上市公司关联交易的内部控制研究

关联交易在大量公司财务丑闻中扮演了主角，导致市场动荡、投资人和股东损失重大。本文对关联交易现实状况进行分析，提出了在内部控制方面规范关联交易的措施。     

上市公司关联方交易信息披露问题研究

随着跨国公司、母子公司在我国的发展，上市公司关联方交易备受关注，其信息披露不规范现象普遍存在，导致信息披露质量低，效果差。本文通过对关联交易信息现状进行分析，指出了关联交易披露存在的主要问题及原因．并从内部和外部两个方面提出建议。     

关联交易审计初探

关联交易是关联方之间发生转移资源或义务的事项。注册会计师在执行关联方及其交易的审计业务时，应当注意有效鉴别有重大影响的关联交易，降低审计风险。进行关联交易审计时应根据关联交易的特点。考虑关联交易形式、内容和目的的多样性，采用适当的程序和方法。     

对上市公司关联交易的监管思考

本文对普遍存在于我国证券市场的关联交易的概念、内涵、表现形态，关联交易产生的必然性进行了深入的研究，并提出防范关联交易和加强监管的具体措施。     

中国上市公司关联交易类型及其动因分析

上市公司关联交易问题形式繁多、关系复杂．现主要针对上市公司关联交易形式，以及关联交易动因问题进行分析研究。     

上市公司关联购销交易实证研究

关联购销交易是最重要的关联交易类型，占所有关联交易发生金额的60%。本详细分析了关联购销交易的现状、地区和行业差异，揭示了股权结构是导致公司进行关联购销交易的重要原因。同时，我们发现关联购销交易已经成为了利润操纵的重要手段，它帮助大量业绩濒临配股边缘的上市公司达到了配股要求的硬性指标。     

上市公司关联交易若干问题的思考

由于我国目前资本市场尚且不够完善,关联交易制度缺乏规范程度,许多上市公司采用非公允的关联交易谋取不合法的利益,严重损害中小股东的利益。关联交易具有独特的两面性,一方面,上市公司可以通过与关联方进行关联交易以节约交易成本,能起到提升上市公司竞争力的作用;但由于关联交易缺乏公平的市场竞争环境,且具有隐蔽性,这成为了上市公司的控股股东进行利润操纵的常用手段,掏空上市公司,以实现实际控制人利益最大化为目标。文章通过对关联交易的动机、危害及形成原因进行分析,并就存在问题提出规范关联交易的政策建议。     

关于股改前后日常关联交易影响因素的实证研究

本文对股改前后日常关联交易影响因素的实证研究发现，股权分置改革虽然引起股权集中度和第一大股东持股比例下降等变化，但并未改变控股股东在关联交易方面的影响力，就关联交易而言，股改后其他人股东对第一大股东的制衡作用有所增强。机构投资者在控制关联交易方面的影响力尚未发挥。股改前后独立董事比例与日常关联交易水平都不具有显着性，但在2006年二者之间开始呈负向关系，且t检验值明显增大．接近满足统计显着性的水平，这在某种程度上意味着独立董事的规定，由原证监会规则层次上升至《公司法》层次后，有助于独立董事监督作用的发挥。     

我国上市公司关联交易的规范策略

随着市场经济的发展，关联交易已成为市场交易的一部分，并且呈现出上升趋势。但由于制度不完善及企业自身结构缺陷．我国的关联交易出现了许多的问题。非公允关联交易的出现．扰乱了证券市场的正常秩序．带来了一定的负面影响。文章以我国上市公司为对象，对关联交易现状进行了多方面分析．根据出现的问题、成因及趋势提出了规范上市公司关联交易的策略。     

《商业银行与内部人和股东关联交易管理办法》执行中遇到的问题及解决建议

本文从实践操作的角度审视《商业银行与内部人和股东关联交易管理办法》，研究其执行中遇到的“近亲属”、“关联自然人”等概念的界定问题，明确授信余额与实际使用的额度的不同含义，对非授信类的一般关联交易和重大关联交易的界定标准问题进行探讨。提出关联自然人应包括监事；明确授信余额的范围；重新界定重大关联交易；赋予监管部门“关联交易豁免权”等修改建议。     

CEO Power and Relative Performance Evaluation

We model relative performance evaluation (RPE) when a Chief Executive Officer (CEO) has the power to opportunistically influence the design of RPE by choosing the weight on an index‐based peer group or by customizing the selection of peers comprising a peer group. A powerful CEO compares the benefits of reducing common risk affecting his compensation with the benefits of receiving a higher bonus by economizing on expected peer‐group performance. As a consequence, the Board of Directors (BoD) is less likely to use RPE. Our analytical model yields hypotheses predicting that powerful CEOs choose to reduce common risk only partially and that BoDs choose to not implement RPE if expected peer performance is sufficiently high. Our model has further empirical implications in (i) providing new interpretations of tests for detecting strong‐form and weak‐form RPE in the presence of powerful CEOs, and (ii) suggesting a new empirical measure of CEO power with a focus on the delegation of RPE decision rights.     

相对业绩比较和多代理人激励研究

为了研究如何激励供煤商提供更符合发电商需要的煤炭,建立了多代理人、多任务的委托代理模型。假设供煤商为代理人,发电商为委托人,研究了根据煤炭的质量、交货和价格不同,发电商给供煤商的激励价格的制定问题。分析了两个代理人在竞争和独立关系下,激励合同的制定。研究发现,在多个代理人有竞争关系时,引入相对业绩比较,即将代理人工资同其业绩相对另一代理人绩效的高出部分挂钩,并不总是帕累托改进。而且,在相对业绩比较方面,不同维度的工作能起到和相同维度的工作相同的业绩比较作用。     

African Stock Markets: Efficiency and Relative Predictability

The weak form of the efficient markets hypothesis is tested for eight African stock markets using three finite‐sample variance ratio tests. A rolling window captures short‐horizon predictability, tracks changes in predictability and is used to rank markets by relative predictability. These stock markets experience successive periods when they are predictable and then not predictable; this is consistent with the adaptive markets hypothesis. The degree of predictability varies widely: the least predictable African stock markets are those located in Egypt, South Africa and Tunisia, while the most predictable are in Kenya, Zambia and Nigeria.     

Relative uncertainty aversion and additively representable set rankings

This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.     

当前职业教育发展中存在的若干问题及对策

当前,我国职业教育迎来了春天,但由于历史和现实多方面的原因,职业教育仍面临诸多问题。我们应该紧密结合职业教育“十一五”规划,突破瓶颈。要对当前职业教育发展的基本情况有清醒的认识,要对当前职业教育的主要问题及根源有明确的了解,要对职业教育的出路有深入的思考。     

Inflation,Inflation Uncertainty,and Relative Price Variability

This paper tests three models that predict a relationship between the variability of relative price changes (RPV) and aspects of inflation such as expected inflation, unexpected inflation, and inflation uncertainty. These are, respectively, the menu-costs model, the Lucas-Barro signal-extraction model, and the Hercowitz-Cukierman extension of the Lucas-Barro model that allows for different price elasticities of supply across markets. The results imply rejection of the hypothesis that any one of the models entirely explains the relationship between inflation and RPV and also imply rejection of the hypothesis that the three models together jointly explain the relationship.     

Relative wage, child labor, and human capital

This paper analyses child labor and children's human capitalformation in response to the changes of the relative wage/productivitybetween child labor and adult labor. It implies that becausechildren's labor market participation raises the financial resourcesspent on their education, a small increase in child labor mayenhance children's human capital. It also shows that in a pooreconomy, the laws that punish or partially deter child labormay result in children working more and accumulating less humancapital.