企业社会绩效对财务绩效的影响机制

随着全球经济的发展,企业规模不断扩大,企业在经济和社会中的影响力逐渐增强。伴随着企业地位的提升,企业所应承担的责任问题逐渐成为人们关注的热点。Friedman(1962)认为企业唯一的责任就是创造利润,任何违背企业利润最大化的行为都会侵犯股东、消费者或雇员的权益。     

企业社会绩效对财务绩效的影响机制

随着全球经济的发展,企业规模不断扩大,企业在经济和社会中的影响力逐渐增强。伴随着企业地位的提升,企业所应承担的责任问题逐渐成为人们关注的热点。     

社会保障财政风险与危机管理战略

我国正处于各种风险的频发期,给社会保障带来的影响不断加深,政府社会保障管理的难度也在不断扩大。在社会保障的常规性管理中贯穿风险意识、忧患意识、可持续发展意识,建立社会保障财政危机管理的核心价值观,是引领社会保障管理走向理性化、科学化的必要之路。以中国国情作为研究背景,探讨应对各种社会经济风险、自然灾害下的社会保障功能与政府职能问题,也从长期发展考虑,研究社会保障的战略发展模式,促使社会保障事业健康地发展。     

社会保障财政风险与危机管理战略

我国正处于各种风险的频发期,给社会保障带来的影响不断加深,政府社会保障管理的难度也在不断扩大.在社会保障的常规性管理中贯穿风险意识、忧患意识、可持续发展意识,建立社会保障财政危机管理的核心价值观,是引领社会保障管理走向理性化、科学化的必要之路.以中国国情作为研究背景,探讨应对各种社会经济风险、自然灾害下的社会保障功能与政府职能问题,也从长期发展考虑,研究社会保障的战略发展模式,促使社会保障事业健康地发展.     

The Impact of Corporate Social Responsibility on Risk Taking and Firm Value

We hypothesize that CSR serves as a control mechanism to reduce deviations from optimal risk taking, and therefore, CSR curbs excessive risk taking and reduces excessive risk avoidance. Based on the stakeholder theory, firms with CSR focus must balance the interests of multiple stakeholders, and therefore, managers must allocate resources to satisfy both investing and non-investing stakeholders’ interests. Using five measures of corporate risk taking and a sample of 1718 US firms during 1998 to 2011, we find that stronger CSR performance is associated with smaller deviations from optimal risk taking levels. We examine the mechanism through which CSR has an impact on firm value and find a positive indirect impact of CSR on firm value through the impact of CSR on risk taking. CSR performance is positively associated with firm value because CSR reduces excessive risk taking and risk avoidance.     

The Global Financial Crisis and Its Impact on Australian Bank Risk

This paper examines the global financial crisis (GFC) and its impact on Australian banking risk. An augmented market model is developed to identify changes in listed Australian bank systematic risk in relation to three key events: the GFC's start in August 2007, the market downturn in Australian and global share markets in January 2008, and the announcement of Australia's Deposit and Wholesale Funding Guarantee (DWFG) scheme on 12 October 2008. The study also examines changes in bank systemic risk during these event periods. The Australian market offers a unique opportunity to observe the impact of the introduction of the DWFG in that it lacked any explicit deposit insurance prior to the crisis. Initially, the crisis period had little impact on bank systematic risk while bank systemic risk increased considerably. The share market downturn caused a marked increase in both systematic and systemic risks for Australia's major internationally connected banks followed by a reduction in both systematic and systemic risks with the introduction of the guarantee scheme for all Australian banks.     

Mission Power and Firm Financial Performance

We estimate the effect of the mission statement on firm financial performance. The mission power, a latent construct, is included in a structural equation model to compute its impact across two channels: the profit margin and the assets turnover. Our estimates, based on a sample of Colombian companies, show that the non-significant impact of mission statement documented in the literature may be caused by the opposite effect that the amount of sales induces on both channels. We disentangle both effects and show that the effect on assets turnover dominates when mission statement compels good assets management practices.     

The Impact of Corporate Social Performance on a Firm’s Multinationality

Using panel data of 4,244 company years, we examine whether and how corporate social performance (CSP) affects a firm’s capacity to achieve profitable sales in foreign markets. Based on our extension of instrumental stakeholder theory into the international arena, we hypothesized a U-shaped relationship between CSP and multinationality. Results supported our contention that multinational enterprises (MNEs) need to be substantially committed to social performance objectives if they are to recoup the cost of their CSP investments, and improve their capacity to compete in foreign markets. MNEs engaged in intermediate levels of CSP achieve lower levels of multinationality than firms operating at either anchor of the social performance continuum. In addition, this study demonstrates that CSP moderates a well-established relationship in international business literature – the relationship between R&D investment and a firm’s multinationality. Implications for research and practice are discussed.     

女性董事的风险规避与企业投资行为研究——基于金融危机的视角

本文利用金融危机提供的自然实验机会,分析了女性董事的风险规避倾向是否会影响公司的投资决策。通过对2007-2009年A股上市公司的实证分析发现,在金融危机期间,女性董事比率高的公司投资水平下降得更快,而且这种效应主要集中在过度投资的公司中。进一步研究还发现,在金融危机期间,女性董事比率高的公司会减少长期借款,从而为企业未来的投资机会储备债务融资能力。本文结论表明,在面临不确定性的情况下,女性的风险规避有利于减少公司的过度投资,帮助公司克服金融危机所带来的不利影响。     

金融危机对金融业的影响和对策

在当前全球一体化背景下,金融危机对世界上绝大多数经济体都产生了较大的影响。当前,国际金融危机远未结束,全球经济复苏步履维艰,国际金融跌宕起伏,贸易保护主义抬头,外需疲软。国内外严峻形势和宏观市场环境导致金融机构业务经营难度和风险管控的难度不断增大,中国金融业的发展无疑将面临非常巨大的挑战,许多中国金融企业核心竞争力不强,管理水平不高,创新能力不足等仍然是普遍的问题。应对金融危机,应健全风险管理系统,贷后个人信用风险处置系统,贷中个人信用状况监控系统,完善个人资信档案登记制度和个人资信调查制度,完善信用管理系统。     

Gender Diversity in the Boardroom and Firm Financial Performance

The monitoring role performed by the board of directors is an important corporate governance control mechanism, especially in countries where external mechanisms are less well developed. The gender composition of the board can affect the quality of this monitoring role and thus the financial performance of the firm. This is part of the “business case” for female participation on boards, though arguments may also be framed in terms of ethical considerations. While the issue of board gender diversity has attracted growing research interest in recent years, most empirical results are based on U.S. data. This article adds to a growing number of non-U.S. studies by investigating the link between the gender diversity of the board and firm financial performance in Spain, a country which historically has had minimal female participation in the workforce, but which has now introduced legislation to improve equality of opportunities. We investigate the topic using panel data analysis and find that gender diversity – as measured by the percentage of women on the board and by the Blau and Shannon indices – has a positive effect on firm value and that the opposite causal relationship is not significant. Our study suggests that investors in Spain do not penalise firms which increase their female board membership and that greater gender diversity may generate economic gains.     

The Impact of Forest Certification on Firm Financial Performance in Canada and the U.S.

The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance (FP). The main question is whether there is a “green premium” for certified firms, and, if so, for what kind of certification. We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant impact on firm FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental organizations–led Forest Stewardship Council certification is not.     

金融危机下的风险分析与应对策略

2008年下半年船市所面临的风险可能比上半年表现得更严重。世界船东投入资金正在骤减,我国船舶工业需要注意由资金短缺和断裂所造成的信用违约风险甚至危机,研究新形势下风险的应对策略。     

Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility

This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that CSR engagement positively influences firm value measured by industry-adjusted Tobin’s q. We find that the impact of analyst following for firms that engage in CSR on firm value is strongly positive, while the board leadership, board independence, blockholders’ ownership, and institutional ownership play a relatively weaker role in enhancing firm value. Furthermore, we find that CSR activities that address internal social enhancement within the firm, such as employees diversity, firm relationship with its employees, and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement such as community relation and environmental concerns.     

当前金融危机背景下的社会控制和内部控制

目前爆发的全球性金融危机,梳理其产生和发展的过程及其影响,从控制的角度分析:宏观社会控制原因包括政府金融监管部门监管控制不力和对信用评级机构的监管控制不力;微观企业内部控制原因包括忽略风险评估和忽视企业文化两个方面.为了更好地防范金融危机的风险甚至经济危机的发生,既要从宏观层面加强监管,及时发现风险.提出警示,形成宏观社会控制,还要从微观层面加强企业内部控制,要求企业把风险评估及企业文化建设落实实处,以增强企业的风险抵卸能力.     

Board Committee Meetings and Firm Financial Performance: An Investigation of Australian Companies

This article examines how the frequency of board committee meetings impacts on Australian firms' financial performance. Data were collected from 118 Australian listed companies – including 26 financial firms and 92 nonfinancial firms – for the period 1999–2007. Analysis of that data shows that the frequencies of audit committee meetings and remuneration committee meetings are positively and significantly associated with return on equity and return on assets. The frequencies of risk committee meetings do not show any significant effects on the financial performance of Australian firms. Estimated results are found to be robust after controlling for internal as well as external governance mechanisms that might affect Australian firm performance.     

当前金融危机背景下的社会控制和内部控制

目前爆发的全球性金融危机,梳理其产生和发展的过程及其影响,从控制的角度分析:宏观社会控制原因包括政府金融监管部门监管控制不力和对信用评级机构的监管控制不力;微观企业内部控制原因包括忽略风险评估和忽视企业文化两个方面。为了更好地防范金融危机的风险甚至经济危机的发生,既要从宏观层面加强监管,及时发现风险,提出警示,形成宏观社会控制,还要从微观层面加强企业内部控制,要求企业把风险评估及企业文化建设落实实处,以增强企业的风险抵卸能力。     

金融自由化风险向金融危机转化的可能性分析

本文认为,发展中国家的金融自由化在提高金融机构效率和赢利的同时,会带来许多新的风险,而且在一定条件下有可能导致金融危机。金融自由化带来的乐观预期和大量国外私人资本的内流会使汇率高估,极易遭受投机的攻击。从带来风险到最终引发金融危机,主要有三个风险阶段,即违约风险阶段、到期不能偿还风险阶段和汇率风险阶段。当金融自由化(如利率自由化、金融业务与机构准入自由化和资本账户自由化)带来的新的风险累积到风险临界值时,在受到国内突发事件、国际金融市场波动和投机资本攻击的情况下,金融自由化风险便会向金融危机演变。