我国上市公司主动设立独立董事的动机分析

在我国独立董事制度的强制性制度变迁过程中,部分上市公司出现了主动设立独立董事的"自愿行为"。针对引发自愿行为的动机进行理论分析,并以沪深两市主动设立与非主动设立各50家上市公司为样本进行实证检验,结果表明我国上市公司中存在主动设立独立董事的"监督的动机"和"顾问的动机"。该研究为我国上市公司从强制合规到步入主动守规的自主治理阶段以及如何改革独立董事制度等方面提供了经验支持。     

Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives,Precautionary Saving,Public Pensions,and Homeownership

We use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3-year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.     

When do customers offer firms a “second chance” following a double deviation? The impact of inferred firm motives on customer revenge and reconciliation

The present research develops and tests a theory explaining how customers respond to failed service recoveries (i.e., double deviations). This work offers three novel and important conclusions. First, inferences about a firm's motive (negative vs. positive) mediate the impact of perceptions of the double deviation (i.e., severity, blame, and fairness) on resulting outcomes (i.e., customer anger, desire for revenge, and desire for reconciliation). Second, when inferred motive is positive, desire for reconciliation overwhelms desire for revenge, leading customers to choose more reparatory than retaliatory behaviors. Third, following a double deviation, firms that both compensate and apologize to customers can change customers’ inferred motives from negative to positive, leading customers to desire more reconciliation than revenge, and engage in more reparatory than retaliatory behaviors. These studies demonstrate that, contrary to common wisdom, customers do not always respond negatively to a double deviation, and firms still have a “second chance” following a failed recovery.     

新制度经济学视角下的审计动因研究

利用新制度经济学的基本理论来探究审计动因,将从根源上认识审计本质、审计假设等审计理论问题,从而有助于构建一个完整的审计理论结构体系。因此,分析现代审计动因具有重要的理论意义和实际价值。在评价目前较为流行的几种审计动因论的基础上,结合新制度经济学对现代审计动因作进一步探究,以期对审计理论体系的构建有所助益。     

地方旅游发展中政府动员的动力机制与运行模式

通过文献梳理和实证研究,提出在地方旅游业发展模式研究中,相较政府主导,更科学的说法应该是政府“动员”,即政府以各种方式调动各方面力量,全方位发动、整合和协调旅游发展。旅游发展政府动员的动力机制,其客观因素是基于绩效考核的外来消费导入,而主观因素则是剧场效应带来的可视化政绩显示。在运作模式上,政府通过内部动员、对社会动员和对企业动员三种方式,推动地方旅游发展。研究认为,尽管政府动员模式存在诸多问题,但在中国地方旅游业发展中仍然具有一定的合理性。     

融资约束与企业并购——来自中国上市公司的经验证据

利用2010—2018年中国沪深A股上市公司的并购数据，采用Logistic回归和双重差分估计法研究融资约束对企业并购的事前选择效应及并购对目标方融资约束的事后处理效应。研究结果表明：（1）在融资能力方面具有优势的企业更有可能成为潜在的收购方，且其更偏好于收购融资约束程度与自身存在差异（高于自身）的中等规模企业；（2）并购后，目标方的融资约束程度总体上显著降低，但不同成长能力和所有权性质的企业存在异质性，对于非国有企业和成长能力较高的企业，并购带来的融资约束缓解效应更显著。研究结论表明，通过缓解目标方融资约束获得协同效应是企业并购的重要驱动力。     

Mental Accounting,Access Motives,and Overinsurance*

The access motive for insurance posits that insurance derives its value from providing access to a loss remedy that is unaffordable without insurance. I explore the potential of this alternative insurance motive to explain attitudes towards modest risks, and I argue that mental accounting makes the access motive relevant for understanding both the popularity of warranties and the avoidance of deductibles. The value of partial insurance is shown to critically depend on the way in which the insurer pays benefits. This can explain several empirical regularities that are difficult to reconcile within existing models.     

公司治理、管理者动机与衍生金融工具使用

基于中国上市公司2007~2013年财务数据,研究公司治理对管理者使用衍生金融工具的影响,并结合中国制度背景,深入分析和检验企业产权、政策监管对公司治理效应的影响。实证结果表明,公司治理对管理者使用衍生金融工具的动机存在重要影响,公司治理水平越高,管理者越倾向于利用衍生金融工具避免财务困境风险;相反,管理者越倾向于利用衍生金融工具规避薪酬风险。研究还发现,公司治理的作用机制会受到所有权性质的影响,国有控制属性会弱化公司治理效应,对衍生金融工具交易的政策监管差异是重要原因。     

Corporate social responsibility and provision of trade credit

In this article, we identify and examine three different views of corporate social responsibility (CSR) and the relationship between CSR and firms’ provision of trade credit. The trust view of CSR argues that CSR and trade credit provision are related positively, because CSR, as a trust-enhancing device, complements the incomplete contract nature of trade credit. The CSR literature shows that CSR firms tend to have higher cash holdings. With this in mind, the precautionary motive view of CSR suggests that cash holdings serve as a hedge against trade credit risk, while, on the other hand, the substitution view of CSR predicts that cash hoarding discourages the provision of trade credit. Using a dataset of 20,591 firm-year observations from 1991 to 2015, we find strong evidence that supports both the trust and substitution views of CSR but not the precautionary view of CSR.     

大学生运动员学习动机的培养与激发

大学生运动员的学习动机对于其学习、锻炼、竞赛等都起着推动作用。影响学习动机的因素是多方面的。教育者应根据社会和学生自身需求,创设教学情境,培养和激发学生的学习动机,促进其全面发展。