从股权结构谈上市公司治理

公司治理是目前我国上市公司亟待解决的一个重要问题,我们要从股权问题出发,系统地分析股权结构对我国上市公司治理产生的深远影响。并且要大力推动股权多元化,设计合理的股权结构,实行法人控股型治理结构,并建立健全相关配套法规,这样才能从根本上解决我国上市公司的治理问题。     

股权结构、公司治理与企业业绩——来自中国上市公司的新证据

在充分考虑股权替代变量之间可能存在多重共线性问题的基础上 ,本文对股权结构在公司治理中作用的各种理论假设进行了检验。研究发现 ,经理人员持股比例与上市公司业绩相关性不显著 ;国有股比例与上市公司业绩显著负相关 ;法人股比例与上市公司业绩正相关 ;社会公众股比例对公司财务业绩的影响虽然是负面的 ,但极不显著 ,而与公司市场业绩显著正相关 ;股权集中度与公司业绩显著负相关。     

Governance and Performance of Strategic Alliances in Africa: The Role of Institutions

ABSTRACT

This article seeks to contribute to the institutional perspective of the governance of strategic intercompany alliances in Africa, through examination and analysis of a typology of informal African institutions. We support the view that interactions in African institutions determine the pertinent choice of governance mechanisms for intercompany alliances. In African institutional environments, the success of strategic alliances is subject to differentiated interactions among the contract, institutional confidence, interpersonal confidence and inter-organizational confidence. In the area of strategic management, this article provides theoretical and managerial contributions to our understanding of the institutional approach to the governance of strategic business alliances in Africa.     

The Stakeholder Model: The Influence of the Ownership and Governance Structures

This paper addresses the possibilities to introduce the stakeholder model in the firm, especially the possibility to give property or decision rights to stakeholders. This paper argues that it is not practical to give full property rights to more than one group of stakeholders. Decision rights to employees and creditors are already in place in some countries, but the possibility to introduce them more generally to other stakeholder groups depends very much on the governance and ownership structure of the firm and the legal environment. The future of the stakeholder model in a globalised economy is also analysed.Eva Jansson is currently associate professor of managerial economics at the Universitat Autònoma of Barcelona. She holds a BA in statistics from the University of Stockholm and graduated in economics from Universitat of Barcelona. She holds a Ph.D. from Universitat Autònoma of Barcelona. Her research interests have been in fiscal policy, regulations of service sectors and recently topics in corporate governance. Special interest has been given to international comparison of ownership structures, changes in ownership structure of Spanish firms and to the evolution of ownership structures of privatized Spanish firms. Recent works include topics on the stakeholder model.     

Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration

We empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private companies impacts the quality of their publicly available accounting information. More precisely, companies in which private equity (PE) investors have a high equity stake produce lower quality accounting information than companies in which PE investors have a low equity stake, after controlling for factors like company size and age. We explain our findings by arguing that PE investors with low equity stakes have a higher need for high quality accounting information whereas PE investors with high equity stakes have other means to closely monitor their portfolio companies. This paper has benefited form discussions with workshop participants at the Max Planck Institute. We specifically want to thank Lorraine Uhlaner and Mike Wright (guest editors), two anonymous referees as well as ignace De Beelde, Wouter De Maeseneire, Marc Deloof, Miguel Meuleman and Lloyd Steier for helpful suggestions. Part of this research was completed when Christof Beuselinck was an FWO Scholar at Ghent University. Financial support from the Fonds of Wetenschappelijk Onderzoek (Grant G.0012.02) is kindly appreciated. The usual disclaimer applies.     

Foreign Investment in Brazilian Public Offerings: The Role of Board Composition

Recently, foreigners have been responsible for negotiating more than half of the shares issued by the companies listed in the Brazilian Stock Market. In order to understand the characteristics of companies that influence the increase of international financing, the aim of this article was to investigate the relation between foreign investment in public offerings and board composition. We examine data of 183 Brazilian IPOs and subsequent offerings from 2004–2016 using OLS regression. The empirical result suggested that companies that have a foreign director as a board member and are in a special listing segment of B3—bound by rules of corporate governance—tend to attract more foreign investment. This means that foreigners are sensitive to good corporate governance practices when financing Brazilian firms’ IPOs or that issue new shares. Our findings imply that improvements in the corporate governance practice of companies could increase their ability to raise foreign capital.

RESUMERecientemente, más de la mitad de las acciones emitidas por las empresas cotizadas en la Bolsa de Valores brasileña fueron negociadas por extranjeros. El objeto de este estudio consistió en investigar la relación existente entre las inversiones extranjeras en las ofertas públicas y la composición de sus juntas directivas, para entender las características de las empresas que contribuyen a aumentar el financiamiento internacional. Utilizando la regresión de mínimos cuadrados ordinarios dinámicos (MCOD, OLS en inglés), examinamos datos de la Oferta Pública Inicial Brasileña 183 (IPO) así como ofertas subsiguientes del período 2004-2016. El resultado empírico obtenido sugiere que las empresas cuya junta directiva tiene como miembro un director extranjero y constan en un segmento de cotización especial (B3), sujeto a normas de gobernanza corporativa, suelen atraer más inversiones extranjeras. Esto implica que, al financiarlas, los extranjeros son más susceptibles a que las empresas brasileñas que abren su capital o emiten nuevas acciones, usen buenas prácticas de gobernanza corporativa. Nuestros hallazgos sugieren que la implementación de mejoras en las prácticas de gobernanza corporativa de las empresas puede aumentar su financiamiento internacional.

RESUMORecentemente os estrangeiros passaram a ser responsáveis pela negociação de mais da metade das ações emitidas pelas empresas listadas na Bolsa de Valores brasileira. Para entender as características das empresas que influenciam o aumento do financiamento internacional, o presente trabalho tem como objetivo o estudo da relação entre o investimento estrangeiro nas ofertas públicas e a composição das diretorias. Examinamos dados de 183 IPOs (Oferta Pública Inicial) e de ofertas subsequentes, de 2004 a 2016, usando a regressão MQO (OLS na sigla em inglês). O resultado empírico sugere que as empresas que têm um diretor estrangeiro na diretoria e que estão no segmento de listagem especial da B3—sujeitas às normas de governança corporativa—tendem a atrair mais investimentos. Isso significa que os estrangeiros estão alerta quanto às boas práticas de governança ao considerar empresas brasileiras que abrem o capital ou que emitem ações novas. Os nossos achados sugerem que melhorias nas práticas de governança corporativa das empresas podem elevar o financiamento internacional das empresas.     

公司治理与公司绩效关系的实证分析——以竞争性行业上市公司为例

运用深沪两市126家竞争性行业上市公司2002年的数据,从股权结构、董事会结构和高管激励等内外两种治理机制综合考虑了我国公司治理与公司绩效之间的关系。认为多元化股东、外部董事比例和高管激励是公司治理最为重要的三个因素,是影响公司绩效最为显著的变量;第一大股东是否为法人股、独立董事的作用、是否在国外上市对公司绩效没有显著的影响作用。     

大股东所有权、控制权与公司治理绩效的灰色关联分析——基于三一重工的案例研究

以中国"股权分置改革第一股"——三一重工为研究对象,采用案例研究的方法,对三一重工的公司治理绩效和控制性大股东的所有权、控制权以及两权分离度进行灰色关联度分析。实证研究结果表明:三一重工的最终控制大股东所持有的的所有权(现金流量权)在一定程度上抑制了其进行"隧道挖掘"的行为,起到了利益汇聚的激励效应,并且随着其所有权比例的上升,公司治理绩效随之提高。同时,三一重工的最终控制大股东虽然通过采用金字塔控股结构分离所有权与控制权,用较少的所有权掌握大部分的控制权,但是两权分离并没有降低上市公司的治理绩效,即两权分离并未产生隧道挖掘的防御效应。但是激励效应和防御效应均不显著。     

Value relevance of multinational directorship and cross-listing on MNEs national governance disclosure practices in Sub-Saharan Africa: Evidence from Nigeria

We draw on institutional isomorphism literature to develop a conceptual framework which uncovers how emerging market MNEs manage institutional tensions and complexity in corporate governance (CG) regulations within and across economic environments. Using a sample of 400 firm-year observations (2011–2015) from Nigeria, we show foreign directorship and cross-listing as significant avenues for governance isomorphism. MNEs employ these mechanisms to manage and reconcile foreign and Nigerian CG regulations whilst overcoming institutional weaknesses at home. Specifically, governance isomorphism leads to improvement of home country CG disclosures practices because of associated linkages with international CG systems through cross-listing and employment of multinational directors.     

跨国公司股权安排选择与绩效关系研究--以世界500强在粤子公司为例

本文在回顾前人对跨国公司股权安排选择与绩效关系的理论和实证研究的基础上 ,对世界 5 0 0强在粤股权安排选择与绩效关系进行了实证分析 ,结果显示二者之间并无显著的相关关系 ,说明跨国公司独资化倾向并非为了改进绩效 ,研究结果可为进一步分析跨国公司在华增资扩股的动因提供借鉴和参考。     

公司治理机制对公司现金持有量的影响——来自我国上市公司的经验证据

本文以我国部分上市公司为样本实证研究了公司治理机制对公司现金持有量的影响。结果表明,公司治理机制并未对公司现金持有量形成显著影响,从公司现金持有量的视角为我国上市公司治理机制的不完善性提供了经验证据。     

理论中的企业所有权:悖论性质及其超越

本文认为,无论用剩余索取权还是用剩余控制权抑或用这两种剩余权利的统一体来定义企业所有权,由于其对企业自然属性的忽视以及考察企业所有权的方法存在的问题,导致其无法规避理论上的悖论性结果。文章提出,为跨出这种理论上的悖论境地,必须寻找新的途径对企业所有权进行重新界定。在企业理论中,如果涉及到企业所有权,就简单地直接使用法律上的企业所有权概念;而研究那些"实际存在"的权利的时候,就使用产权这一概念,因为产权本来就表示一组权利。     

An Empirical Study of the Determinants of Foreign Investment in China: A Western Australian Perspective

The literature, regarding the determinants of inward foreign direct investment (FDI) in China, emphasizes national or regional inward FDI, and largely depends on secondary data. This study reports findings from the analysis of primary data provided by 43 managers of Western Australian companies that are either operating or planning to invest in China reveals market size, labor cost, and business ethics were important factors for promoting foreign investment to the Chinese marketplace; while gender, organizational size, and networking have potential to play a significant mediating role in investment decisions. These exploratory observations are a departure point for further investigations.     

The performance dimension in symbolic management revisited: the functional role of traditional mechanisms in large Korean firms*

Symbolic management perspective argues that newly adopted shareholder-oriented mechanisms promote positive market responses, whereas traditional mechanisms assume sociopolitical power struggle for their sustainability. Beyond the dichotomous understanding, this study proposes that the continuation of traditional mechanisms is also attributable to their performance contribution. Using panel data on 100 large Korean firms (1998–2011), this study found that the positive influence of traditional mechanisms such as business group on performance, measured by ROA and R&D intensity, improves market responses, i.e. market capitalization and Tobin’s q. In the process, shareholder-oriented mechanisms, such as foreign ownership, positively moderates the influence of traditional mechanisms. For corporate governance reform, this study suggests that balanced attention should be paid to the performance contribution of traditional mechanisms in interaction with shareholder-oriented mechanisms.     

我国ST上市公司治理缺陷与董事问责制关系的实证研究

我国ST公司治理的缺陷主要外化表现在关联交易的增加,公司业绩持续恶化,资产空心化状态不断加剧。董事问责机制的缺乏是我国上市公司治理结构的制度缺陷。董事问责制缺乏与上市公司治理缺陷之间具有较高的相关性,非公允关联交易是导致我国上市公司业绩持续恶化和资产空心化的主要原因之一。     

Assessing the Role of Nationalistic Feelings in Consumers' Willingness to Take Action Against Foreign Products: An Exploratory Study in Brazil

ABSTRACT

This study draws on the social dominance theory and the intergroup relations theory to explore the impact of nationalistic feelings on consumers' willingness to take action against foreign products. This exploratory study was conducted in Brazil, using two countries as treatment conditions: Paraguay and the USA. Consistent with expectations, the mere existence of a commercial conflict involving the home country and a foreign nation seems to be sufficient to raise nationalistic feelings (a “them” against “us” feeling). The results also show that consumers' willingness to take action against products of the adversary country prompted by these nationalistic feelings might be mediated by their perception of group (nation) economic power (dominance).

RESUMEN. Este estudio se basa en la teoría del dominio social y la teoría de las relaciones intergrupales para explorar el impacto que los sentimientos nacionalistas ejercen sobre la buena voluntar de los consumidores de actuar contra los productos extranjeros. Este estudio exploratorio fue realizado en el Brasil, usando dos países como condiciones de tratamiento: Paraguay y los Estados Unidos. De conformidad con las expectativas, la mera existencia de un conflicto comercial involucrando el país de origen y la nación extranjera parece ser suficiente para despertar sentimientos nacionalistas (un sentimiento de “ellos” contra “nosotros”). Los resultados también muestran la buena voluntad de los consumidores de tomar alguna acción contra los productos provenientes del país adversario, disparados por este sentimiento nacionalista que puede ser mediado por su percepción del poder (dominio) económico del grupo (nación).

RESUMO. Este estudo utiliza a teoria do domínio social e das relações entre grupos, para explorar o impacto do sentimento nacionalista na vontade do consumidor de rejeitar produtos estrangeiros. Este estudo exploratório foi realizado no Brasil, utilizando dois países como base de consulta: o Paraguai e os Estados Unidos. De acordo com as expectativas, a mera existência de um conflito comercial, envolvendo o país de residência e um país estrangeiro, parece ser suficiente para elevar os sentimentos nacionalistas (um sentimento “deles” contra um “nosso”). Os resultados também demonstram que a vontade do consumidor de rejeitar os produtos do país adversário, estimulada por tais sentimentos nacionalistas, pode ser influenciada pela sua percepção de poder (domínio) do grupo (nação) econômico.     

外贸经营权空置及浙江省民营企业出口方法的比较研究

浙江省民营企业外贸经营权空置现象十分普遍。本文通过对浙江省民营企业外贸经营方式(间接出口和直接出口)的比较分析,探讨了浙江省民营企业外贸经营权高空置率现象的成因,提出了浙江省民营企业合理选择外贸经营方式的建议。     

Ethics and the Board of Directors in Spain: The Olivencia Code of Good Governance

In an open, unregulated and globalised economy, it is logical that the problem of corporate government not only occupy the time of academics, but also preoccupy both companies and the public administration. Corporate governance varies depending on several factors, such as the culture of a particular country, the economic situation and the organisational structures. Thus, there is no single recipe which can be applied automatically and is universally valid in all contexts. However, it is possible to propose some general principles which have duly stood the test of experience and are recognised as providing valuable guidance for efficient corporate governance.The aim of this article is to present the Spanish "Olivencia Report", which is an attempt to draft an "ethical code" containing a number of practices and principles, which, if they were to be applied, could improve the governance of the larger Spanish companies listed on the Stock Market.The pages which follow narrate the story of the making of the report, and highlight those features which distinguish this report from other analogous reports published in other countries, and which inspired the Olivencia Report. These reports, which include the "Cadbury Report", the "Viénot Report" and the "Peters Report" among others will also be dealt with. Once the more outstanding aspects of the Spanish report have been highlighted, the article closes with a brief concluding section, which goes beyond the case in question and stresses the relationship between ethics, corporate governance and the mission of the enterprise. This focus is of some importance as the literature on corporate governance rarely brings the ethical problem to the fore.     

The Role of the Investment Climate and Tax Incentives in the Foreign Direct Investment Decision: Evidence from South Africa

In this article, the author uses microdata and firm interviews to explore the role of foreign direct investment drivers in South Africa. Reinforcing the majority of the foreign direct investment literature, she finds that pecuniary incentives play a negligible role in the investment decision for the majority of firms. The micro level of analysis enables specification of the investment climate constraints that are decisive—notably political and regulatory uncertainty, skills, labor regulation, and exchange volatility. This area-specific analysis contains potential lessons for other sub-Saharan countries.     

高经济外向度地区外贸环境效应实证研究——以浙江省为例

基于对Antweiler所用回归方法的调整,以工业废水、废气、固废排放量为环境衡量指标,以1981-2007年的相关数据为样本,以净出口对GDP的贡献度等指标推算外贸对经济规模、结构和技术进步的影响系数,对典型高经济外向度地区浙江省的外贸环境效应进行了实证研究。结果表明,浙江省外贸发展所"引致"的规模效应显著为正(增加废弃物排放量),结构效应和技术效应均为负但不能抵消经济规模扩张所带来的正效应,外贸的快速发展是浙江省环境问题突出的重要原因。最后,分别对三种环境效应进行了成因分析并提出了相应对策。