从沉淀成本角度分析经济全球化

由于生产要素具有沉淀成本的性质,全球化并不是表面上的市场交换。这就需要我们进行相应的制度安排以减少沉淀成本产生的不利影响,从而使我国在经济全球化过程中处于平等的经济地位。     

机构投资者与上市公司会计信息相关性分析

本文从机构投资者与会计信息相关性之间的联系来说明机构持股在公司治理中的作用。本研究以1999～2002年深市A股为样本，研究发现，在样本时间区闸内会计信息相关性与机构持股比例相关性不明显；从年度样本研究发现，随着机构持股比例增加，会计信息相关性增强，说明近年求机构投资者已参与公司治理，并发挥一定怍用。     

Environmental management accounting in local government: Functional and institutional imperatives

The challenge of using environmental management accounting (EMA) tools such as full‐cost accounting to improve waste and recycling management has been acknowledged for over a decade. However, research on assessing and understanding local government use of EMA, especially broader levels of EMA, is lacking. This study investigates the link between the nature and drivers of EMA practice for waste and recycling services based on a survey conducted with local governments in New South Wales, Australia. The study finds that although social and organisational factors are related to the uptake of EMA, local governments are subject to stronger functional demands than institutional pressures in their use of more expansive EMA such as indirect and external costs and impacts. This implies that the use of EMA in local government is viewed more as an adaptive activity to cope with functional challenges and achieve efficiency, than as an institutional imperative to achieve social acceptance.     

An Institutional Theory Perspective on Corruption: The Case of a Developing Democracy

The purpose of this paper is to use quantitative data to describe corruption in the SANPS, and use Luo's ( 2005 ) institutional theory to gain insights into how corruption develops and remains entrenched despite the introduction of anti‐corruption legislation. A total of 1,500 questionnaires were distributed to public servants in nine provinces, but predominantly in Kwa Zulu Natal and Gauteng. There were 702 returned giving a response rate of 47%. We conclude that the findings discussed in this paper lend support for Luo's theoretical model being able to provide insight into the development of corruption, its consequences and possible remedies.     

机构投资者独立性对代理成本的影响

本文以2006~2009年沪深两市A股上市公司为样本,在根据投资目标对机构投资者进行类型划分的基础上,探讨了机构投资者独立性对代理成本的影响。研究发现,独立机构持股比例越高,公司管理层代理成本和控股股东代理成本越低,而非独立机构持股对两类代理成本影响有限。在进一步考虑了控股股东持股比例的影响后,发现独立机构持股在控股股东偏好控制权私有收益的情况下更能降低管理层代理成本,表明在此情况下,独立机构对管理层自利行为有更大的监督作用。     

低保制度功能定位的制度变迁与合理取向

低保制度是维护社会底线公平、促进国家长治久安的国家治理机制。在低保制度变迁的历史中,低保最开始是作为国企改革的配套和利益受损群体的补偿,之后在政策实践中出现了制度异化和功能错位,甚至相互攀比。新常态下,低保制度也应当不忘初衷,托住底线,继续前行。建议如下:第一,坚持低标准,使低保制度回归本位;第二,警惕民粹主义,合理引导社会预期,使民众福利预期回归理性;第三,多中心协同治理,多方主体合理归位。     

制度变迁视角下的社会保险费征缴体制研究

自我国建立社会保险制度以来,采用了三种不同的社会保险费征缴体制,即劳动部门全责征收的体制、劳动核定、税务征收的核征分离体制、税务部门全责征收的体制,这是社会保险费征缴体制变迁的结果。社会保险费征缴体制是社会保障体系建设的重要重成部分,系统分析社会保险费征缴体制变迁的一般规律和发展方向,对于指导社会保险费征缴体制改革,加强社会保障体系建设具有重要意义。     

A Study of Large Institutional Investor Trading Behavior Around Leveraged Buyouts

This study analyzes a segment of large institutional investors by focusing on their trading behavior around leveraged buyouts (LBO) during 1984–1992. Over 1,000 LBO-related transactions from the portfolios of the fifty largest life insurance companies in the U.S. form the data sample. The results indicate that large LBOs dominate the portfolios in both number and size of transactions. The average purchase occurs about four months prior to the initial LBO restructuring announcement, and the average disposal occurs about three-quarters into the life of the LBO event. About 25% of the portfolio is liquidated prior to the initial announcement, and only 4% of the purchases result after the initial announcement. Less than 6% of the transactions involve LBOs that are ultimately canceled. Finally, the sample of large institutional investors demonstrate an ability to predict the maximum share price to within 93%, and they earn a premium of about 15% over randomly-selected LBO-related portfolios. Overall, the results indicate that these large institutional investors demonstrated a superior ability in timing their LBO-related transactions.     

Factors influencing the role of management accounting in the development of performance measures within organizational change programs

Many companies are undergoing organizational changes encompassing innovative approaches to organizing production processes, restructuring work practices and developing new planning and control mechanisms. This paper explores the role that management accounting played in the development of performance measurement systems within five organizations implementing change programs. The major case study is of a large manufacturing firm undertaking changes which included the development of team structures, the adoption of a customer-focused strategy and the implementation of new performance measurement systems. In this company, a lack of integration of operational performance measures with strategic priorities contributed to poor integration of team activities with overall strategy. The paper proposes five interrelated factors that may help explain the extent to which management accountants contribute to the development of integrated performance measures and change programs. Case evidence drawn from a further four firms is presented to provide some validation of conclusions drawn from the primary case study.     

中国税制改革的制度供求分析

从新制度经济学的视角来看，中国新一轮税制改革是一种正在发生的制度安排变化，或者说是一种制度变迁。就一个集权国家而言，税收制度的再安排或变迁更多的是属于政府供给主导型的制度变迁，其程序表现为自上而下的变迁。在此类制度变迁中，政府主体将是决定税收制度供给的方向、形式、进程及战略安排的主导力量。     

The Determinants of REIT Institutional Ownership: Tests of the CAPM

This study examines the determinants of institutional investment demand for REIT common stock. We estimate the demand function for financial institutions using the mean return and CAPM risk measures (beta and standard error) for REIT stocks. The objective is to determine whether institutional investment decisions are influenced by CAPM model attributes. In addition, we examine the predicatability of REIT institutional ownership based on the factors in our model. We employ conventional OLS forecasting techniques, as well as two neural network models in order to deal with possible nonlinearities in the relationships.     

Foreign Direct Investment,Institutional Voids,and the Internationalization of Mining Companies into Africa

The paper investigates the factors influencing the internationalization of mining firms into Africa and the strategies employed. We find that the three most important factors identified by mining houses as influencing their decisions to invest are all related to institutional voids particular to developing countries—security of tenure, political stability and poor infrastructure. South African firms have shown themselves to be adept to doing business in volatile political and institutional environments because of their experience within their home base with relatively weaker institutions. They have therefore developed advantages over multinational enterprises from industrialized countries to doing business in these new frontiers.     

Piano, with Harmony: Analysing the Imola Academy from a Management Study Perspective

The extension of an economic and managerial discourse to non-business organisations is becoming increasingly common in the modern-day world. This is also true of arts organisations (museums, opera houses, etc.) where considerable conflicts and misunderstandings can be found between the different cultural matrices of art professionals and management specialists. The Imola Piano Academy is a happy exception in this respect, and therefore warrants the analysis set out in this paper which is based on a strategic change perspective. The evolution of this 'excellent' organisation is reconstructed, its performance is analysed and, against the background of the modest level of resources that this growth has required, the reasons underpinning its success are investigated.     

机构投资者交易行为特征研究

本文通过研究股票收益变化和机构持股变化之间的关系,发现对于高机构持股股票,过去表现较好的股票会吸引机构增加持仓,且机构增持的股票相对减持的股票的后续表现又更好,而低机构持股股票则不然。这表明机构投资者整体上是采用正反馈即惯性交易策略的,而个体投资者的行为则较为随机。对于缺乏投资经验的个体投资者而言,论文结果意味着他们应当委托机构进行理财如投资于基金。     

关于会计计量理论结构之认识

社会环境是构建会计计量理论结构的逻辑起点。会计计量理论包括会计计量基础理论和会计计量应用理论。探索会计理论结构,能够促进我国会计理论的发展,为会计工作者理解和掌握会计准则、会计制度提供帮助,从而使会计理论更好地为我国经济服务。     

Making Sense of Social Practice: Theoretical Pluralism in Public Sector Accounting Research

Abstract: This paper explores the use of theory in public sector accounting research. The aim of this paper is to offer a critical review of the various approaches adopted and a way forward for researchers in this area. The paper also explores the debate between theoretical purity and theoretical pluralism. It presents an analysis of the different theoretical approaches used over the last sixteen years in public sector accounting research. While around a third of the papers did not adopt an explicit theoretical framework, nearly half of the papers did. The two most popular theoretical approaches were neo‐institutional and economic theory. Theoretical insights have been drawn from organisational and political theory while sociological approaches from Habermas, Foucault, Latour, Giddens and Bourdieu are all evident. In conclusion many of the papers blend theoretical insights from different authors in an attempt to better make sense of the complexity of public sector activity and support an argument for theoretical pluralism.     

Politicization and 'company-ization'—on institutional affiliation and confusion in the organizational world

The complexity of formal organizations in modern societies is explored by making reference to two institutionalized organizational types: The 'political organization' and the 'company'. These types differ to how organizational environments and inner workings are constructed. They regulate how actual organizations can be formed. But the regulation is far from perfect: many organizations contain elements from both types. Organizations are politicized and 'company-ized'. This 'institutional confusion' may arise by processes in which organizations imitate individual features of other organizations, in which they unsuccessfully try to realize one of the types or in which they adapt to changing external conditions.     

农村社会保障制度变迁的演进逻辑与路径选择——从路径依赖到路径创造

新中国成立以来,农村在城乡二元分割格局的背景下形成了对土地保障模式的路径依赖,并逐步陷入"锁定状态"。经过改革开放以来近30年的渐进式改革,一系列正式的、具有现代保险性质的社会保障项目逐步在农村建立,中国农村社会保障制度开始突破传统的路径依赖。从制度变迁理论的分析视角,可以构建一个农村社会保障制度从路径依赖、突破到路径创造的解释框架,从而挖掘出中国农村社会保障制度变迁的深层次内在逻辑。并在此基础上,提出从理念创新、制度创新和管理创新三个维度践行城乡社会保障一体化的新路径。