上市企业舞弊:制度、市场与诚信--兼论中国上市企业舞弊与反舞弊

上市企业舞弊,既是市场失灵的表现,又是制度不健全产物。既然完全竞争市场只是理论上假设,市场失灵是不可避免的,则重视制度建设就应当成为企业反舞弊措施首选。制度可以分为正式规则和非正式规则,但再正式的规则也不可能没有漏洞。按照制度经济学的定义,诚实守信、风俗习惯甚至意识形态等都属于制度的范畴,因此,上市企业反舞弊,诚信是至关重要的。     

推进理论创新需要把握的几个问题

推进理论创新，要以解放思想、实事求是为前提，要尊重实践、尊重群众、要不断改进学风和风，推进理论创新是理论工作的神圣职责。     

我国资源型企业跨国经营的政治风险及其规避

伴随着我国经济的高速增长,资源约束越来越成为影响我国经济与产业安全的重要问题。解决这一问题必须依赖国际市场,通过资源型企业跨国投资获取海外资源。然而政治风险一直是跨国经营的一个敏感而又复杂的问题,尤其对于经营能源矿产等政治商品和战略物资的资源型跨国公司而言更是如此。本文系统地分析了我国资源型企业跨国经营所面临的政治风险,并从多个角度探讨了企业的规避之道。     

如何搞好《政治经济学》的实践性教学

自马克思主义传播到中国,如何将马克思主义的普遍原理和中国革命的实践相结合,就成为一个大课题。但是,我们目前《政治经济学》实践性教学仍不被重视。因此,这门课程被学生看成空泛理论。为改变这种局面,我们必须研究和探索《政治经济学》的教学改革问题,我们探索了一套理论联系实际的好方法,在这里与大家共同探讨。     

Politics of free trade areas: tariffs versus quotas

In this paper we compare and contrast the political viability of bilateral Free Trade Area (FTA) Agreements in the presence of tariffs and quotas. Assuming that the government maximizes a weighted sum of welfare and producer profits, we show that the political viability of FTAs varies according to whether trade restrictions take the form of tariffs or quotas. A key result is that whereas an FTA is unambiguously rejected by one of the countries under a tariff, it may be endorsed by both trading partners under a voluntary export quota or import quota that provides equal protection as the tariff.     

Political connections,auditor choice and corporate accounting transparency: evidence from private sector firms in China

This article investigates the way in which political connections impact auditor choice. Using a political connection index constructed based on the bureaucratic ranks of executive managers and board members in Chinese private sector firms, we find that for firms with weak political connections, the likelihood of hiring high‐quality auditors increases with the degree of political connectedness, while it decreases with political connectedness for firms with strong political connections. This inverse U‐shaped relationship is particularly pronounced for firms with ownership structures that intensify agency problems. Finally, we find that political connections and accounting transparency also have an inverse U‐shaped relationship.     

Extreme risk spillover network: application to financial institutions

Using the CAViaR tool to estimate the value-at-risk (VaR) and the Granger causality risk test to quantify extreme risk spillovers, we propose an extreme risk spillover network for analysing the interconnectedness across financial institutions. We construct extreme risk spillover networks at 1% and 5% risk levels (which we denote 1% and 5% VaR networks) based on the daily returns of 84 publicly listed financial institutions from four sectors—banks, diversified financials, insurance and real estate—during the period 2006–2015. We find that extreme risk spillover networks have a time-lag effect. Both the static and dynamic networks show that on average the real estate and bank sectors are net senders of extreme risk spillovers and the insurance and diversified financials sectors are net recipients, which coheres with the evidence from the recent global financial crisis. The networks during the 2008–2009 financial crisis and the European sovereign debt crisis exhibited distinctive topological features that differed from those in tranquil periods. Our approach supplies new information on the interconnectedness across financial agents that will prove valuable not only to investors and hedge fund managers, but also to regulators and policy-makers.     

对地方金融风险的研究：文献综述视角

地方金融风险问题越来越受到学术界的关注,但很多方面尚未达成共识。本文试图对相关文献梳理和提炼,并对当前研究热点剖析,希冀掀起新的研究热潮。     

自律式环境管理及其制度基础

传统环境管理侧重于强制性手段的应用,存在一定局限性.企业环境管理从他律走向自律,是环境治理制度的创新.自律式环境管理突出了企业的自主性,可提高环境决策的速度,有利于发挥公众和社会力量的作用.自律式环境管理的运行机理在于,企业外部具有足够强大的制度压力,另一方面,企业内部的环境认证制度和环境信息披露制度等足以保证良好的信号传递.