利益相关者与收益分配理论创新研究

从20世纪80年代末以来,美国的许多州相继修改公司法,强制性要求公司不仅要为股东服务,还要为利益相关者服务,这使得传统的“股东至上”理论开始正式受到“利益相关者”理论的强烈挑战.如何处理股东、债权人、经营者、员工及政府等利益相关者之间的关系成为公司治理的关键.然而现行的财务报告模式只关注股东的利益,没有揭示其他利益相关者为企业创造的财富,也没有揭示他们在企业总财富中享有的份额及利益.这种传统的财务报告模式不仅不能反映企业中的各种契约关系,而且不能激发人力资本的积极性和创造性,不能正确引导各个利益相关者的决策行为,从而制约着企业的经营效率和长远发展.     

战略管理视角下利益相关者理论的回顾与发展前瞻

首先， 本文基于 Laplume 等人提出的利益相关者理论研究问题的划分， 对2008 年以来发表在国内外权威管理学期刊上的有关利益相关者理论的162 篇文献 （124 篇英文文献、38 篇中文文献） 进行回顾， 揭示了近年来利益相关者理论发展趋势和研究焦点。 其次， 本文从战略理论视角出发， 从企业层战略内涵与企业逻辑、 人力资本产权与公司治理、 价值创造与价值分配的关系、 “经营” 和 “维持” 利益相关者管理模式方面， 对本领域的研究进展进行分析， 提出转型发展情境下的中国利益相关者理论发展的未来方向。 最后， 结合中国转型时期政府作为重要利益相关者的特定情境， 提议从战略管理视角探讨确立良性合作型政企关系作为利益相关者理论发展的一个重要方向。     

KISS：新型公司治理——成功的董事会管理工具

根据特定的国家或地区普遍采用权益制度的情况,“公司治理”可以理解为“股东权益保护”或“利益相关者权益保护”。目前存在两种基本的公司治理模型,一种是“以市场为基础”,强调股东权益最大化的模型,一种是“以关系为基础”,强调公众权益的模型。近年来,不论是采用“股东权益”公司治理方法的国家,如美国、澳大利亚,还是采用“利益相关者权益”公司治理方法的国家,如德国、日本等,都不约而同地发生了公司危机,公司治理成为世界陆的热门话题。     

国有独资公司治理主体的界定——基于利益相关者理论

进一步明确国有独资公司的治理主体,是国有独资公司规范运作的前提,也是国有独资公司健康发展的关键所在.根据利益相关者理论,通过问卷调查和统计分析,用评分法对国有独资公司中众多利益相关者进行分类,从而界定国有独资公司的治理主体,以及各利益相关者与公司生存、价值增值和持续发展的关系.     

企业利益相关者的利益协调与公司治理的平衡原理

企业中不同的利益相关者所追求的利益要求之间不仅会有差异，而且很可能会有冲突。本文剖析了企业中各种利益相关者利益冲突的特性，进而将公司治理的本质理解为企业利益相关者之间利益冲突的协调机制，并阐明公司治理安排的有效性取决于它是否能够动态地满足多维度的平衡要求。     

企业的关系边界及主体关系模式的影响

在复杂适应系统理论视角下,企业是由投资者、经营管理者、员工以及供应商、消费者、规制者等利益相关者(主体)组成的关系网络,因此,企业的边界取决于不同利益相关者共同构成的关系网络。然而,关系网络的限度与范围又取决于利益相关者之间的关系模式。本文通过构建企业的多主体模型,借助计算机仿真软件NetLogo,动态模拟了构成企业的不同主体的关系模式对企业的关系边界的影响。研究结果表明,主体之间的竞争与合作关系对企业的关系边界有着重要影响:合作依赖模式下,企业关系边界有缩小的趋势;竞争对抗模式下,企业关系边界有增长的趋势,但是增速缓慢;竞合互动模式下,企业关系边界有快速扩张的趋势。     

反思利益相关者理论的合理性研究

通过对利益相关者理论的理论基础、可行性以及利益相关者参与公司治理的特殊性与实践经验3个方面的分析,对利益相关者理论的合理性提出质疑。在此分析的基础上,评价了利益相关者理论,认为指导我国公司治理结构的理论基础应采取以市场价值理念为基本思想的契约理论。     

党组织融入公司治理是新时代国企的必然选择

正我国国有企业在经济属性、制度基础、政治属性和职能定位方面具有特殊性,需要引入一个强有力、没有自身利益诉求的第三方,以确保其发展方向,维护出资人权益,并平衡各利益相关者的权利和责任关系。党组织融入公司治理具有法理依据,是彰显我国经济发展道路自信的重要方面,更是新时代我国国有企业公司治理模式的必然选择。公司治理模式的国际视角公司治理是以股东为核心的各利益相关者之间相互制衡关系的总称,其实质是各利益相关者在权利安排、利     

中外公司治理结构的比较研究

一、公司治理的定义及经济学分析公司治理(CorporateGovernance)是指现代企业的组织架构。广义的公司治理是指在现代企业中选择和激励企业家为企业所有利益相关者利益服务的制度,包括企业组织方式、控制机制、利益分配的所有法律、机构、文化和制度安排,利益相关者则包括股东、     

论国有企业治理结构中的企业所有权安排——与杨瑞龙,周业安同志商榷

杨瑞龙、周业安同志在《论利益相关者合作逻辑下的企业共同治理机制》一文（《中国工业经济》1998年第1期,以下简称杨文）中提出了利用“利益相关者合作”逻辑创新国有企业治理结构的命题。对此,笔者有一些不同看法。鉴于国有企业治理结构是我国国有企业改革深化的关键问题,本文提出一些商榷意见,以求得在企业理论认识上的进一步深化和一致。一、“利益相关者合作”逻辑不能解决“所有者缺位”问题杨文在文中十分推崇“利益相关者合作”逻辑,一个重要的理论根据就是它能解决由政府的“廉价投票权”所引起的“所有者缺位”问题。建立在…     

面向供应链的环境治理组织模式研究——基于交易费用视角的考察

环境治理的组织形式既可以是单个企业的末端治理，也可以是具有纵向关系的企业间合作治理。后一种环境治理组织方式在激励机制、节约信息成本和治理成本等方面具有的优势．已经越来越成为政府环境治理和企业提高竞争力的重要途径。本文试图借助交易费用理论．从供应链的视角考察具有纵向关系的企业间合作环境治理的组织形式与结构，并进一步探讨供应链上环境治理的驱动者与驱动方式的选择问题。分析表明．面向供应链的环境政策是末端治理政策一个很好的补充与替代。但面向供应链的环境政策必须能够降低供应链上企业环境治理的交易成本．并依据纵向关系或供应链的组织特征而有所差异．才能提高企业问协调环境治理效率。     

Transaction Cost, Social Capital and Firms' Synergy Creation in Chinese Business Networks: An Integrative Approach

Overseas Chinese business networks have been a powerful growth engine propelling local economies in Southeast Asia and the Greater China region. However, relatively little research has been conducted on the relationship between social capital and a firm's synergy creation in overseas Chinese business networks. To narrow this knowledge gap, this study adopts an integrative approach drawing on two complementary theories of transaction cost economics (TCE) and social capital to investigate how a firm creates synergy in overseas Chinese business networks. A multiple regression method was used to test hypotheses. The results indicate that repeat transactions and close ties with government offices and financial institutions contributed positively towards a firm's synergy creation while other variables such as trust, transaction uncertainty and information sharing did not show any significant relationship with synergy creation. Data from 108 Hong Kong-based Chinese manufacturing firms provide evidence that the integrative approach is rather effective in studying a firm's synergy creation in the context of interorganisational relationships.     

Corporate Social Responsibility and Governance: The Role of Executive Compensation

This article examines the relationship between corporate governance and corporate sustainability by focusing on an essential component of companies' governance structure: executive compensation programs. We propose an original empirical strategy based on a large set of the biggest capitalizations in Organization for Economic Cooperation and Development (OECD) countries over the period 2004–2018, with explicit measures of how companies integrate into executive managers' remuneration precise criteria of corporate social responsibility, an incentive scheme called corporate social responsibility (CSR) contracting. Our results show that proposing executive compensation programs including CSR criteria has a negative impact on financial performance, and a large positive impact on extra-financial performance based on the following dimensions: relationship with customers and suppliers, and community involvement. Second, we explore the moderating role of the corporate governance model by distinguishing the impact between firms with a shareholder or stakeholder corporate governance model and reveal significant differences in the impact of CSR contracting. For firms with a stakeholder corporate governance model, CSR contracting is no longer associated with a fall of financial performance and has a large positive impact on human resources, environmental, and human rights performance. On the other hand, CSR contracting has a negative impact on financial performance but no impact on extra-financial performance for firms with a shareholder corporate governance model.     

Managing the trade-off between relationships and value networks. Towards a value-based approach of customer relationship management in business-to-business markets

The management of buyer-seller relationships was an early antecedent to the development of customer relationship management (CRM) concepts. Currently, CRM concepts are being challenged by the rise of value networks. Value networks can and, often, do interfere with customer relationships and thereby call for a broader range of concepts to analyze and understand relationship management and the influence of value networks on relationships. This introductory article describes the nature of the problem between relationships and value networks, reviews the current state of research, and describes the contributions of the articles presented in this special issue on CRM in business-to-business markets.     

Knowledge spillover in corporate financing networks: embeddedness and the firm's debt performance

Building on social embeddedness theory, we examine how the competencies and resources of one corporate actor in a network are transferred to another actor that uses them to enhance transactions with a third actor—a strategic process we dub ‘network transitivity.’ Focusing on the properties of network transitivity in the context of small‐firm corporate finance, we consider how embedded relations between a firm and its banks facilitate the firm's access to distinctive capabilities that enable it to strategically manage its trade‐credit financing relationships. We apply theory and original case‐study fieldwork to explore the types of resources and competencies available through bank–firm relationships and to derive hypotheses about how embedded bank–firm relationships affect the strategy of small‐ to medium‐sized firms. Using a separate large‐scale data set, we then test the generalizability of our hypotheses. Our qualitative analyses show that embedded bank–firm ties provide special governance arrangements that facilitate the firm's access to bank‐centered informational and capital resources, which uniquely enhance the firm's ability to manage trade credit. Consistent with our arguments, our statistical analyses show that small‐ to medium‐sized firms with embedded ties to their bankers were more likely to take lucrative early‐payment trade discounts and avoid costly late‐payment penalties than were similar firms that lacked embedded ties—suggesting that social embeddedness beneficially affects the financial performance of the firm. Copyright © 2002 John Wiley & Sons, Ltd.     

知识产权保护、行业异质性与技术创新

为了探究知识产权保护对技术创新影响的行业差异，本文运用中国37个行业2006～2011年的面板数据，基于技术差距和相对规模，探究了知识产权制度变革对产业创新影响的行业异质性。研究发现：人均专利数量是衡量技术创新的理想指标；加强知识产权保护，有利于促进技术进步；技术创新渠道正在发生变化，即更注重国内自主创新和内部技术转移；技术差距越小越有利于技术进步，相对规模越大越有利于技术创新。本文建议：在研究技术创新时，可以选择从业人员人均专利数量作为创新指标；加强知识产权执法水平，提升知识产权保护力度；技术创新过程中更应该注重自主创新和内部技术转移，不断缩小与发达国家的技术差距，同时还应该扩大行业相对规模。     

关系契约与企业网络转型

关系契约是企业网络形成和运行的微观基础，它有两条形成途径：一是由专用性资产而形成的双方依赖．二是动用个体社会资本而锁定双方的关系。相应地，企业网络可分为契约型和关系型两大类。关系型企业网络是中国转型经济的特征，家族企业及其网络的发展和寻租性企业网络的大量出现是转型期的必然现象。关系型企业网络产生的根本原因是中国独特的家族文化。经济转型要求企业网络从关系型向契约型转变，实质就是从关系治理向契约治理的转变。为此，必须从产权和日常管理方面加强对家族企业和国有仓、止的管理。尤其要着力培育宏观社会资本．     

A note on international market leaders and networks of strategic technology partnering

Interfirm partnering has become a familiar aspect of corporate behavior as it is found in a large number of industries with many Companies participating in strategic alliances. This paper focuses on questions that are related to market structural issues of this phenomenon in an international context. It raises the question whether alliances establish stable networks of firms, and whether market leading firms dominate the world of strategic partnering. Our contribution stresses the need for a further understanding of cooperative behavior in terms of the increase of corporate flexibility and the extension of core competences of companies.     

Corporate governance antecedents to shareholder activism: A zero‐inflated process

Research summary: Shareholder activism has become more widespread, yet the role of corporate governance as antecedent to shareholder activism remains equivocal. We propose a new conceptual model that characterizes the stochastic of observable shareholder activism as a compound product of two latent components representing (1) shareholder activists' propensity to target a company and (2) executives' propensity to settle activists' demands privately. Our model explicitly decouples corporate governance expectations for the two latent components embedded in activism process, and thus allows us to relax assumptions of homogenous shareholder interests and constrained managerial discretion where corporate managers are expected to negotiate privately and settle only value‐creating activist demands. Bayesian analysis of zero‐inflated Poisson regression reveals that corporate governance relationships with activism vary across shareholder demands and private settlements. Managerial summary: Increasing shareholder activism has generated debates as to whether activism promotes managerial accountability and responsibility or instead encourages managerial short‐termism. Our research model allows for heterogeneous interests among a company's shareholders. We theorize and empirically investigate a broader role of corporate governance: governance mechanisms need to ensure that executives are not (1) ignoring activists' value‐increasing demands or (2) accommodating activists' value‐decreasing demands in a private, opaque manner that disenfranchises other shareholders. Our results indicate that corporate governance implications differ for visible shareholder demands in contrast with private activism. A plausible application of our model is that it provides estimates of the probability of the numbers of shareholder demands to be received by a firm and the probability of privately settling a demand. Copyright © 2015 John Wiley & Sons, Ltd.     

公司治理对国有和非国有企业效率的影响研究——基于2012~2015 年我国制造业上市公司数据

公司治理特征与公司绩效之间的关系一直是理论研究和实证分析的焦点。DEA 方法在公司治理与企业绩效之间的关系分析中的应用已受到越来越多的关注。本文选取2012~2015 年我国制造业上市公司数据，运用主成分分析和混合DEA 模型来剖析公司治理和公司效率之间的关系。输入变量是固定资产的净值、员工数量和公司治理，而输出变量是总收入和税前利润。对于国有和非国有制造业上市企业，公司治理是一个重要的影响公司效率的因素。研究结果表明：国有和非国有制造企业可以通过有效地使用员工、固定资产和改进公司治理来提高效率；而低效的公司治理是国有与非国有上市制造业企业效率低下的主要原因；同时，由于过度的公司治理，国有企业的低效率远高于非国有企业，这表明非国有企业的公司治理效率高于国有企业。