Renewable Governance: Good for the Environment?

We conjecture that board renewal mechanisms—those substantive enough to renew the thinking of the board—are required before investors can address the mismatch between their preferences regarding environmental sustainability and what insiders at firms are actually doing. We identify the adoption of majority voting for directors and the introduction of a female director as two corporate governance mechanisms potentially strong enough to renew a board's thinking on sustainability. Using a sample of 3,293 firms from 41 countries, along with quasi-exogenous shocks to board renewal mechanisms in Canada and France, we find that both board renewal mechanisms are associated with significantly higher future environmental performance. Further tests provide suggestive evidence that board renewal is more strongly associated with environmental performance in settings with better institutions and more motivated institutional investors. These results suggest the importance of board renewal for alignment of firm policies with investor preferences around the world.     

企业社会责任对财务绩效影响研究——基于中国上市公司的经验证据

在披露意愿、股权性质、经济周期调节变量的基础上研究企业社会责任对财务绩效的影响,考虑企业社会责任的时间滞后效应,加入滞后一期的CSR研究对财务绩效的影响。实证结果表明：当期企业社会责任与当期财务绩效呈正相关但不显著,滞后一期的企业社会责任显著正向影响当期财务绩效;当期企业社会责任与披露意愿、经济周期的交互作用表明,相对于经济繁荣期,在经济收缩期企业当期自愿披露企业社会责任报告会更显著提高当期财务绩效;当期企业社会责任与股权性质的交互作用表明相对于非国有企业,国企当期承担企业社会责任会显著提高当期财务绩效;滞后一期的企业社会责任与股权性质、经济周期的交互作用表明在经济收缩期,国有企业上一年履行企业社会责任会显著降低当期财务绩效。     

社会责任报告及鉴证能否传递有效信号?——基于企业声誉理论的分析

本文依托企业声誉理论,以我国2008—2009年间沪深两市非ST上市公司为样本,通过检验企业社会责任报告及鉴证对社会责任表现与企业声誉两者关系的影响,分析我国企业社会责任报告及鉴证的信号传递作用。研究发现:企业社会责任表现能提升企业声誉;企业社会责任报告能有效传递社会责任表现的信息,增强社会责任表现与企业声誉之间的正向关系;企业社会责任报告鉴证并没有显著促进社会责任表现对企业声誉的作用。本文的研究结果显示,我国现有的企业社会责任报告鉴证尚无法提高企业社会责任表现和社会责任报告的可信度。本文最后对改善我国企业社会责任报告鉴证的质量提出了建议。     

Effect of Banking Regulation on Performance: Evidence from Turkey

In this study, we investigate the effect of regulation on banking sector performance in an emerging country context. Consecutive crises in the early 2000s led to three waves of reformist banking regulations in Turkey: (1) the banking sector restructuring program in 2002, (2) limitation of the full deposit insurance system in 2004, and (3) a corporate governance-related banking law in 2005. Results show that these actions had a positive effect on bank lending, asset quality, and profitability. Findings also support the view that the sequence and timing of banking reforms in Turkey acted as a shield against the global financial crisis of 2008.     

Transforming social sector auditing – they audited more,but scrutinized less

The legitimacy of audit technologies is inevitably linked to a knowledge base. Even though it has been pointed out that the agreements on how to measure and verify certain operations are only temporal, empirical studies on change in audit are rare. This paper reports a detailed empirical study of change in performance audit within social services in Sweden. The paper complements previous research since this paper is not about making new things auditable but about challenging existing technologies within a field. We observe how the new ‘sharp’ control‐based model – realized through measures of prioritizing, focusing and standardizing – was related to new demands on ‘facts’ about the audit object. The effect was that many things in this new situation became unauditable; they audited more, but actually scrutinized less. The paper also contributes to existing literature on the role of ‘sharp’ control‐based audit in the social sector. With a ‘soft’ and ‘fuzzy’ object, as is often the case in many parts of the public sector, it is difficult to produce hard, convincing evidence that holds true in different settings.     

衍生产品使用对公司价值和业绩影响的实证检验

本文在回顾企业使用衍生产品相关理论的基础上,分析了中国上市公司使用衍生产品现状,并以深沪两市有色金属加工或生产行业上市公司为研究样本,实证检验中国上市公司使用衍生产品进行风险管理是否提高了公司价值和业绩,结果发现中国企业使用衍生产品并没有像西方理论所认为的那样可以提升公司价值,其原因在于国内企业使用衍生产品的负面影响抵消了其正面作用,所以无法起到提升公司价值的作用。在此基础上,文章提出了相关的政策建议。     

Financial Policy in Practice: Benchmarking Financial Sector Strategies Around the World

Policy makers use financial sector strategies to formulate a holistic policy for the national financial system. This article examines and rates financial sector strategies around the world on how well they formulate development targets, arrangements for systemic risk management, and implementing plans. The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management. The rated strategies are then benchmarked against a range of country characteristics. The analysis finds that the scope and quality of national strategies for the financial sector are systematically influenced by several country characteristics. Interestingly, policy trade-offs, particularly between financial development and systemic risk management, are not adequately considered in the strategies.     

从金融危机看我国商业银行综合经营的变革方向

金融危机中美国金融机构遭受重创的自身原因是,公司治理失效及过度的激励机制,缺乏严格的内部风险管理机制,规模快速扩张带来整合和管理的巨大难题。同时,美国计划改革其金融监管体制,发布了《现代化金融监管体制蓝图》和《金融改革框架》。欧美金融机构的转型,尤其是花旗分拆不意味着综合经营模式的失败;基于金融深化发展和适应全球金融竞争的考虑,我国商业银行应当坚持综合经营和金融创新,金融监管的变革方向应是对金融创新带来的风险实施更加有效的监管。     

税负加重是否会影响企业金融资产配置？

基于2006—2021年沪深A股上市公司的面板数据,分析了税负加重对企业金融资产配置的影响。研究发现：税负加重会促进企业金融资产配置行为,这一促进效应对高技术企业和战略激进型企业更为显著;因税负加重而引发的企业金融资产配置行为提高了企业金融错配程度和股价崩盘风险。鉴于此,政府应持续释放减税降费红利,助力企业融资纾困,约束企业过度金融化行为,以推动企业可持续、高质量发展。     

全球稳定币的系统性风险:监管挑战与应对

2008年次贷危机至今,全球宏观审慎监管框架始终着眼于防范传统金融机构的系统性风险,却忽视了新兴的全球稳定币及其所引发的支付方式变革.全球稳定币诱发系统性风险的路径不仅包括因为替代法币支付功能从而加剧金融功能的脆弱性,还包括加深金融结构集中度与金融网络复杂性.同时,全球稳定币给既有的“宏观审慎监管”框架造成监管信息滞后...