Renewing Management and Governance: New Paradigms of Governance?

Journal of Management and Governance -     

公司治理学科发展的新阶段--《公司治理学》述评

公司治理是国内外管理、经济、法律等学术界和实业界共同关注的一个世界性课题。2005年,作为中国公司治理研究的开拓者,全国首批文科长江学者特聘教授、国家“985”哲学社会科学重点研究创新基地——南开大学公司治理研究中心首席专家李维安教授主编并由高等教育出版社出版了普通高等教育“十五”国家级规划教材《公司治理学》。该书立足学科前沿,全面系统论述了公司治理学的理论基础、框架体系及运作机制。该书的出版,开创了公司治理学科发展的新阶段,标志着公司治理学在我国工商管理教育体系中学科地位的正式确立。一伴随着证券市场的建设…     

治理现代化视角下的中国中央和地方关系——从泛化治理到分化治理

改革开放以来,中央和地方关系的调整及其带来的一系列演变,被认为是推动中国经济社会高速发展的重要原因之一。本文基于治理现代化的视角,试图用从"泛化治理"(diffused governance)到"分化治理"(differentiated governance)转型的理论框架来描述中国中央和地方关系演变的总体过程。在分析和解释中国中央和地方关系基本模式和重要特征的基础上,本文探讨改革开放以来中国中央和地方关系由泛化治理模式向"中央管大事、地方管小事"的分化治理模式的转型实践中所取得的成绩与面临的困难,并提出了推进未来改革的建议。     

Corporate Governance and the Governance of Innovation: The Case of Pharmaceutical Industry

The paper focuses on some organizationaldynamics that have characterized the pharmaceuticalindustry in the last thirty years, whenbiotechnology and the development of lifesciences have defined a new technologicalparadigm, reshaping many aspects of theindustry, especially the organization ofinnovative activity. We suggest an original interpretation of someorganizational settings, as the increasedimportance of skilled scientists within firmsand the development of inter-organizationalalliances for the division of scientific labor.Following recent theorizing on corporategovernance issues, which points out theintrinsic organizational and relationaldimensions of the resource allocation processesand strategic decision-making, we propose a roleof the organizational practices mentioned aboveon corporate governance, and, in turn, aninfluence of different governance arrangementson innovative activity. We recall moretraditional approaches to the analysis ofcorporate governance, and give a broaderinterpretation to the relevant variablesproposed. Further, relying on more recenttheories and on literature on firm's boundariesand sectoral systems of innovation, we proposeindustry-specific variables forpharmaceuticals, including internal settings aswell as relations with external actors.Preliminary empirical support is given to ourhypotheses, concerning a panel of large USpharmaceutical companies.     

Governance in Organizations: A Cognitive Perspective

Governance in organizations according to traditionalagency theory is based on the premise that managersand employees do not have identical goals. As aconsequence, employees need to be monitored andcontrolled. If legal contracts are not sufficient forproper control, incentive contracts should be used. This paper argues that incentive contracts are notsufficient to solve governance issues in organizationsdue to problems in measurability and enforceability ofpresumed contract violations. Such problems arecomplicated by asymmetries in power, perspectives andaspirations between managers and employees. Acognitive argument is advanced suggesting that timeconstraints and bounded rationality render the idea ofmonitoring relatively ineffective. Governance ideasthat focus on communication flow and informationsharing are described. The role that other cognitiveelements such as memory play in a more comprehensiveand interdisciplinary framework for understandinggovernance relations is discussed.     

内部治理、内部控制与债务契约治理——基于A股上市公司的经验证据

本文以A股上市公司为研究样本,考察了我国债务融资契约的治理效应.实证结果表明,目前我国上市公司的债务治理效应遭到严重扭曲,债务融资不能很好地发挥激励约束作用;本文还发现,在内部治理的各因素中,最终控制人性质、股权集中度、经理人激励程度对债务治理效应的发挥有显著的影响,董事会独立性与勤勉程度、监事会监督力度对债务治理效应发挥的影响不显著;内部控制对债务治理效应发挥的作用非常有限.根据本文的实证结果,笔者提出了强化我国上市公司债务治理效应的一些建议.     

Theories of Governance: South Asian Perspective

The paper attempts to analyze the concepts of power and authority from South Asian perspectives, with primary emphasis on ideas and theories relating to governance models from the perspectives of Hinduism and Islam. The essence and basis of the moral state, according to ancient Indian Hindu philosophy, depends on the triangle of those actions for governance which are undertaken for universal welfare, maintaining and protecting each and everyone in the creation, and securing universal care for all. The Islamic system of governance, which is based on Quran and Sunnah, provides a broader conceptual and moral understanding and includes guidelines for rulers and the ruled. The Islamic perspective emphasizes universalism, the supremacy of Shariah (Islamic law), and the fusion or limited separation of powers. South Asian governance practices appear to reflect values of the two dominant religions of the region.     

公司治理:新趋势与启示

良好的公司治理是资本市场健康发展的基石。通过概括全球公司治理的发展趋势,以及对我国和全球公司治理发展趋势的对比,认为提升我国公司治理水平需要进一步完善董事会质量和组成,大力发展机构投资者,引导中小股东向积极股东转变,此外,还需关注与企业长期价值和可持续性相关的ESG等非财务信息。     

公司治理环境、治理行为与治理绩效的关系研究——基于中国电信产业演进的证据

本文将公司治理环境、治理行为及治理绩效间关系这一研究问题寓于作为复杂经济系统的中国电信产业演进和改革过程之中,通过事件分析和时间序列分析方法的结合运用,在搜集中国电信产业1949年-2009年、中国移动通信集团公司1997年-2007年发展数据以及对其进行案例研究的基础上,得出以下结论:中国公司治理环境和治理行为的发展过程遵循间断均衡演进规律;中国公司治理行为呈现对治理环境的整体跟踪与滞后效应,并积极应对环境变化,对环境产生影响;治理环境与治理绩效具有密切关系,公司治理结构和机制的完善以及战略能力的提升是治理缋效提升的前置因素.     

Corporate Governance

The paper first develops an economic analysis of the concept of shareholder value, describes its approach, and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring, and control rights using a unifying and simple framework. The paper then provides a first and preliminary analysis of the concept of the stakeholder society. It investigates whether the managerial incentives and the control structure described in the first part can be modified so as to promote the stakeholder society. It shows that the implementation of the stakeholder society strikes three rocks: dearth of pledgeable income, deadlocks in decision‐making, and lack of clear mission for management. While it fares better than the stakeholder society on those three grounds, shareholder value generates biased decision‐making; the paper analyzes the costs and benefits of various methods of protecting noncontrolling stakeholders: covenants, exit options, flat claims, enlarged fiduciary duty.     

Corporate Governance: Stakeholder Value Versus Shareholder Value

Unsatisfied with the dominatingshareholders' point of view, that appears to betoo limited to build a relevant theory ofcorporate governance, we propose an enlargeddefinition of the value which may be called,the stakeholder value. This definition and itsassociated measure are more suitable for thestakeholder approach to the firm and morerelevant to understand the value creation andsharing mechanisms.     

Sound Governance: Engaging Citizens through Collaborative Organizations

This paper addresses governance-citizen relationship and argues for ??sound governance?? and engaging citizens in public administration through collaborative organizations. After reviewing and analyzing the contemporary literature on the importance and various forms of governance, it: (1) argues for a new concept of ??sound governance?? with key dimensions and characteristics, (2) provides an imperative with rationales for engaging citizens in governance and governing in the twenty first century, and (3) offers alternative forms of collaboration and partnership building to engage citizens, enhance governance, and maximize citizen participation in public administration.     

Virtual Governance Networking Policies: A Comparative Analysis

Networks have become an increasingly important mode of public governance. ICT mechanisms, especially virtual systems will potentially establish this idea. This paper is based on a comparative analysis of three cases which are chosen to be particularly illustrative of the three virtual governance networking policies. In light of case study results, we have demonstrated that it is possible to devise a theoretically acceptable prospect of world countries concerning virtual governance networking policies.     

Governance of Small Jurisdictions: Guest Editors' Introduction

This article introduces a symposium on the Governance of Small Jurisdictions developed from selected papers first presented at a conference at the Islands and Small States Institute of the University of Malta in November 1999. It notes the important role of the University of Malta in promoting the study of governance in small states, and recognises other leaders in the small and island states study movement including the International Association of Schools and Institutes of Administration which co-hosted the beginning conference.The article then considers the notions of smallness and statehood as generally used in this branch of scholarship, reflects on what small states have in common, introduces the other articles which make up the symposium, and provides a list of some 90 states with populations of under one million sorted into three categories: (i) sovereign states, (ii) states in federations, and (iii) associate states, self-governing territories and self-governing colonies.     

公司治理结构信息披露:若干发现

本文以 “ 公司治理结构 ” 定性信息披露为观察对象,通过认真阅读 2001 年度 1160 家上市公司的公司治理结构信息披露的文本,我们发现上市公司治理结构信息披露总体上存在 “ 表述操纵 ” 的特征主要表现为:华而不实、 文字游戏、避重就轻、虚假披露等现象。