基于“整合观”视角的上市公司内部控制指数研究

传统的内部控制质量评价方法是基于“缺陷观”、“目标观”与“要素观”三种观点，对内部控制做单方面的分析，这三种方法各有其优势，但也存在不足。本文从“整合观”视角出发，在理论分析的基础上，以内部控制五要素为逻辑框架，吸收“缺陷观”与“目标观”的合理做法，构建一套兼具科学性与可操作性的上市公司内部控制质量评价指标体系，并编制形成上市公司内部控制指数，为解决内部控制质量评价的难题提供了一种新的研究视角。     

资源基础观、内部控制效率与企业成长

本文在回顾产权视角内部控制效率文献及其局限性分析的基础上,从资源基础观这一新的视角来剖析内部控制效率,将资源基础理论与企业成长理论纳入到企业内部控制效率的分析框架,即企业内部控制模式的配置行为和效率不仅是基于产权理论节约交易成本的效率性行为,更是基于资源基础理论追求持续成长优势的战略性行为,从而在企业内部控制战略模式的效率标准和效率方式上提出了新的观点。     

从计量观、信息观透析财务报告质量评估体系

财务报告质量的评价标准 ,在西方尤其是美国 ,一直以来就是财务信息的提供者、使用者、准则制定者及证券监管机构等各方关注的焦点。基于不同的立场和观点 ,不少团体机构提出了各自的见解 ,这些见解基本上可以分为两类 :决策有用观和投资者保护观。文章从计量观、信息观的角度透析了财务报告质量评估体系 ,旨在说明两种财务报告质量评估体系的兼容性     

创新思路、强化事业单位内部控制建设的探究

文章从国内外事业单位内部控制建设的研究现状出发,指出我国在新形势下事业单位内部控制建设还缺乏实效性、实时性和针对性。因此,要科学规划、全面推进事业单位内部控制建设,强化事业单位内部权力制衡、信息公开、检查监督、宣传教育和制度建设,全面提升事业单位服务的质量和效率。     

“一带一路”沿线国家金融生态环境与中国OFDI企业“走下去” —基于资源基础观和制度基础观相结合的视角

资金融通是“一带一路”倡议的重要支撑,也是决定企业国际化经营的关键.“一带一路”沿线大多数国家金融外部环境的不确定性可能导致中国已经“走出去”的企业面临能否“走下去”的困境.本文创新性的基于“制度基础观-资源基础观”视角,构建金融生态环境评估体系,从微观层面深入分析东道国金融生态环境对中国对外直接投资(OFDI)企业经营绩效影响的机理,重点关注金融生态环境对企业内部融资约束的调节作用.以2013-2017年204家上市企业在30个沿线国家的投资为样本的实证检验发现,东道国良好的金融生态环境有助于提升企业的生存能力,并缓解企业内部融资约束.跨国并购和国有企业短期内“风险偏好”的特征得以证实.     

公司治理下的企业内部控制研究

在公司治理权力制衡机制发生实质性变化的前提下,我们需要重新审视内部控制理论研究的立足点.本文通过公司治理与内部控制的关系,从加强内部控制应注意的问题、方法和途径上进行了简单的探讨.     

论中国人的制度观

制度观对于一国制度的形成和实施有较大的影响.关系经济、等级制及缺乏民主与法治对中国人制度观的形成有着重要的影响.非正式约束对正式约束的替代,权力可以凌驾于制度之上,正式规则之外的潜规则及制度实施中的软政权现象,其共同的根源来自于权力没有受到制约.中国人的制度观与欧美国家民众的制度观有较大的差异,这也是我们在建立具有中国特色的制度体系方面需要考虑的一个重要因素.     

会计信息真实之程序理性观与结果理性观

本文通过对两份问券调查结果的分析，发现上市公司经理人与投资人对会计信息真实性的看法存在显著的视角差异，前者持会计信息真实的程序理性观，而后者持会计信息真实的结果理性观。从目前我国证券市场的现状来看，投资人处于信息严重不对称的弱势地位，上市公司会计信息失真使投资者蒙受了巨大损失。文章据此认为：对上市公司会计信息生成、审计和披露的监管，应偏重于会计信息真实的结果理性观，以保护投资者利益，降低经理人与投资人之间的信息不对称性。     

高校内部控制运行机制研究——基于囚徒困境理论视角

本文从囚徒困境的启示着手,对高校内部控制运行机制的囚徒困境进行分析,得出囚徒困境出现的主要原因是行政权力和学术权力之间的资源利用冲突,进而结合现状,分析实例,提出基于囚徒困境理论视角下,完善高校内部控制运行机制的措施.     

现代企业内部控制问题研究

内部控制制度是企业管理现代化的必然产物,是现代企业管理的重要手段.目前,我国的企业内部控制还普遍存在着法人治理结构不完善、缺乏内部控制理念、内部审计难以发挥应有作用等诸多问题.应该采取有效措施,建立真正意义上的法人治理结构,使企业内部权力有所制衡;不断完善适合本单位实际的内部控制制度.确保内部审计发挥作用;对制造虚假会计信息者加大惩罚力度,使其轻易不敢违规操作,从而保证企业经营活动的效率性和效果性,资产的安全性,经济信息和财务报告的可靠性.     

INSTITUTIONAL CHANGES NOW AND BENEFITS TOMORROW: HOW SOON IS TOMORROW?

This paper investigates the timing of the impact of changes in checks and balances on macroeconomic efficiency in a panel of countries. Using Battese and Coelli's one-stage approach, we find that increasing checks and balances results in greater efficiency. Furthermore, the impact of institutional changes on efficiency is delayed, with a full effect showing after five to six years. This finding remains robust after distinguishing developed and developing countries, including country-fixed effects and using alternative functional forms of the production frontier and alternative measures of checks and balances. The relation is also robust to controlling for endogeneity.     

利益集团理论视角的药品安全问题解读

近年来,药品安全问题特别引人注目.本文认为权力制衡制度、监督机制的缺失致使规制机构的行为缺乏监督和约束,导致其不断迎合"特殊利益"集团的需要是药品安全问题的根源.为此,本文提出一种分析框架,即把规制机构看成是规制设计者和制药企业这两个具有不同偏好和利益的共同代理人,运用利益集团竞争理论来解读规制机构的行为以及药品安全规制效果.     

Electoral Rules, Political Systems, and Institutional Quality

This paper explores the links between political rules and institutional quality. The paper concentrates on two political measures: the presence of checks and balances in the political system and an index of political particularism that measures the incentives for politicians to build personal support bases. The paper finds a positive correlation between checks and balances and institutional quality. It also finds that intermediate levels of particularism are associated with higher institutional quality.     

Political Institutions and Policy Volatility

Checks and balances that limit the discretion of policy-makers reduce the volatility of government expenditure and revenue. While this assumption is at the heart of a large body of empirical work, the association between political institutions and policy volatility has itself been the focus of only limited empirical testing. The results presented here support the existence of this link, allow for a comparison between two prominent measures of checks and balances and provide insight into the relative impact of checks and balances on the volatility of nine different types of fiscal policy both during times of macroeconomic stability and upheaval.     

基金持股行为对上市公司绩效的影响——以辽宁省上市公司为例

从基金参与公司治理的动力、对第一大股东形成制衡的能力以及持有股票的偏好三方面出发,研究基金持股行为对上市公司绩效的影响,选取辽宁省上市公司进行实证研究。结果表明:有基金持股的上市公司绩效优于没有基金持股的上市公司绩效;基金持股比例越大,基金参与上市公司治理的动力和抗衡第一大股东的能力越强,对上市公司当年及下一年绩效的提高都产生了积极的促进作用;而基金持股集中度和基金共同持股行为对上市公司绩效有一定的正向影响,但不具有统计上的显著性。     

Reluctant regulation

We study the effect of state ownership on the market-to-book ratios of publicly traded European utilities from 1994 to 2005. We find that when the company is subject to independent regulation, state ownership seems positively associated with firm value. This relation tends to appear in countries where weak checks and balances and political fragmentation do not constrain the power of the executive. Our results suggest that, where political institutions are weak, politicians may influence regulatory agencies in order to benefit state-owned firms.     

Private Investment and Political Institutions

Recent research has demonstrated a negative link between macroeconomic and political uncertainty and levels of private investment across countries. This raises the question whether certain types of government institutions might help reduce this uncertainty. North and Weingast (1989) propose that political institutions characterized by checks and balances can have beneficial effects on investment by allowing governments to credibly commit not to engage in ex post opportunism with respect to investors. In this paper I develop and test a modified version of their hypothesis, suggesting that checks and balances, on average, improve possibilities for commitment, but that they are not a necessary condition for doing so. Results of heteroskedastic regression and quantile regression estimates strongly support this proposition.     

民营上市公司大股东资金占用影响因素研究

我国采取金字塔控股方式的民营上市公司以实现自身利益最大化为目标,通过各种手段占用上市公司资金。针对沪深两市371家具备金字塔结构的民营上市公司的实证研究发现,大股东资金占用的影响因素主要有第一大股东持股比例、分离系数、股权制衡度、管理者持股比例和资产负债率。在ST公司和正常公司的对比分析中,发现第一大股东持股比例、股权制衡度、资产负债率和公司上市年限对大股东资金占用率的影响存在差异。     

The case for fiscal rules

This paper estimates the effects of fiscal institutions on fiscal policy outcomes, addressing issues related to measurement and endogeneity in a novel way. Recently developed indices, based on partially ordered set theory, are used to quantify the stringency of fiscal rules. Identification of their effects is achieved by exploiting the exogeneity of institutional variables (checks and balances, government fragmentation, inflation targeting), which are found to be relevant determinants of fiscal rules. Our two-stage least squares estimates for (up to) 74 countries over the period 1985–2012 provide strong evidence that countries with more stringent fiscal rules have higher fiscal balances (lower deficits), lower interest rate spreads on government bonds, and lower output volatility.     

Measuring and combating corruption

Corruption thrives on misinformation and secrecy. In the Global Corruption Report 2003 , Transparency International ( TI ) puts access to information at the top of its agenda. TI catalogues a climate of mistrust that is working against the interests of shareholders and employees in the market economy, and against the interests of the developing world when economic and business decisions are taken on the basis of the size of a kickback rather than quality, competence and value for money. A sustainable and prosperous society requires a national integrity system based on the rule of law, checks and balances, and a thriving independent media and civil society.