董事责任险日渐升温

股权分置改革促进了公司独立人格的形成,使得公司为高管购买董事责任险成为一种吸引人才的有效手段在发达的保险市场,董事责任险是一个非常畅销的险种,例如美国有超过95％的上市公司为高管人员投保了董事责任保险,在我国香港这一比率也达到了70％。今天的公司高管们责任重大,其头顶既有耀眼夺目的企业家光环,也有高悬的达摩克利斯之剑。风险的存在     

董事高管责任保险、机构投资者持股与会计稳健性

董事高管责任保险会转移管理层的诉讼风险并降低其诉讼成本,进而诱发机会主义行为.基于此,文章以2010-2019年我国A股上市公司为样本,研究了董事高管责任保险对会计稳健性的影响及其作用机制.研究发现:上市公司购买董事高管责任保险降低了企业会计稳健性.作用机制分析表明,董事高管责任保险会加剧管理层自利行为,从而影响会计稳健性.进一步研究发现,机构投资者作为主要的利益相关者,对管理层起到了有效的监督作用,从而减弱了董事高管责任保险对会计稳健性的负向影响.该研究结论拓展了董事高管责任保险的治理效应,丰富了会计稳健性影响因素的理论研究,对企业实现有效的内部治理具有重要意义.     

董事责任险任重而道远

“在目前中国所有公司中．有920万人身肩董事身份,而在A股上市公司中,有133万名董事．其中上市公司董事投保董事责任险的不超过2％．而目前董事责任险在全球的董事高管中投保率为46％。”     

公司治理、董事会规模与上市公司的实际控制

最优合约理论和管理权力理论都从不同侧面对高管人员的激励报酬进行了解释,但都有不足。在分析和评述这两种理论的基础上,从公司治理角度,通过对公司治理与高管人员报酬的实证研究,发现在我国上市公司中公司治理机制的改进对高管人员报酬的影响正在逐步体现:当董事会规模大、流通股中机构投资者多、发行了外资股或实现了海外上市、公司的实际控制人为个人及公司规模扩大都能显著提高高管人员报酬;任职年限、ROA和独立董事占比与高管人员报酬正相关但不显著。     

产权性质、高管政治网络与公司资本配置效率

文章以2002-2010年期间A股上市公司为研究样本,考察了不同产权性质公司高管政治网络对资本配置效率的影响。结果发现,高管政治网络对公司的资本投资产生显著的正面影响,且这种影响效应在国有公司中更大更显著。在国有公司中,高管政治网络加大了公司的过度投资水平,降低了投资效率;与中央国有公司相比,地方国有公司高管政治网络对过度投资的正面影响效应更大;而在民营公司中,高管政治网络能缓解公司的过度投资,抑制投资不足,从而促进了公司资本配置效率的提升。     

英美责任保险发展对我国的启示

正一、英美责任保险发展简况(一)英国责任保险市场早在19世纪中期,英国就出现了责任保险。1855年英国铁路乘客公司就曾提供过承运人责任险,1875年出现的马车第三者责任险,开创了汽车第三者责任险的先河。目前在英国保险市场,保险企业经营的责任保险有五个主要的险种:雇主责任保险、公众责任保险、产品责任保险、职业责任保险和DO保险(Directors and Officers Liability Insurance,简称DO保险,即董事和高管责任保险)。其中,强制     

基于内生视角的高管薪酬激励与公司资本投资研究

基于内生视角检验了高管薪酬激励机制与公司投资行为之间的交互关系。以我国上市公司高管薪酬制度为背景,选取2004~2010年上市公司数据研究发现:(1)公司投资强度越大导致高管薪酬水平显著降低。公司投资活动通过公司会计业绩显著地影响了高管薪酬水平。(2)基于会计业绩的高管薪酬契约无法对高管长期投资活动产生激励作用,提高高管薪酬水平显著地降低了公司投资强度。而基于股票和期权的激励机制能够显著地提高公司投资强度。(3)进一步研究表明,当期和滞后期的公司投资强度均对高管薪酬水平产生了负面效应,并且影响程度逐渐减弱。(4)研究还发现,高管薪酬业绩敏感性并没有对公司投资产生显著影响。研究结果说明,目前我国上市公司高管薪酬激励机制并没有对公司投资行为产生治理效应。     

CEO与董事背景特征相似性对投资效率影响研究

以2008-2013年沪、深两市A股主板上市公司作为研究样本,基于Richardson投资效率测度模型,从CEO与董事背景特征入手,运用OLS方法研究了CEO与董事背景特征相似性对公司投资效率的影响。研究结果显示：CEO与董事会成员的年龄相似性、教育背景相似性程度越高,公司投资效越低。为了避免出现投资过度与投资不足等现象,任用的CEO等管理人员需与董事在年龄与学历方面进行互补,而性别和任职时间则不需过多关注。     

从董事、监事和高管买卖股票行为看公司的实质

上市公司董事、监事、高级管理人员买卖本公司股票的行动要比公司的报告、声明更有说服力.一般而言公司董事、监事、高管购买本公司股票说明他们对公司前景有信心,一般而言公司董事、监事、高管出售本公司股票股通常是盈利能力、财务状况恶化的重要信号.上市公司必须按规定披露相关信息,监管部门必须加强信息披露及违规的法律责任监管力度.投资者在进行投资决策时应当注重董事、监事、商管买卖本公司股票行为的分析.     

非国有股东委派董事对国有企业绿色技术创新的影响研究

行政型治理模式的长期存在使得国有企业绿色创新内源动力不足。在深化混合所有制改革背景下,被赋予更多董事会“话语权”的市场化非国有股东是否会提升国有企业绿色技术创新动力？本文基于中国A股国有上市公司2013—2020年数据,研究非国有股东委派董事对国有企业绿色技术创新的影响。研究结果表明,存在非国有股东委派董事的国有企业绿色技术创新显著更多,且非国有股东委派董事占比越高,国有企业绿色技术创新越多。进一步研究表明,非国有股东委派董事可以通过降低政府干预和提高高管激励水平来促进国有企业绿色技术创新;国有企业面临的融资约束水平会显著降低非国有股东委派董事对国有企业绿色技术创新的影响;政府补贴越多、环境规制越强和高管任期越长时,非国有股东委派董事对国有企业绿色技术创新的影响越大。本文从绿色技术创新角度丰富了非国有股东委派董事治理的非经济后果研究,解释了非国有股东委派董事对国有企业绿色技术创新产生积极作用的路径及情境因素,对深化国企改革、完善国有企业的经济型治理具有一定的政策参考价值。     

Penetration and Post-infection Development of Meloidogyne Incognita on Tobacco as Treated by Rhizobacteria Pseudomonas Fluorescens Strain P-72-10

The bio-control potential of rhizospere bacteria Pseudomonas fluorescens against plant-parasite nematode had been demonstrated. P. fluorescens had shown the effect to enhance tobacco resistance to root-knot nematode Meloidogyne incognita. Inoculation with P. fluoreseens in tobacco could lead to significant reductions in the number of juveniles that penetrated tobacco root and further life stage development of the juveniles. The number of juveniles penetrated into tobac- co root in treatment with P. fluorescens is significantly different from CK at 2DAI, 6DAI, 8DAI and 10DAI. Significant reduction and delayed development of juveniles that penetrated into tobacco root and treated were observed in treatment at 14DAI, 21DAI, 28DAI and 35DAI. In addition, P. fluoreseens treatment leads to a significant reduction in the number of eggs per egg-mass at 35 DAI. The results show P. fluorescens induced a continuously suppression on root-knot nema- tode M. incognita throughout their entire early infection phase of root penetration, subsequent life stage development and reproduction.     

On the Major Transformation of the Asia-Pacific Regional Structure北大核心CSSCISSCI

Recent years have witnessedsignificant changes in the Asia-Pacific regionalstructure featuring the shift in power balance among related countries as well as adjust-ments in their respective regional strategies. So what is the prevailing trend in thistransformation and what kind of regional order will likely emerge in the future？ To an-swer these questions, the paper tries to explore the following dimensions： the evolvingregional context, shift in power balance and power conversion, geo-political and geo-e-conomic developments and interactions between them, and evolving regional order. Asthe study shows, the broadening of regional geographical scope, the rise in the numberof actors involved, as well as changesin the relations among them, have combined tocast a pluralistic and complex flavor to the regional structure. While the power balanceamong China, the United States and Japan shifts, and power conversion is also occur-ring. China and Japan are paying increasing attention to their security roles, whereasthe United States under the Obama administration laid more stress on expanding itsgeo-economic clout. In spite of the intensifying geopolitical competition among China,the United States and Japan in recent years, a Sino-US strategic compromise-whichholds the key to regional geopolitics-isother front, some kind of geo-economicmore likely to take place in the future. On thecooperation will probably emerge. In the longerterm, it will be the geo-economic trend thatwill prevail over the geopolitical trend inthe region. Finally, the future evolution of regional order wiI1 mainly follow the eco-nomic logic, accompanied by the dilutionof its hegemonic and hierarchical nature.Hence, a pluralistic and complex regional community will emerge.     

For Better or for Worse? Local Impacts of the Decentralization of Indonesia’s Forest Sector

This paper quantifies the local impacts of mechanized logging on forest-dependent communities in Indonesia, before and after decentralization. A conceptual framework incorporates financial, social, enforcement, rent-seeking, and environmental impacts. Using data from 60 communities in East Kalimantan, the empirical results suggest that significantly more households received financial and in-kind benefits after decentralization compared to before. Many communities engaged in self-enforcement activities against firms both before and after decentralization. Post-decentralization, a significantly higher proportion of households perceived community forest ownership. There were few significant differences in perceived environmental impacts. Little evidence exists of a post-decentralization trade-off between environmental and financial contractual provisions.     

以资本管理为核心的银行治理综合评价指标研究

商业银行的特殊性体现在风险性、外部性和多重治理目标上，尤其集中体现在风险管理的本质上。风险管理日益成为现代商业银行的主体活动和核心职能，资本管理成为现代商业银行风险管理的核心。在整合EVA和RAROC指标的基础上。文章构建了以资本管理为核心的银行治理的综合评价指标，以求真实反映银行经营的成果，有效衡量风险收益和风险成本的对比关系，从而反映以资本管理为核心的银行风险管理的过程、能力和效率。     

Organization and incentives in the age of sail

The British Navy in the age of sail was the most successful bureaucracy of its time. Its organization and incentive structures differed importantly from contemporaneous private sailing ventures, but closely resembled those of today’s large corporations. To induce efficient effort, the navy used a hierarchical tournament, in which sailors competed for higher pay that came with promotions based on relative performance. Promotion probabilities, the option value of future promotions, and the higher effort required of men in higher ranks and on larger vessels, combined to yield a highly skewed pay structure.     

The German Hanse and Bergen – new perspectives on an old subject

Abstract

The Hanseatic League and her kontors (trading posts) were an integral part of the medieval trade system in Northern Europe. Hanse merchants dominated many markets in this region and managed to maintain a monopoly-like role in towns like Novgorod and Bergen for many centuries. Consequently, one focus of historical research about the Hanseatic League lay on the mechanisms that enabled the Hanse merchants to keep that strong of a position for such a long time.

This article is part of the discussion about this topic. Based on Lübeck merchants with business interest in the Norwegian town of Bergen, the so-called Bergenfahrers (Bergen travellers), it will give new insights into the Hansards' economical and social organization. The three main points are (a) the integration of the Bergen market in the Hanseatic trade network as an intermediary trading place on the vivid East–West route of Hanse trade; (b) the importance of the Bergenfahrers within the Hanse merchants' economical, social and political networks; and (c) the structure of the Bergenfahrers network patterns in the late Middle Ages.

In addition to new insights into the important role of Bergen and the Bergenfahrers within Lübeck's and the other Wendish Hanse towns' trading system, this articles provides further proof for the usefulness of the methods of Social Network Analysis in medieval economic research.     

Markteintrittstiming von Telekommunikationsdiensteanbietern

Zusammenfassung Die vorliegende Studie analysiert für 87 Neuprodukteinführungen (NPE) und Auslandsmarkteintritte (AME) von Telekommunikations(TK)-Diensteanbietern in Deutschland, zu denen 42 Schlüsselinformanten in einer schriftlichen Befragung Auskunft gaben, (1) inwieweit deren zeitliche Eintrittspositionierung durch Marktcharakteristika und Unternehmensressourcen erkl?rbar ist sowie (2) inwieweit und gegebenenfalls unter welchen unternehmensexternen und -internen Situationsbedingungen deren Markteintrittstiming mit dem wahrgenommenen Eintrittserfolg assoziiert ist. Ein früher Markteintritt wurde dann realisiert, wenn die Wettbewerbsintensit?t im adressierten Gesch?ft niedrig und das Budget für den Expansionsschritt überdurchschnittlich ausfielen. Zwischen dem Markteintrittstiming und der Beurteilung des Eintrittserfolgs bestand ein nicht monotoner, umgekehrt U-f?rmiger Zusammenhang: Frühe Folger wiesen signifikant bessere Erfolgswerte auf als Pioniere und sp?te Folger, deren Erfolgsniveaus nicht signifikant divergierten. In einer Industrie, die durch starke externe Netzeffekte gepr?gt ist, fallen offenbar die Nachteile eines Markteintritts als Pionier oder sp?ter Folger st?rker ins Gewicht als die Vorteile dieser beiden zeitlichen Eintrittspositionierungen. Unabh?ngig vom Markteintrittstiming wurden NPE/AME von TK-Unternehmen als erfolgreicher eingestuft, wenn sie sich in einen Markt mit stark wachsender Nachfrage und aufeinander abgestimmt (re)agierenden Wettbewerbern mit qualitativ überdurchschnittlichen, abw?rtskompatiblen, erprobbaren und wenig erkl?rungsbedürftigen TK-Diensten engagierten.      

Financial Reporting and Trade Credit: Evidence from Mandatory IFRS Adoption*

We investigate the effect of mandatory IFRS adoption on trade credit. We document that firms in countries that adopt IFRS receive more trade credit from their suppliers, consistent with improved financial reporting quality and comparability playing a role in facilitating informal financing. This increase is larger for countries with a low level of societal trust, a poor pre‐IFRS‐adoption information environment, and stronger legal enforcement. These cross‐sectional results suggest that the conditions under which higher‐quality information is made publicly available affect suppliers' decisions to provide trade credit. This increase is also larger for firms with greater exposure to foreign markets, a finding that highlights the importance of more comparable international financial reporting standards in facilitating cross‐country trade credit. We also find that IFRS adoption has a stronger positive effect on trade credit for firms with greater liquidity needs. Finally, we find that firms in countries that adopt IFRS also extend more trade credit to their customers. Overall, our results support the notion that financial reporting can have a causal effect on trade credit.