政府董事选任机制比较分析及其启示

政府董事是公司制国企中经国家股权支持委派或当选的董事。各国实践表明,政府董事虽具公司法上董事的外在形式,但实质为公职人员。政府董事的双重身份决定了其选任不能纯粹遵循私法的逻辑,需综合考虑公私法上双重因素。我国政府董事存在选任主体多元、标准不明、选任方式与程序不规范等问题。建议借鉴国外有益经验,在政府层面设立政府董事提名委员会,建立任职资格制度和董事池,优化提名、考察及任免等程序,并由政府与选定的政府董事签订聘任合同,将其纳入聘任制公务员管理。     

国外政府董事制度考察及其启示

政府董事即政府委派或推选至公司董事会中履行公务职责的董事,其功能在于实现政府的政策目标或其他经济目标.国外基于政府董事的公职身份或其承担的公务职责,对其考评、激励、监督及法律责任等均体现了强烈的公法性.我国的国有股权董事类似于国外的政府董事,但现行法律仅承认其董事的私法身份而否认其公法定位.这使得其在公司独立法人地位的保护下,与公司内部人形成了利益同盟,削弱了其作为政府董事的基本功能.我国可借鉴国外有益经验,将国有股权董事定位为承担公务职责的政府董事,以适应我国国企混合所有制改革的需要.     

非国有股东超额委派董事能否提高会计信息质量?——基于国企混改背景

国有企业混合所有制改革是新时代全面深化改革的关键.本文以2009-2018年国有上市公司为样本,手工收集非国有股东持股比例和委派董事数据,计算非国有股东超额委派董事情况,以此考察其对国企会计信息质量的影响.基于股权与控制权非对等逻辑,我们发现非国有股东仅仅委派董事并不能改善国企会计信息质量,只有超额委派董事(即控制权超越股权),才能有效地提升国企会计信息质量,而且这种提升在央企和市场化程度较好的地区比较显著.进一步研究发现,非国有股东超额委派董事还能向资本市场传递特质信息,并抑制负面消息积累,有效地降低了国企股价同步性和崩盘风险.该研究在非国有股东参与国企混改研究领域进行了视角、内容和变量的创新,其结果为国企混改提供了一定的参考价值.     

股权制衡、非国有股东委派董事与公司绩效

从公司治理层面完善国有控股企业的股权制衡是国企混合所有制改革的重点和难点,以往学者仅仅研究了股权制衡与公司绩效之间的关系,很少研究两者关系的作用路径和影响机理.因此,引入非国有股东委派董事这一概念,研究非国有股东委派董事在股权制衡与公司绩效之间发挥的中介效应.结果表明:股权制衡有利于公司绩效的提升,非国有股东委派董事在股权制衡与公司绩效两者之间发挥了中介效应.     

国家出资人代表公私法人格的冲突与平衡

公司中经国有股权支持当选的董事及监事,负有公法上特定的国资经营与监督职责,实质为国家出资人公务代表。而作为公司的董监事,其与公司为私法上的委任与代表关系,由此决定了其兼具公法人格与私法人格。因公私法调整的对象及侧重的利益点不同,其双重人格必然发生冲突。为解决其冲突并实现其平衡,立法应确立国家出资人代表与公司经理层的隔离机制,创设影子董事责任制度和国家民事赔偿制度,并通过公司章程的规制来实现。     

董事自我交易规制研究

<正>一、董事自我交易规制模式关于董事自我交易,不管是在大陆法系的法国,还是英美法法系的美英,都受到了严格的规制。纵观各国立法,虽然在董事自我交易的具体范围认定、正当程序、实体审查、责任追究等方面各有不同,但是基于其调整对象的一致性(也就是董事自我交易),各国立法在规制模式上体现出相当的一致性。从体系上看各国的规定都会有对董事自我交易的认定,这是规制的基础。从立法的发展来看,从董事自我交易的绝对禁止到其后的有条件的允许,各国已经认识到     

论上市公司董事对公司债权人的连带责任

上市公司董事是否应该对公司债权人承担连带责任,在我国还有争议.无论从公司的历史发展、公司内部运行机制、平衡公司各利益主体之间的关系、各国公司立法的实践以及我国公司立法的过程来看,我国都有进一步明确董事对公司债权人承担连带责任的必要.明确董事对公司债权人的连带责任,有利于完善我国公司治理结构,对我国社会主义市场经济建设有重要意义.     

公司违法分配利润法律责任研究

通过对德国、日本、美国、我国等国家立法中公司违法分配利润法律责任的对比分析,可以得出我国公司违法分配利润的法律后果由没有提出异议的董事及股东承担,但根据公司法人格否认制度,公司违法分配利润的法律后果由恶意股东承担,针对两者的矛盾,笔者认为参照其他国家的做法,由董事及恶意股东承担责任,以更有利于保障股东、债权人的利益。     

可转换国债：实现内需深层启动的战略融资

可转换国债,就是对传统国债的功能创新,其性能援引于公司的可转换债券,是一种由国家政府发行,以国家信用或国有产权作保证,既可到期向政府兑现本息,又可持券优惠购得上市国有股权的长期国债。其兼具国有股权和债权的双重属性,兼备投资和融资的双向职能,从而实现融资灵活性、高效性、流通性、安全性的有机统一。可转换国债,是对我国转型期产权虚位、保障乏力、财富分化等深层次矛盾的系统调和,是针对社会生产过剩、国企效益下滑、市场需求不足、内需启动乏力而进行的一种融资创     

OECD草拟公司治理新方案

经济合作暨发展组织(OECD)近来针对公司治理原则提出新的修正草案。OECD在1999年提出公司治理原则(Principles of Corporate Governance),虽没有法令的限制效力,但此原则已经成为世界各国立法的依据,更是各个国家证券交易市场、投资人以及企业公司治理推广的行动指引。过去一年来OECD搜集了各国政府、企业代表、专业团体以及劳工组织的专业意见,汇集出这份草案,内容包括会计与审计的规范、董事的独立性标准以及董事会成员捍卫公司与股东利益的行为准则。具体内容包括:(1)赋予投资人对公司董事的提名权;(2)公司股东可对董事及高层管理…     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.