公司治理与企业内生风险

本文在整理有关公司治理文献的基础上,指出公司治理与企业内生风险的关系;对企业委托人层面上的权力重构做出合理的静态分析,认为委托代理关系的融合是降低企业内生风险的关键;研究还表明,若干时期内,委托代理关系不可能调整到均衡状态。因此,委托人必须预设一个相对弹性的空间,使得内在风险与外在风险可调和,在“共同治理”模式下,当委托人与代理人拥有的信息随着时间推移互为“内外双层气泡”时,企业内生风险可以降低。     

消费者主权、企业治理与和谐社会

企业行为对构建和谐社会有着重要的影响,利益相关者治理理论表明消费者的消费行为对企业行为有引导作用。通过强化消费者主权,将社会正义纳入消费者效用函数,正确行使消费者主权,可以促使企业形成良好的企业道德,促进和谐社会建设。     

优化公司治理结构 提高公司治理效率

公司治理结构是公司的核心制度,建立良好的治理结构可以提供有效的监督,从而激励公司更有效地利用资源,保证公司高效运行和良性循环,提高公司治理效率。通过分析公司治理结构构成的股权结构、资本结构和委托代理三要素与公司治理效率的相互影响、互为因果关系,并从三要素详细阐述了如何最大程度降低公司治理成本,同时获得最大的公司治理收益,进而保护股东、债权人和其他利益相关者的利益,以实现公司的高效运行和可持续发展。     

Corporate Governance in Mexico

This paper looks broadly at the theme of corporate governance in Mexico. It begins with a brief analysis of the historical corporate governance model in Mexico, including the governance structures, the banking and financial systems, ownership and control patterns, industrial policy, and industrial relations. The paper then examines how and why these various aspects of corporate governance have been changing with processes of economic liberalization currently under way. Finally, it analyzes the consequences of changes in the model of corporate governance for the country's development (e.g. increased consumer goods for middle class consumers, increased disclosure by domestic corporations, less support for corporate social programs, etc.).     

德国的公司治理结构

公司治理结构是金融体系的一个重要内容.德国的公司治理结构与英美模式相比具有显著的差异,从而为国际比较提供了有益的参照.本文在介绍德国公司法律结构的基础上,分析其特殊的双层委员会治理结构和股权结构,并考察银行和资本市场在德国公司治理中的作用.     

Corporate Governance in Nigeria

In recent years, international economic pressures have induced Nigeria to adopt a program of economic liberalization and deregulation. Advocates of the reforms tout their potential not only for generating greater economic growth, but also for contributing to more responsible corporate governance. Sceptics abound. This paper provides an account of the nature of corporate governance in Nigeria and investigates the prospects for recent reforms contributing to more responsible governance and development.     

Corporate Governance in Brazil

Corporate governance is an issue of growing importance in developing economies, as many firms pass through significant transformations due to the combined forces of sociopolitical changes, technological progress and economic trends toward globalization. These elements, along with the structural characteristics of developing economies such as less developed capital markets and governmental interventionism, draw a picture for corporate governance practices that may, in some aspects, be fundamentally different from the practices found in European or North American contexts. In this paper we review and discuss the state of corporate governance practices in Brazil, focusing on how the governance structure of Brazilian firms has been subjected to important changes in the recent past and how even more changes are expected to happen.     

公司财务治理研究综述

公司治理是一个国际性的前沿课题。财务治理是公司治理的核心。我国对公司治理的研究是从20世纪90年代开始的,财务治理的研究还处于初级阶段,深入研究财务治理理论和实践具有重要的理论和实践意义。其主要内容包括财务治理的研究背景;财务治理的研究动态;财务治理理论的发展方向。     

公司治理结构中的利益相关者问题

本文认为,股份制改革是中国企业改革的方向,公司治理是股份制改革最核心的内容,而公司治理原则中不可缺少的一项就是利益相关者的安排问题,即他们的权利、作用及保护问题。职工持股从国际经验来看,主要是考虑三方面的因素:一是职工特别是高素质人才的积极性调动问题;二是充分利用职工在参与管理方面的能力及优势;三是充分发挥职工对于整个公司管理层在合规性、防止出现舞弊和恶性事件等方面所能够起到的监督和报警的作用。在我国,员工的地位和员工参与管理的程度应该能够做得更好。解决好利益相关者问题,有利于和谐增长,特别会有利于科技型企业、人才密集型企业和以知识为基础的企业的健康发展。     

Corporate Governance Reforms in India

In recent years India has been moving further in the direction of adopting an Anglo-American model of corporate governance. This decision, the result more of international economic and political pressures than public debate, in effect represents a new development strategy for the world's most populous democracy. In light of this situation, it is important to ask two basic questions: 1) why has the Anglo-American model of corporate governance been adopted? and; 2) can it be justified? This paper addresses the first of these questions by distinguish and examining three historical models of governance in India: 1) the managing agency model in the colonial period; 2) the business house model that emerged after independence, and; 3) the Anglo-American model which has recently been adopted (and is still emerging). The second question is approached through an examination of the "development impact" of the new model, as indicated by such measures as growth, employment and respect for shareholder rights.     

Corporate Governance in South Africa

The King Report on Corporate Governance (1994) evoked unprecedented interest in corporate governance in South Africa. This does not mean that corporate governance was not an issue of concern before the release of this historical report. To the contrary, corporate governance in its broader sense has been at stake since the inception of the first publicly owned companies in South Africa. This article intends to give an overview of corporate governance in South Africa. It starts by making a distinction between broad and narrow conceptions of corporate governance. Before applying this distinction to the practice of corporate governance in South Africa, a brief overview of the corporate landscape in South Africa is provided. Then the South African situation with regard to broad and narrow corporate governance respectively is analysed. The article ends with a discussion of the review of corporate governance that currently is in the making in South Africa. Throughout the article both the financial and ethical dimensions of corporate governance is attended to.     

公司治理与企业社会责任研究

<正>一、引言企业社会责任研究兴起于20世纪初,从20世纪50年代开始,西方学术界和企业界就对企业社会责任展开了热烈的讨论。目前对企业社会责任研究可分为两部分,第一部分是对企业社会责任概念的界定和完善     

利益相关者与公司治理

企业是一系列不完全契约的集合体,企业不仅是股东的企业,也应成为全体利益相关者的企业。利益相关者理论在逐渐完善的过程中,对传统股东至上的治理模式提出了挑战和质疑,并相应地提出了利益相关者治理模式。但利益相关者治理模式也并非完美的治理模式,依然存在着一些不足和改进的必要。     

公司治理影响资本结构吗

本文以2004-2007年A股非金融类上市公司非平衡面板数据为研究对象,在我国特殊的制度环境下分析上市公司的公司治理与资本结构之间的关系.研究发现公司治理结构对资本结构有着十分重要的影响.该结论基本符合债务控制理论,但与西方现有文献相比仍有所不同;该结论丰富了企业融资理论,对完善我国公司治理制度和资本结构有很大意义.     

Corporate Social Responsibility in China: A Corporate Governance Approach

Ethics training—an important means to foster ethical decision-making in organisations—is carried out formally as well as informally. There are mixed findings as regards the effectiveness of formal versus informal ethics training. This study is one of its first kinds in which we have investigated the effectiveness of ethics training as it is carried out in the Indian IT sector. We have collected the views of Indian IT industry professionals concerning ethics training (N = 266), and employed positivist (regression analysis and hierarchical linear modeling) and interpretive research (content analysis). We first have argued that the importance of the perception towards ethics has bearings not only on the individual ideologies but also on the organisational ethical values. In doing so, first we have conceptualised a theoretical framework: Perception of Ethics Training in Employees and Organisations (PETINEO). Second, we have studied the correlations between various components of this model. Third, we, under the rubric of PETINEO, examined the effectiveness of ethics training programmes for the Indian IT companies. Fourth, we have elaborated upon the results of our study. Our results suggest that the combination of both formal and informal means to undertake ethics training has superior impact on ethical decision-making in the Indian IT industry as compared to the use of any one of them in isolation.     

Corporate Governance Reforms in Developing Countries

Corporate governance reforms are occurring in countries around the globe. In developing countries, such reforms occur in a context that is primarily defined by previous attempts at promoting "development" and recent processes of economic globalization. This context has resulted in the adoption of reforms that move developing countries in the direction of an Anglo-American model of governance. The most basic questions that arise with respect to these governance reforms are what prospects they entail for traditional development goals and whether alternatives should be considered. This paper offers a framework for addressing these basic questions by providing an account of: 1) previous development strategies and efforts; 2) the nature and causes of the reform processes; 3) the development potential of the reforms and concerns associated with them; 4) the (potential) responsibilities of corporate governance, including the (possible) responsibilities to promote development, and; 5) different approaches to promoting governance reforms with an eye to promoting development.     

中国股份制企业监督机制研究

中国股份制企业由于缺乏有效地监督,使其权益遭受巨大侵害,揭示股本权益的演绎和博弈规律,并结合中国企业的实际情况,构建中国股份制企业的监督机制,对我国加强企业监督,保护企业相关者权益具有重要的现实意义。     

Corporate Governance and Business Ethics

"It is this distancing of personal relationships, combined with their replacement by written contractual terms and conditions, which make the discussion of ethics within a corporate institutionalised context highly limited and problematic.' The challenge is to find means of personalising modern corporations so as to encourage ethical behaviour. Atul K. Shah PhD (Econ) ACA gained his doctorate from the London School of Economics and is Lecturer in the Department of Accounting and Financial Management, at the University of Essex, Wivenhoe Park, Colchester CO4 3SQ; e-mail ashah@essex.ac.uk . This article was conceived while he was Visiting Assistant Professor at the College of Business, University of Maryland, USA. The author wishes to thank Dan Ostas, Lee Preston and Stephen Loeb for helpful comments on earlier drafts.     

投资者保护与公司治理

公司治理是近 30年来理论研究的热点 ,但人们大多把注意力集中于对经理行为的研究 ,而忽视了对投资者保护的关注。随着以哈特为代表的新产权学派的兴起 ,特别是LLSV( 1 998)的实证数据使得人们把视角转为对投资者保护机制的关注。我们发现 ,在投资者保护的研究框架下 ,可以更好地理解公司治理 ,以及它们对一国金融市场和经济发展的重要性。     

Corporate Governance and Neoclassical Economics

Abstract

Although the term “corporate governance” is relatively new in the economist’s lexicon, the issues with which it is concerned are as old as the profession itself. In this article, first I try to illustrate this, and then I trace the development of the literature, including discussions of the so-called managerial discretion literature and the principal–agent literature. Following a discussion of asset bubbles, I illustrate the tension between concerns about corporate governance and neoclassical economics by examining the literature on managerial compensation and mergers. This literature reveals a wide gap between traditional neoclassical economics and more recent developments in behavioral economics.