投资者保护、剩余公司治理与我国资本市场省际差异

投资者保护是影响资本市场发展的重要因素,它可以解释我国资本市场发展中存在的区域差异吗？本文探讨在相同的立法环境中,由法律执行和以地方性法规为代表的省际剩余公司治理的差异所引起的我国31省份投资者保护程度的不同,对资本市场省际差异的影响。研究发现：（1）投资者保护是影响资本市场省际差异的一个重要因素。（2）投资者保护构成中,法律执行对资本市场省际差异产生显著正向影响,而省际剩余公司治理的影响并不确定。     

日本公司治理结构内部控制中存在的问题分析

内部控制是企业治理的主要内容之一。在新的经济环境冲击下,涉及内部控制的日本企业的组织管理架构以及一些旧的公司制度和惯习已经束缚了企业的持续发展。日本在解决内部控制中存在的问题上,注重从法律的建设入手,并以此为手段带动实体经济改革。从当前内部控制改革的动向看,虽然相关的一些上市企业能按法律要求去实施,但在新制度的效果上许多企业尚存在质疑。由商法的修改带动的公司内部控制问题及其改善成为日本近年企业治理的焦点问题。     

How Good Is Corporate Governance in China？

Based on the revised OECD Principles of Corporate Governance of 2004 and China＇s regulatory framework, we develop a corporate governance index （ CGI） to measure overall corporate governance and disclosure practices of the 100 largest listed companies in China. The results show that Chinese companies have been making progress in corporate governance reform and there is significant difference in CGI between the top and the bottom companies＇ performance. Among the six parts of CGl, Chinese listed companies perform better in disclosure and transparency, but show weakness in board of supervisor and stakeholders roles. Further tests show that the improvements in corporate governance of state-owned enterprises have resulted in some initial signs of success.     

‘Doing-good’ and ‘doing-well’ in Chinese publicly listed firms

Recently, the presumed benefits of corporate social responsibility have become an important issue, especially for China where institutional settings are quite different from other parts of the world. Using an internationally accepted benchmark (OECD's Principles of Corporate Governance, OECD, 2004), this study constructs a corporate social responsibility (CSR) index to measure the quality of the corporate social responsibility practices of the 100 major Chinese listed firms during 2004–2007. This enables us to evaluate the progress of the corporate social responsibility practices of Chinese firms. The results show that Chinese companies have been making progress in their corporate social responsibility practices. The findings also show that market rewards Chinese firms for improving their corporate governance practices which implies ‘doing-good’ leads to ‘doing-well’ in the equity market in China. We also find that overseas-listed and more profitable Chinese firms have better improvement in CSR practice. This study has policy implications in pushing for further CSR initiatives in other emerging markets.     

中国上市公司IPO融资资金投向变更行为及其影响因素研究

本文以1998～2008年间在中国A股主板市场IPO上市的公司为样本,利用Logistic回归模型和多元线性回归模型,对中国上市公司IPO股权融资资金投向变更行为的影响因素进行实证研究。研究结果表明,公司规模、盈利能力、独立董事的比例与变更IPO募集资金投向呈负相关;股权集中度、资金闲置比率、上市时机资与变更IPO募集资金投向呈正相关。在前面分析的基础上,本文最后提出了完善各类市场机制、加强对募集资金使用的监管、加强对募集资金使用的内部管理以及改善上市公司法人治理结构等一系列政策建议。     

马克思主义经济学的继承和发展

20世纪 90年代上半期 ,随着上市公司的大量涌现 ,建立现代企业制度的公司治理结构的概念框架开始引入我国并为企业界和理论界所重视。但在实际运行过程中 ,存在着“大股东操纵”、“内部人控制”等一系列损害中小股东利益的问题。笔者认为造成上述现象的主要原因在于我国上市     

上海区属国有企业法人治理结构的现状分析

上海区属国有企业公司治理、特别是董事会的建设还刚刚起步.文章根据上海区属国有企业的问卷调查,对上海区属国有企业的行业分布情况、所有权情况和法人治理结构中董事会与监事会建设的现状给予了比较全面的描述.同时,文章通过与OECD要求的比较,着重对区属国有企业董事会建设中的问题和成因进行探讨分析.     

我国创业板上市公司治理问题研究

由于我国证券市场创业板上市公司股权结构具有控股股东持股比例相对较低的特点,这将产生不同于主板上市公司的剥夺型公司治理问题。要解决这一问题,就必需完善保护中小股东的有关法规,加强执法力度,建立声誉约束机制,并加大对失信行为的处罚力度。     

论董事对公司债权人的责任

我国新《公司法》在许多制度方面都取得了突破性进展,但关于董事对债权人的责任承担问题却付诸阙如。学界多数认为在董事因故意或重大过失违反法律、行政法规及公司章程而给债权人造成损失时,董事应与公司一起对债权人承担连带责任。明确董事对公司债权人的责任,有利于完善我国公司治理结构,对我国社会主义市场经济建设有重要意义。     

A review of corporate governance in China

The paper reviews the literature on internal and external corporate governance mechanisms in China. Chinese regulatory bodies have made considerable efforts to improve the corporate governance of listed firms. However, research has shown that most of the governance instruments that are effective in developed nations are less effective in China. We attribute the ineffectiveness to the large stake of the state in listed firms, strong political connections between listed firms and the government, and the lack of a truly independent judicial system. Some suggestions for making corporate governance more effective in China are provided.     

建立法人股东为主导的股权治理模式

股权结构是公司治理结构的基础,其设置状况是否合理对公司治理结构的效率有着决定性的影响.文章针对当前上市公司股权治理的弊端,设计出一种股权持有者多元化、股权集中程度分散化的股权结构,并提出我国上市公司应建立以法人股东为主导的治理模式.     

A comparison of shareholder identity and governance mechanisms in the monitoring of CEOs of listed companies in China

This paper compares the relative effectiveness of two measures by which the Chinese government attempted to improve the monitoring of listed companies: shifting the ownership of state shares from government agencies (GAs) to the corporate form of state-owned enterprises (SOEs), and strengthening corporate governance through statutory regulations and guidelines. The results show that SOEs are better able than GAs to monitor top executives, as indicated by a higher sensitivity of top executive turnover to firm performance. However, corporate governance mechanisms have no significant impact on the sensitivity of top executive turnover to firm performance. This study suggests that incentives for controlling shareholders are more important than governance mechanisms in replacing executives due to poor performance in a transitional economy such as China's, where institutions that support governance mechanisms are still being developed.     

企业家人力资本在美国公司治理中的地位及启示

20世纪90年代以来,学术界从企业家人力资本的角度研究企业治理,特别是现代公司治理问题已经成为公司治理理论发展的一个重要趋势。文章在定义企业家人力资本内涵的基础上,分析了美国企业家人力资本的形成,阐释了企业家人力资本在美国公司治理中的核心地位及其对我国公司治理改革的启示。     

美国双层股权结构的经验及其对我国的启示

股权结构、股权集中度与公司治理机制的作用密切相关,而一国的公司股权集中度与该国的股东保护、法治、会计准则的完善有密切关系。本文主要分析美国的双层股权结构的形成、特征以及作用,并根据其经验研究中国公司的股权结构发展和法律法规的完善。     

政府统计制度的新制度经济学分析

论文首次从新制度经济学的视野比较全面地分析了中国统计制度,通过与国际上通用统计规则的比较分析,揭示出我国非正式统计制度在坚持统计公益性、客观性、独立性、科学性、可靠性和尊重统计调查对象、尊重统计用户方面的制度优势和缺失,并依据统计法规对我国正式统计制度进行客观剖析,揭示出我国现行统计制度的不足,这对于改革我国统计调查体系,进而保障国家宏观调控和管理决策的科学性具有十分重要的意义。     

浅议我国有限责任制的民营企业法人治理结构的完善——基于浙江有限责任制民企的调研

我国民营企业的平均寿命很短,其主要原因在于法人治理结构的不完善,民营企业家的家族式治理观念没有得到根本上的改观。有限责任公司是目前我国民营企业首选的组织形式,研究有限责任制的民营企业的法人治理结构对促进我国民营企业的发展具有重要的意义。本文通过实地调研同一产业群中两个具有高度可比性的有限责任制的民营企业,对其法人治理结构进行对比分析,研究在民营企业实际经营运作过程中对法人治理结构的创新性设置,并对其中存在的问题进行分析,提出一些完善民营企业法人治理结构的建议。     

Industrial policy,corporate governance,and the competitiveness of China's national champions: The case of Shanghai Baosteel Group

The paper presents an in-depth case study of the Shanghai Baosteel Group as a contribution to the overall assessment of the competitiveness and catch-up capability of the Chinese national champions after China's WTO accession. Significant competitive advantages of the firm in the domestic industry are identified, with cautionary remarks concerning the future stiff competition with the global steel giants. Through detailed examinations of the corporate governance mechanism and the industrial policy implementation in Baosteel and the whole steel sector, the paper sheds light on the institutional and policy challenges that the Chinese government has to face in building up its big businesses. It is concluded that whether Baosteel could emerge as a globally competitive steel firm depends critically upon the effectiveness of both the further reform of the state-dominated corporate governance system and the improvement of the industrial policy enforcement.     

理论探索与制度构建:房地产企业承担社会责任的路径选择

房地产企业应当承担一定的社会责任,这是基于传统的道价值观念与具体的法律制度规定。中国现阶段房地产业快速发展,但地产企业应当承担的社会责任却相当欠缺。利益相关者理论可以在一程度上支撑企业社会责任,但企业社会责任的实现,需要对社会责任念进行准确界定,需要法律制度的完善与规范,也需要政府与协会组的良好引导与促成。     

论执法人员在执法活动中的失误及其补救

执法人员在执法过程中造成的失误 ,给公民、法人和社会组织的合法权益造成了损失。究其原因是多方面的 ,既有主观的 ,也有客观的。主观方面表现为执法人员素质低下 ,对法律、法规的理解不透 ;客观方面表现在法律不健全及各方面的干扰 ,造成了执法方面的失误。因此 ,就要求我们对执法人员造成的失误要及时补救 ,这样做才能体现社会主义法制的优越性 ,树立执法机关的形象 ,维护公民、法人和社会组织的合法权不受侵害