公司股权再融资之后业绩滑坡的主要原因。上述结果修正了以往文献将股权再融资后的业绩滑坡完全归因于应计项目操控的研究结论。     

上市公司盈余管理行为的变动成因研究——基于董事会改革与报酬水平的视角

董事会对公司财务报告质量负有主要责任，而盈余管理是影响财务报告质量的突出问题，本文采用基于方差模型的统计检验和典型案例分析相结合的方法，目的在于研究董事会改革和上市公司盈余管理行为变动之间的关系。研究发现较低的董事会独立性没有实质性的改善作用；只有独立性超过33％阈值的公司，其盈余管理强度才会显著降低；独立董事报酬水平和公司盈余管理行为变动无显著关系。研究认为董事会改革仍需进一步提高其独立性，同时应限制上市公司向独立董事支付过高津贴、引入绩效津贴和长期津贴制度。     

大股东掏空视角下的薪酬激励与盈余管理

基于代理成本的视角,分析大股东掏空对经理薪酬激励与盈余管理行为的影响及内在机理,并以2008年至2011年中国沪、深股市A股上市公司数据为样本,采用OLS模型实证检验大股东掏空、经理薪酬与盈余管理间的内在联系,并考察不同产权性质企业大股东掏空对经理薪酬与盈余管理影响的系统性差异。研究结果表明,尽管中国上市公司已基本建立有弹性的业绩型薪酬体系,但是大股东攫取控制权私利的掏空行为也会降低经理薪酬激励的有效性,并引发经理与大股东合谋进行盈余管理的新的代理问题;产权性质对大股东掏空、经理薪酬和盈余管理间关系具有显著的调节作用,与国有上市公司相比,非国有上市公司中掏空行为对经理薪酬业绩敏感性以及经理薪酬与盈余管理间敏感性的影响表现得更加突出。     

私募股权投资进入对上市公司IPO当年业绩的影响研究

 无论是新兴市场还是成熟市场,经常发生公司在IPO成功上市后业绩“变脸”的现象,引起学者们的广泛关注。认证/监督理论认为,私募股权投资的进入能够显著提升被投资公司的治理水平,抑制控股股东机会主义行为,降低代理成本,从而提升被投资公司绩效。而逐名假设认为,为快速收回资本、建立声誉,私募股权投资会推动不成熟的公司急于上市,造成被投资公司在IPO上市后业绩下滑。因此,探索私募股权投资究竟对上市公司IPO当年业绩造成何种影响以及如何抑制私募股权投资的投机行为具有积极的现实意义。        基于认证/监督和逐名假说两种竞争性理论,手工收集2008年至2015年中国私募股权投资信息和财务数据,实证检验私募股权投资对上市公司IPO当年业绩的影响,探讨是否由于私募股权投资进行盈余管理导致被投资公司IPO后业绩下滑,分析《暂行办法》和产权性质对私募股权投资投机行为的抑制效果。        研究结果表明,私募股权投资降低公司IPO当年的业绩;私募股权投资通过应计盈余管理降低公司业绩,应计盈余管理是私募股权投资与公司业绩之间的中介变量,但真实盈余管理不是中介变量;在《暂行办法》实施前,私募股权投资降低公司业绩,但在实施后其影响消失,表明该政策变更能抑制私募股权投资的投机行为;被投资公司为国有性质时能抑制私募股权投资的投机行为,缓解公司IPO后业绩下降。        研究结论支持私募股权投资存在导致公司IPO当年业绩降低的逐名投机行为,丰富了私募股权投资与公司业绩影响方面的研究,有利于利益相关者对私募股权投资及其行为的理解,对抑制私募股权投资的投机行为具有一定的参考价值。     

并购后高管变更的绩效影响:基于中国上市公司的实证分析

基于前人关于高管变更和公司控制权市场的研究,本文分析了上市公司控制权变化后高管变更和绩效之间的关系。我们假设上市公司控制权变更后,高管的变更会促进这些公司财务绩效的提高。本文选用1996-2001年间深圳和上海证券交易所中76家高管随第一大股东变动而变更的上市公司作为样本,并设立了47家第一大股东变动而高管未变更的上市公司作为对比组,用经过行业调整的财务绩效来分析比较。结果发现,公司控制权变化后高管变更的公司的绩效显著提高,而且绩效表现好于公司控制权变化后高管未变动的上市公司的绩效表现。     

公司控制权的频繁转移、企业业绩与投机性并购

文章以1996—2002年控制权发生转移的266家公司为研究对象,研究了控制权发生多次转移与控制权发生一次转移公司的差异。研究发现,控制权多次转移的公司无论是短期业绩还是长期业绩都比控制权只发生一次转移的差,发生控制权多次转移的公司市值较低,新控股股东的持股比例低,更可能是投机性的并购,公司控股股东的频繁更换无益于目标公司价值的提升。     

Educational Landscapes and Urban Development. Contextual and Spatial Interfaces and Linkages

In the broad sociopolitical discussion on education quality within the last decade, it has become apparent that education is gaining importance for urban development, as well as space and the urban context are important dimensions of education. This becomes particularly evident in concepts for local educational landscapes (Ger. Bildungslandschaften). The young field of research on educational landscapes is currently lacking empirical research from spatial and planning sciences. In the paper, the current state of scientific research on educational landscapes in Germany and Europe and first insights to contextual and spatial interfaces and linkages between education and urban development in general are presented.     

Inventory Models with Continuous and Poisson Demands and Discounted and Average Costs

We develop a new, unified approach to treating continuous‐time stochastic inventory problems with both the average and discounted cost criteria. The approach involves the development of an adjusted discounted cycle cost formula, which has an appealing intuitive interpretation. We show for the first time that an (s, S) policy is optimal in the case of demand having a compound Poisson component as well as a constant rate component. Our demand structure simultaneously generalizes the classical EOQ model and the inventory models with Poisson demand, and we indicate the reasons why this task has been a difficult one. We do not require the surplus cost function to be convex or quasi‐convex as has been assumed in the literature. Finally, we show that the optimal s is unique, but we do not know if optimal S is unique.     

E-governance and Corruption-developments and Issues in Ethiopia

This paper reports the results of a survey of 400 respondents in Ethiopia about factors generating corruption and the potential of e-Governance to mitigate corruption. It is suggested that e-Governance can help not only in weeding out corruption but also in the establishment of sounder government citizen relationships in Ethiopia. While e-Governance cannot cure all the structural factors that breed corruption in the society, strategic implementation of e-Governance can help improve the critical variable in combating corruption-government citizen relationships. It is argued that while e-Governance initiatives can make important contributions to improving public services they can best do so by helping improve overall relationships between governments and citizens.

The Challenge of Political and Economic Change in Poland and Central and Eastern Europe

This article discusses political and economic changes in Poland, Central and Eastern Europe emerging since the demise of the ‘closed system’ in 1989. The presentation explores the range of change, the method and the sequence of change. General lessons in economic transition as identified by Polish Finance Minister Lezak Balcerowicz are discussed. The challenges involved in macroeconomic stabilization, radical liberalization, currency convertibility, subsidy reduction and conversion of state-owned enterprises are reviewed. Despite their complexity, economic and political reforms proved necessary and inevitable. This revised version was published online in July 2006 with corrections to the Cover Date.     

Review and preview of productivity research and applications

During the last two decades, productivity research and applications have not been given adequate importance when trying to attain excellence in the management of manufacturing enterprises. Recent developments in managerial philosophies Total Quality Management and Business Process Re-engineering , manufacturing technologies Flexible Manufacturing Systems, Computer Integrated Manufacturing, etc. and Information Technology innovations have made the traditional productivity improvement techniques obsolete. This article presents a review consisting of analyses of literature on productivity and a survey of manufacturing enterprises. A five-step preview strategy on productivity is enumerated which provides a meaningful direction towards future productivity research and application. The article is concluded by briefly describing the current research that is being carried out based on the preview strategy evolved.     

Modeling Pathology Workload and Complexity to Manage Risks and Improve Patient Quality and Safety

Anatomic pathology (AP) laboratories provide critical diagnostic information that help determine patient treatments and outcomes, but the risks of AP operations and their impact on patient safety and quality of care remain poorly recognized and undermanaged. Hospital-based laboratories face an operational and risk management challenge because clinical work of unknown quantity and complexity arrives with little advance notice, which results in fluctuations in workload that can push operations beyond planned capacity, leading to diagnostic delays and potential errors. Modeling the dynamics of workload and complexity in AP offers the opportunity to better use available information to manage risks. We developed a stock-and-flow model of a typical AP laboratory operation and identified key exogenous inputs that drive AP work. To test the model, we generated training and validations data sets by combining data from the electronic medical records and laboratory information systems over multiple years. We demonstrate the implementation of 10-day AP work forecast generated on a daily basis, and show its performance in comparison with actual work. Although the model somewhat underpredicts work as currently implemented, it provides a framework for prospective management of resources to ensure quality during workload surges. Although full implementation requires additional model development, we show that AP workload largely depends on few and accessible clinical inputs. Recognizing that level loading of work in a hospital is not practical, predictive modeling of work can empower laboratories to triage, schedule, or mobilize resources more effectively and better manage risks that reduce the quality or timeliness of diagnostic information.     

Definitions and linkages between operational and strategic flexibilities

This paper aims at clarifying the concept of strategic flexibility, starting from that much more common of manufacturing flexibility (or operational one). After characterizing the dimensions of the latter, a classification of strategic flexibility is presented which distinguishes four categories. The measures of strategic flexibility are also investigated. Then two analogies are pointed out with the operational flexibility. The first, of the cause-effect type, is on two levels: at the business level, the operational flexibility estimates the variation of practices, while the strategic flexibility measures the effect obtained on performances; at the corporate level, the operational flexibility estimates the variation of competences, while the strategic flexibility evaluates the change in business. The second analogy, related to the classification variables, permits the main types of operational and strategic flexibilities to be placed in a single framework. So this study seeks to provide a framework—which has not been proposed in prior literature—for analyzing and evaluating the correlated concepts of operational and strategic flexibilities, to create a theoretical foundation for future research and empirical testing.     

Additive and Multiplicative Models and Multistage Carcinogenesis Theory

In light of the Armitage-Doll multistage carcinogenesis theory, this paper examines the assumption that an additive relative risk relationship is indicative of two carcinogens that affect the same stage in the cancer process. We present formulas to compute excess cancer risks for a variety of patterns for limited exposure durations to two carcinogens that affect the first and penultimate stages; and using an index of synergy proposed by Thomas (1982), we find a number of these patterns to produce additive, or nearly additive, relative risk relationships. The consistent feature of these patterns is that the two exposure periods are of short duration and occur close together.     

Floods and Climate Change: Interactions and Impacts

Whether the floods experienced during the last decade in Germany and in other European countries are triggered or worsened by human activities has been the subject of a great deal of debate. Possible anthropogenic activities leading to increased flood risk include river regulation measures, intensified land use and forestry, and emissions of greenhouse gases causing a change in the global climate. This article discusses the latter by reviewing the existing knowledge on the subject. First, the relevance, capabilities, and limitations of climate models for the simulation and analysis of flood risk under aspects of the anthropogenic climate change are described. Special consideration is given here to differences between the "typical" spatial scale of climate models and hydrological flood models. Second, observations of trends in climate variables relevant for river flooding issues are summarized. Special emphasis is put on the Rhine and other German catchment areas. Third, the possibilities of modeling the different parts of the "cascade of flood risk" are summarized, introducing the special features of meteorological, hydrological, and river hydraulic models.     

Review and reappraisal of modelling and predicting mental workload in single- and multi-task environments

The concept of mental workload has long been recognized as an important factor in individual performance within complex systems. It is documented that either overload or underload may degrade performance, and further affect the efficiency of the whole system. Therefore, systems designers need some explicit models to predict the mental workload imposed on individuals by the system at an early design phase so that alternative system designs can be evaluated. In examining mental-workload literature, it is found that few predictive mental-workload models have considered factors specific to individuals. This research aims to develop a practical framework for predicting mental workload in both single- and multi-task environments considering such individual factors. In order to describe mental workload more precisely and more completely, a framework for mentalworkload definitions, which contains instantaneous workload, average workload, accumulated workload, peak workload and overall workload, is proposed. In order to model individual factors, two new variables, i.e. effective workload and ineffective workload, are introduced to model the taskgenerated workload and individual-generated workload. The extension of the model to multi-task environments is also discussed. The proposed conceptual models are domain-independent and could be used to guide the development of operational models for different specific tasks.