对中国上市公司治理机制的思考

公司治理是一整套赖以指导和控制公司运作的制度和方法，不同国家的公司治理模式，是不同国家特有历史条件下各种因素相互作用、长期演进的结果，以公司治理的核心-所有权和控制权的表现形式为参照物，各国的公司治理可以划分为四种主要类型：第一，英美市场导向性，市场导向性模式的最大特点是所有权较为分散，而现代公司中所有权和管理权的分离使分散的股东不能有效的监控管理层的行为，即所谓“弱所有者（股东），强管理者（内部人）”，由此产生代理问题；第二，日德银行导向模式，该模式的特点是公司股权较为集中，银行在融资和公司治理方面发押着巨大的作用，与此同时，企业还需协调员工、银行、供应商、关联企业等圹多利益相关者的关系；第三，拉美、东亚家庭控制模式。在大部分东亚和拉美国家，公司股权集中在家庭手中，而控制性家庭一般普遍地参与公司的经营管理的投资决策，因此公司治理的核心从管理层和股东的利益冲突转变为控股大股东、经理层和广大中小股东之间的利益冲突，即“强家族大股东、经理层、弱中小股东”；第四，转轨经济模式，这种模式主要存在于前苏联和中东欧等转轨经济国家，它们具有某些共同的特点，如都存在着数量众多，规模庞大的国有企业需要进行重组，同时又继承了原有较为混乱的法律体系，因此，在转轨经济国家中，公司治理的最大问题是内部人控制，即经理层利用计划经济解体后留下的所有者缺位的真空对企业实行强有力的控制，在某种程序上成为实际的企业所有者。     

中国上市公司治理评价

公司治理进入阳光下治理新阶段后,中国上市公司治理合规性提高,但公司治理的有效性偏低,这是我国上市公司治理面临的最突出问题治理改革新阶段:关注有效性公司治理改革已经成为全球性的焦点问题,完善的公司治理机制对于保证     

上市公司治理评价体系及其应用

上市公司评价的背景 自20世纪80年代公司治理问题进入人们的视野以来，已经形成了一种全球化的公司改革运动。关于公司治理的评价，目前世界上比较有代表性的有两种类型：一是以标准普尔和德米诺公司为代表的商业咨询模式，他们分别在1998年和1999年开发了一套……     

中国上市公司治理途径选择

首行澄清了公司治理结构和治理机制的含义及关系，又提出我国上市公司治理结构问题集中体现为“内部人控制”失控。在分析其原因的基础上，有针对性地提出通过“多管齐下”的国有股减持、培育机构投资等来优化股权结构，并通过实行经理股票期权和建立独立董事制度来强化董事制度来强化内部治理机制，培育经理市场和购并，控制权市场建立外部治理机制。     

上市公司盈余管理治理研究

盈余管理是企业管理人员为了获得私人利益，而有意地对对外财务报告进行的控制。目前，我国上市公司普遍存在着过度盈余管理的倾向。从某种意义上讲，这种过度盈余管理的危害不亚于会计作假。它使会计沦为一种“数字游戏”，加剧了上市公司的会计风险，损害了市场对资源的有效配置，更侵犯了小股东的利益。长此以往必然影响我国资本市场的健康发展。因此，加强对盈余管理的治理已迫在眉睫。笔者认为应从如下几个方面入手。一、优化产权结构我国上市公司的股权结构极不合理，未流通股占上市公司总股本的大部分，国有股处于控股地位且股权过于…     

股权结构与中国上市公司治理绩效

中国上市公司国有股“一股独大”的股权模式，制约着公司内部管理和外部治理机制作用的发挥。建议引入机构投资者，由法人股股东担当我国上市公司的相对控股股东，形成控制权可竞争的股权模式。应该是符合我国上市公司实际情况的改革思路。     

我国上市公司治理问题探析

自从我国开放股票市场以来,企业上市公司治理结构问题一直是阻碍我国资本市场理性发展的痼疾之一。本文着力通过对上市公司治理相关问题的深入分析,提出了完善我国公司治理结构的方法与对策。     

2011年中国上市公司100强公司治理评价报告

2011年6月21日,甫瀚咨询机构联合中国社会科学院世界经济与政治所公司治理研究中心共同发布《2011年中国上市公司100强公司治理评价报告》,重点分析和考察了截止2010年6月30日市值排名前100强上市公司的治理水平、特征、问题和实现改善的途径。报告认为:2011年中国100强上市公司治理总体平均水平进一步提升,金融企业的整体表现优于非金融企业,国有控股行业相对落后;内部控制建设已纳入上市公司的日常监管范围,但所面对的矛盾依旧突出;董事会运作未能持续改进。     

完善上市公司治理机制

由于历史的原因，我国现有上市公司中的大部分是由原国有企业或其他政府控制的实体重组改制而成的。其公司治理存在：股权高度集中、董事会独立性不强、监事会作用未能得到有效发挥、投资决策的透明度和专业化水平低、经理服务市缺乏和激励 约束机制扭曲等共性问题。改善我国公司治理的现状可以从降低股权集中度；增强董事会的功能；完善人才、激励以及监督机制等方面努力。     

中国上市公司治理评级体系研究

公司治理评级理论和实践的简单回顾 对公司治理的某些方面进行评价在20世纪70年代就已经开始.1976年9月,英国学者米勒(Robert K.Muller)在美国管理协会<管理评论>上发表了"Are Directors Board Worthy?一A Report Card for Board Members",从能力、道德、代表性、独立性、准备程度、实践经验、发展潜力、任职经历、任职时间保证程度、任职资格、特殊服务能力十一个方面对董事人员素质进行评价,根据评分将所评董事分为优秀、合格、不合格三个层次;1978年6月,英国学者麦斯威西(Edward Mcsweency)在<商业研究>上发表了"A Scorefor RatingManagement".     

公司特征与公司社会责任信息披露——来自我国上市公司的经验证据

本文在自愿性信息披露的研究框架下,结合公司社会责任理论,对我国上市公司的公司特征与公司社会责任信息披露之间关系进行了实证分析。文章选取了1999年到2004年在上海和深圳证券交易所上市交易的石化塑胶行业的A股公司作为研究样本,通过对年报进行内容分析,构建了公司社会责任信息披露指数。实证检验发现:(1)规模越大、盈利能力越好的公司越倾向于披露公司社会责任信息;(2)公司财务杠杆和再融资需求不影响公司社会责任信息披露;(3)包括上市地点和披露期间在内的披露环境对公司社会责任信息披露有显著影响。文章还对公司社会责任信息的提供者、使用者和监管者提出了建议。     

Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective

This paper examines the relation between earnings management and corporate governance in China by introducing a tunneling perspective. We document systematic differences in earnings management across the universe of China's listed companies during 1999–2005, and empirically demonstrate that firms with higher corporate governance levels have lower levels of earnings management. We study two China-specific situations, in which the listed firms have strong incentives to manage earnings in order to meet certain return on equity (ROE) thresholds, and earnings management has been shown to be the most conspicuous. We identify tunneling evidence for each. Our empirical findings, although not being able to completely exclude other explanations, strongly suggest that agency conflicts between controlling shareholders and minority investors account for a significant portion of earnings management in China's listed firms.     

Corporate Governance and Accounting Conservatism in China

A principal-agent relationship exists among creditors, shareholders and management, and information asymmetry among them leads to asymmetric loss functions, which induces conservative accounting. This paper investigates the determinants of accounting conservatism using accrual-based measures and data from 2001 to 2006 in China. We find that a higher degree of leverage, lower level of control of ultimate shareholders and lower level of management ownership lead to more conservative financial reporting. We also find that political concerns and pressures among state-owned enterprises are greater than those among non-state owned enterprises, which leads to more conservative financial reporting among the former. However, a decrease in such concerns leads to a decrease in accounting conservatism. Overall, we find that among the determinants of conservatism in China, debt is the most important, followed by ownership, and that board has little influence.     

论投票制度与我国上市公司治理的改进

现代企业理论认为，一个关于解决企业所有权安排问题的基本框架（原则）就是让企业剩余索取权与控制权的分享相对应（对称）。然而，在目前普遍实行的投票制度下，这一目标无法实现，引发了投票制度与治理原则之间的矛盾，本文对其根源进行了分析。在我国上市公司中这一矛盾尤为突出，为此，我国新修订的公司法引入了累计投票制以改善上市公司内部治理结构。本文分析了累计投票制所面临的重重障碍，并对如何改进投票制度提出了建议。     

Corporate governance and audit fees: Evidence from companies listed on the Shanghai Stock Exchange

This study uses data from companies listed on the Shanghai Stock Exchange to investigate the relationship between corporate governance and audit fees. Full sample results reveal a significant negative relationship between corporate governance and audit fees, and subsample results further show that corporate governance’s influence on audit fees is affected by corporate growth. The negative relationship between corporate governance and audit fees is economically and statistically significant in sample companies that grew moderately during the sample period, and mixed or insignificant in companies that experienced overly fast or negative growth.     

CFO narcissism and audit fees: Evidence from listed companies in China

This paper examines the effects of CFO narcissism on audit fees in China. Using the size of CFO signatures in annual audit reports to measure individual narcissism, we find that CFO narcissism is associated with higher audit fees. We find empirical evidence that CFO narcissism significantly increases the audit fees of listed companies, and this effect is stronger in state-owned enterprises. This paper also explores the mediating effects of financial information and the engagement of prestigious Big-4 and Big-10 firms. The results show that companies with narcissistic CFOs have lower quality financial information and prefer more prestigious firms, which leads to higher audit fees. This research highlights the importance of CFO narcissism in corporate performance and provides new evidence that will be useful for listed companies that plan to hire senior executives.     

Derivatives usage in UK non-financial listed companies

In this paper, the authors present the results of a 1997 survey of derivative used by some 231 UK non-financial companies. The questionnaire instrument used in this research is based upon the postal survey methodology of Bodnar et al. (1995). A glossary was attached to the questionnaire survey to enable consistency in defining terminology used. A direct comparison between US and UK findings was undertaken together with an analysis of results from other published surveys conducted in the last four years. We find broadly similar trends in the use of derivatives. The results of our research show that derivatives usage to hedge financial price risk is well established amongst larger UK companies. Our findings support the size effect phenomena reported in other empirical studies. The primary objective cited in using derivatives was to manage fluctuations in accounting earnings, a focus that is inconsistent with the theoretical view of paying attention to cash flow benefits of hedging. The predominant issues of concern to UK inancial directors are the lack of evaluation of risk of proposed derivative transactions and the level of transaction costs incurred. This contrasts with the greater concerns of credit risk and market risk raised by their US counterparts in Bodnar's study. A possible explanation for these concerns could be the impact of the currency crisis happening in Asia especially for firms that are exposed to the affected currencies. It also suggests a lower level of sophistication and liquidity in UK derivatives market. The value of developing a basis for benchmarking good management practice in the use of derivatives to manage financial price risk represents an important area of research. Such a framework is of relevance to the demand and supply side of the derivatives market and to Government policy makers.     

Corporate Governance in China: a Step Forward

Recently, the presumed benefits of corporate governance have become one of the most contentious issues especially for emerging markets in Asia where institutional settings are quite different from other parts of the world. Using an internationally accepted benchmark (OECD's Principles of Corporate Governance, OECD, 2004 ), this study evaluates the progress of corporate governance practice of Chinese listed companies. A corporate governance index (CGI) is constructed to measure the quality of corporate governance practices of the 100 largest listed firms in China during 2004‐2006. The results show that Chinese companies have been making progress in the corporate governance reform. The findings also show a positive relation between market valuation and overall corporate governance practices, as measured by the CGI, among these Chinese listed companies. Additional investigation reveals that the rights of shareholders are the main driver in the relationship.     

Corporate governance and the timeliness of corporate internet reporting by U.K. listed companies

This study is an examination of the timeliness of corporate internet reporting by U.K. companies listed on the London Stock Exchange (LSE). The research examines the significance of several corporate governance and firm-specific characteristics as potential determinants of the timeliness of corporate internet reporting.Our primary analysis provides evidence of a significant association between timely corporate internet reporting and the corporate governance characteristics of board experience and board independence. Our findings provide evidence that boards with less cross directorships, more experience in terms of the average age of directors, and lower length in service for executive directors provide more timely corporate internet reporting. We find that board independence is negatively associated with timely corporate internet reporting.Follow-up analysis provides additional evidence of a significant association between the timeliness of corporate internet reporting and board experience. The evidence indicates that role duality and block ownership are associated with less timely corporate internet reporting.Our findings also reveal strengths and weaknesses in the Internet reporting of U.K. listed companies. Companies need to voluntarily focus on improving the timeliness dimension of their corporate internet reporting so that the EU and U.K. accounting regulators do not replace recommendations with regulations.