基于财务资本视角的公司治理研究综述

公司治理天然地与财务资本相联系，公司治理产生之初的核心命题就是保护财务资本所有者（股东）的利益，防止经理人的逆向选择和道德风险。文章从财务资本的视角对国内外公司治理文献作一回顾和评述，以期为所有关注财务管理与公司治理关系的同仁提供一些新的视角和研究参考。     

行业协会治理中的正式规则与非正式规则

正式规则必须以非正式规则为本源,尊重人们在经济交往中达成的共识才能发挥效力,正式规则将对非正式规则起到进一步固化作用,这是正式规则与非正式规则相兼容的内在逻辑。当前行政性行业协会治理机制失效的根源在于：协会中私人产权主体间非正式谈判机制的日渐形成与协会“自治权”缺失这一正式规则发生根本冲突,以及协会长期以来累积的工作习惯和传统作风这些属于意识形态层面的非正式规则具有较强的独立性,在短期内难以改变。     

法治视阈下地方府际争议及其消解方略

中国横向地方政府际争议随着改革的深入日渐凸显,消减了政府间的协同合作,致使整体政府的塑造困难重重,政府的合力难以发挥,综合成效大打折扣。在信息化、透明化的时代背景下,地方政府已不能自成系统乃至游离于行政生态系统之外,而须在法治的框架下寻求府际争议的解决途径。府际争议的有效解决应遵循法治原则;力求摆脱仅从政治视角研究的窠臼,探索出适合中国情境的法治与善治之路;立足于地域不均衡发展的现实,解析横向地方政府际争议之成因并实施行之有效的消解方略。     

Explanatory Matrices on the Causes of a Tailing Dam Collapse in Brazil: The (Dis)Articulation of Epistemes

Mining tailing dam ruptures are increasingly common events in South America. Due to their high potential degree for avoidance, they are considered to be technological disasters and often have a considerable impact on local populations and communities, as well as affecting the ecosystem. The failure of the Fundão dam in 2015 in the Brazilian State of Minas Gerais (is) considered one of the largest socioenvironmental disasters in the country's history. Different explanations for the causes of the disaster were put forward by various social actors. This article critically analyzes these discourses through the theoretical-methodological reference of the social theory of discourse, with the aim of understanding the various discursive contexts of the causes of the breach of the dam. The analysis and understanding of these explanatory matrices suggested that different discourses present different epistemological approaches to the causes of the disaster, related to aspects such as sociohistorical, political, ideological, and asymmetric relations of power. The statements had different emphases, being associated with distinct epistemic positions that were often not in convergence.  Moreover, certain terms and approaches reinforce or minimize processes of vulnerability experienced by the affected populations. These discourses present consents, dissents, and contradictions and when systematically integrated can improve the planning of risk management and broaden the understanding related to technological disaster occurrence.     

Do nonprofessional investors value the assurance of integrated reports? Exploratory evidence

Using an experimental design, this explorative study provides unique empirical evidence of the effects of an integrated reporting assurance (IRA) on nonprofessional investors’ (NPIs) financial decision-making in a laboratory experiment. For this purpose, two independent experiments were carried out, one relying on a sample of Master’s students, and one focusing on managers of large corporations. In line with our agency theoretical reasoning, we find that students value an IRA positively, evidenced through significantly higher investments, while, contrary to expectations, an IRA has the opposite effect for managers. The results reveal that, dependent on the empirical model, an IRA has either no, or even an investment-decreasing, impact on executives. In order to assess the sense-making process underlying this conundrum, subsequent interviews with the managers were carried out which revealed three dimensions that shape practitioners’ critical attitudes towards assurance engagements. First, managers expressed a general disbelief in the decision usefulness of integrated reporting (IR) to (nonprofessional) investors. Second, interlocutors referred to negative practical experiences with audit and assurance engagements and had technical doubts specific to IRA. Third, managers voiced emotional caveats regarding the audit and assurance profession. These findings indicate a prevailing divergence between the extolled theoretical contribution of an IRA to report credibility and its actual nature in practice. In the further course of the investigation, we also find that the assurance provider (Big 4 auditor versus specialized consultant) does not affect investment decisions, but that a higher assurance level leverages investments among students. The results of this study add to the growing, albeit still small, IRA research body and deliver valuable insights for research, regulators, and practice.     

社会嵌入、企业声誉与海外投资经济风险治理——基于中国企业对“一带一路”沿线国家投资的研究

关于如何治理中资企业海外投资所面临的东道国经济风险,目前的文献主要围绕着国家治理和市场治理两个渠道展开.前者通过国家外交,改善企业在东道国的投资环境.后者通过使用一系列分散风险和对冲风险的市场工具,做到风险的事前预防和事后对冲.文章引进了第三条风险治理机制——社会治理.利用长三角和珠三角的302份参与"一带一路"投资的企业家调查问卷,通过结构方程的量化分析后发现,如果中资企业通过社会嵌入,与当地社会建立起了良好和广泛的社会关系网络,能有助于企业获得当地民众的普遍认可和情感支持,提高中资企业在东道国的企业声誉,增强企业的风险治理能力.不仅如此,不同治理机制彼此之间可以互相促进,由社会嵌入所获得的企业社会声誉会进一步优化投资企业在东道国的投资环境,改善既有的国家治理成效.基于这种认识,文章提出了一个"国家—社会—市场"互动与融合的三元治理模式.通过结构方程模型比较检验和恒等性检验后发现,引入"企业声誉"中介效应后,模型的解释力显著提高,国家、社会和市场治理的效果显著增强,证实了"国家—社会—市场"三元治理模式的有效性和稳健性.     

Role ambiguity and volunteer board member performance in nonprofit sport organizations

We explore the relationship between multidimensional role ambiguity and individual board member performance within nonprofit voluntary sport organizations. Role ambiguity accounted for 29 percent of the variance in perceived board member performance, and ambiguity about one's responsibilities was the strongest predictor. These findings extend our understanding of the drivers of individual board member performance within voluntary sport organizations and the multidimensional nature of role ambiguity. The study supports previous arguments that knowing what to do is fundamental to one's performance, and more critical than knowing how to do it, and what difference it makes.     

中国特色国家治理的历史向度

中国国家治理采用迥异于西方的、具有鲜明特色的治理模式,充分彰显社会主义制度优越性,是中国对世界政治文明的巨大贡献。以大历史观的视角,从新中国七十年史、中国共产党百年史、世界社会主义五百年、中华文明五千年的历史纵深出发,回溯剖析中国特色的国家治理之特色从何而来,通过多维度深入解读,解答了中国特色国家治理的领导核心、参与主体、方法论、文化底蕴的根脉来源问题,有助于了解和明晰其本质特征、比较优势及未来指向。     

权力异化与人的全面发展——以马克思主义国家权力观为视角

以马克思主义国家权力观为切入点，在全面阐述国家内涵和国家存在的必要性的基础上，通过对传统国家权力异化的原因进行剖析，指出治理和善治是防止国家权力异化的有效手段，而国家管理模式变更的过程，亦是实现人自由全面发展的过程。     

债权人介入公司治理的合理性分析——以债权人与公司的关系为基点

同股东相比,债权人虽与公司保持着密切的联系,也是公司资产的供给者,却承担了不相称的经营风险,并随时为股东的机会主义行为买单。以公司法规范为标准,对公司享有的债权,其实现的保障手段可分为公司法外、公司法内、公司治理内三个层次。合同、担保等公司法外方式,未能突破外部性瓶颈,保护效果有限;公司法内提供了法人格否认等具体制度,但大都是在权力配置外给予保护,存在着被动性和对债务公司的依赖性。这些对公司债权传统的保护方式都不能解决公司资产非正常减少危害债权的问题。