上市公司负债融资的公司治理效应分析——考虑环境因素

负债对公司治理发生作用是受一定的环境条件制约的,是依赖于一定环境的.本文在考虑环境因素的情况下,以中国上市公司为研究对象,对负债融资的公司治理效应进行实证分析.通过实证分析证明,我国上市公司负债融资的公司治理效应是弱化或恶化的,并且无论环境如何都是如此,负债融资对公司绩效的负面作用与环境因素无关.     

Assessing Credit Rating Agencies by Bond Issuers and Institutional Investors

We examine how a sample of publicly traded corporate bond issuers and institutional investors assess the four major nationally recognized rating agencies and their role in capital markets. The results show that issuers and investors differ dramatically in their assessments about rating agencies. Specifically, the majority of institutional investors require only one rating when they buy rated corporate bonds, but most issuers obtain two or more ratings. Issuers and investors also differ in their assessments about whether ratings accurately reflect creditworthiness and timeliness. The results suggest that differences reflect the different roles that rating agencies provide in the market place.     

Board gender composition,board independence and sustainable supply chain responsibility

The consideration of social and environmental factors in companies’ supply chain is a prevalent research topic because stakeholders are now inquisitive about the social and environmental impacts of companies’ suppliers. Using a sample of S&P 500 firms, we find that board gender composition and board independence are positively associated with sustainable supply chain responsibility (SSCR). We also identify three channels (CEO duality, sustainability committee and sensitive industries) through which board gender composition and board independence affect SSCR, where board gender composition consistently explains SSCR, but the effect of board independence is less pronounced in firms with CEO duality and firms with a sustainability committee. Finally, we explore the reason for the less-pronounced findings for board independence in our subsample analyses and find that, compared with independent female directors who continue to display significant associations with SSCR, independent male directors do not engender SSCR across the three subsample tests.     

制度变迁与农民身份的变迁——城市农民工及其市民化问题的制度分析

我国关于城乡关系的制度变迁和农民身份的变迁是一个互动的过程。我国农村富余劳动力向城市和非农产业的转移采取了一种扭曲的形式,即农民工形式,由农民变为农民工,这体现了制度变迁的进步,但农民工不能顺利转变为市民又带来了许多社会问题,这说明已经进行的制度变迁很不彻底,当前制度变迁仍面临艰巨的困难。但中国的问题依然是农民问题,从长远的和宏观的视野分析,解决农民问题的根本出路是加快农业剩余劳动力向城市转移,并实现城市农民工市民化,为此,我们不但不能被困难所阻扰,而且更要迎难而上,进一步深化改革,从制度层面消除不利于农民工真正向现代化的市民转化的政策因素。     

Development of Scale to Measure Objectives-Oriented Investment Behavior

Abstract

While planning for personal finances, researchers recommend investors adapting systematically planned investment behaviors that align investments with their financial objectives; however, they fail to provide a scale for the measurement of such behaviors. Therefore, this study develops a scale, conducts exploratory and confirmatory factor analysis, and provides evidence of the reliability of the scale measuring objectives-oriented investment behaviors. Examining a cross-sectional data of 448 investors collected through the new scale, the study finds that a majority of the investors’ do not follow objectives-oriented behavior. The results inform that the selection of investment avenues and allocation of funds were not aligned with investors’ financial objectives.