股权激励计划公告前的盈余管理——来自中国上市公司的经验证据

本文以"上市公司股权激励管理办法"颁布以来沪深两市首次披露股权激励计划的上市公司为研究对象,运用单样本T检验和配对样本T检验的方法,研究了股权激励计划公告日前经理人的盈余管理行为.研究发现:股权激励计划公告日前的三个季度,经理人通过操纵"操纵性应计利润"进行了向下的盈余管理,公告日后盈余存在反转现象;但是,并没有显著的证据表明经理人在股权激励计划公告日前通过操纵"非经常性损益"进行盈余管理.     

Acquisition and Disclosure of Operational Information*

We study a firm's strategy for acquisition and disclosure of operational information by establishing linkages among information quality, managerial self‐interest, and production planning. We develop a multistage model in which a manager of a publicly traded firm first receives private information about the product demand and then uses it to make production and disclosure decisions. We consider two prevalent disclosure models employed in the accounting literature: all‐or‐nothing and cheap‐talk models. In the all‐or‐nothing model, it is assumed that any disclosure must be truthful, but the manager can strategically withhold information. We show that the manager commits to acquire the value‐added operational information if (i) the managerial self‐interest in the interim share price is low or (ii) the managerial self‐interest in the interim share price is high, but the fixed disclosure cost is either sufficiently low or sufficiently high. We demonstrate that the firm is better off if the production level is observable to the financial market because multidimensional signaling reduces costs. In the cheap‐talk model, we assume that the manager's disclosure may not be truthful. We show that the manager's incentive to acquire value‐added operational information increases along with the penalty cost for misleading investors. Therefore, a high penalty cost for misleading investors can encourage the manager to obtain more precise information, which in turn improves the firm's cash flow.     

Biopharmaceutical and chemical firms’ R&D disclosure,and cost of equity: The impact of the regulatory regime

Based on the proprietary costs theory, this paper aims to survey whether the regulatory regime (mandatory versus voluntary) of research and development (R&D) narrative disclosures impacts, by the means of a reduced information asymmetry, on the cost of equity capital. In order to construct a disclosure index to investigate the extent and the comprehensiveness of R&D information, the methodology adopted was the content analysis of 77 biopharmaceutical and chemical listed companies’ management reports from eight Western European countries across the period 2005–2009. Hence, we obtained an (unbalanced) panel data of 309 observations. The cost of capital has subsequently been regressed on the disclosure index. Results confirm a larger amount of R&D disclosures whereas information is more regulated, but they do not confirm an inverse relation with the cost of capital.     

论行政诉讼调解制度的构建--兼论行政诉讼调解制度的立法建议

虽然我国《行政诉讼法》规定行政诉讼不适用调解,但是司法实践中却普遍存在着大量以协调——撤诉为表现形式的异化或隐形的调解现象,导致立法与司法现实之间的掣肘和冲突。为了满足司法公正和积极行政、服务行政的需求,学界和实务界均在这次《行政诉讼法》修改中呼吁建立行政诉讼调解制度。笔者结合近年来从事行政诉讼实践,对行政诉讼调解制度建立正当性、可行性以及价值定位问题进行相应的分析,并提出相应的立法建议。     

滥用职权罪的客观要件解释

构成滥用职权罪的行为同时具有刑法上和行政法上之双重意义.刑法意义上之"超越职权"与"行政越权"并非完全同一;"违反规定处理公务"包括行政自由裁量权的滥用与羁束权的滥用;"行政不作为"犯罪定性的关键,在于认定行为人行为时的主观心理.滥用职权罪的立法需完善,核心在于罪名分解,并注意保持刑法与行政法的协调统一.     

我国上市公司CFO薪酬与盈余质量的相关性研究

本文研究了我国上市公司CFO薪酬与盈余质量的相关性.研究发现,随着我国上市公司治理机制的不断完善,上市公司逐步建立起了以盈余为业绩指标的CFO薪酬激励机制.通过文章逐层递进的研究,我们发现我国上市公司CFO薪酬激励契约显著地区别反映了盈余中的非经常性损益和经常性损益,但是却未能有效地区别反映经常性损益中的应计项目和经营性现金流,存在类似"功能锁定"的现象.进一步细分研究样本后,我们发现由于盈余管理上市公司CFO薪酬激励契约对非经常性损益和经常性损益的不合理权重赋值,扭亏上市公司的CFO薪酬激励契约反而刺激了CFO进行盈余管理.根据研究我们认为,解决CFO薪酬激励契约对应计项目和经营性现金流的"功能锁定"现象,改进盈余管理上市公司CFO薪酬激励契约成为目前我国上市公司完善CFO薪酬激励机制的两个重要任务.     

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。     

完善宽严相济刑事政策下的相对不起诉制度

相对不起诉制度是检察机关行使自由裁量权的一个重要方面,是现代刑事司法理念在我国刑事立法中的重要体现。但我国现行《刑事诉讼法》对相对不起诉制度范围的规定过于狭窄,加之暂缓起诉制度的缺失,给检察机关起诉自由裁量权的行使造成了较大的影响,不能满足构建和谐社会大背景下刑事司法工作的需要,在宽严相济的刑事政策指导下,我们应当采取有效措施,完善相对不起诉制度。     

Going the Extra Mile? How Street‐level Bureaucrats Deal with the Integration of Immigrants

Dutch immigration and integration policies are being interpreted and implemented by local street‐level bureaucrats. We carried out 28 semi‐structured interviews with integration coaches, integration teachers and client managers in order to understand the dilemmas they face, and to explain their subsequent behaviour. The results show that although organizational characteristics such as the bureaucratic burden made street‐level bureaucrats reluctant to enlarge their discretionary space at the expense of policy rules, their willingness to help clients often transcends these boundaries under a combination of three conditions: high client motivation, extreme personal distress of the client, and negative assessment of existing policies and policy instruments (both in terms of fairness and practicality). Furthermore, street‐level bureaucrats were found to be constantly reinterpreting and revising their roles.     

日本起诉犹豫制度及对我国的借鉴意义

在日本,检察官在决定是否适用起诉犹豫制度时,不受犯罪轻重的影响,而是综合考虑到各种因素后所做出的决定。起诉犹豫制度在日本的司法实践中得到了广泛的运用。通过对比我国目前正在积极探索的暂缓起诉制度,起诉犹豫制度在犯罪嫌疑人的人权保障、节约司法资源、人身自由、提高诉讼效率、实际效果等方面更加具有借鉴的意义和价值。因此,我们需要在立法上明确规定起诉犹豫制度和建立相关的配套设施。