经理才能、公司治理与契约参照点——中国上市公司高管薪酬决定因素的理论与实证分析

本文沿着中国企业激励制度市场化改革和全球公司治理趋同这两条主线,基于超越最优契约范式的市场配置视角、经理权力视角以及契约订立过程中的参照点效应,提出了关于中国上市公司高管薪酬决定因素的三组理论假设。基于502家上市公司2001至2006年平衡面板数据的实证研究显示,高管薪酬水平的上升反映了市场对经理才能日益增长的竞争性需求,但旨在约束经理权力、构架完备的公司治理机制并未发挥有效作用。此外,国际同行的薪酬基准对中国公司的高管薪酬决策具有参照点效应,这种薪酬设定过程中存在的参照点效应因薪酬委员会的存在而被放大。     

完善国家刑事赔偿程序立法的探讨

《国家赔偿法》确立了我国国家赔偿制度 ,其中刑事赔偿程序法律规范占有重要地位 ,但存在不少缺陷 ,如赔偿义务机关多元化 ,赔偿机关权力过大 ,程序复杂繁琐 ,环节过多 ,缺乏配套立法等。应坚持程序公正原则 ,简化程序、提高效率原则 ,先行自由选择原则 ,强化司法救济原则等来完善国家刑事赔偿程序立法。     

略论雇员报酬核算

学习过程中,一些同学常将雇员报酬与生产经营收入、经常转移收支等流量相混淆,由此导致雇员报酬的数据失真。本文从交易主体、交易性质和分解交易三个方面入手探讨了雇员报酬核算的一些问题。     

技术独立董事可以提高R&D产出效率吗?——来自中国证券市场的研究

与以往大量探讨研发投入影响因素的文献不同,本文从R&D产出效率视角,考察了技术独立董事制度对其的影响。结果发现,我国上市公司增加研发投入并未带来创新水平的显著提高。而聘请技术独立董事的公司能够提升R&D产出效率,并且当上市公司同时设置技术执行董事和技术独立董事时,R&D产出效率更高,但本文没有发现技术独立董事薪酬对R&D产出效率起到激励作用。本文的结论为我国政府和公司制定创新战略以及独立董事制度建设提供了参考价值。     

环境侵权精神损害赔偿分析——以环境价值二元性为基础

环境价值二元性贯穿于环境法始终,对环境法产生了重要影响,环境侵权精神损害赔偿制度也不例外。由于环境价值二元性,我国精神损害赔偿制度并不能完全适应环境侵权精神损害赔偿的要求,需要从赔偿主体、损害事实界定等方面进行完善。     

中央财政保费补贴政策对新疆农业保险可持续发展的影响分析

文章应用计量经济学分析方法对新疆农业保险1982—2008年的赔付支出与保费收入的关系进行了实证分析。研究结果显示,中央财政保费补贴政策的实施,不仅显著促进了新疆农业保险保费收入的增长,大幅提高了农业保险的保障水平,而且显著降低了农业保险的边际赔付水平,使农业保险的平均赔付率下降,对新疆农业保险的可持续发展和实现供求平衡起到了积极的作用。     

Compensation in the smog: Air quality and corporate executive compensation stickiness

Air quality has become an important external factor affecting the social economy, however, little attention has been paid to whether and how air quality can affect corporate behavior. By making a linkage between air quality and corporate executive compensation stickiness, we shed new light on the current literature. First, most of the current studies focus on the impact of the economy on the natural environment, while our research provides empirical evidence that there is a reversed mechanism, which natural environment also could affect the development of society. Second, although various factors have been studied, which could have an impact on executive compensation stickiness, most of them focus on the traits of corporates, we expand the extant studies to the natural environment. Finally, our research also could inspire the policymaker by indicating that bad air quality could crowd out senior managers and experts, which finally damage the development of the economy. Based on the air quality data of China's listed companies in 2006-2016, this paper examines the impact of air pollution on executive compensation contracts. It shows that smog pollution increases the cost of enterprise's manpower replacement, which also provides more opportunistic interpretation space for the executives with declining performance. Therefore, in the listed companies with poor air quality, the top managers would possess advantages in the process of making the payment contracts. Specifically drawing on the mechanism of compensation stickiness, we argue that there would be a positive relationship between air pollution and top managers' compensation stickiness for several reasons. First, air pollution causes harm to employees' health, therefore, managers would like to ask more about compensation. Second, in the regions with air pollution, people are likely to move out rather than move in, which limits the supply of the human resource. Hence, the firms in those cities become more difficult to replace the existing managers. Finally, current researches indicated that air pollution should be responsible for lower working efficiency, which offers an excuse to low-performance managers and then enhances the degree of compensation stickiness. Further, we investigate whether managerial ownership, political promotion, and the perks of managers may influence the relationship between air pollution and top managers' compensation stickiness. Using the samples of China's listed companies in 2006-2016, we provide empirical evidence that there is a significant relationship between air pollution and top managers' compensation stickiness. The setting of non-cash compensation in the executive compensation contract plays an important moderate role in the relationship between air quality and salary stickiness. Further, we also find that the impact of air quality on executive pay stickiness can be partially mitigated through managerial ownership, political promotion, and the perks of managers, which fully supports our hypothesis as above. In order to make sure that our results are robust, we also make several additional tests. First, the impact of air pollution on corporate behavior could not happen in the current year until more than one year later, therefore, we retest our hypothesis by using alternative variables which measure the compensations in the next year and the empirical tests show that our results remain. Second, although air pollution could affect the compensation of top managers, a mutual effect still could be existed. To reduce the threats of potential endogenous problems, we use both PSM (propensity score matching) and IV (instrumental variable) in the additional tests and it indicates that our results remain robust. Finally, the fluctuation of price could be an alternative explanation to managers ‘ compensation stickiness, hence, we reconstruct the variable related to revenue by CPI (consumer price index) and our findings are still evidenced by this empirical test. We also try to identify the boundaries to our findings. In the section of further research, we focus on the moderating effects of external environments. First, although air pollution enhances the cost of replacing a top manager, the cost of seeking jobs also could be enhanced in a given setting for employees. In the further analysis, we find that in the period of the financial crisis when it could be difficult for managers to find another job, the impact of air pollution becomes insignificant. Similarly, the impact of air pollution becomes insignificant in the samples of leading companies. An explanation for this phenomenon is that it would be difficult for the managers in the leading company to find a better job in the market. Finally, we also find that the years that the firm has been listed and the CEO has serviced for the firm also could have a moderating effect on the relationship between air pollution and managers’ salary. The conclusions of this paper not only expand our understanding of how air pollution affects corporate behavior but also expand the researches on the antecedent factors of executive compensation. Finally, this study also provides a theoretical reference for local governments to make policies to balance environmental protection and economic development. © 2021. All Rights Reserved.     

Occupational stress, rescue workers and English law

This paper shows how two strands of English case law, one establishing liability to compensate for shock suffered by those at the scene of disaster, and the other concerned with physical injury suffered by rescuers, were brought together in the 1960s to provide a remedy for a rescuer suffering from what the law describes as 'nervous shock'. It further traces the development of employers' liability in this context, but finds that the law provides few examples of the contractual duty of employers to protect employees generally against stress that may cause psychological injury. It points out that there is no case law on the liability of employers for stress suffered by rescue workers, whether professional or otherwise. It notes that law reports give little guidance as to the medical evidence judges require to persuade them that nervous shock has been suffered. Finally, it spells out that EC-inspired regulations could now be used to require employers to assess, and take steps to control, stress to which their employees, including rescue workers, are exposed.     

集体管理与精神损害赔偿--修订著作权法应重视的两个问题

计算机网络技术和多媒体技术的发展,使作品的使用方式发生了巨大变化,为著作权的集体管理提出了更高、更迫切的要求,著作权的集体管理是我国著作权立法上的弱点之一,应当通过修订法律加以解决.精神损害赔偿在我国著作权法中根本没有规定,借鉴国外的立法和司法实践,建议在著作权法中增加精神损害赔偿的条款.