我国商业银行私人金融业务的风险特征及管理对策

近年来,私人金融业务在商业银行中的战略地位日益重要.但与此同时,作为推动这项业务持续发展的重要保障,私人金融业务的风险管理也必须同步完善.本文认为,相对于公司业务和以储蓄业务为主的传统私人金融业务而言,现代私人金融业务具有其鲜明而迥异的风险特征.而对这些风险特征的忽略,导致了当前我国商业银行的风险管理体系仍然沿用以公司业务为重点的传统模式,风险管理模式的转型滞后于私人金融业务战略地位的转型.为此,作者指出,必须针对私人金融业务的风险特征,重新构建商业银行的风险管理体系,并相应完善商业银行风险管理的外部环境.     

The business case for regulation of corporate social responsibility and accountability

This paper develops an alternative (or supplementary) theoretical justification for the regulation of corporate social responsibility (CSR) and social and environmental accounting and reporting (SEAR) to the justification contained in the extant academic literature. It does this by demonstrating how, contrary to the dominant business discourse, increased regulation designed to protect the social and environmental interests of a range of stakeholders can also serve to enhance corporate economic performance and shareholder value.

The theoretical perspectives developed in this paper are drawn from Beck's and Giddens’ theories on reflexive modernity, and indicate that reflexively appropriated knowledge can be a key factor in developing socially constructed understandings of the social and environmental risks to a range of stakeholders inherent in business operations.

In situations where voluntary self-regulation of CSR and SEAR has been ineffective in preventing corporate actions and decisions that have resulted in damaging social and environmental consequences, processes of reflexivity can substantially increase public awareness of the level of risk they face from corporate operations. Such increased perceptions of risk can lead to a loss of trust in an individual corporation or a whole industrial sector, and this can be exacerbated where stakeholders begin to actively seek out alternative risk discourses to inform themselves about possible risks of which they were previously unaware. We argue that effective statutory regulation could avoid these outcomes, and the loss of shareholder economic value that can flow from these outcomes.     

Managing toxic chemicals in Australia: a regional analysis of the risk society

The paper takes examples from two decades of toxic risk management in Australia in order to examine the challenges that the conditions of the ‘risk society’ pose for the chemicals industry in this country. These issues for corporate governance are set against a shift in political discourse in the direction of the limiting of the state, co‐governance between state and industry, and new community involvements and responsibilities. The paper describes new social movements and alliances influencing corporate structures and processes for decision making in Australia. The case examples lead to conclusions concerning the fundamental innovations in the organizational design of regulatory bodies and corporations that are required if progress is to be made towards sustainability and the re‐establishment of public trust. The findings of this paper are symptomatic of the more general challenges that the ‘risk society’ poses for the mainstream political programmes and their frameworks for regulation, for corporate architecture and for the relationships between governments, corporations and the community.     

Risk assessment for public–private partnership projects: using a fuzzy analytic hierarchical process method and expert opinion in China

Public–private partnerships (PPP) have been widely used in China to procure public facilities and services. Complicated problems in PPP projects in China arise because of a variety of risk factors. A proper risk assessment model is needed to identify risks and provide risk response strategies for future Chinese PPP projects. The fuzzy analytic hierarchy process (F-AHP) method provides the ability to solve complex risk assessment of PPP projects. Current risk assessment models are limited to PPP projects in specific countries and do not consider unique risks in China, especially political, economic, social, and legal risks. This paper designed a risk evaluation index system for PPP projects based on the Delphi expert investigation method, and then established an optimized risk evaluation model for PPP projects in China using the F-AHP method. The risks identified are confirmed by interviewing experts from Chinese local government departments, private enterprise, third-party intermediary consulting and regulatory agencies, and academic organizations. The results show that the risks that ranked among the top ten are closely related to China’s political and economic policies and relationships among stakeholders. It can be concluded that government authorities play a critical role in providing a favorable political, social, and economic environment and an effective institutional framework for PPP projects. Furthermore, it is also important to deal with relationships among stakeholders based on the public–private ‘win–win’ principle. This study provides risk response strategies, addressing key issues from eight aspects: an impeccable legal and regulatory framework; a central coordinating and regulating PPP authority; supportive governmental authorities; institutional capacity-building; favorable economic conditions and viability; community, partner, and moral accountability; clear division of responsibilities through contracts; and effective advisory management. These effective measures may be useful in reducing the adverse effects of risk for PPP projects in China.     

Risk communication and social media during food safety crises: a study of stakeholders’ opinions in Ireland

Social media is a particular communication platform which has witnessed an exponential growth in use and influence in recent years, democratising the communication process, and offering risk communicators a way of putting into practice those principles which are advocated to be at the core of risk management and communication. However, little is known about stakeholders’ willingness to embrace this new form of communication in a food crisis. The current study presented an exploratory investigation of the opinions of Irish stakeholders on the position of risk communication in a crisis, with a particular focus on understanding what application social media may have. In-depth one-to-one interviews were carried out with key stakeholders holding frontline positions in managing and communicating about risk in the food sector in Ireland. The stakeholders identified risk communication as a central activity in a food safety crisis, driven by an obligation to protect both consumer health and the reputation of the Irish food sector. Stakeholders relied primarily on risk communication to disseminate information in a crisis so to educate and inform the public on a risk and to prevent confusion and alarmism; most did not explicitly value two-way risk communication in a crisis. The ability to effectively manage future crises may depend on stakeholders’ willingness to adapt to the changing communication landscape, namely – their willingness to adopt social media and use it effectively. The findings indicate that the stakeholders interviewed are appreciative of the need to engage with social media in times of a food safety crisis. However, most valued social media as a one-way channel to help spread a message and there was little reference to the interactive nature of this medium. Implications for integrating social media into crisis risk communication strategies are discussed.     

Socially Responsible Investment and Corporate Social and Environmental Reporting in the UK: An Exploratory Study

This exploratory study examines the relations between corporate social and environmental reporting (CSR) and the socially responsible investment (SRI) sector. The evidence presented, based upon the informed opinions of 14 experts within the SRI field, suggests that the field of CSR is on the verge of a major change towards a substantial and sustained improvement in quality and quantity. The SRI sector is undergoing radical changes. A wider social movement has already led to exponential growth, as more people become concerned with how their money is invested. Moreover, the Pensions Review has widened this concern to institutional investment. Representing 35% of the stock market, the potential impact of this regulation is anticipated to be significant. One possible outcome could be a marked increase in the size and power of the SRI sector, improving their ability to successfully influence corporate behaviour. Success is likely to increase further as corporations begin to see a business case, as well as, or as opposed to a moral case, for acting in a more responsible manner. The Turnbull report on the combined codes of corporate governance is a significant factor influencing this. For the first time, reputational risk, and hence how companies manage environmental, ethical and social reputations, is on the core corporate governance agenda. A more powerful outcome would be an increased interest from mainstream fund managers in SRI modes of corporate assessment. Preliminary evidence suggests that this will create a greater demand for CSR, and greater legitimacy of CSR within the accounting orthodoxy.     

Multi-dimensional corporate social responsibilities and stock price crash risk: Evidence from China

Worldwide, there has been an ongoing debate about whether corporate social responsibility (CSR) can lead to better financial market performance, or whether corporations can do well by doing good. Working with a sample of all listed companies in China from 2010 to 2017, this study examines the impacts of three dimensions of CSR on stock price crash risk. We find that CSR, especially firms' responsibility to the environment and stakeholders, significantly reduces stock price crash risk, while social contributions such as charitable donations have no significant effect on stock crash risk. Attracting long-term institutional investors is the primary mechanism through which CSR can curb crash risk. Mitigating earnings management is also a channel through which overall CSR and stakeholder responsibility contribute to a lower stock crash risk. Finally, we find that stakeholder responsibility and environmental responsibility can help improve stock market performance.     

Wie man durch Moral ins „Geschäft“ kommt: Ein ordonomischer Beitrag zum betrieblichen Risikomanagement

Through an analysis of Alfred Krupp’s 19th-century social welfare program, this paper develops an ordonomic contribution to corporate risk management. The paper argues that companies can employ ‘morality as a factor of production’ by a differentiated business strategy of moral commitments. In this way, companies can not only considerably reduce their exposure to the undesirable risks of losing core business relationships with important stakeholders. But at the same time, businesses may increase their readiness to take desirable innovation risks that are pivotal for long-term value creation. Ultimately, the paper develops an argument for how companies can better live up to the role of being an agent of societal value creation, often articulated by concepts such as “corporate social responsibility” or “corporate citizenship”.     

Entrepreneurial risk aversion,net worth effects and real fluctuations

This paper examines the combined effect of asymmetric information and private entrepreneurial risk aversion on investment decisions. The standard optimal debt contract becomes modified by the introduction of insurance and a risk premium that entrepreneurs demand due to the uncertainty of their investment returns: the private equity premium. In general equilibrium, the private equity premium may become a mechanism that magnifies the effects of shocks. A structural estimation of the model's parameters using Chilean and U.S. data shows that the entrepreneurial risk aversion assumption has more empirical relevance in an economy where smaller privately-held businesses are relatively more prevalent than where the corporate sector predominates, like the U.S.     

Re-scaling risk governance using local appraisal and community involvement

This paper describes a risk governance model applied on a local scale, showing the advantages and constraints found during its application. The risk governance model, built on a municipal scale, results from the application of the International Risk Governance Council framework. The model is characterised by the cyclicity between the assessment and management spheres, assuming communication to be essential in all stages. Its application in central Portugal is rooted in a specific knowledge of hazards and their impacts, the human and financial constraints, and the expectations of citizens and stakeholders. The results show that preformatted management solutions derived from national civil protection stakeholders can be adapted to a local physical, social and institutional context. It was found that this depends significantly on the stakeholders’ concerns assessment, as this allows the subsequent risk management options to be adapted and legitimised. As a result, more appropriate land-use regulations and mitigation strategies are being designed, which are related to urban planning, road design, risk sensitisation and communication tools. However, two features are likely to lead to an overlapping of competences and conflicts concerning responsibility for decision-making in the actual civil protection structure: the current constraints on resources on an operational level and the potentially inadequate representation of stakeholders on a strategic level.     

Homewonder Ltd: Shareholders Versus Other Stakeholders

Corporate social responsibility involves various economic and social issues. This case presents a dilemma of the trade‐off between economic benefits to shareholders and social benefits to other stakeholders. To respond to recent flat sales growth, as well as serious needs for cost reduction and meeting analysts' expectations, Homewonder Manufacturing Ltd. is considering a strategic plan to expand into Asia. To facilitate this plan, the CEO of the company proposed offshoring and outsourcing some business operations, as well as downsizing the company's current social programs. Various stakeholders will be affected by this plan. This case analysis requires an integration of the shareholder and stakeholder theories of the firm. It provides opportunities for students to consider whether relationships with other stakeholders are a salient corporate strategic concern, and perform costs and benefits analyses arising from this dilemma.     

Public private partnerships: Incentives, risk transfer and real options

Private financing of large-scale infrastructure projects through public private partnerships (PPPs) has grown in recent decades. Together with changes in conventional construction procedures, there have been changes in the project financing model. The use of PPPs raises questions as to the role of the private sector in infrastructure provision and the conditions governing the long-term contractual relationships between the private and public sectors. In some early examples of PPPs, the government guaranteed a minimum profitability over the cash flows using a set of contractual terms which transferred some of the risk of the project from the private provider back to the government. Using a large toll road project, the Melbourne CityLink Project, as a case study we show how the imposed conditions can be treated as real options, how these options affect the incentive to invest and how the public sector may be transferring considerable value to the private sector through government guarantees.     

Influence of perceived risk on entrepreneurial desirability and feasibility: multidimensional approach for nascent entrepreneurs

This study examines the influence of perceived risk on entrepreneurial desirability and feasibility as determining factors in the intention to start a self-owned business. Specifically, a multidimensional approach is taken to examine the different types of risks associated with entrepreneurship: economic, social, time, health and personal risks. The results obtained from a sample of 376 new entrepreneurs in Mexico confirm the fact that the perceived desirability and feasibility have a significant and positive effect on the intentions to start their own company. On one hand, the empirical evidence obtained shows a heterogenic effect of the risk dimensions associated with entrepreneurship on the perceived desirability and feasibility in their behaviour. Therefore, it was found that the economic risk associated with entrepreneurship has a negative effect on the feasibility to start a business, but does not significantly influence the desirability of that behaviour. On the other hand, a significant effect from the risk related to health is not seen on desirability and feasibility, but the negative influence of personal risk is empirically supported for both variables. Finally, the results obtained related to social and time risk are contradictory. Social risk negatively influences entrepreneurship desirability, but a positive effect is observed on the feasibility to create a business. For its part, the empirical evidence obtained does not support any effect of the time risk on the perceived feasibility of starting a business, but there is a positive on entrepreneurship desirability. These results, which are contrary to the traditional concept of risk as a barrier to entrepreneurship, are justified by the vocational nature of this behaviour and by the social sacrifices that are sometimes necessary to be able to make a business work.     

New Corporate Forms: One Viable Solution to Advancing Environmental Sustainability

There is a clear trend in corporate governance toward increased attention to the environmental and social impacts of business operations. Major consulting firms are advising Fortune 500 companies on how to become more environmentally sustainable, private equity and “impact” investors are measuring environmental, social, and governance (ESG) factors, and voluntary reporting and shareholder resolutions on issues of environmental sustainability are on the rise. While traditional corporate forms allow companies to embrace social and environmental responsibility with some measure of success, various real and perceived risks encourage directors to focus on short‐term profitability. Even if a company has a strong social mission at inception, founders often have difficulty “anchoring their mission” over time. And the lack of required disclosure of social and environmental performance makes it more difficult for investors to evaluate and compare companies. Many believe that the institutionalized mispricing of natural resources and the continued failure to price externalities, combined with the progressive nature of climate change, require the transformation of both business and law. This article discusses social and environmental sustainability within the traditional corporate form and then explores three emerging alternatives that are now being used by businesses in California: limited liability corporations (LLCs); benefit corporations (B corps); and flexible purpose corporations (FPCs). Of these three alternatives, FPCs—a corporate form that requires shareholders to agree on one or more social missions with management and the board—may be best suited to meet the needs of the many small private firms (as well as some large public companies) that, whether for purely economic or altruistic reasons, plan to integrate ESG into their operations.     

Public sector risk managers and spending cuts: mitigating risks

This paper reports case study research, the results of which are used to consider whether councils have recognised the potentially substantially increased social risks they may create as they seek to reduce their spending in line with the UK Government’s programme of public sector austerity. It discusses the conceptual shift in the public sector risk management literature towards social risk management (SRM), presents empirical evidence of social risks and considers the approach to SRM developed by other organisations. It finds no evidence of SRM within the case study authorities and so advocates a shift in the public sector risk management culture from a preoccupation with defensive-institutional risk management practices to a more proactive social dimension. In so doing, it discusses the goals of SRM, the constraints limiting their achievement, metrics for measuring social risk, tools for mitigating social risk and the problems faced when operationalising SRM.     

Managing the “S” in ESG: The Case of Indigenous Peoples and Extractive Industries

Although a company's “social license to operate” is critical to its long‐run viability and success, the “social” component of corporate environmental, social, and governance (ESG) problems appears to be taking the longest to be integrated into the corporate business model. The authors make the case that corporate boards must assume a more direct and proactive role in identifying, measuring, and mitigating social risk. Board involvement in the management of social issues, although not a silver bullet by itself, is an important step that can help catalyze the changes needed within upper, middle, and lower management. The absence of board oversight of social performance means that the reporting chain is not reaching the highest level of management. And this in turn creates a lack of attention and accountability to social performance that is likely to permeate the rest of the company. Along with board oversight, companies need more and better information to understand the value that good social performance creates for business, and to equip them for building and maintaining positive relationships with communities. At the individual company level, this means more comprehensive and granular analysis of social risk, the full range of costs of conflicts with local communities, the benefits of having a social license, and quality baseline data for community engagement. At the macro level, these data points must be aggregated to understand their implications across industries.     

Investors as Stewards of the Commons?

The author makes the case that business generally, not just government, should assume responsibility for social and environmental problems. The Sustainable Development Goals (SDGs) formally recognize the role of the private sector in addressing some of the world's most pressing environmental and social challenges. What started as a corporate social responsibility movement now a focuses on integrating positive social impact into the core mission of the organization. Encouragingly, studies document that improving firm performance on business‐relevant ESG issues has a positive association with future financial performance. Investors can enable better societal outcomes by exercising ‘voice’ and voting rights in corporate governance. He acknowledges that competitive businesses face a “commons” or “free‐rider” problem where a defector avoids the full cost of his actions. Overcoming this problem requires legally sanctioned collaboration between business enterprises and large institutional shareholders, particularly pension funds. He also acknowledges that the corporate level free‐rider problem has a counterpart that at the investor level. Investor engagement with companies involves resources, money and time. It is no simple matter to justify increased costs in the context of asset managers that compete on the basis of low management fees, such as index funds. Collaboration between companies can mitigate some of these free riding problems. Large institutional investors with long time horizons and significant common ownership across different companies may have the best opportunities for collaboration. But, smaller activist funds and retail investors also have an important role in pushing large institutional investors to engage. While it is unlikely that investors will be able to solve all of the pressing societal problems, progress can be made.     

Future roles of business in society: the expanding boundaries of corporate responsibility and a compelling case for partnership

The roles and responsibilities of business in society, in particular global business, are being defined more broadly by an expanding range of stakeholders. This paper aims to review these changes and their implications in order to understand better the likely future expectations of business in society and the way in which leading companies are setting new standards of responsible business practice. It begins by tracing trends within corporate social responsibility debates, and then draws on empirical research and observed stakeholder demands of business, to argue that the boundaries of corporate responsibility are advancing both internally and externally.Internally, these boundaries are changing in terms of the increased responsibility of corporations towards their direct and indirect internal stakeholders. This is shown through innovations in business practice to achieve enhanced social justice in the workplace, improved governance, and more accurate disclosure of non-financial risk. This paper provides a context for this discussion by examining emerging international law, guidelines and voluntary initiatives, regulatory frameworks, and risk review procedures that increasingly seek to redefine corporate responsibility by establishing new norms of best practice and behaviour. These boundaries are also expanding externally, as society increasingly expects global business to work with others to provide solutions to humanitarian crises and endemic problems facing the world. This paper explores how some companies are doing this by applying core competencies in ways that integrate social development and business goals. It suggests, in turn, that the challenges of these expanding boundaries of responsibilities are best addressed through strategic partnerships.This paper concludes that there are new multi-stakeholder convened global governance frameworks evolving that are encouraging businesses of the future to re-invent themselves as a ‘force for positive good’ in society. This involves going beyond the paradigm of simply ‘doing no harm’, and way beyond previous expectations of business as being only about shareholder value. This prediction is supported by examples drawn from the practice of global companies that are already innovating to fulfil this wider role.     

Stakeholders and the stock price crash risk: What matters in corporate social performance?

This study provides evidence for the differential impacts of corporate social responsibility (CSR) initiatives targeting different stakeholder groups on stock price crash risk. In particular, it highlights CSR's role in mitigating risk and creating shareholder value. Our results reveal that managerial bad news hoarding and the resultant stock crashes are largely determined by the social CSR dimension, and this effect is predominantly seen in undervalued firms. Moreover, social CSR subcategories aimed at specific stakeholder groups (such as the community, employees, or customers) tend to mitigate future crashes. In contrast, firms' environmental initiatives and governance characteristics seem to have trivial effects on stock crashes. Using a quasi-natural experiment, we find that the mitigating effect of social CSR dimension on crash risk is likely to be causal.     

Cost of capital and valuation in the public and private sectors: Tax,risk and debt capacity

Cost of capital and valuation differ in the private and public sectors, because taxes are a cost to the private sector but are only a transfer to the public sector. We show how to transform the after-tax private sector cost of capital into its pre-tax equivalent, for comparison with the public sector cost of capital. We establish the existence of a tax induced wedge between these two costs of capital. The wedge introduces a preference on the part of the private sector for assets with rapid tax depreciation, high debt capacity and low risk. We show that, in circumstances where an asset has identical public and private sector valuation in the absence of taxes, the tax induced difference in valuation is identical to the change in government tax receipts that results from having the asset owned by the private rather than the public sector. We provide some examples of distortions that result from failure to adjust for changes in tax revenues, and show how to effect such adjustment.