企业集团组建的经济学解释

对于企业集团的形成,有交易成本、规模经济、协同效应、风险分散、市场势力等不同的理论解释.事实上,企业集团形成的原因是多种多样的,特别是在我国,企业集团形成过程中政府的作用很大,因此需要联系具体情形进行解释,试图用一种理论解释所有的企业集团组建是不现实的.     

中国农村工业化进程中的家族企业问题研究

在我国农村工业化进程中,家族企业事实上已经成为农民从事非农产业,特别是农村工业的主要企业制度形式,而传统经济学对家族企业广泛存在的理由并未给出令人满意的解释.实践证明,选择家族企业制度是我国农民适应外部环境而求得生存发展的理性选择,存在其经济上的合理性.同时,家族企业本身也是一种具有自我调节与自我更新能力的开放系统,在未来进一步扩大化的农村工业化进程中,仍然会发挥出巨大的作用.     

家族企业代理问题研究综述

家族企业在世界经济中有着举足轻重的地位。无论是发达国家还是发展中国家,家族企业都在该国经济发展中起着基础性作用。家族企业的治理问题也是各国企业管理领域的学者研究的热点问题。本文主要对近年来关于家族企业的管理者与股东之间的代理问题和家族控股股东与中小股东之间的代理问题的研究文献进行了系统梳理。     

企业集团财务管理的三大关键点

企业集团是由控股公司及其附属公司所组成的多层次的、稳定的经济组织,是现代商品经济条件下企业组织形式的创新.与一般企业相比,企业集团财务管理具有许多自身的特点,因此,企业集团的财务问题也备受理论界和实务界的关注.本文重点讨论企业集团财务管理的三大关键点--联结纽带、体制选择和财务监控.     

基于目标成本管理的企业集团及分公司成本控制方法探讨

我国是一个发展中国家,对于当前的企业发展来讲,主要在于通过一些具体的改革办法,将有利于企业发展的方法给予科学性的利用.从而加快我国企业的发展,同时更有利于企业的成本控制.往往对于如何进行科学化的设计还处于一种盲目的状态,为了增强对企业发展的预见性认识,我们必须抓好企业集团及分公司成本的控制.这篇文章主要从企业集团及分公司的目标成本管理开始,逐步建立健全有利于企业集团及公司成本控制的制度,这是进一步研究的重点.     

浅析企业集团财务管理的集中控制

目前在我国众多企业集团中存在采用多层次分割的过度分散与失控、信息不能及时充分共享、利益互不兼容的多级法人治理结构、成员企业目标的逆向选择、竞争力低下等问题,这与企业集团财务管理目标--集团整体利益最大化相悖.为了适应市场经济发展和新时代企业竞争发展的需要,建立现代化的企业集团财务管理体制,企业集团财务管理模式越来越趋向于财务管理集权化,以提高集团的整体利益、管理水平和竞争能力.     

大型企业集团金融风险特性及成因的实证分析

本课题探讨了大型企业集团的金融风险特质,指出企业集团的风险根源于其组织边界的"双重模糊性";进而,作为组织边界模糊性的体现--关联交易特征可看作企业集团金融风险的内在特殊性.本文从理论上对企业集团金融风险特性进行了阐述,并在此基础上探讨了当前环境下的风险来源和形成机制,并结合山东省重点企业集团进行了实证分析.     

浅谈集团内部审计的作用

"企业集团"是以资本为基本联结纽带所形成的、以母子公司为主体、能在统一战略下进行协调行动的多法人的企业有机联合体.企业集团的组织结构是指企业集团的各成员企业和人员构成及相互关系.     

我国企业集团财务公司管理制度的变迁

财务公司是为企业集团内部成员单位提供金融服务的非银行金融机构,是我国一类特殊的金融服务机构.自1987年5月7日,国内第一家企业集团财务公司--东风汽车工业财务公司经中国人民银行(总行)批准正式成立以来,迄今为止,全国已成立了75家企业集团财务公司,其中包括一家外资财务公司.     

基于当前经济形势如何优化治理家族企业

在全球经济化一体化的背景下,我国家族企业面临着激烈的市场竞争的环境.然而,我国家族企业的治理存在着诸多局限性问题,例如:家族企业的管理决策缺乏民主,过于集中;家族企业的人力资源管理还不完善,企业还未能形成满足员工需求的科学管理模式.因此,家族企业必须优化企业治理结构和管理模式,加强转变家族企业治理的途径研究,以此促使家族企业能够在新的市场形势下更加具有适应性、开放性、可操作性,这对家族企业能够突破传统管理模式,创新家族企业治理方式,具有积极的现实意义.     

Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups

Emerging markets like India have poorly functioning institutions, leading to severe agency and information problems. Business groups in these markets have the potential both to offer benefits to member firms, and to destroy value. We analyze the performance of affiliates of diversified Indian business groups relative to unaffiliated firms. We find that accounting and stock market measures of firm performance initially decline with group diversification and subsequently increase once group diversification exceeds a certain level. Unlike U.S. conglomerates' lines of business, and similar to the affiliates of U.S. LBO associations, affiliates of the most diversified business groups outperform unaffiliated firms.     

Does tunneling explain the sensitivity of executive compensation to other member firms’ performance?

This study examines how executive compensation is set when a firm is a business group member. Using Korea's unique setting of family-controlled business groups, we find that a member firm's executive cash compensation is positively linked to the stock performance of other member firms as well as its own. Further analyses reveal that this positive link is consistent with the hypothesis that corporate managers are rewarded for their decision to benefit the controlling family at the expense of the firm they manage. Specifically, we find that the sensitivity of executive pay to other member firms’ performance exists only in respect to firms in which the cash flow rights of the controlling family exceed those of the subject firm. We also find that this sensitivity is strengthened if the controlling family's control–ownership disparity in the subject firm is above the sample median.     

Family entrepreneurship around the world

In many countries of the world, families participate in most activities of emerging and mature companies. For example, established business owners may co-own and/or co-manage their businesses with family members. The purpose of this study is to model entrepreneurial formation, innovation and growth, and the exit and continuity of businesses where family members participate in ownership, management, and labor. Based on a sample of over 28,000 businesses across 49 countries, I conclude the following. First, young family businesses tend to be sole proprietorships, domestically-oriented, focused on niche activities, and small. Second, international family businesses may be less innovative in products and markets than international non-family businesses. However, both types of businesses show a similar propensity to adopt new technologies. Third, a sequential model for business decisions shows that family involvement may accelerate future business creation and early start-up stages. However, family participation in ownership and labor may decrease the chances of transitioning from a nascent to a young business. Fourth, internationalization, future business prospects, and family involvement may make business operations more likely to continue after exiting.     

互动导向、创新意愿与创新能力

互动导向是一种新的战略导向,它反映了一家企业同它的个体顾客进行互动,并通过持续的互动从顾客那里获取信息,从而建立有利可图的顾客关系的能力。互动导向不仅能够提高企业绩效,而且能够促进企业创新。然而对互动导向和企业创新之间的关系却鲜有研究。分析二者之间的关系能够丰富互动导向理论。研究结果表明：互动导向能够提高企业的创新意愿和创新能力,从而促进企业创新。面对复杂、多变的经营环境,企业应该采取互动导向,积极提高自身的创新意愿与创新能力。     

Auditor selection within a business group: evidence from Taiwan

Although auditor selection is well documented in the literature, it is unclear whether group characteristics affect firms’ auditor selection decisions. Generally, a business group is the result of diversification by the core firm. Major decisions of the business group, such as auditor selection, are made by the core firm and influenced by the business group’s characteristics. Using operational and ownership linkages perspectives, this study investigates the determinants of a business group’s member firm engaging the same auditor as its core firm. We employ the input–output relationship of products along a supply chain to construct product vertical relatedness measures between member firms and the core firm, and establish logistic regression models to test our hypotheses. Using a sample of publicly listed business groups in Taiwan from 2000 to 2010, our results suggest that a member firm is more likely to engage the same auditor as its core firm when (1) the core firm engages a Big N auditor, (2) the core firm’s auditor is an industry specialist for both the core firm and its member firm, (3) the degree of vertical relatedness increases, or (4) the controlling shareholders’ deviation of voting rights from cash flow rights increases (hereafter deviation). On the other hand, the likelihood of a member firm engaging the same auditor as its core firm when induced by higher deviation could be offset by the influence of stronger business vertical linkages.     

Earnings,institutional investors,tax avoidance,and firm value: Evidence from Taiwan

This study examines the valuation of earnings from China and Taiwan by foreign and domestic institutional investors across a sample of Taiwanese electronics firms. We further compare the valuation of firm earnings reported in tax havens and non-tax havens, and whether these firms have changed tax avoidance activities since 2004 when the Taiwanese government enacted stricter auditing of transfer pricing regulation.Our findings show that both operating income from the home country and investment income are positively associated with firm value. Operating income from China, however, is not significantly related to firm value when institutional ownership of the firm exceeds fifty percent. This result indicates that operating income is valued differently, depending on the location from which the income was generated. Non-operating income enhances firm value regardless of the revenue source. We also report that foreign institutional investors favor operating income from domestic and investment sources over earnings generated from non-domestic sources and other non-operating income. Furthermore, our results suggest that firms rearrange reported profits from subsidiaries located in tax havens to affiliates in other countries following the transfer pricing audit guide Taiwan implemented in 2004. Results also indicate firms may have been shifting profits to other low-tax-rate countries, or to countries which do not require firms to pay taxes, even if they are not doing business in that country.     

Insurance business described by a mathematical model

At the end of November 1972 the Filip Lundberg Foundation arranged a two days seminar in Saltsjöbaden, Sweden. The purpose of the seminar was to have a discussion about Management Control of Insurance Business. Twenty participants from the four Scandinavian countries took part in the discussions. It was thought that Management Control of Insurance Business must be based on a mathematical model of insurance business where all relevant factors can act together. It was generally agreed that this approach to the problem was useful and important and that this is a problem area where much research work needs to be done in the future. During the seminar the problem area was divided into the following six topics for discussion:     

Firm Internationalization and Capital Structure in Developing Countries: The Role of Financial Development

We investigate the relationship between internationalization and the level of debt financing for more than 18,000 firm/year observations from thirty-one developing countries in the period 1991-2006. We argue that this relationship can be affected by both country-level and firm-level factors. The results show that in developing countries with relatively higher financial development, firm internationalization corresponds with a greater level of debt when firms have more growth opportunities (which also indicate a higher level of asymmetric information). This evidence suggests that relatively developed financial markets in developing countries at least partially mitigate the effect of asymmetric information and decrease the agency cost of debt for firms with higher levels of internationalization.     

企业集团特征与成员企业价值

作为外部市场机制的一种替代形式,企业集团在发展中国家广泛存在。一方面,企业集团通过建立内部市场降低成员企业(Group-affiliated Com- panies)之间的交易成本,能够提高企业的价值;另一方面,企业集团内部控股股东与其他股东之间的代理问题相对于独立经营的公司更加严重,对其成员企业价值存在负面影响。本文以我国A股上市公司中的集团成员企业为样本,采用实证的方法研究了集团化经营方式对其成员企业价值的影响。结果表明:集团成员企业的经营效率和市场价值总体上均显著优于其所在行业的中值;同时,集团内上市公司数量的增多、集团层面的多元化经营都会显著提高成员企业的市场价值;但是,政府作为集团最终控股人或者控股股东持股比例过高时,集团产生的代理问题对成员公司价值存在显著的负面影响。     

The association of identifiable intangible assets acquired and recognised in business acquisitions with postacquisition firm performance

This paper extends the literature evaluating accounting practices for identifiable intangible assets and considers whether the application of these accounting practices changed on transition to IFRS. It finds no evidence of identifiable intangible assets acquired and recognised in business acquisitions being associated with postacquisition firm performance or changes in postacquisition firm performance, either before or after transition to IFRS. This is inconsistent with the requirements of regulations such as IFRS 3 Business Combinations and IAS 38 Intangible Assets, and there is no empirical evidence supporting the present regulatory distinction between acquired and internally generated and revalued identifiable intangible assets.