我国上市公司管理层股权激励与公司业绩关系研究

上市公司管理层股权激励与公司业绩的相关性,是近几年资本市场投资人和上市公司管理层共同关注的重大问题。本文对我国管理层股权激励与公司业绩相关性进行实证研究。研究发现:我国上市公司管理层股权激励与公司业绩呈负相关关系,并对我国上市公司管理层实施股权激励提出了政策建议。     

上市公司股权结构与公司业绩的实证分析

一、中国上市公司股权结构的现状本文选取了深圳证券交易所上市的513家公司2001年的数据(有一家公司尚未公布年报数据),其中46家ST公司,6家PT公司,1家净资产小于零的公司,为了减少极端值对分析结果的影响,将这53家公司从样本中剔除,故样本总量为460家。本文从股权结构、公司业绩等方面进行描述归类统计。从总样本中看,含国有股的公司有342家,占样本的74.35%,不含国有股的公司118家,占样本数的25.65%。     

资本结构与公司业绩相关性研究

与主板上市公司相比,创业板上市公司的资本结构较为独特,它通过影响公司治理结构、公司发展战略、经营行为,最终对公司的业绩水平产生影响。鉴于此,对资本结构进行合理优化,可以提高创业板上市公司的治理水平,最终提高公司业绩。本文以创业板358家上市公司2013年的年报数据为研究对象,在对资本结构与公司业绩进行理论分析的基础上,通过构建模型,以资产负债率来衡量公司资本结构,以净资产收益率来衡量公司业绩,借以探讨二者之间的相关性。实证结果表明我国创业板上市公司资产负债率与公司业绩显著负相关;资产规模、营业收入增长率、总资产周转率与公司业绩显著正相关。本文的实证研究对创业板上市公司资本结构的合理优化具有一定的参考意义。     

高管薪酬与公司业绩的关系

公司高级管理层的薪酬问题越来越受到社会的普遍关注。高管薪酬问题是由于控制权和所有权的分离而产生的。高管的薪酬进而又产生了代理成本问题。本文研究的目的是分析高管薪酬与公司业绩之间的关系。经研究发现:高管薪酬与公司业绩之间存在显著正相关。     

内部控制缺陷与公司业绩

基于公司业绩角度,分析内部控制对公司业绩的影响机制,并利用2012-2015年A股上市企业的经验数据进行实证检验.研究发现:相较于内部控制健全的公司,存在内部控制缺陷的公司业绩较差;且内部控制缺陷程度对公司业绩有显著影响,内部控制缺陷越严重的公司业绩越差.     

董事会人力资本与公司业绩关系研究

本文以我国上市公司为研究样本,依据2011-2013年的公开数据对董事会人力资本与公司业绩的相关性进行实证分析。研究结果表明,董事会人力资本在受教育程度、年龄和专业技术背景这三方面对公司业绩有积极影响,并对董事会人力资本如何促进公司业绩提供了参考意见。     

政治关系对公司业绩及盈余管理影响研究综述

本文系统回顾了政治关系对公司业绩以及盈余管理的影响,政治关系本身作为公司治理考虑的重要因素,逐渐成为上市公司操纵盈余管理的重要手段。目前有关政治关系对公司盈余管理影响研究的侧重点各有不同,可以预测,政治关系将是未来盈余管理实证研究的一个重要领域。     

上市公司股权激励对公司业绩的影响分析

本文选择了30家截至2013年末实施了股权激励的上市公司作为样本,结合30家未实施股权激励的上市公司,运用配对样本T检验的分析方法,实证分了股权激励对我国上市公司业绩有一定积极影响,并对我国上市公司实施股权激励提出有效的对策建议。     

Corporate governance and operating performance of Chinese listed firms

In this paper, we investigate the impact of corporate governance on firm performance and valuation in China. Our study introduces a composite measure of corporate governance to measure the association between corporate governance and Chinese firms’ performance and valuation. Because agency theory suggests that companies with better corporate governance standards perform better, we propose that better governed Chinese firms would have greater performance and higher valuation. We find that our composite measure of corporate governance is positively and significantly associated with firm performance and valuation. These findings have implications for policy makers, researchers, managers, and investors in general and those in emerging markets in particular.     

Financial and corporate social performance in the UK listed firms: the relevance of non-linearity and lag effects

Using environmental, social and governance scores compiled by Reuters Datastream for each company’s corporate social performance (CSP), we examine the relationship between CSP and corporate financial performance (CFP) of 314 UK listed companies over the period 2002–2015. We further evaluate the relationship between prior and subsequent CFP and prior and subsequent CSP. Based on the system-GMM estimation method, we provide direct evidence that suggests that while CFP and CSP can be linked linearly; however, when we examine the impact of CSP on CFP, the association is more non-linear (cubic) than linear. Our results suggest that firms periodically adjust their level of commitment to society, in order to meet their target CSP. The primary contributions of this paper are testing (1) the non-monotonous relationship between CSP and CFP, (2) the lagged relationship between the two and the optimality of CSP levels, and (3) the presence of a virtuous circle. Our results further suggest that CSP contributes to CFP better during post-crisis years. Our findings are robust to year-on-year changes in CFP and CSP, financial versus non-financial firms, and the intensity of corporate social responsibility (CSR) engagement across industries.

     

Determinants of the guarantee circles: The case of Chinese listed firms

China's external capital market has been developing rapidly since the establishment of its stock markets. However, financing from the internal capital market, especially through the guarantee system provided by other associated firms (the guarantee circle), remains significant for some Chinese firms. We analyze the importance associated with the guarantee system in China with a focus on the macro and micro determinants that affect Chinese firms' participation in the guarantee circle. Our findings suggest that both macroeconomic and microeconomic factors have significant impact on a firm's involvement in the guarantee circle. Firms in regions with higher economic growth, less developed banking system and worse legal protection are more likely to receive guarantee from firms associated with the controlling shareholders. On the other hand, firms controlled by the state are less likely to receive guarantee but more likely to provide guarantee, while firms with alternative financing sources are more likely to provide guarantee. Firms within a complex group with more pyramidal layers are more likely to get involved in the guarantee circle, either as a guarantor or a guarantee. Our findings have implications to general guarantee systems with the presence of agency and moral hazard problems.     

Determinants of the guarantee circles: The case of Chinese listed firms

China's external capital market has been developing rapidly since the establishment of its stock markets. However, financing from the internal capital market, especially through the guarantee system provided by other associated firms (the guarantee circle), remains significant for some Chinese firms. We analyze the importance associated with the guarantee system in China with a focus on the macro and micro determinants that affect Chinese firms' participation in the guarantee circle. Our findings suggest that both macroeconomic and microeconomic factors have significant impact on a firm's involvement in the guarantee circle. Firms in regions with higher economic growth, less developed banking system and worse legal protection are more likely to receive guarantee from firms associated with the controlling shareholders. On the other hand, firms controlled by the state are less likely to receive guarantee but more likely to provide guarantee, while firms with alternative financing sources are more likely to provide guarantee. Firms within a complex group with more pyramidal layers are more likely to get involved in the guarantee circle, either as a guarantor or a guarantee. Our findings have implications to general guarantee systems with the presence of agency and moral hazard problems.     

Sensitivity of executive pay to accounting performance measures in all-equity firms

We investigate the relation between chief executive officer compensation and accounting performance measures as a function of the firm's capital structure. We specifically analyse pay–performance relationships for all‐equity firms relative to high‐levered firms. We find a significant positive association between return on equity and the level of compensation for all‐equity firms. Consistent with optimal contracting theory, we cannot discern any such relationship for high‐levered firms. Because of agency costs of debt, managerial compensation in high‐levered firms plays the role of a precommitment mechanism in addition to its conventional role of aligning management incentives with shareholder interest.     

Influence of cost accounting change on performance of manufacturing firms

The purpose is to analyze the influence of cost accounting change (CAC) on the financial performance of Finnish firms. Empirical data are based on a survey responded by 121 manufacturing firms. PLS is used to extract the influence of CAC on performance. The general expectation is that CAC should have a positive lagged effect of performance. However, prior empirical evidence is mixed and usually only a weak influence is found, if any. This study shows that CAC is closely associated with a simultaneous pricing system change (PSC). CAC and PSC are interrelated because product cost usually plays an important role in pricing. PLS shows that CAC has a weak positive lagged main effect on performance whereas PSC has a strong negative effect. The total effect of CAC is insignificant because the positive direct effect is offset by the negative mediation indirect effect through PSC. The result indicates that when assessing the influence of CAC on performance it is important also to take account of the corresponding indirect influence through PSC. The study also shows that perceived environmental uncertainty (PEU) has a strong negative moderating effect on the influence of PSC on performance. Thus, the influence of PSC on performance is more negative when PEU is high.     

2006年度会计师事务所综合评价前百家信息

根据会计师事务所的申报,中国注册会计师协会依据《会计师事务所综合评价办法(试行)》,对会计师事务所进行了综合评价。2006年12月1日,中注协正式发布《2006年度会计师事务所综合评价前百家信息》。这是中注协首次就事务所的整体素质对外发布排名信息,也是中注协推动事务所做大做强的一项重大举措。信息显示,排名前百家的事务所业务收入占全国5370家会计师事务所2005年度总收入的51%,注册会计师人数占全国注册会计师总人数69467人的19%。     

会计师事务所总分所管理相关问题研究

一、事务所建立分所的动因及其对经营发展的影响从我们对北京地区会计师事务所总分所管理的调研情况分析,总体来看,差异化特征明显。这与其建立分所的动机有着密切联系。(一)事务所建立分所的动因     

中注协发布2010年会计师事务所综合评价前百家信息

在经过一周公示后,中注协于2010年4月30日正式发布"2010年会计师事务所综合评价前百家信息"(会协[2010]通告4号). 信息显示,前百家事务所2009年业务收入合计为206亿元,较2008年增长了5%.在前百家事务所中,有34家事务所收入超过亿元,比去年的32家增加了2家,其中,有16家事务所收入超过3亿元,行业做大做强成效进一步显现. 信息显示,前百家事务所注册会计师共23124人,较上年增长了17%,占全国注册会计师总数的26%.其中,具有硕士及以上学历的注册会计师共2519人,占前百家事务所注册会计师总人数的11%;前百家事务所共拥有领军人才后备人选165人,占行业领军人才总人数169人的98%.     

会计师事务所风险控制方法初探

风险是指在一定条件下、一定时期内可能发生的各种结果的变动程度,是事物本身具有的不确定性,这种不确定性可能会带来收益,也可能会带来损失。随着社会经济的发展和经济生活的日益复杂化,会计师事务所面临的风险与日剧增,要做大做强,事务所必须加强风险防范的意识,强化风险管理。只有充分了解事务所面临的风险的基本特征和产生原因,才能采取针对性措施,防范和化解会计师事务所面临的风险,本文从目前事务所的主要风险入手,探讨了进一步强化风险管理的手段和途径。