从公司治理结构看集团公司审计监控机制

国务院《关于深化大型企业集团试点工作意见的通知》指出,企业集团公司进行公司制改造,一定要按照现代企业制度的要求逐步进行。现代企业的核心是建立在法人产权制度基础之上的一种公司治理结构,也可以称为法人治理结构。近十几年来,国际社会对如何建立有效的公司治理机制给予了越来越多的关注。29个发达国家所组成的经济合作与发展组织(OECD)在1999年通过了《公司治理结构的原则》,这项原则此后成为了各个成员国政府部门制定有关公司治理结构的法律和监管制度的参考依据。本文参考该原则,从公司治理结构角     

浅析国有商业银行县域支行党建与经营融合发展路径

习近平强调:"坚持党对国有企业的领导是重大政治原则,必须一以贯之;建立现代企业制度是国有企业改革的方向,也必须一以贯之。"当前,国有商业银行必须深入学习领会习近平新时代中国特色社会主义思想,坚定不移推进全面从严治党向纵深发展、向基层延伸,本文着重从政治建设,基础管理,转型升级、聚焦主业四个维度入手,简要阐述了县域支行实现党建与经营融合发展的有效路径,以期为国有商业银行县域支行各项业务的高质量发展提供有益借鉴。     

进一步完善公司治理结构

公司治理结构是公司制度发挥作用的基础，是现代企业制度建设中的重要问题。进一步完善适应现代企业制度要求的公司法人治理结构，对深化国有企业改革，促进企业转换经营机制，增强企业竞争力具有重要意义。     

国有企业资本结构优化的路径探析

党的十六届三中全会指出,要深化国有企业改革,通过资产重组和结构调整,完善公司治理结构,提升国有企业的市场竞争能力。在我国建立社会主义市场经济体系的经济体制改革总体目标中,以建立现代企业制度为主要内容的国有企业改革处于中心环节,建立健全公司治理结构是建立现代企业制度的核心。我国     

国有企业资本结构优化的路径探析

<正>党的十六届三中全会指出,要深化国有企业改革,通过资产重组和结构调整,完善公司治理结构,提升国有企业的市场竞争能力。在我国建立社会主义市场经济体系的经济体制改革总体目标中,以建立现代企业制度为主要内容的国有企业改革处于中心环节,建立健全公司治理结构是建立现代企业制度的核心。我国     

中国国有控股上市公司治理结构问题分析

现代企业制度的核心是公司治理。随着国有企业改革步伐的加快,国有控股的上市公司也不断涌现,公司治理问题同样也是国有控股上市公司治理的核心问     

国有企业的公司治理难题

在现代股份制企业中,由于所有权与控制权分离而带来了委托代理问题.因此,在现代企业中,一个有效的公司治理机制就变得格外重要.而由国有企业改制而来的现代股份制企业,由于其所有权上的特征,它的公司治理问题就变得难上加难.必须继续深化国有资产管理体制改革,优化国有企业公司治理结构.     

上市国企与民企公司治理的异同

随着我国经济的持续高速增长,现代企业制度的建立也在不断地完善和进步之中。现代企业制度的核心就在于建立高效的公司治理制度。就公司治理的完善性而言,我国的上市公司尚处于较初级的阶段,所以建立高效的公司治理体系就成为我国上市公司规范化过程中的一个重要任务。在有关我国上市公司的公司治理的研究当中,有一个因素常常被忽略,即上市公司在上市之前是民营企业还是国有企业。     

论公司法人治理结构制度的完善

公司治理结构,或法人治理结构,不但是一个全球性话题,也是我国构筑市场经济体制,建立现代企业制度致力于研究解决的课题。兼顾中国国情的上市公司治理结构,能否建立起我国现代企业的公司治理结构,关系到国有企业的公司化改革能否成功,上市公司能否持续发展,也关系到中国加入WTO后国内公司参与国际竞争、抗拒市场风险的能力。     

公司治理的内在逻辑与企业改制

本文沿着委托代理理论和不完全合同理论这一分析框架,探讨了企业改制的任务和若干指导原则,并着重指出:(1)现行公司治理理论的逻辑框架是不完整的;(2)控制权格局的设计是企业改制的首要任务和逻辑起点;(3)不只国有企业,民营企业也需要改制;(4)"现代企业制度"是指企业治理的静态和动态逻辑,而不是指某种具体的治理模式.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.