公司治理视角下的多元化经营与公司绩效

以中国沪、深两市上市公司为研究对象,实证分析中国上市公司内、外部治理机制与多元化经营和价值效应之间的关系.结果表明,董事会特别是公司董事长和总经理两职合一以及独立董事比例是影响公司多元化经营决策的重要内部治理机制变量,外部治理机制对公司的多元化经营决策没有显著影响;多元化经营会导致价值溢价,但这种溢价不显著;内部治理机制中的资产负债率、外部治理机制中的审计意见和产品市场竞争程度是影响多元化经营公司业绩的重要因素,第一大股东的实际控制人身份、审计意见和产品市场竞争程度会显著影响专业化经营公司的经营业绩.     

以流程为导向的管理模式

职能导向侧重于对职能管理和控制,关注部门的职能完成程度和垂直性的管理控制,部门之间的职能行为往往缺少完整有机的联系。它没有确定时间标准,工作标准一般由该部门的主管领导临时确定,大幅加重了主管领导的工作量,又由于标准不确定,导致整体工作效率     

困境公司价值相关性研究

本文运用计量经济模型探讨了中国上市公司价值的相关性问题。研究发现在决定中国上市公司价值的因素中 ,资产负债表和损益表对困境公司和正常经营公司的影响是不一样的。对于经营困境公司 ,权益的账面价值与股价之间不存在显著的正相关关系 ,而盈余与股价之间却存在不显著的负相关关系。对于正常经营公司 ,盈余与股价之间有正相关关系。本文的研究结论表明完善上市公司的退市规则和破产法规 ,完善公司上市制度对于健全中国的证券市场是非常重要的。     

我国上市公司多元化经营的决定因素研究

本文从主观动机和客观条件两个方面,对我国上市公司的多元化决定因素进行了实证检验。研究结果表明,我国上市公司是否多元化以及多元化的程度受多种因素影响。就主观动机而言,传统认为的多元化经营的经济理性动机、组织理性动机以及个人理性动机,也不同程度地影响着我国上市公司进行多元化经营模式的选择。但相比较而言,我国上市公司的多元化经营模式的选择,更多的是基于组织理性动机(降低公司风险)和个人理性动机(公司高管出于利己动机的考虑)。同时,在客观条件方面,公司规模、股权结构、公司上市的时间长短以及公司所处的行业等因素也对上市公司多元化及其程度产生显著影响。     

市场化进程、多元化经营与公司现金持有

公司多元化经营伴生的内部资本市场和代理成本是影响公司现金持有决策的重要因素,转型经济的制度特征是公司实施多元化战略的主要背景。基于中国市场化进程,将多元化经营与公司现金持有问题相结合进行创新研究具有重要的理论价值和应用价值,以2004年至2009年的中国上市公司为样本,基于市场化进程,采用分组分析和多元回归方法,实证检验多元化经营对公司现金持有水平和价值的影响。研究结果表明,上市公司的多元化经营及其程度与公司的现金持有水平和价值显著负相关,市场化进程的推进进一步强化了公司多元化经营程度与现金持有水平和价值的负相关性。研究结论不仅有利于正确认识中国多元化公司的现金持有行为,而且有助于从现金持有水平及其价值的结果判断公司多元化经营的收益和成本以及市场化进程与内部资本市场的相互作用。     

上市公司股权结构对企业经营绩效的影响:浙江样本

股权结构与公司绩效的关系是近几年来财务理论及企业理论研究所关注的热点问题之一.利用浙江上市公司公开披露的数据,考察了浙江省117家上市公司股权结构与经营绩效的相关关系.实证研究结果表明,股权集中度在0.05水平下对企业绩效有显著正向影响,而国有股比例,法人股比例,流通股比例对企业经营绩效没有显著影响.     

股权集中度、董事会独立性与治理环境

采用中国A股上市公司2003～2005年的数据,考察了治理环境对公司股权集中度和董事会独立性的影响.实证研究发现:地区治理环境指数与公司股权集中度显著负相关,上市公司所处地区的政府对经济的干预程度越低、法治化水平越高,公司的股权集中度越低,但在非政府控制的上市公司样本中,这种相关性不显著;地区法治化水平与公司董事会独立性显著正相关,上市公司所在地区的法治化水平越高,公司董事会独立性越高;上市公司所在地区的政府干预经济的程度对公司董事会的独立性无显著影响.     

控股股东掏空动机与多元化的盈余波动效应

多元化经营是公司关注的重大发展问题,因此,多元化经营的动机及其经济后果也成为学者们研究的重点话题。本文从我国上市公司的多元化经营与盈余波动性之间的关系入手对这一问题进行研究,具体分析了公司多元化经营的程度对盈余波动性的影响及控股股东的掏空动机对多元化盈余波动效应的作用。研究发现,我国上市公司的多元化经营显著降低了公司的盈余波动性,多元化程度越高,盈余的波动性越低;但由控股股东代理问题而形成的掏空动机损害了多元化的盈余波动效应。本文的研究为多元化的经济后果增添了新的文献,同时也为上市公司监管提供了参考依据。     

民营上市公司控制类型、多元化经营与企业绩效

本文将2006年度民营上市公司分为直接上市和间接上市两种类型,考察了所有权与控制权分离程度、多元化经营与企业绩效之间的关系。发现间接上市民营公司所有权与控制权分离程度、多元化经营程度均显著高于直接上市民营公司。多元回归结果表明,直接上市民营公司最终控制人金字塔持股和多元化经营对企业绩效没有显著影响;而间接上市民营公司最终控制人所有权与控制权分离程度和多元化程度越高,企业绩效越低,说明代理问题在此类公司比较突出。所有权与控制权分离程度和多元化指标的交互关系也为此提供了进一步的证据。本文的贡献在于对民营上市公司进行了更为细致的分类,并从动机和行为两方面考察了其所导致的经济后果。研究增进了对我国民营上市公司的认识,对理解民营上市公司控制类型以及多元化经营也提供了新的视角。     

投资机会（IOS）设定下公司内部治理对经营绩效的影响——基于中国上市公司的经验研究

传统的公司治理研究将处于不同组织环境的企业等同对待,造成了研究结论的较大分歧.本文依据投资机会集(IOS)理论,运用我国上市公司的经验证据,在设定投资机会集的条件下,考察了不同成长性的企业其公司治理对经营绩效的影响.研究结果表明:成长性较高的公司,其经营绩效的改善与独立董事比例、高管层的持股比例显著正相关,但与高管层年薪相关关系不显著;成长性较低的公司.其经营绩效的提高与独立董事比例和高管层的持股比例相关关系均不显著,但与高管层年薪存在弱的正相关关系.     

Stress, the press, the baby and the bathwater

The most important service rendered by the press is that of educating people to approach printed matter with distrust.

Samuel Butler, 1835-1902 English novelist and satirist     

Bacon, Boole, the EPA, and Scientific Standards

The scientific standards of the Environmental Protection Agency (EPA) include the use of retrospective meta-analysis. This analysis entails a use of the theory of probability that is only a simulation and cannot accurately measure the confidence that should be placed in the results. The uncertainty necessary for probability is, in a retrospective study, simulated rather than real. There are three logical forms for establishing a proposition. In the logic of the syllogism, a proposition is established by deduction from assumed propositions. In the logic of the physical sciences, a proposition is established by its ability to predict the outcomes of future experiments. In the logic of the courtroom, a proposition is established by its ability to explain past events. The logic of the courtroom operates under the handicap of working with nonrepeatable events. It is more subject to the preferences of the judge than the logic of the physical sciences or that of the syllogism. Because the logic of the courtroom is less reliable than either the logic of the physical sciences or that of the syllogism, it is the logic of last resort, i.e., it is used only when the other two are not applicable. Under the EPA scientific standards, the logic of the courtroom is accepted for establishing propositions about the physical world. As the logic of the courtroom is less reliable than that of the physical sciences, this practice increases the likelihood of errors.     

Coverage, technology assessment, and the courts

Coverage decisions by third-party payers are relying more and more heavily on the conclusions of technology assessment programs about the safety and effectiveness of technologies applied in specific clinical situations. Assessment programs vary markedly in the sophistication and rigor of their methodology. Payers differ as to how such assessment information is integrated into their decision-making processes. Finally, coverage decisions about a specific technology can vary widely across the country.     

Bioethics, medicine, and the moral ground

"Bioethics" and "biomedical ethics" are new expressions, conveying new ideas and new concerns. They entered the language in the 1960s. "Ethics," of course, is an ancient word meaning the study of applied moral philosophy. Bioethics is an interdisciplinary field of study that considers ethical issues in wellness and illness. Some would strongly argue that it even embraces our entire natural ecology. It certainly concerns the profession of medicine. Bioethics, like ethics itself, seeks to know and understand "goodness."     

Values,decision-making,and the rich life

Young people increasingly take only one value seriously in making decisions about careers, that of salary levels. They should understand that there are many values which need to be weighed in making decisions about employment. Given the present milieu, it may prove effective to use language which describes these other, nonmonetary values as contributors to the “rich lifer”     

Administration, Globalization, and the Arab States

Globalization involves risks and opportunities for the Arab world. Realistic knowledge of these possibilities is essential for adaptation of governance and reform of public administration to deal more effectively with the unfolding processes of globalization. To be participants rather than mere subjects, the Arab states have to recognize opportunities and limit potential negative consequences. Success requires good governance and professional public management. Public administration in the Arab world has to transform traditional methods of command and control and nepotism into a more collaborative management that relies on institutional capabilities and practicing managerial values of accountability, performance evaluation, transparency, and ethics.

Trust, the Asymmetry Principle, and the Role of Prior Beliefs

Within the risk literature there is an ongoing debate on whether trust is vulnerable or enduring. Previous research on nuclear energy by Slovic in 1993 has shown that negative events have much greater impact on self-reported trust than do positive events. Slovic attributes this to the asymmetry principle: specifically, that trust is much easier to destroy than to create. In a questionnaire survey concerning genetically modified (GM) food in Britain (n= 396) we similarly find that negative events have a greater impact on trust than positive events. Because public opinion in Britain is skewed in the direction of opposition toward GM food, the pattern of results could either be caused by the fact that negative information is more informative than positive information (a negativity bias) or reflect the influence of people's prior attitudes toward the issue (a confirmatory bias). The results were largely in line with the confirmatory bias hypothesis: participants with clear positive or negative beliefs interpreted events in line with their existing attitude position. However, for participants with intermediate attitudes, negative items still had greater impact than the positive. This latter finding suggests that, congruent with the negativity bias hypothesis, negative information may still be more informative than positive information for undecided people. The study also identified the labeling of GM products, consulting the public, making biotechnology companies liable for any damage, and making a test available to detect GM produce as being particularly important preconditions for maintaining trust in the regulation of agricultural biotechnology.     

Trust,Emotion, Sex,Politics, and Science: Surveying the Risk-Assessment Battlefield

Risk management has become increasingly politicized and contentious. Polarized views, controversy, and conflict have become pervasive. Research has begun to provide a new perspective on this problem by demonstrating the complexity of the concept risk and the inadequacies of the traditional view of risk assessment as a purely scientific enterprise. This paper argues that danger is real, but risk is socially constructed. Risk assessment is inherently subjective and represents a blending of science and judgment with important psychological, social, cultural, and political factors. In addition, our social and democratic institutions, remarkable as they are in many respects, breed distrust in the risk arena. Whoever controls the definition of risk controls the rational solution to the problem at hand. If risk is defined one way, then one option will rise to the top as the most cost-effective or the safest or the best. If it is defined another way, perhaps incorporating qualitative characteristics and other contextual factors, one will likely get a different ordering of action solutions. Defining risk is thus an exercise in power. Scientific literacy and public education are important, but they are not central to risk controversies. The public is not irrational. Their judgments about risk are influenced by emotion and affect in a way that is both simple and sophisticated. The same holds true for scientists. Public views are also influenced by worldviews, ideologies, and values; so are scientists' views, particularly when they are working at the limits of their expertise. The limitations of risk science, the importance and difficulty of maintaining trust, and the complex, sociopolitical nature of risk point to the need for a new approach—one that focuses upon introducing more public participation into both risk assessment and risk decision making in order to make the decision process more democratic, improve the relevance and quality of technical analysis, and increase the legitimacy and public acceptance of the resulting decisions.