国家审计边界的定位：公共产品供给主体演进视角的分析

历经30多年的渐进式经济体制改革后,我国公共产品的供给主体呈现了多元化的趋势。由于政治体制改革与经济体制改革不同步,国家审计边界在制度上依然被定位于公共财政,这与不断发展创新的审计实践形成了许多内在的矛盾。为适应公共产品供给主体的多元化,国家审计边界应进行适当拓展,由现在的公共财政拓展为公共产品,与国家审计的公共受托责任及国家审计"免疫系统"功能相协调,以提高政府效率和社会管理水平、降低市场交易费用、建设服务型政府、促进社会主体间的利益和谐、实现国家善治。     

Corporate Governance and the Environment: What Type of Governance Creates Greener Companies?

We build on a stakeholder–agency theoretical perspective to explore the impact of particular corporate governance mechanisms on firm environmental performance. Our empirical evidence shows that several important corporate governance mechanisms such as the board of directors, managerial incentives, the market for corporate control, and the legal and regulatory system determine firms' environmental performance levels. These results suggest that these different governance mechanisms resolve, to some extent, the existing divergence of interests between stakeholders and managers with respect to environmental activities.     

Board Determinants in Banking Industry. An International Perspective

This paper explores the factors influencing the board composition of an international sample of commercial banks over the period 1996–2006. After considering the dual role of the board as monitor and advisor, our analysis shows that no one board composition is optimal for the banking industry and that any such recommendation could harm bank governance. Our results suggest that more complex banks that have a low ownership concentration and are headquartered in a civil law country should have larger and more independent boards. Copyright © 2012 John Wiley & Sons, Ltd.     

保险公司治理特殊性分析——三家上市保险公司的案例研究

保险公司治理不同于一般上市公司治理,不是公司治理理论在保险业的简单应用,而是治理理论与保险行业特殊性的有机结合。本文基于三家A股上市保险公司案例,以保险公司经营的特殊性为逻辑起点,深入剖析了保险公司各治理要素的特殊性,建立了涵盖治理目标、治理原则、治理结构与机制、治理风险、治理评价和治理监管等要素的保险公司治理特殊性分析逻辑框架,提出保险公司治理的首要目标是解决股东和债权人之间的委托代理问题,而非经典的股东管理者以及大小股东问的委托代理问题。     

The hierarchy of roads, the locality of traffic, and governance

This study investigates the use of road networks both within and outside of home jurisdictions (city (or town) and county of residence) by analyzing GPS data collected in the Minneapolis—Saint Paul metropolitan area. The study tracked volunteers' travel behavior to determine which roads (and thus which class of roads) users chose to accommodate their travel needs. More than half of the travel on county roads and city streets occur outside of one's home city, but most travel is within one's home county. The average share of travel distance in the home county is more than 70% for both county and city streets. The high share, which does not account for non-residents destined for the county to work or shop, e.g., implies that the free rider problem on city and county streets at the county level is minimal. Of particular concern is travel on city roads in cities other than one's own. To the extent that this is to go to a destination in that city, that travel is also local. However, because city and county roads are typically funded by those jurisdictions from land-based sources such as property taxes, through trips with neither end in the city through which they are traveling are in a very real sense “free riders”, and pose a problem. With growing trip lengths and emerging economies of scale in road management, it may be appropriate to consider moving more roads from township, town, or city level to the county level of government.     

Family Capitalism within Big Business

Abstract

The article addresses central questions in the research of family business, corporate governance and the transformation of Swedish industry. The analysis is drawn from the example of the Wallenberg family in Sweden, an industrial dynasty of five generations. Ideas of ownership and overriding values are discussed in relation to pressures of change in international industries. In detail, the article deals with 1) the concepts of corporate governance, long-term active ownership and networking capacity and the chronology of successful family capitalism, 2) the pressures for change experienced in early post-World War II Swedish industry in general and in the three multinational companies in particular, 3) how the owners and top management of the three companies responded strategically to these pressures and 4) the extent to which the provision of capital was accompanied by industrial competence or if simple patience on the part of capital was sufficient.     

CEO与CFO股权激励的治理效应之比较:基于盈余管理的实证研究

在西方发达国家,CFO与CEO拥有相同的法律地位,负有监督CEO的责任,在公司治理结构中拥有重要的地位。本文从盈余管理角度研究我国CFO股权激励的公司治理效应,并比较CFO与CEO股权激励的公司治理效应,发现:尚未实施股权激励计划的公司,其CFO股权和期权占总薪酬比率与盈余管理呈负相关关系,而实施股权激励计划的公司,其CFO股权和期权占总薪酬比率与盈余管理的负相关关系显著变弱;尚未实施股权激励计划的公司,其CFO股权和期权占总薪酬比率对盈余管理抑制的程度显著小于CEO。这表明,正式实施股权激励会诱发盈余管理行为,其它类型的CFO持股则会抑制盈余管理行为,并且CFO股权激励的积极治理效应显著小于CEO。     

公司治理、大股东资金占用与盈余质量

论文从大股东资金占用行为的影响因素与行为后果两个角度出发,研究公司治理机制与大股东资金占用行为的关系以及大股东资金占用行为与盈余质量的相关关系。研究结果发现：第一大股东控制程度越高,其占用上市公司资金的可能性越大并且这种现象在国有控股上市公司中更为严重,公司治理综合水平对大股东资金占用程度起到了有效的抑制作用,大股东这种资金占用行为对企业盈余质量具有显著的影响。     

国企党建与法人治理结构协同性初探

国有企业具有营利性与公益性,社会主义市场经济下的国有企业与中国共产党的领导、社会主义制度建设之间存在着深刻的政治逻辑,因而国企党建成为中国特色现代国有企业制度下的一种制度安排.国企党建与法人治理结构理论上存在协同效应,国企党建的现实困境源于传统的路径依赖与体制惯性,公司制国有企业中的党组织应该创新路径,围绕中心工作,定位于服务型党组织,切实发挥政治核心作用,将自身政治优势转化为企业核心竞争力.