公司治理结构理论及在我国的实践

公司治理结构(又称法人治理结构)是一种对公司进行管理和控制的体系。对于公司治理结构一词，理论界有不同理解。狭义的公司治理结构将法人治理机制视为一种内部治理体制，主要通过股东会、董事会、监事会的机构设置，明确各机构的权责分配，达到三者间约束与权力制衡的目的。广义的公司治理结构更多依赖于公司外部市场的间接调节，即以公司     

试谈农信社法人治理结构

法人治理结构是指由一套组织结构严密的自然人来治理公司而形成的组织结构体系。农信社法人治理结构从表面的形式上看是农信社的股东会、董事会、监事会和经理人关系的一种制度安排，实质上则是股东、董事会、经理人三者各自的权力、责任和利益及相互问的制衡关系，是出资人对经理人实施的一种约束、激励机制。     

公司治理结构下的会计体制选择

一、 公司治理结构：内涵、分类、经理人法人代理权公司治理结构是建立在出资者所有权与法人财产权相分离的基础上，有关所有者、董事会和高级执行人员即高级经理人员三者之间权力分配和制衡关系的一种制度安排和运行机制，表现为明确界定股东大会、董事会、监事会和经理人员职责及功能的一种企业组织结构。从本质上说，公司治理结构是企业所有权安排的具体化，是有关公司控制权和剩余索取权分配的一整套法律、文化和制度性安排。公司治理结构存在两类机制：一是外部治理机制，即产品市场、资本市场和人力市场等市场机制对企业利益相关者的…     

关于完善我国商业银行公司治理结构的探讨

一、现代商业银行公司治理结构及其功能公司治理结构又叫法人治理结构,是一整套赖以指导和控制公司运作的机制与规则。狭义地看,公司治理结构主要指公司董事会的结构与功能,董事长与经理的权利和义务,以及相应的聘选、激励与监督方面的制度安排等内容。广义的公司治理结构还包括公司的人力资源管理、收益分配与激励机制、财务制度、内部控制和风险管理系统、企业战略发展决策管理系统、企业文化和一切与企业     

关于建立规范的法人治理结构问题的探讨

公司制是现代企业制度的核心,法人治理结构是公司制的核心。因此,建立规范的法人治理结构,是建立现代企业制度必须首先要解决好的根本性问题。建立规范的法人治理结构,必须解决好股东到位、董事会虚置、经理人权力、监督机制等方面的问题。     

浅谈如何发挥内部审计在公司治理结构中的重要作用

公司治理结构是建立在出资者所有权与法人财产权相分离的基础上,有关所有者、董事会和高级执行人员即高级经理人员三者之间权力分配和制衡关系的一种制度安排和运行机制,表现为明确界定股东大会、董事会、监事会和经理人员职责及功能的一种企业组织结构。近年来,     

国有独资商业银行建立法人治理结构问题探讨

国有独资商业银行综合改革的关键是构建良好的法人治理结构。目前，国际上法人治理结构主要有以“市场为基础”的美英模式和“以银行为基础”的德日模式，文章认为，从国情出发，我国国有独资商业银行法人治理结构的起步模式宜兼有两种模式的特点。当前，成功构建国有独资商业银行法人治理的前提是要解决约束国有商业银行经营活动的三个关键问题。本文还就国有独资商业银行建立法人治理结构的步骤作了“三步走”的初步设想，并就每个阶段法人治理结构的内部构架作了较为详细的阐述。作者最后对国有商业银行的董事会、董事会和经理层进行了具体的权责划分。     

创业板公司董事会特征与公司绩效的实证研究

董事会作为代表公司行使其法人财产权的会议机关,是公司内部治理结构的核心。规范和经验分析共同表明,董事会特征会对其职能的行使发挥作用,进而对公司绩效产生影响。本文基于创业板上市公司两年的面板数据,采用多元回归方法,对创业板上市公司董事会特征与公司绩效的关系进行了实证研究,找出专属于我国创业板公司的规律。实证结果显示,董事会两职合一有利于提高公司绩效,独立董事比例与公司绩效呈倒U型关系,第一大股东持股比例与公司绩效呈显著负相关关系,最优董事会规模未得到验证。     

对农村合作银行法人治理结构的思考

农村合作银行的法人治理结构建立在股东代表大会对董事会的委托代理学说基础之上,存在所有者权利难以完全体现、董事会职责界定不够清晰、监事会独立性不强、激励性和可持续发展性有待加强等问题,这是未来改革的重点和难点。文章认为对股东代表大会实行民主管理制度,增强股东对董事会的监督权;将董事会和监事会的职责权限加以明确;建立股东交流平台;进一步完善学习培训和绩效评价制度,可以提升法人治理结构的科学合理性。     

股份公司权力中心的定位

股份公司权力中心的定位是公司法人治理结构的主要问题与核心问题。法人治理结构的合理与否将直接关系到公司能否有效率地运作，故公司权力中心的科学定位即是问题的关键所在。本拟通过介绍外国公司权力中心定位的历史沿革，剖析我国现行立法对权力中心的定位现状．提出现阶段我国的公司立法应以董事会为公司权力中心，以此构造公司治理结构，推进国有企业的公司制改革．促进公司更规范更健康更有效地运营。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.