国有企业双重目标与投资效率改进——基于独立董事网络和国企混改视角

立足国有企业具有社会和经济双重目标的理论逻辑,本文选取2007~2016年A股国有上市公司作为研究样本,分析了独立董事网络和国有股比例对投资效率的影响以及调节效应。研究发现:独立董事网络降低了国有上市公司的投资效率,较高比例的国有持股抑制了投资效率,但当国企更加关注经济目标时,则有助于改善投资效率;进一步研究发现,相比于特定功能类企业,独立董事网络在商业竞争类企业中发挥投资效率的改善作用更加显著。因此,独立董事应因地制宜在国企中发挥治理作用;政府应分类推进国企混合所有制改革;竞争性国企应引入较大比例的优质民营资本,优化投资决策、提高投资效率。     

Performance Implications of Ties to the Government and SOEs: A Political Embeddedness Perspective

In many countries governments not only regulate business activities, but also become involved in the corporate governance of individual firms through ownership and board ties. While existing studies usually focus either on benefits of political connections or on costs of government influence, a political embeddedness perspective helps us consider both advantages and constraints associated with ties to the government. In particular, firms with direct ties to the government will experience significant costs associated with government officials' involvement in the corporate governance process. In contrast, firms with ties to state‐owned enterprises (SOEs) are connected to the government indirectly and thus, while getting access to state‐owned resources, avoid costs associated with the government's interventions. This study compares the performance consequences of board and ownership ties to the government with the consequences of board and ownership ties to SOEs. I find that ties to SOEs are associated with higher profitability, while no significant differences are discovered for firms with direct ties to the government.     

地方政府政绩诉求、政府控制与国有企业税负

以我国2004—2012年A股非金融类地方国有上市公司为研究样本,在区分了省级政府与市级政府控制的基础上,实证检验了各级地方政府不同的政绩诉求对国有企业控制程度是否存在差异及该控制程度对国有企业税负的影响。研究发现：地方政府的政绩诉求（包括财政盈余、相对经济增长率、失业率等）显著影响地方政府对国有企业的控制程度,且省级政府更注重相对经济增长率及失业率,市级政府更关注财政盈余水平;三个政绩诉求中相对经济增长率对政府控制的影响最为显著;地方政府对国有企业的控制程度与企业税负显著正相关;与省级政府相比,市级政府控制的国有企业税负更重。这表明,增加地方国有企业税负是市级地方政府实现其政绩诉求的重要途径。     

政府审计能提升国有企业经营效率吗?

如何提升国有企业经营效率是当前推动国企高质量发展的关键环节。基于2010—2018年审计署实施中央企业审计事件样本，采用多时点双重差分模型考察政府审计对国有企业经营效率的影响。研究发现，政府审计能够提升国有企业经营效率，分别通过抑制管理层短视发挥预防作用、提升信息披露质量发挥揭示作用以及抑制管理层违规发挥抵御作用三种机制，实现对国有企业经营效率的提升。进一步分析发现，政府审计与高质量社会审计之间存在替代关系，而与内部治理机制、企业信息环境之间存在互补关系。研究结论揭示了政府审计对助推国企高质量发展发挥的积极作用。     

The Role of State‐Owned Enterprises in an Artificial Monopoly Market: The Case of Turkey

State‐owned enterprises (SOEs) benefit from many privileges based on their unique structure, their substantial capital, and their position in the economic system. Like all business corporations, they have no fixed duration, which makes them effectively immortal. In addition, they are adjuncts of the state, which enables them to survive in noncompetitive markets with little effort. Therefore, under today's ruthless global market conditions, SOEs engage in unfair competition with privately financed businesses. By relying on their identity as state operations, they do not follow the rules of the market—they define those rules. In addition to SOEs, which are direct arms of the state, some privately financed businesses dominate markets in which the state allows them to develop an artificial monopoly and thus increase their power day by day. These artificial monopolies distort market processes and create conditions that frequently give rise to corruption. This study examines the problems associated with monopolies, with a special emphasis on establishing more efficient market structures for SOEs in Turkey. The original mission of SOEs was to balance markets through regulation and to be transparent and accountable to the public. Simply striving to meet those criteria would go a long way toward preventing the abuse of power and unfair competition. In addition, SOEs and artificial monopoly markets distort public institutions by promoting rent‐seeking behavior that corrupts politics and blocks innovation from potential competitors. Privatization has been employed by international financial institutions in recent decades, but it has mostly transferred monopolies from the public sector to private owners, which has made the problem worse and done little to enhance competition. Establishing genuinely competitive economies will require a new political culture around the world.     

Does government funding promote or inhibit the financialization of manufacturing enterprises? Evidence from listed Chinese enterprises

This study examines how government funding type affects the financialization of manufacturing enterprises in China and discusses the different impacts of environmental factors. Funding for production can induce managers to increase expenses and reduce main business income by assigning social objectives, promoting corporate financialization. However, state-owned enterprises (SOEs) may suffer from soft budget constraints and ignore short-term revenue; enterprises in competitive industries tend to hold cash for precautionary motivation. Therefore, their financialization is insensitive to government funding. In addition, funding for interest can inhibit corporate financialization by increasing debts for non-SOEs and those with financial background employees or facing strong financing constraints, because they are lacking in capital or sensitive to financial risks.     

央企作为社会资本方投资项目管理系统分析

近年来,央企通过应用企业治理方案、建设内部控制管理制度,在治理结构、生产制造、资本投资各个方面,取得了较好成果。尤其是在全社会各行业、诸领域高质量发展时期,央企通过吸收社会资本,也扩大了社会资本方投资规模。本文以此为背景,概述了央企作为社会资本方的内涵,剖析了央企作为社会资本方投资项目管理业务与功能,并以此为基础,从投资项目管理系统建设角度,对其进行了具体讨论。     

分类改革提升了竞争类国企的投资效率吗?

本文以2015年国企分类改革为准自然实验,考察分类改革对竞争类国企投资效率的影响.研究发现,分类改革显著提升了竞争类国企的投资效率,且投资效率的改善主要表现为对过度投资的抑制.考虑行业竞争程度的差异后发现,分类改革对竞争类国企投资效率的提升仅存在于低竞争行业中,并且这些公司的经营业绩在改革后也得到了显著提高.考虑地区差...     

Decentralization is Dead,Long Live Decentralization! Capital City Reform and Political Rights in Kampala,Uganda

African cities are currently experiencing some of the highest population growth rates in the world. Accompanying this growth is constant and continuing pressure on national and local governments to develop political and institutional structures that respond to the multiple demands this demographic change provokes in relation to service delivery, economic development and social wellbeing. In response to these challenges, national governments are reviewing the political and administrative structures of their capital cities, sometimes recentralizing authority. This article examines the reforms to Kampala, capital city of Uganda. The article explains how the national government gradually created the legal conditions necessary to take over the capital city directly, and the political rhetoric and conflict that ensued. We argue that while Kampala had deep internal problems and fared poorly in service delivery, matters were exacerbated by the national government's historical indifference to the city. Moreover, past service delivery failures offered an easy rationale for recentralizing authority. We demonstrate that this recentralization was a well‐planned effort by the central government to regain political control of the capital city. This article illustrates how the national government's recentralization of authority in Kampala is a significant departure from its longstanding policy of democratic decentralization.     

多元化程度与盈余持续性:机会抑或威胁?

基于资源基础观与代理理论,利用我国A股上市公司2011—2017年的数据,探讨企业多元化经营对盈余持续性的影响。研究表明,企业多元化显著降低了盈余持续性,且多元化程度越高,企业的盈余持续性越低;这一负向关系在非沉淀性组织冗余水平高、市场竞争地位高以及机构投资者持股比例高的企业中得到缓解,而沉淀性组织冗余则会强化上述关系。研究结论为多元化企业调整资源结构、加强市场竞争力以及资本市场参与者理解企业盈余信息提供参考。     

Economic growth and multi-tasking by state-owned enterprises: An analytic framework and empirical study based on Chinese provincial data

By preventing large-scale unemployment during China's economic transition, state-owned enterprises (SOEs) helped maintain social stability, which supported the development of non-state sectors through a positive externality. Yet this burden reduced the productive efficiency of SOEs. Using a simple framework with two sectors, our paper decomposes the conflicting contributions of SOEs (lower efficiency but enhanced stability) to regional economic growth during 1992–2007. We find that productive efficiency in the state sector was lower than in other sectors and identify a significant positive externality that supported non-state sectors. Since these two effects offset each other, the contribution of SOEs to economic growth in China during our sample time frame was not significantly different from that of non-state enterprises.     

The market reaction to announced deep cuts in capital expenditures

The objective of the study reported in this paper was to examine the role of deep cuts in capital expenditures as a firm's strategy for becoming more efficient and, in turn, more competitive. Based on an empirical study, support is provided for the argument that deep cuts in capital expenditures may be a viable strategy for realigning corporate priorities toward a more efficient operation. The measure of performance utilized in this paper is the stock market reaction to announced deep cuts.     

跨国内部社会关系维度对母子公司随知识转移绩效的影响

在今天这个经济发展日新月异的时代，跨国公司越来越成为推动全球经济发展的引擎。如今，有效的知识转移已经成为跨国公司竞争优势的重要来源之一，只有通过组织间的知识转移，才能推动组织对知识进行高效管理，实现组织的经济与竞争价值。本研究将基于企业社会资本理论中的关系维度，研究跨国母子公司间形成的关系维度对内部知识转移绩效的作用机制，从而来探索母子公司在知识转移过程中的内部关系维度作用。     

推进国有企业党建工作的思考——以广西农垦国有龙北总场党建工作为例

企业党组织在推进国有企业改革和发展过程中发挥了重要作用。推进国有企业党建工作,应把党建工作与企业生产经营、企业管理制度改革、企业思想政治教育、企业文化建设相结合。     

Restricting capital outflow

According to the “Capital Asset Pricing Model”, an individual can increase his utility by diversifying his capital across countries. If that is the case, then why do governments impose restrictions on capital outflow? This paper argues that foreign owners of capital have less political power than domestic ones and therefore capital liberalization weakens the political power that protects capital, increases the taxation of capital and thus reduces total investment. Indeed, most of the empirical evidence suggests that capital liberalization is positively correlated with government expenditure, social security spending and corporate taxation.     

Value relevance on intellectual capital valuation methods: the role of corporate governance

Development of a knowledge economy has changed the main value of a firm from traditional physical assets to intellectual capital or intangible assets. Therefore, the accumulation and management of intellectual capital is the competitive advantage of knowledge-based industries. Intellectual capital valuation is the essential factor in firm valuation. Scholars have presented valuation methods of intellectual capital, such as Tobin’s Q, Knowledge Capital Earnings (KCE), and Value Added Intellectual Coefficient (VAIC). Management power of modern firms is separate from ownership, and easily occurs in the agency problem; therefore, firms must implement corporate governance to solve this problem. Researchers have presented that a complete appraisal of the firm value includes the effect of corporate governance. This study is the first to apply multi-regression models to examine value relevance on valuation methods of intellectual capital, and to further analyze the role of corporate governance for the information and electronic industry in Taiwan. The results show that Tobin’s Q, KCE, and VAIC have a positive relationship to firm value. The characteristic of director board, including board size, the ratio of outside directors, employed independent directors, and the manager concurrently the director, are correlated with the valuation of intellectual capital.     

Anti-corruption,government intervention,and corporate cash holdings: Evidence from China

We use China as an example to examine how anti-corruption and government intervention shape corporate cash holding decisions. The findings show that firms in provinces with less government intervention (weak anti-corruption intensity) hold smaller (larger) cash reserves than those in provinces with more government intervention (strong anti-corruption intensity). Furthermore, we find that the positive relationship between government intervention and corporate cash holdings is alleviated as the anti-corruption intensity increases, and this alleviation effect is more prominent for state-owned enterprises (SOEs), firms in high intervention areas and firms without political connections. These findings support the argument that corruption-free and low intervention governments can benefit firms in making more profitable corporate decisions.     

企业质量振兴的差距与对策

自国务院《质量振兴纲要（1996年—2010年）》颁布实施以来,南宁市企业质量振兴工作虽然取得明显成效,全市产品质量总体水平稳步提高,但由于企业重视不够、人才相对匮乏、发展基础不牢、质量文化薄弱等原因,使企业质量发展受阻。因此,广大企业必须进一步提高质量意识,落实主体责任,弘扬企业文化,强化人才培养,夯实技术基础,提升发展水平,打造精品名牌,讲究诚信守法,争取齐抓共管,充分发挥企业在质量兴桂战略中的主体作用,全面提升企业产品质量水平,为广西首府南宁加快建设成为区域性国际城市和＂首善之区＂营造安全放心的消费环境。文章主要分析了我国企业产品质量发展的现状和存在问题,并提出了企业质量振兴的对策。     

混合所有制改革是否有助于缓解人力资本配置扭曲

将人力资本在所有制企业间的配置扭曲（错配）理解为技术配置扭曲和规模配置扭曲两个方面,基于1998—2013年中国工业企业数据库的相关数据,探讨国有企业混合所有制改革影响人力资本配置扭曲的内生机理,结果表明：混合所有制改革鼓励非国有资本通过参股、控股和并购等方式参与到国有企业的生产决策中,这有助于完善国有企业的公司治理结构和利润分配机制,进一步缓解人力资本的技术配置扭曲和规模配置扭曲程度;相对于非行政垄断行业,行政垄断行业中国有企业混合所有制改革对于人力资本配置扭曲的缓解作用较小。     

知识经济时代企业管理的规范化与柔性化

规范化管理是近代西方企业管理的一个里程碑,它对农业经济和工业经济时代企业的发展起了重要作用。但是,随着知识经济时代的来临,企业内外环境的变化对这种传统的管理模式提出了新挑战,因此,一种新的管理模式——柔性管理,应运而生。在新环境下,对这两种管理模式的取舍决定了企业未来的发展。