经营者激励与业绩评价

现代企业所有权与经营权的分离产生了委托代理关系。委托代理理论认为,只要存在委托代理关系,就要有激励机制。文章分析了激励机制的内涵和作用、激励机制与业绩评价的历史演进,指出激励机制的建立需要业绩评价系统的要素为前提,激励机制的实施和报酬契约的执行需要以业绩评价系统的输出结果为依据。针对我国企业业绩评价与经营者激励存在的种种问题,强调坚持公平公正原则是解决问题的关键。     

APEC贸易投资便利化合作进展评估与中国的策略选择

亚太地区贸易投资自由化合作进展迟滞,贸易投资便利化合作正在成为APEC取得持续进展的重点方向。本文对APEC贸易投资便利化合作的最新进展进行总结,并在评估APEC便利化合作现实障碍的基础上,提出中国参与未来该领域合作的策略选择。     

Broker-dealer Leverage and the Stock Market

This paper employs linear and nonlinear causality tests to examine (for the first time) the dynamic relation between broker-dealer leverage and the stock market in the United States, using quarterly data since 1967. We find significant linear causality from the stock market to broker-dealer leverage and a nonlinear feedback from broker-dealer leverage to the stock market, supporting the view that the macro economy is highly nonlinear. This bidirectional causality shows that a stock market crash might happen long before a fall in fundamental asset values.     

Structure of Firm Location Choices: An Examination of Japanese Greenfield Investment in China*

This paper presents an empirical investigation of the location decision structure of Japanese investors in China. In this study, a nested logit model and rich Japanese firm‐level greenfield manufacturing foreign direct investment data are calibrated together. This examination is not only driven by the unsatisfactory model specification of the conditional logit model in previous location choice analyses, specifically the violation of the independence from irrelevant alternatives assumption; but is also driven by the urgent need to better understand foreign investors’ in general and Japanese investors’ in particular location decision structure in China. Two potential hierarchical and sequential location decision‐making structures of Japanese investors are then tested, which are respectively in line with the spatial divide of China's FDI preferential policies and with China's six traditional census areas.     

Interest Rates, Leverage, and Money

The current mainstream approach to monetary policy is based on the New Keynesian model and is expressed in terms of a short-term nominal interest, such as the federal funds rate in the United States. It ignores the role of leverage and also downplays the role of money in basic monetary theory and monetary policy analysis. But as the federal funds rate has reached the zero lower bound and the Federal Reserve is in a liquidity trap, the issue is whether there is a useful role of leverage and monetary aggregates in monetary policy and business cycle analysis. We address these issues and argue that there is a need for financial stability policies to manage the leverage cycle and reduce the procyclicality of the financial system. We also argue that in the aftermath of the global financial crisis and Great Contraction there is a need to get away from the New Keynesian thinking and back toward a quantity theory approach to monetary policy, based on properly measured monetary aggregates, such as the new Center for Financial Stability Divisia monetary aggregates.     

东道国制度环境、双边投资协议与中国企业跨国并购的区位选择

自2000年以来,中国企业海外并购数屡创新高。文章利用2000~2016年481家有跨国并购行为的中国企业在84个国家完成的706笔成功交易,通过logit模型回归企业在潜在目标国间的选择,检验了东道国制度环境、双边投资协议以及二者共同对企业跨国并购区位选择的影响。研究结果表明,企业更偏向于制度环境较好的国家开展并购,双边投资协议对企业跨国并购的区位选择没有直接影响,但是却能替代东道国良好制度环境的缺失。同时,本文还按照时段和企业性质进行了分组回归,发现国企和非国企在2014年及以后、2014年前以及2007年前的并购存在不同的特点和风险偏好,也暴露出每一个阶段海外并购存在的问题。文章从企业的视角出发,从企业层面聚类到国家层面,对中国企业跨国并购的区位选择问题从东道国制度环境和资源禀赋的角度给出了客观的评估,同时也为一带一路倡议下企业的海外并购提供了有益的政策启示。     

东盟发展面临的制约和策略选择

在当前亚太地区政治、经济、安全形势快速发展、大国关系深刻调整的背景下,东盟作为一支地区重要战略力量,其地位和作用日益受到大国的重视。2007年在东盟成立40周年之际,东盟将如何应对内外挑战,越过发展中的障碍,使其地区重要力量的战略性不断提升,值得我们关注。     

养身新蔬食

正在既有印象里,素食总与带宗教色彩的生活方式联系在一起,陈旧刻板,带着清心寡欲的暗示。但这一切正在发生变化,越来越多的人投身于一场蔬食革命,他们依据多年的厨房经验与来自世界各地的茹素体验,从就餐环境、食材选用到菜品设计,都颠覆了常人对于素的想象。我们在这里介绍11种新鲜美味的食材,茹素能否充分提供人体所需的全部营养虽有争议,但有机会尝试一’这些蔬食,肯定于健康有利。     

论杠杆收购的利润来源

杠杆收购是公司结构重组的特殊形式,传统的杠收购是由一小群投资者通过外部融资获得一家上市公司股票或资产,一般说来,采用杠杆收购的投资者与投资银行或商业银行有联系,可以筹措以大量资金来收购企业。     

担保融资的杠杆作用

中小企业资金短缺时常常会诉诸银行贷款,但是又往往因为缺乏银行认可的抵押物或抵押物不足而难以如愿。在此情况下,担保公司为企业带来了解决之道。担保公司运用其独特优势,不仅可以帮助企业解决缺乏抵押物的困境,还能够将企业已有抵押物的价值充分放大,从而帮助企业获得更多资金。     

Discretionary Accounting Accruals,Managers' Incentives,and Audit Fees*

This paper examines the linkages between discretionary accruals (DAs), managerial share ownership, management compensation, and audit fees. It draws on the theory that managers of firms with high management ownership are likely to use DAs to communicate value‐relevant information, while managers of firms with high accounting‐based compensation are likely to use DAs opportunistically to manage earnings to improve their compensation. OLS regression results of 648 Australian firms show that (1) there is a positive association between DAs and audit fees; (2) managerial ownership negatively affects the positive relationship between DAs and audit fees; and (3) this negative impact is further found to be weaker for firms with high accounting‐based management compensation.     

企业战略并购中的杠杆融资

在当前国际金融危机的形势下,国际资金市场流动性紧缺,资产价格大幅缩水,给国内企业并购资产带来了机遇,而采用杠杆融资不仅能迅速筹措到资金,而且还可以降低收购成本,迅速扩大企业规模,促进产业结构调整和优化升级.本文通过分析国内外杠杆融资的发展状况、主要特点、运作模式,提出了国内大企业应借鉴国际杠杆融资并购的成功经验,以国家刚出台的支持并购贷款的相关政策为切入点,充分运用杠杆融资的运作模式,推动企业实现战略性重组的发展思路.     

新技术的运用与人力资源管理的发展

一、新技术的运用对人力资源管理的影响 首先是提升了人力资源管理的战略地位.长期以来,作为企业之本的人力资源管理一直游离于企业经营管理、战略管理等核心管理之外,即使是企业信息化初期的生产资源计划MRP(Manufacture Resource Plan)也亦如此.在企业竞争日趋激烈的今天,如何吸引优秀人才、合理安排人力资源、降低人员成本、提高劳动生产率和企业竞争力,已经是企业管理者考虑的首要问题.基于MRP核心的企业资源计划ERP(Enterprises Resource Plan)则将人力资源纳入其中,使其功能真正扩展到了全方位企业管理的范畴,并同ERP中的财务、生产系统组成高效的、具有高度集成性的企业资源系统,通过对各种资源的有效整合,使其总产出增大.     

货币政策影响银行风险承担的杠杆机制检验

文章在D-L-M模型中引入杠杆率,构建理论模型分析货币政策影响杠杆率与银行风险承担之间的机理。研究发现,宽松型货币政策通过杠杆机制提高了银行杠杆化程度,加剧了银行风险承担,货币政策对银行风险承担的影响存在以杠杆化率为门限值的门限效应。文章以2004～2016年中国50家商业银行为研究样本,运用系统性GMM估计法和面板门限模型验证了上述理论推论,并分析了杠杆率监管的效果。研究表明,货币政策影响银行风险承担的杠杆机制确实存在,宽松型货币政策通过提高银行杠杆化程度加剧银行风险承担,且这种作用在高杠杆化水平阶段表现得更强,实施杠杆率监管确实能够起到降低银行风险承担的作用。     

Managers' Discretionary Adjustments: The Influence of Uncontrollable Events and Compensation Interdependence

Discretionary bonus adjustments allow managers to restore the alignment of employee effort and compensation when bonus amounts are based on noisy objective performance measures. The implications of discretionary adjustments for employees' future efforts and fairness perceptions present important trade‐offs for managers to consider. Adjustments may be used to motivate different types of effort in future periods, but may also create perceptions of unfairness among employees who are not affected by negative events. This study examines the joint influence of the likelihood of future negative uncontrollable events and compensation interdependence (i.e., the extent to which one employee's compensation influences others' compensation) on managers' willingness to make adjustments for the effect of a negative uncontrollable event on a single employee. In our experiment, we manipulate the likelihood of future uncontrollable events and whether bonuses are determined individually or are drawn from a shared bonus pool. Results show that managers are less willing to adjust when the likelihood of future events is high to avoid setting a precedent, thereby motivating employees to adapt to changing conditions. We also find that managers are less willing to adjust, regardless of event likelihood, when compensation interdependence is high, to avoid demotivating unaffected employees. Finally, we find that participants' general attitudes toward compensation significantly influence their adjustment decisions beyond the effects of our independent variables. Our results highlight the unique nature of discretionary adjustments, help explain findings from previous research, and demonstrate important considerations managers must make when using the flexibility provided to them in pay‐for‐performance contracts.     

Discretionary Accounting Choices and CEO Compensation*

This paper makes four contributions to the literature relating accounting choices to CEO compensation. First, it shows that discretionary accruals are associated with CEO cash compensation, a result that holds after controlling for both the nondiscretionary components of income and increases in shareholder wealth. Although significant, the coefficient on discretionary accruals is significantly lower than that on nondiscretionary accruals, which in turn is significantly lower than the coefficient on operating cash flows. Second, the paper shows a differential reaction to positive and negative discretionary accruals —- the association between positive discretionary accruals and CEO cash compensation is significantly greater than the association between negative discretionary accruals and CEO cash compensation. Third, the paper shows the association between discretionary accruals and CEO cash compensation varies depending upon the circumstances of the firm. In particular, when positive discretionary accruals allow the firm to reduce or avoid a loss, the association between CEO cash compensation and discretionary accruals is significantly greater. Finally, this paper shows that the association of CEO cash compensation with reported income generally increases with the level of discretionary accruals, consistent with management responding to the incentives provided.     

Leverage, performance and capital adequacy ratio in Taiwan's banking industry

We examine the relation between firms’ financial structures and their risky investment strategies in Taiwan's banking industry. Regressions cover two subperiods: before the first financial reform (1996–2000) and after the first financial reform (2001–2006), to address the impacts of the first financial reform on banking firms’ financial structures. Our first result demonstrates that the restrictions on CAR have indeed affected firms’ risky investment strategies, as market share and leverage are positively related. Second, the firm performance is significantly and positively related to firm size, leverage and financial cost. Finally, the regression results show that financial structures for banking firms are positively related to the states of business cycle (i.e., cyclical). The positive signs coincide with Proposition 4 in our analytical model.     

Accounting Restatements and External Financing Choices*

There is little research on how accounting information quality affects a firm’s external financing choices. In this paper, we use the occurrence of accounting restatements as a proxy for the reduced credibility of accounting information and investigate how restatements affect a firm’s external financing choices. We find that for firms that obtain external financing after restatements, they rely more on debt financing, especially private debt financing, and less on equity financing. The increase in debt financing is more pronounced for firms with more severe information problems and less pronounced for firms with prompt CEO or CFO turnover and auditor dismissal. Our evidence indicates that accounting information quality affects capital providers’ resource allocation and that debt holders help alleviate information problems after accounting restatements.     

会计政策选择与会计信息质量

随着我国企业会计与国际会计接轨,企业会计准则与会计制度赋予企业会计的选择权逐渐加大,会计工作中的职业判断事项不断增多。企业会计政策选择就是其中的一个重要内容,它贯穿于企业从会计要素确认到计量、记录、报告各环节的整个会计过程,它并不单纯是会计技术、方法问题,它是企业管理当局和会计人员处理、协调各利害关系的矛盾,分配经济利益的一项重要措施。对企业投资者、债权人及各关联方的相关决策都会产生重要影响。