法治环境、融资约束和企业研发投入

创新是引领发展的第一动力,研发投入则是提升创新能力的必要条件。在我国推进全面依法治国的战略背景下,探索宏观制度环境与研发投入的关系具有重要意义。以2008—2019年A股上市公司为研究对象,实证检验了法治环境以及融资约束对企业研发投入的影响。研究发现:良好的法治环境能够促进企业研发投入,融资约束会抑制企业研发投入;良好的法治环境能够缓解融资约束对企业研发投入的负向影响。进一步研究表明,法治环境和融资约束对企业研发投入的上述影响以及法治环境缓解融资约束对企业研发投入的抑制效果,主要体现在探索式研发中。并且,法治环境的正向调节效应在非国有企业、制造业企业和东部地区企业中更加显著。因此,应深入推进简政放权和金融法治化改革,它有助于破除企业研发投入面临的融资约束,进而激发市场主体创新活力和潜力。     

Is Stakeholder Corporate Governance Appropriate in Russia?

Journal of Management and Governance - Alternative forms of disciplining the actionsof senior enterprise managers can becharacterized as shareholder or stakeholdergovernance. This paper analyzes...     

Corporate Management,Industry Competition and the Sustainability of Firm Abnormal Profitability

This paper models the sustainability of firmabnormal profitability and uses theeffectiveness of corporate managementcapabilities as a test to examine its impact onthe sustainability of firm abnormalprofitability. The role of industry competitionas a moderator between the effectiveness ofcorporate management capabilities and thesustainability of firm abnormal profitabilityis also examined. Consistent with theresource-based view of the firm, we found thatthe effectiveness of corporate managementcapabilities positively influence thesustainability of firm abnormal profitability.This implies that corporate managementcapabilities are important contributors to theentire bundle of firm-specific resources andcapabilities which enable some firms togenerate competitive advantages that aresustainable. The effectiveness of corporatemanagement capabilities has a larger influenceon the sustainability of firm abnormalprofitability for firms in lowly competitive ormonopolistic industries than firms in highlycompetitive industries. The findings supportthe notion that not only do firm capabilitiesyield sustainable competitive advantages andabnormal profitability, but also industrycompetition reinforces the impact of firmcapabilities in yielding sustainable abnormalprofitability.     

CEO Reciprocal Interlocks in French Corporations

In France the chairperson of the board is mostoften the firm's CEO. This position strengthensthe insiders' hold on the board of directors.Moreover, a large fraction of outside directorsis composed of CEOs of other firms. Thereciprocal interlocking of CEOs creates the possibility of mutual interdependence of CEOs.We investigate factors explaining reciprocalinterlocking directorates of CEOs in Frenchcorporations. Our results indicate that CEOs oflarger firms hold more reciprocal CEOinterlocks and when CEOs have more outsidedirectorships, CEOs hold more reciprocalrelationships. We also find a positiverelationship between the number of CEOsreciprocal interlocks and their firms'performance measured by ROA. We find evidencethat CEOs hold more reciprocal interlocks whena blockholder is present on the CEO's board.     

股权结构、企业社会责任与公司财务绩效实证研究

本文采用2014—2016三年上市公司数据,通过控制企业规模、年龄和财务杠杆等变量,研究企业社会责任(CSR)与公司财务绩效(CFP)之间关系以及引入股权结构作为中介变量,探究股权集中度和制衡度对CSR与CFP两者的影响.研究发现:履行社会责任能够改善公司的经营绩效,而适当提高大股东持股比例能够加强CSR对CFP的正向作用.所以合理的股权结构能够促进企业承担社会责任,进而提升上市公司的财务绩效.     

论领导权结构、企业避税与会计信息可靠性的关系

以我国2013—2015年沪深两市A股类上市公司为样本,运用相关性分析和回归分析,以消除应计利润影响后的会计—税收差异作为衡量企业避税指标,用盈余激进度衡量会计信息可靠性,分析企业避税程度与会计信息可靠性的关系,并进行了稳健性检验。结果表明,企业避税程度对会计信息可靠性起负面作用。在此基础上,进一步梳理了领导权结构、企业避税与会计信息可靠性的关系,研究发现,相比两职合一的公司,企业避税程度对会计信息可靠性的负面作用主要体现在两职分离的公司。这对于深入研究企业避税与会计信息可靠性的关系具有一定的借鉴意义,可为完善公司治理机制、提高会计信息可靠性提供一定的思路借鉴和决策参考。     

金融危机、货币政策与企业贷款行为——基于企业风险承担的微观视角研究

货币政策调控会先影响企业的风险偏好或风险容忍度,进而对企业的贷款行为产生影响。并且,金融危机冲击和货币政策调控会引起不同特征企业贷款行为的异质性反应。经验研究发现：宽松的货币政策会显著引起我国企业风险承担的上升,而企业风险承担上升也显著引起其银行贷款规模的增加,中小企业、股权分散型企业和民营企业其银行贷款规模对企业风险承担变化的反应更加敏感。在2008-2009年金融危机期间,企业风险承担水平对货币政策变动的反应更加灵敏,而企业贷款规模对企业风险承担的敏感度有所下降,大型企业、股权集中型企业和国有企业其基于企业风险承担传导的银行贷款行为受金融危机冲击影响更大。     

长期股权投资准则修订变化及对企业财务的影响研究

2014年7月1日,新修订的企业会计准则率先在所有执行企业会计准则的企业范围内施行,这意味着企业的财务核算、财务报表等面临新的问题和挑战.长期股权投资是企业会计核算中的重点和难点,其会计核算方法比较复杂,不同的会计核算会对企业的财务产生不同的影响.本次长期股权投资的修订,规范了长期股权投资的会计核算方法,使其持续趋同于国际会计准则,有利于我国对外经济合作,有利于适应社会经济的发展.本文主要剖析了长期股权投资准则修订前后的变化,对其主要会计核算进行举例分析,并分析其对企业财务的影响.     

中国企业储蓄率变动原因探析

我国国民储蓄率一直居高不下,其中企业部门的储蓄率变动逐渐引起人们的关注。研究发现,国民储蓄率自2008年增势减缓,主要因为企业部门储蓄率出现下降,企业支付的劳动者报酬、财产支出以及融资渠道的变化是企业储蓄变动的主要原因。进一步通过E-G协整法探究企业储蓄率对国民经济、投资率的影响,发现企业部门对经济发展和投资水平起到积极作用。最后,根据企业部门的国民地位和储蓄率变动趋势给出密切关注企业储蓄率、合理降低居民储蓄率的相关建议。     

The Effects of Corporate Elitism and Groupthink on Organizational Empathy in Crisis Situations

This study is to empirically testify that corporate elitism is an antecedent to groupthink, which prevents organizational empathy from working effectively in crises. The current study is expected to expand the boundary of crisis management literature into a company’s crisis-preparedness before a crisis occurs. The findings offer the useful guidance to organizations on how to better manage their crisis proneness through identifying the early signs of corporate elitism and groupthink.