交叉持股:日本的实践及其对我国的启示

日本企业通过交叉持股有效抵御了敌意并购,加强了企业间战略协作,强化了公司监督,但交叉持股也存在增强股票市场的顺周期效应,可能引发企业间反竞争行为与非法利益输送以及虚增资本等弊端,我国应充分吸取日本企业交叉持股的经验教训,从公司法、证券法、会计准则、信息披露等层面完善企业特别是上市公司交叉持股的相关规范,积极引导、规范企业交叉持股行为。     

公司间交叉持股相关问题探析

自1998年广发证券和辽宁成大相互持股以来,交叉持股现象正日益出现在我国上市公司之间。2003年8月,全国人大常委会副委员长成思危在“中国市长高峰论坛”上提出,国有企业之间可以通过互相参股来懈决我国上市公司中存在的“一股独大”问题。而所谓相互参股,实际上也就是交叉持股。交叉持股既然已经开始在我国经济生活中出现,其必将随着经济环境的变迁、企业规模的扩大等因素影响愈加显得复杂,日本和我国台湾地区的历史可以为鉴。交叉持股有正面效应,也有负面效应。在我们利用其积极效应为我国经济建设服务的同时,也不能忽视其负面效应的影响。本文主要是针对交叉持股所产生的一些问题进行分析,并提出一些建议。     

企业职工持股的现状

伴随着上世纪80年代国有企业股份制改造,职工持股制度作为一项产权制度创新登上了历史舞台。经过20多年的职工持股制度改造,人们发现它并不是解决国企症结的灵丹妙药。当实践中出现大量问题时,理论界才开始冷静的反思,职工持股制度真的与公有制经济是天然配对吗?职工持股制度在全球广泛推广,到中国后能否切实解决中国企业所面临的问题呢?本文正是要通过对我国职工持股制度存在的问题进行分析,提出解决策略,以期对该制度的立法提出建议。一、我国职工持股制度在实践中存在的问题1.缺乏统一的制度规定,有关法规相互矛盾。目前,国家在内部职工…     

我国上市公司高管持股激励的现状和问题分析

本文在介绍我国高管持股激励的基本形式和企业运用现状的基础上,对八种激励方式按照增值收益、风险、表决权、分红权、所有权、变现规定和资金投入几个方面进行了比较分析,指出了我国高管激励存在的激励效果与预期不符、激励反向影响业绩现象的根本原因.     

美日股份公司的股本结构及其启示

目前,我国的股份制改革在具体的股本结构选择的模式上,还没有形成统一认识。就国外的情形来看,美国和日本股份公司的股本结构代表了两种不同类型,通过比较,对我们选择何种方案或许有所启迪。 日本股份公司的重要特点之一,是法人股东在大企业占主导地位,特别是金融、保险业中法人的持股率高达70％以上,而个人股东仅占不足30％,难以影响公司决策。法人之间相互持股或环形持股,形成银行、企业、保险业、商业服务业等     

论相互持股与公司治理

2001年初,深圳市推出《关于进一步加快我市国有企业改革与发展的实践意见》及11个配套改革方案,其中规定,为打破地区、行业和所有制界限,鼓励公司法人之间相互持股,表明了我国政府管理层对公司相互持股的肯定。但对公司相互持股的治理必须以各国所特有的公司治理制度环境为基础,因为对公司治理的影响是相互持股的最主要影响,简单模仿他国经验是不可取的。     

日本经营体制变迁的历史分析

文章就日本经营体制的变迁 ,从历史的视角进行分析。阐明了使以“年功序列”“终身雇用”为代表的日本经营体制得以存续的经济合理性崩溃的原因 ,并指出了年功序列、终身雇佣、“相互持股”这一日本企业社会的特征并非自古就存在 ,而是在 2 0世纪 2 0年代初具雏形到战后才广泛普及。另外 ,文章也探讨了近年来日本企业的外国投资者持股比率上升及对日直接投资问题。     

交叉持股的利与弊

所谓交叉持股是指两个或两个以上的公司互相持有对方的股份,从而形成企业法人间相互持股的现象。在我国,不少企业选择不同形式的交叉持股,上市公司间的关联股权交易也是屡见不鲜。交叉持股是实务界和理论界广为探讨和争议的一个论题,实务界更看重其稳定经营权和潜在投资能力的获得,而理论界更担心的是社会资本的虚增及在信息披露不充分条件下的不正当关联交易。交叉持股有利有弊,本文拟对这一问题进行分析,从而达到趋利避害之目的。一、交叉持股的类型交叉持股的常见类型为:1.环状型交叉持股。此为AB间、BC间、CA间各有交叉持股情况存在,…     

国有垄断企业内部相互持股方式的负效应探析

现在政府和有些专家提出用相互持股来促进国有企业投资主体多元化,以图借相互持股产生的“架空机制”来弱化政府对企业经营的干涉,解决政企分开问题,转化企业经营机制;同时以此减持国有股,回收资金,实行国有资产的战略重组。本文主要就国有垄断企业相互持股导致的负效应进行探索,说明相互持股在国有垄断企业中是不可为的。     

国有垄断企业内部相互持股方式的负效应探析

现在政府和有些专家提出用相互持股来促进国有企业投资主体多元化,以图借相互持股产生的"架空机制"来弱化政府对企业经营的干涉,解决政企分开问题,转化企业经营机制;同时以此减持国有股,回收资金,实行国有资产的战略重组.本文主要就国有垄断企业相互持股导致的负效应进行探索,说明相互持股在国有垄断企业中是不可为的.     

Restructuring for shareholder value and its implications for labour

This paper provides an accounting analysis of the implicationsfor labour of restructuring for shareholder value. It presentsargument and evidence from the UK which suggests that activity-specificlimits on cost recovery constrain returns on capital. Theseconstraints encourage restructuring which aims to improve returnson capital through the reduction of labour costs. If labourloses directly, longer-term outcomes are more complex, as someworkers who retain jobs may gain, and much depends on the macrocontext. Overall, in the context of present-day capitalism,serial restructuring is likely to be a negative process forlabour that generates transitory benefits for capital.     

生态环境服务付费的国际经验及其对中国的启示

生态环境服务付费在国际上引起关注的三个背景是:(1)生态问题的凸显;(2)新古典经济学意识形态的流行;(3)保护环境和减少贫困一石两鸟的期望。与生态环境服务付费理念相似的概念,在我国一般被称为生态补偿。生态补偿在我国受到重视是国情使然。这一国情与上述三个背景有共通之处,也有独特之处。这决定了生态环境服务付费的国际经验对我国生态补偿有潜在的借鉴意义,同时生态补偿又有中国特色。生态环境服务付费的国际经验对我国的主要启示是:(1)需要提高下游(环境服务需求方)的生态补偿意识;(2)公平的生态补偿机制要求考虑上游保护生态环境的机会成本;(3)权属明晰化是使生态补偿机制长久可持续的前提;(4)政府应鼓励地方创新形式多样的补偿形式;等等。     

基于老年人科技产品需求的研发

基于北京市老年人对居家与日常生活类、健康照护类、信息与沟通类、学习与娱乐类和行动与交通类科技产品需求的调查,使用K-means聚类算法识别了老年人的显性需求、隐性需求和不确定性需求,并从产品自身和老年人自身两个方面分析了老年人科技产品需求的影响因素。研究发现:月均收入、工作调动次数、年龄、教育背景和工作属性是影响老年人科技产品需求的显著因素。在此基础上提出了老年人科技产品的研发策略与产品设计原则。     

Asymmetric information and contract design for payments for environmental services

In contractual relationships involving payments for environmental services, conservation buyers know less than landowners know about the costs of contractual compliance. Landowners in such circumstances use their private information as a source of market power to extract informational rents from conservation agents. Reducing informational rents is an important task for buyers of environmental services who wish to maximize the services obtained from their limited budgets. Reducing informational rents also mitigates concerns about the “additionality” of PES contracts because low-cost landowners are least likely to provide different levels of services in the absence of a contract. Paying low-cost landowners less thus makes resources available for contracts with higher opportunity cost landowners, who are more likely to provide substantially different levels of services in the absence of a contract. To reduce informational rents to landowners, conservation agents can take three approaches: (1) acquire information on observable landowner attributes that are correlated with compliance costs; (2) offer landowners a menu of screening contracts; and (3) allocate contracts through procurement auctions. Each approach differs in terms of its institutional, informational and technical complexity, as well as in its ability to reduce informational rents without distorting the level of environmental services provided. No single approach dominates in all environments. Current theory and empirical work provides practitioners with insights into the relative merits of each approach. However, more theoretical work and experimentation in the laboratory and the field are necessary before definitive conclusions about the superiority of one or more of these approaches can be drawn.     

企业多元化业务的选择和评估模型及其应用实例

本文分析了影响企业多元化的因素,建立了企业多元化业务选择和评估模型,探讨了模型在现实操作中的应用,给出了利用该模型进行业务选择和评估的实例。     

Announcement and call for papers

Announcement and call for papers     

Competition for Power and Altruism

The paper analyzes the trade-off between power and altruism by using an experimental framework which involved a group of experimental agents, undergraduate students of the University of Siena. The results show that the introduction into the experimental structure of a tournament for the power appreciably altered the behaviour of agents. More specifically the degree of altruism, measured by the dictator offers, significantly decreased when the agents were able to trade altruism for power. The results were more clear-cut and robust in the case of the dictator game, but also in the case of the ultimatum game the introduction of the tournament for power altered the behavior of subjects. A significant gender effect emerged.     

Pensions for Singles and Couples

Retirement policies often seek to set pensions at levels that enable single and married pensioners to have the same standard of living. The existing literature on consumer equivalence scales provides little assistance in reaching this policy objective, as the estimated scales are both imprecise and reliant upon strong and opaque assumptions. This paper proposes an alternative modeling strategy which has low data requirements and involves the use of detailed, but transparent, assumptions about the extent of joint consumption of particular commodities. These assumptions are embedded in an economic model of household consumption and combined with household expenditure data to calculate consumer equivalence scales. It is estimated that, in 2003–04, Australian couples of Age Pension age who owned their own home needed expenditures between 1.32 and 1.60 times that of a single person. These scales were lower than those used in the pension system.