现金股利与控股股东的利益输送行为研究——来自中国上市公司的经验证据

在存在控股股东的情况下,大股东的利益输送通常会造成对中小股东利益的侵犯,进而对资本市场的有效性造成影响。本文认为现金股利发放在中国上市公司中是作为控股股东利益输送的一种重要手段,对此的实证结果表明大股东的持股比例与公司发放现金股利的多少呈明显正相关关系;第二大股东和第三大股东不能对大股东利用现金股利转移现金进行监督;机构投资者的作用尚不明显。     

国际投资仲裁中的股东保护问题探究

在习惯国际法框架下,当股东直接权利受损时,股东可以以自己名义提出索赔请求,但股东股份价值的减少只能通过外交保护等间接方式得到救济。然而在现代国际投资仲裁体制中,仲裁庭实质上允许了股东直接提出利益损失的仲裁申请。由于现代投资条约缺乏相应的制度构建,使得仲裁庭允许股东直接提出间接索赔的行为引发了相应的风险,侵犯了公司债权人以及相关当事方的权利。为此,有必要借鉴习惯国际法与NAFTA的相关规定,对国际投资条约进行修正。     

治理环境、终极股东控制与公司并购绩效

文章以2007—2009年我国非金融上市公司扩张性并购事件为研究对象,对治理环境、终极股东控制与公司并购绩效的关系进行了实证研究。结果发现,终极股东的两权分离度及政府控制性质与公司并购绩效负相关;治理环境的改善在提高公司并购绩效的同时,还能抑制两权分离对公司并购绩效带来的负面影响;终极控制股东的政府控制属性会弱化治理环境的这种治理效应。     

Liability of Foreignness of Emerging Market Firms: The Country of Origin Effect on Russian IT Companies

Foreign subsidiaries are considered to be at a disadvantage compared to domestic firms in foreign markets. The liability of foreignness (LOF) concept was first attempted in order to address the issue of these disadvantages. Although internationalization of emerging market firms (EMFs) is a very hot topic, there is very little research of LOF of EMFs. In this article, we investigate the sources of LOF and determine the extent of the country-of-origin (COO) effect on Russian IT firms. We also discuss how Russian firms may overcome the LOF, and we propose the mitigation strategies that will help them to decrease negative COO effect.     

Gradualism Versus Shock Therapy: (Re)Interpreting the Chinese and Russian Experiences

The concepts of gradualism and shock therapy are reconsidered in respect of the Chinese and Russian experiences. It is suggested that success in reform is determined not only by sharp and speedy measures for attaining macroeconomic financial stabilization, but also, more importantly, how rapidly a critical mass of genuine market forces and competition can be achieved in the microeconomic sphere. In contrast to the orthodox interpretation, it is concluded that the ‘weighted combination’ of macroeconomic and microeconomic reforms in China can be regarded as true ‘shock therapy’, which has brought the Chinese reforms to a successful outcome. In contrast, despite initial macro-financial shock, the Russian reforms have been slow and inconsistent and, for that reason, less successful than in China.     

The hunt for international legitimacy: Examining the relationship between internationalization,state ownership,location and CSR reporting of Russian firms

This paper explores the relationship between internationalization and corporate social responsibility (CSR) communication in Russian firms. Our baseline argument is that internationalization positively affects CSR reporting, as it is expected to enhance the legitimacy of Russian firms abroad. We examine the role of state ownership, and Commonwealth of Independent States (CIS) vs. non-CIS location, as two boundary conditions on the relationship between internationalization and CSR reporting. We test our hypotheses on panel data of 223 large Russian firms for the period 2012–2017, collected from company annual reports, databases, and official company websites. Our data include financial and non-financial indicators, and firm-level organizational characteristics. The results reveal the context specificity of CSR reporting. We find that state ownership moderates the relationship between internationalization and CSR reporting in CIS and non-CIS markets differently, and the positive effect is stronger for non-CIS locations. Our study goes beyond the traditional approach, treating CSR reporting as a unidimensional construct. We show that the effect of internationalization, both direct and moderated, differs for the different types of CSR activity.     

Unraveling the IJV Rationale in Emerging Markets: The Case of Multinational Enterprises in the Russian Construction Industry

ABSTRACT

This article investigates the role of international joint venture strategy of five multinational enterprises in the Russian construction market. Joint ventures play a crucial and specific role for these firms’ strategy in Russia: They serve both as an entry mode and a postentry strategy; facilitate business and guide foreign investors; increase efficiency for further strategy; and help international construction firms overcome the environmental deficiencies. Findings of the article bolster the theory by stressing the facilitating effect of joint venture upon challenges and problems that Western firms meet in emerging market in contrast with more developed economies.     

公允价值应用对上市公司股东权益的影响

财政部颁布的新会计准则已于2007年1月1日开始在上市公司中推行。新会计准则的全面实施,对提升经营业绩、提高上市公司股东权益具有重要的意义。分析相关数据,新会计准则公允价值的应用将在投资性房地产、金融工具、非货币性资产交易中对上市公司股东权益产生影响。     

俄罗斯农业现况及中俄农业合作潜力

近几年来,俄罗斯在农业的发展上取得了喜人的成绩。粮食产量连创新高,粮食出口增至1500万吨。2007年下半年由于粮价的上涨,粮食关税从10%上调到40%。2008年,在世界金融危机愈演愈烈的情况下,俄农业生产发展态势良好。根据俄国现行的农业情况,俄政府制定了下一步的农业发展计划,这使我国更加明确了对俄农业合作的途径和目标。     

Mitigating the Myopia of Dominant Logics: On Differential Performance and Strategic Supply Chain Research

The primary question of management scholarship is, “What leads some firms to be successful even as others fail?” Over the years, a variety of dominant logics have emerged to inform this question. Synthesized, these logics make it clear that companies win when they create customer value better than the competition and efficiently enough to be profitable. That is, firms that design distinctive and dynamic value‐added systems win competitive battles. This observation is salient to the Journal of Business Logistics community as systems design and value creation are focal decision areas of supply chain management. With this in mind, we briefly discuss two of many areas for which strategic supply chain research can inform differential performance.     

美国银行股东、董事之特殊责任探究

美国银行法施加于包括银行股东、董事在内的机构关联方特殊的法律责任,是其监管者在监管实践中所创制的监管措施,其目的是保护存款人及公共利益,防范金融风险。就美国银行股东及董事的特殊责任、其产生的历史原因及价值等问题进行深入思考,会对中国相关金融监管立法有所裨益。     

Selection Bias and the Underwriter Certification of the Largest Shareholders in Seasoned Equity Offerings

The largest shareholders of issuing firms in Hong Kong are eligible to underwrite rights issues and open offers. We hypothesize that the largest shareholders as underwriters who possess more information are better than investment banks in certifying firm value. Our analyses show that the largest shareholders self‐select into their preferred issuing firms, and a selection bias in the choice of underwriters arises. After controlling for firm and issue characteristics and addressing the selection bias, our findings support our hypothesis. We also find that investment banks with greater access to information through prior underwriting relationship provide better certification than investment banks without such relationship.     

俄罗斯能源战略的亚太取向——俄罗斯石油天然气战略的地缘取向

根据俄罗斯推出的国际能源发展战略,俄仍将以能源为杠杆加强其在世界的地位,利用能源因素发展国际合作关系,对能源、经济等问题施加影响。今后俄燃料和能源部门的主要出口战略将倾向于进入亚太地区市场,即开发东西伯利亚和远东地区新油气,拓宽出口渠道,保证石油天然气产品的出口安全。     

Do outside directors and new managers help improve firm performance? An exploratory study in Russian privatization

In the context of privatization and restructuring in Russia, we test two standard agency theory hypotheses, namely, (1) outside board members and (2) new managers are positively related to firm performance. Based on a survey of 314 privatized firms, the evidence offers little support for the hypotheses. Historically, results refuting theories have been launch pads for scientific progress. Our findings, therefore, raise interesting questions about whether the underlying theory is appropriate, whether there are methodological problems, or whether there are institutional factors in Russia’s transition economy that need to be accounted for when we test agency theory in a new setting. We address these questions and discuss their implications for corporate governance theory, practice, and public policy.     

Entering and Participating in the Turbulent Russian Market

Abstract

This paper discusses how foreign firms enter and operate in a turbulent Russian market. Following the internationalisation process model, this paper is based on the assumption that current business activities are a driving force of internationalisation. Since planning in highly turbulent and uncertain markets is difficult, the IP model with its emphasis on gradual learning provides a good starting point. When foreign markets are assumed to be rather static, experiential knowledge can be easily utilised in subsequent actions. However, the Russian market is highly turbulent, which questions the value of experiential knowledge and seems to challenge the validity of the IP-model. In an attempt to address this problem, the paper suggests to deconstruct the concept of current business activities, so that it becomes more powerful in explaining the behaviour of firms in the markets characterised by high turbulence. Drawing on the Austrian Economics, this paper suggests that current business activities in a foreign market can conveniently be seen as consisting of two fundamental processes-search and discovery. The search process occurs when a firm already has knowledge about what it is looking for, but has to search for it. The discovery process initiates as searching for something known, but the turbulence turns it into a discovery of something else. Since the market conditions change rapidly and the knowledge is imperfectly distributed, discovery is an essential part of the firm's business activities in the Russian market. In the end, the paper discusses the implications of search and discovery processes for firms both entering and participating in the Russian market. Finally, it advances relationship as a mechanism to handle the market turbulence.     

第二大股东持股的治理效应——基于上市公司的实证分析

本文以763家上市公司2003年的横截面数据为样本,通过考察公司绩效与第二大股东持股之间的经验关系,考察了第二大股东持股的治理功能。通过结合上市公司数据建立一个多元模型来说明第二大股东是如何监督第一大股东、影响公司价值的。研究发现,第二大股东的存在没有显示出积极的治理激励功能及对第一大股东的监督激励作用;在我国目前的制度背景下,相对控股是一种最佳的平衡状态。     

The Role of Language in the Communication Process Between Business and Government: Evidence from Russian Firms

Abstract

The paper investigates how language facilitates communication process between government and business. We use Russian context to show barriers and challenges of using language in official communication between governmental authorities and Russian companies. In our work, we demonstrate how language may produce employee’s misunderstanding and discuss typical sources of ineffective usage of language. The results indicate that problematic issues of both linguistic and non-linguistic nature can lead to serious implications for successful communication between government and business in Russia. We found that documentations’ complexity, which is perceived as such due to a complicated subject area they belong to (legal, tax, etc.) and language insufficiency applied are most likely to raise multiple problems related to government’s communication with business.     

商品零售中滥用优势地位行为的法律调整——兼评《反不正当竞争法(修改稿)》之完善

滥用优势地位行为通常表现在交易中具有优势地位的一方违背正常的商业习惯和规则,设定并迫使交易对方接受不公平、不合理的交易条件。滥用优势地位不同于滥用市场支配地位,是一种场所依赖所产生的交易地位不平等的现象,在法律属性上应属于不正当竞争行为。在行为类型上,滥用优势地位包括企业对个人优势地位的滥用和个人对个人优势地位的滥用,应将未经消费者邀请的上门推销明确列入滥用优势地位之中。     

管理层更替与收购绩效的关系研究——基于多重因素的调节效应

收购后是否应该对被收购企业的原有管理人员进行更换一直存在争议。本研究探讨了在中国情境下,主并企业在收购后对被并企业管理层更替的程度与主并企业的收购绩效之间的关系。实证分析结果证实了收购后的管理层更替与收购绩效之间存在正相关关系,但这种正相关关系受到多重因素的调节作用影响。具体来说：跨区域收购时管理层更替的程度与收购绩效之间的正相关作用要高于同区域收购的时候;收购双方的业务相关程度越高,则收购后管理层更替对收购绩效的积极作用会越低;被并企业与主并企业相比的相对规模越大,则收购后管理层更替的程度与收购绩效之间的正相关程度会越高;收购前被并企业的绩效表现越好,则收购后对其管理层进行更换的程度越高越有利于主并企业的收购绩效。     

俄罗斯加入世贸组织的历程、减让承诺和中国的机会

本文全面回顾了俄罗斯漫长而曲折的入世进程,揭示出一幅错综复杂的国际经济和政治关系图景。根据目前已经公开的世贸组织文件,本文初步总结了俄罗斯在货物贸易、服务贸易和知识产权等领域做出的开放和减让承诺。尽管这些承诺直接反映了美欧的经济利益,但也同时维护了中国的工业品出口、原材料进口的利益。