论基于企业治理模式转换的职业经理人变迁

职业经理人的变迁是有其内在规律的。探索并描述这一规律是企业家理论研究的重要内容之一。基于资产的专有专用性及企业治理模式的相关分析，可以清晰地得到这样一个规律：职业经理人的变迁是随着人力资本的专有专用性程度的不断提升以及企业治理模式的不断演化而进行的。即由基于传统企业及其单边治理模式的“寄生型职业经理人”，到基于现代企业及其共同治理模式的“派生型职业经理人”，再到基于新经济时代高科技企业及其治理模式的“独立主导型职业经理人”，职业经理人的地位与作用在其升级转换中发生着显著的有规律性的变化。     

Strategies for marketing computers and related products

Hi-tech industries are emerging and experiencing a very challenging as well as frustrating time. One of the hi-tech industries, computers have accumulated a substantial amount of marketing experience that may be used for other hi-tech industries. This article inductively constructs three models for computers and hi-tech marketing. The first model emphasizes hi-tech product characteristics and their implications in developing a marketing strategy. The second model explores entry strategies for computers and perhaps for other hi-tech companies. It emphasizes the fact that just any company cannot successfully enter the computer and other hi-tech markets without very careful analyses of the dynamics of hi-tech markets. Finally, the third model based on present experiences and inductive reasoning emphasizes the key components of successful future marketing strategies for this type of product.     

燃气行业国家控制型公司治理模式分析

对燃气行业中的国有独资及国有控股两种国家控制型公司治理模式进行了问题分析和对策研究,认为中国燃气行业应从从政企分离,董事会、监事会、经理层等方面进行公司治理模式改革。     

Corporate governance antecedents to shareholder activism: A zero‐inflated process

Research summary: Shareholder activism has become more widespread, yet the role of corporate governance as antecedent to shareholder activism remains equivocal. We propose a new conceptual model that characterizes the stochastic of observable shareholder activism as a compound product of two latent components representing (1) shareholder activists' propensity to target a company and (2) executives' propensity to settle activists' demands privately. Our model explicitly decouples corporate governance expectations for the two latent components embedded in activism process, and thus allows us to relax assumptions of homogenous shareholder interests and constrained managerial discretion where corporate managers are expected to negotiate privately and settle only value‐creating activist demands. Bayesian analysis of zero‐inflated Poisson regression reveals that corporate governance relationships with activism vary across shareholder demands and private settlements. Managerial summary: Increasing shareholder activism has generated debates as to whether activism promotes managerial accountability and responsibility or instead encourages managerial short‐termism. Our research model allows for heterogeneous interests among a company's shareholders. We theorize and empirically investigate a broader role of corporate governance: governance mechanisms need to ensure that executives are not (1) ignoring activists' value‐increasing demands or (2) accommodating activists' value‐decreasing demands in a private, opaque manner that disenfranchises other shareholders. Our results indicate that corporate governance implications differ for visible shareholder demands in contrast with private activism. A plausible application of our model is that it provides estimates of the probability of the numbers of shareholder demands to be received by a firm and the probability of privately settling a demand. Copyright © 2015 John Wiley & Sons, Ltd.     

Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities

This article was the experience of the newly privatized UK utilities as a unique natural experiment to explore aspects of the life cycle/free cash-flow hypothesis of Dennis Mueller and Michael Jensen. It demonstrates that in their immediate post-privatization, regulated environment the UK utilities experienced severe attenuation of all the principal forms of corporate governance, while remaining substantial cash generators but with limited scope for core business growth. It shows that the firms responded with a rapid – and apparently unsuccessful – expansion of non-core activities. The article then uses a two-way random effects panel design and finds substantial and robust support for the maintained hypothesis that (lagged) cash-flow drove diversification. The results also generate clear implications for privatization policy. In particular, they suggest that the incentive benefits anticipated from substituting private for government ownership may become distorted if the managements of newly privatized enterprises are sheltered from the regular disciplines of corporate governance.     

上市公司董事会特征与公司绩效关系的实证研究

随着我国上市公司范围和数量的扩大,所有权和经营权分离所引起的公司治理问题日益突出。董事会作为公司治理的核心,其治理模式日益成为影响公司绩效的关键因素,改善董事会的特征、提高董事会的质量也就成为建立有效公司治理结构的核心任务。因此,研究董事会特征与公司经营绩效的关系具有实际意义。     

完善公司治理结构与企业制度创新

我国国有企业已按建立现代企业制度的要求完成了公司制改造，但完善的公司治理结构却迟迟建立不起来，原因在于企业制度本身还有些问题没有解决，文章分析了美国和日本公司治理结构的差异，指出这种差异不是凭空产生的，而且是企业制度特别是企业产权制度决定的，脱离开企业产权制度而空谈治理结构是不可取的，公司治理结构，需要从企业制度创新上下功夫，首先要对照国际经验考虑我们的企业在产权制度改革上走什么样的路子，离子开这个前提照搬他国企业的治理结构是不妥的，我国企业制度亟待解决的问题是：落实有限责任，推进股权多元化、分散化、法人化。     

可转换债券:融资工具还是制度安排——基于贝恩资本投资国美电器可转换债券的案例研究

本文通过梳理可转换债券的理论研究文献,并结合机构投资者投资可转换债券的实践,提出了基于机构投资者视角的可转换债券理论分析框架。本文以贝恩资本投资国美电器可转换债券案例为研究对象,对上述理论框架进行了检验。研究发现,可转换债券不仅是一种融资工具,更是一种制度安排,具备公司治理功能,使得机构投资者能够参与发行企业的公司治理实践。而且,机构投资者投资可转换债券使发行企业不仅面临价值变动风险,还面临控制权转移风险。本文拓展了可转换债券研究的理论框架,也为企业设计和发行可转换债券提供了现实启示。     

The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies

It has widely been suggested that during the 1980s many diversified firms narrowed the scope of their activities by refocusing on core businesses, primarily through divestment activity. This study examines the impact of divestment on firm performance, using an unbalanced panel of 132 UK quoted companies over the period 1985 to 1993. The results suggest that divestment has a positive, significant and substantial effect in raising the profitability of the vendor company. We find limited support for the view that the benefit from divestment is greater for larger and/or more diversified firms and firms operating with weak governance arrangements.     

全球化背景下公司治理模式的演进趋势分析

全球化背景下各种公司治理模式是否趋同的问题，是比较公司治理学派争论的核心。通过选取六个定量指标来分析20年来世界上四种典型的公司治理模式的演进趋势，可以发现经验数据并不支持趋同论的观点。全球化会导致各种公司治理模式相互学习和相互影响，但这并不意味着各种公司治理模式将会趋同。这一研究结果的重要意义在于：我国在选择公司治理模式时绝不能刻意模仿和盲目照搬，只有很好地适应我国政治、法律、经济、历史、文化等环境因素的公司治理模式才可能发挥最佳治理效率。     

Relational governance as an interorganizational strategy: An empirical test of the role of trust in economic exchange

We develop a model of relational governance as a specific form of interorganizational strategy that is distinct from the traditional modes of markets and hierarchies. We conceptualize this form of strategy in terms of structural and processual dimensions and derive a model of its determinants through arguments drawn from transaction cost economics and the sociological exchange literature. Hierarchical regression modeling is employed to test the theoretical model on data collected from a sample of 329 independent insurance agencies. We include the relational variable of trust and demonstrate that the combined model explains relational governance better than a model with the traditional determinants of governance form alone. Further, we observe that governance structure and process are related and discuss implications of the dynamic link between them. Directions for extensions are developed for strategic management research and practice.     

Increasing firm value through detection and prevention of white‐collar crime

White‐collar crime can cost a company from 1 percent to 6 percent of annual sales, yet little is known about the organizational conditions that can reduce this cost. Previous governance research has examined the link between block holders, boards of directors, or CEO compensation and fraud. In this study, these traditional measures of governance are found to have little impact. Instead, operational governance, including clarity of policies and procedures, formal cross‐company communication, and performance‐based pay for the board and for more employees, significantly reduces the likelihood of a crime commission. Copyright © 2003 John Wiley & Sons, Ltd.     

上市公司治理结构对信息性盈余管理的影响研究

为了有效监督公司内部利害关系各方的行为,有效降低基于各种委托代理关系的代理成本,在阐述国内外盈余管理文献的基础上,假设拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,通过构建合理的并可度量的信息性盈余管理衡量方法,使用沪、深两市全部A股上市公司2014—2016年公司季度财务数据,实证研究了信息性盈余管理视角下公司治理对盈余管理的影响。结果表明,市场监管者和投资者需要关注两种不同的盈余管理行为,投机性盈余管理更倾向于误导投资者,信息性盈余管理则是通过盈余管理的手段向投资者传递有用的内部信息。股权制衡对上市公司的信息性盈余管理行为具有明显促进作用,促使管理层进行信息性盈余管理,就要优化股权结构,形成产权多样化的股东制衡机制,实现股权结构的合理优化。拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,公司治理结构对管理者进行信息性盈余管理具有积极的影响,健全的公司治理结构能够提高财务报告透明度和盈余信息含量。因此,保障财务报告的真实性和可靠性,以信息性盈余管理为动机探究公司治理对盈余管理的影响具有现实意义。     

制度变迁下的公司治理：模式选择与路径依赖——基于跨国公司在华投资企业的分析

对跨国公司而言,制度变迁包含着两层含义：一是从跨国公司母公司所在国的制度环境到投资子公司所在国的制度环境的变化,这是不同制度环境的自然转换;二是子公司所在国的制度环境的变化,这是同一种制度在若干时间段的变迁。双层制度变迁下的公司治理具有明显不同于单层制度变迁的模式选择和路径依赖。     

Productivity & the R&D/Production interface in Japan

The effect of national culture, found to be strong in the FRG/UK study, is even stronger in Japan. Apparent anomalies in the quantitative findings are resolved by taking it into account. The slopes of the regression lines of R&D resources against company productivity suggest that expenditure on R&D in the UK is well below optimum while that in Japan is rather above it and permit speculation as to what the optimum is for the industry.     

国企改制：基于治理与管理内涵职能的深化分析

公司治理是公司“依法管理”的重要体现。它为维护所有者权益和公司各利益主体间的权益制衡从而规范化行使其权能，为公司外向型决策机制的形成和市场化战略营运发展亦即企业家的选拔造就提供了必要的体制保障。作为公司治理战略意向实现方式的公司管理。在实际上成为企业家才能或企业家精神导向下的管理创新过程中。反过来又有力推动公司治理和战略构想的创新发展。从公司治理与公司管理内涵职能深化分析的视角，考察我国国企改制现实，可看到当前国资管理中“国资委模式”，存在诸多应予以关注的问题。     

Choice of organizational form in the life insurance industry: New Zealand evidence

Two forms of ownership structure characterize the insurance industry—the stock company owned by shareholders and the mutual form which is owned by its policyholders. The academic literature suggests that ownership structure is dependent upon the efficiency of the endogenous contracting mechanisms and governance structures in firms. Mutuals are predicted to exist and successfully compete with stock companies in insurance markets because they merge the ownership-customer functions and introduceex-ante contracting mechanisms andex-post modes of governance which restrict managerial discretion. Drawing a framework from transaction cost theory, this study tests empirically the proposition that choice of ownership structure in the life insurance industry is related to contracting mechanisms and governance structures in the firm. Individual cross-sectional logistic regression models are estimated using 1991–1993 data gathered from New Zealand's life insurance industry. Consistent with expectations our results suggest that mutuals are more likely to have higher asset specificity than stock companies. By contrast, stocks appear to be more reinsured and incur higher governance expenditures than mutual companies. Furthermore, contrary to what was hypothesized, our findings indicate that mutuals may be bigger than stock companies. Therefore, overall the empirical evidence does not support the predictions drawn from transaction cost theory.The authors are lecturers, Department of Accounting and Finance, University of Glasgow, and Department of Accountancy, Massey University, New Zealand, respectively.The authors thank Lars Hassel, Leung Hing-Man, Bill Maughan, Mike Pickford, Kulwant Singh and two anonymous reviewers for their comments on original drafts of this paper. However, they are solely responsible for any errors or omissions that remain. They also appreciate the cooperation of members of New Zealand's life insurance industry for supplying information. Finally, the financial support of Price Waterhouse (Wellington, New Zealand) is gratefully acknowledged.     

An Exploratory Study of Company Turnaround in Australia and Singapore Following the Asia Crisis

There has been little research into company turnaround practices in Asia. This paper investigates the role of retrenchment, replacement of chairman or chief executive and ownership change in the turnaround process, using a sample of 60 listed companies in Australia and Singapore. Conclusions are drawn that overall, transparency of the regulatory environment and other governance issues are a stronger influence on turnaround practices than are cultural issues. This may make Singapore, which has transparency and governance risk indicators at similar low levels to Australia, a unique business environment in Asia.     

Worker Directors: A German Product that Did Not Export?

Despite its seeming lack of attractiveness to other countries, the German system of quasi‐parity codetermination at company level has held up fairly well. We recount the theoretical arguments for and against this form of codetermination, and survey the evolving empirical evidence on its economic impact. On both counts, employee representation on company boards might form part of the apparatus of good corporate governance, even if the extent of representation and the composition of the worker side are unsettled issues. Whatever the particular past merits of the case, however, the bottom line is that the recent availability of alternative forms of corporate governance will increasingly shape the German institution.     

Independence and the regulatory state—Telecommunications in Scotland and the rest of the United Kingdom

In the autumn of 2014 the residents of Scotland, but not other parts of the UK, will vote on whether to leave the UK and to become a separate state, with a positive vote leading to an independent parliament expected to be elected in 2016. It would remain within the EU and in compliance with its acquis communitaire. This paper identifies issues that would have to be addressed in preparing for and creating a new system of governance for telecommunications markets on that tight timescale.