公司治理、内部控制与公司价值的关系研究述评

关于公司治理、内部控制和公司价值的研究一直是国内外学者关注的热点问题,他们对于三者两两之间的关系进行了必要的研究,取得了可喜的成果。但是,对于公司治理、内部控制和公司价值三者之间内在联系的研究则相对比较薄弱。由于对内部控制的研究起步较晚,加上其他一些因素,我国迄今为止尚未建立一个比较完善的内部控制规范体系。从近几年的研究状况和主要观点看,必须加强公司治理、内部控制和公司价值三者之间内在联系的研究。     

公司治理、内部控制与公司价值的关系——基于信息观视角的研究

将内部控制置于公司治理和公司价值系列理论中,从信息观的视角进行审视,可以发现,公司治理、内部控制与公司价值三者之间,内部控制制度的实施离不开完善的公司治理结构,要实现企业价值最大化的终极目标必须有健全的内部控制制度作为支撑。因此,只有将公司治理与内部控制有机结合起来,才能为企业创造更大的价值。仔细研究公司治理、内部控制与公司价值三者之间的关系,可以有效地探寻和制定适合我国国情的、能与现有公司治理条件相融舍的、以价值为导向的内部控制的办法或措施。     

Brand portfolio, corporate image, and reputation: Managing brand deletions

Brand portfolio management addresses, among other issues, the interrelated questions of what brands to add, retain, or delete. A small number of brands in a firm’s brand portfolio can often have a disproportionately large positive or negative impact on its image and reputation and the responses of stakeholders. Brand deletions can be critical from the standpoint of a firm being able to free up resources to redeploy toward enhancing the competitive standing and financial performance of brands in its portfolio with the greatest potential to positively affect its image and reputation. Against this backdrop, the authors focus on the organizational and environmental drivers of brand deletion propensity, the predisposition of a firm to delete a particular brand from its brand portfolio. The authors propose a conceptual model delineating the drivers of brand deletion propensity and suggest directions for future research, including the related concept of brand deletion intensity. Rajan Varadarajan (varadarajan@tamu.edu) is Distinguished Professor of Marketing and holder of the Ford Chair in Marketing and E-Commerce in the Mays Business School at Texas A&M University. His primary teaching and research interest is in the area of strategy. His research on strategy has been published in theJournal of Marketing, the Journal of the Academy of Marketing Science, theAcademy of Management Journal, theStrategic Management Journal, and other journals. Rajan served as editor of theJournal of Marketing from 1993 to 1996 and theJournal of the Academy of Marketing Science from 2000 to 2003. He currently serves on the editorial review boards of theJournal of Marketing, theJournal of the Academy of Marketing Science, theJournal of International Marketing, theJournal of Interactive Marketing and other journals. He is a recipient of a number of honors and awards, including the Academy of Marketing Science Distinguished Marketing Educator Award (2003), the American Marketing Association Mahajan Award for Career Contributions to Marketing Strategy (2003), and the Texas A&M University Distinguished Achievement Award in Research (1994). Mark P. DeFanti (mdefanti@tamu.edu) is a doctoral student in marketing at Texas A&M University. He received his M.B.A. from The University of Texas at Austin and his B.A. from Amherst College. His current research interests include brand portfolio management, corporate name changes, and business-to-business branding. His teaching interests include advertising, brand management, and marketing strategy. Paul S. Busch (p-busch@tamu.edu) is a professor of marketing in the Mays Business School at Texas A&M University. He received his Ph.D. from Pennsylvania State University. His research has been published in theJournal of Marketing, theJournal of Marketing Research, Decision Sciences, theJournal of Business Research, andBusiness Horizons. He serves on the editorial review boards of theJournal of Business-to-Business Marketing, theAsian Journal of Marketing, andMarketing Management. His research interests include buyer-seller relationships, business-to-business branding, and brand portfolio management. His teaching interests include promotional strategy and new product development.     

会计信息质量、会计监管与公司外部治理

会计监管是指政府对会计信息的管理及制约,会计信息是一系列相互关联会计行为的最终产品。因此,对会计信息的监管又演化为对生成和提供会计信息的一系列相互关联会计行为的控制。这些会计行为既包括企业管理层的会计行为,也包括注册会计师的审计行为。公司外部治理指向的会计监管,是以政府为主导、依托于资本市场、经理市场和独立审计市场的外部治理指向的会计监管。     

Building corporate associations: Consumer attributions for corporate socially responsible programs

Corporate social responsibility (CSR) is often used as a key criterion in gauging corporate reputation. This research examined the influence of consumers’ attributions on corporate outcomes in response to CSR. Researchers and managers have considered consumers’ beliefs about CSR initiatives to be simplistic, serving either economic ends or reflecting sincere social concerns. The results of two studies established that consumers’ attributions were more complex than traditionally viewed, mirroring many of the motives ascribed to companies by managers and researchers. Rather than viewing corporate efforts along a self- or other-centered continuum, consumers differentiated four types of motives: self-centered motives that are strategic and egoistic and other-centered motives that are values driven and stakeholder driven. Consumers responded most positively to CSR efforts they judged as values driven and strategic while responding negatively to efforts perceived as stakeholder driven or egoistic. Attributions were shown to affect purchase intent as well as mediate the structure of an offer. Pam Scholder Ellen (pellen@gsu.edu) is an associate professor of marketing at the Robinson College of Business at Georgia State University. Her research focuses on perceptual biases in the way consumers respond to marketplace offers, particularly in the public policy arena. In addition to theJournal of the Academy of Marketing Science, her research has been published in theJournal of Consumer Research, theJournal of Public Policy & Marketing, theJournal of Consumer Affairs, and theJournal of Retailing. Deborah J. Webb (dwebb@westga.edu) is an assistant professor of marketing at the Richards College of Business at the University of West Georgia. Her research interests include consumers’ responses to prosocial corporate behaviors, marketing and society issues, and donation behavior. Her research has been published in theJournal of the Academy of Marketing Science, theJournal of Retailing, theJournal of Public Policy & Marketing, theJournal of Consumer Affairs, andMarketing Education Review, among others. Lois A. Mohr is a retired associate professor of marketing from the Robinson College of Business at Georgia State University. Her research interests focus on consumer responses to corporate social responsibility and services marketing. She has published in theJournal of Marketing, theJournal of Retailing, theJournal ofBusiness Research, the Journal of Public Policy & Marketing, theJournal of Consumer Affairs, and theJournal of Services Marketing.     

基于全流通高管薪酬变动与控制权转让绩效研究

以2005年5月1日～2007年12月31日的国有-国有、行业未变更的控制权转移公司为样本,在控制高管变更等因素后,检验薪酬变动与控制权转移后业绩变动的相关关系,研究发现：高管薪酬增加与控制权转移后业绩改善存在显著的正相关关系。这一结论对国有上市公司薪酬改革和控制权转移后如何提升公司业绩具有重要意义。     

企业文化理论的探讨

企业文化作为一种新型的管理理论和管理方法,越来越受到国内外企业界和学术界的重视,企业也积极尝试将企业文化建设作为企业发展的战略目标之一。     

中国公司控制权演变的前景、方式及相关难题

股权意义上的两权分离不是公司进化的必然趋势，我国公司在较长的未来仍将以大股东控制型为特征；本文还论述了我国公司控制权演变的可能性、国有股减持的选择方式及难题。     

Consumer evaluations of corporate brand redeployments

There has been little attention paid to the management of corporate brand names as part of the merger and acquisition process. As an initial step towards developing a better understanding of this brand redeployment decision the authors consider the reactions of one important stakeholder group—consumers—to alternative strategies. Specifically, the authors discuss the importance of the corporate branding decision in the M&A process and present a typology of alternative redeployment strategies as well as an exploratory study examining reactions to different postmerger branding strategies. The authors find evidence that the brand equity related to corporate brands is often decreased as a result of M&A activities and that individuals react differently to mergers employing different redeployment strategies. These results emphasize the need for firms to evaluate the corporate branding component of M&A activities as part of the process of managing corporate brands and should generate interest and research in this managerially relevant area. Anupam Jaju (ajaju@gmu.edu) is an assistant professor of marketing at George Mason University. He received his Ph.D. from the University of Georgia at Athens. His articles have appeared in leading marketing journals, including theJournal of the Academy of Marketing Science, theJournal of International Management, Marketing Theory, andMarketing Education Review. His current research focuses primarily on exploring three interrelated domains of business: the link between corporate and functional (marketing) strategy, the market orientation of corporate strategies, and the market and customer-related consequences of corporate strategy. Christopher Joiner (cjoiner@gmu.edu) is an assistant professor of marketing at George Mason University. He received his Ph.D. from the University of Minnesota. His articles have appeared in leading marketing journals, including theJournal of Marketing, theJournal of Consumer Psychology, the Journal of Current Issues and Research in Advertising, andAdvances in Consumer Research. Srinivas K. Reddy (sreddy@terry.uga.edu) is the Robert O. Arnold Professor of Marketing and the director of the Coca-Cola Center for Marketing Studies at the Terry College of Business, University of Georgia. He received his Ph.D. from Columbia University. He has taught previously at New York University, Columbia University, and the University of California, Los Angeles, and was a visiting professor at Stanford Business School. His research on brand and marketing strategy and has been published in theJournal of Marketing, theJournal of Marketing Research, Management Science, Marketing Letters, theJournal of the Academy of Marketing Science, and theJournal of Business Research. His current research interests include the financial and marketing impacts of brand failure and understanding the value of creative products such fine art.     

公司利益主体的监督机制问题研究

只进行资本委托的利益相关者是公司外部利益主体,进行权力委托或双重委托的相关者属于内部利益主体.公司治理中的监督模式与一个国家的金融制度密切相关,直接金融为主的英美国家建立了以市场为核心的外部监督体系,而以间接金融为主的德日模式则以主银行全程参与公司监督为特点.     

Managing corporate identity: An internal perspective

Management plays a key role in the development and maintenance of corporate identity, including paying particular attention to the internal and controllable aspects of the process. The progression of research that examines corporate identity is contingent on clarification of the scope of corporate identity management (CIM) and development of generalizable and applicable measures of the construct. This study develops an interdisciplinary measure of the CIM construct by drawing on the literature and primary data, such as exploratory research, a survey, and a follow-up phase. Overall, CIM involves (1) the endorsement of consistent behavior through the diffusion of a company’s mission, values, and goals; (2) the expression and pursuit of brand and image consistency in the organization’s symbols and forms of communication; and (3) the implementation, support, and maintenance of visual systems. The results suggest that CIM includes the dissemination of mission and values, consistent image implementation, and visual identity implementation.     

组织公民与企业公民之辨

组织公民行为是一种有利于组织的角色外行为和姿态.它由一系列非正式的合作行为所构成.它能充当组织运行的"润滑剂",减少组织各个"部件"运行时的相互摩擦,从而促进整个组织效率的提高.我国企业正在超越原始资本积累时期片面追求利润最大化而进入一个崭新的"企业公民"阶段.基于组织行为学角度,探讨企业公民的形成过程及其措施与方法,可以促进我国现代企业制度不断完善中迫切需要的以企业公民为目标的新型企业文化的建构.     

我国企业社会资本的文化解构

对企业社会资本的现代性转变成为当前我国企业与国际接轨所面临的重要课题.众多研究表明,制约社会资本的基本内容是信任、规范和网络等文化因素.分析发现,我国在传统儒学基础上建构起来的企业文化在市场经济条件下日益显出它的不足.因而提升企业社会资本应进行当代企业文化建设,从跨文化角度构建企业社会资本的增值模式和形成机制,促进企业诚信、规范与网络文化与经济全球化相适应.     

我国股份公司财务治理模式的完善

因所有权和控制权的表现形式不同，股份公司治理模式分为英美市场主导型模式、日德银行主导型模式和东南亚家庭控制模式等，由此产生了经营者主导型、出资者主导型和业主主导型的财务治理模式。本文指出了我国股份公司财务治理模式的发展方向。     

加强新时期的企业文化建设

在经济全球化的进程中,如何进一步提升我国企业在国际舞台中的竞争力,重视和加强企业文化建设尤为重要。     

公司治理模式与公司规模增长的关系--两种模式的比较

通过介绍英、美公司治理模式与德、日公司治理模式的特点,比较英、美公司治理模式与德、日公司治理模式和公司规模增长之间的关系,分析导致这种差别的金融制度原因,指出两种模式优缺点,为我国公司成长提供启示。     

Linking multiple layers of innovation-oriented corporate culture, product program innovativeness, and business performance: a contingency approach

In recent years, firms have invested considerably in programs to raise their innovativeness by inspiring employees with an innovation-oriented corporate culture. However, extant literature is inconclusive on how an innovation-oriented culture leads to increases in product program innovativeness (PPI). This study investigates this question by analyzing a multilayer model of innovation-oriented corporate culture, using data from three different informants: marketing managers, R&D managers, and customers. The effects of innovation-oriented values and norms on PPI are fully mediated by cultural artifacts. Therefore, values and norms must be transformed into specific artifacts to exert an influence on innovativeness. Furthermore, market dynamism and technological turbulence have opposite moderating effects on the relationship between innovation-oriented artifacts and PPI. Market dynamism weakens this relationship, whereas technological turbulence strengthens it.     

企业社会责任信息披露充分性研究

企业基于多重原因披露社会责任信息，而为保证自身利益，会有选择地传递有利信息并隐藏不利信息。这种行为使得利益相关者获得的信息不充分、不准确，导致其错误的判断和决策。因此，针对完善社会责任信息披露制度和保证社会责任信息质量进行研究有重要的理论和实际意义。通过对2012年-2014年深圳证券交易所和上海证券交易所上市公司社会责任信息披露内容进行统计分析，探究企业社会责任信息披露不足的现状及政策完善途径，为我国企业社会责任信息披露机制构建提供参考。     

论公司治理中的企业业绩评价

规范公司治理主要解决的是在建立、健全企业的内部和外部监控机制的同时激励代理人的行为,使其与企业的战略目标相一致.而企业的业绩评价与公司治理中的激励和监督机制密切相关,能够为这两者的运作提供信息上的支持.传统的企业业绩评价指标已不能适应新经济条件下企业的需要而要加以变革.国内外许多企业和研究者提出了对企业业绩评价指标的改进方法.笔者尝试着围绕战略管理中的价值链建立一套企业业绩评价指标体系来对企业的价值创造过程进行客观、系统、动态的评价.