公司治理与企业财务困境——基于股权结构角度的实证分析

现实中许多企业往往过于追求经营绩效而忽略了对企业财务风险的适度关注.尤其是近年来,一系列知名企业陷入财务困境、轰然倒塌的案例更是频频发生.究其根源,在于公司治理机制的失效.而作为公司治理基础的股权结构是影响企业财务风险、可能导致企业陷入财务困境的关键因素.本文从股权集中程度、控股股东性质和股东活跃程度三个方面描述股权结构,采用Altman(1968)的Z指数作为财务困境度量指标,利用1999～2006年中国上市公司的数据研究了股权结构和企业财务困境之间的关系.结果表明股权结构确实能影响企业财务风险.股权集中程度及股东活跃程度越高,企业面临财务风险及陷入财务困境的概率越低,而国有企业面临财务风险及其陷入财务困境的概率则显著高于非国有企业.     

财务会计信息与公司治理

财务会计系统不但给公司控制机制提供直接的财务信息,而且还提供股票价格中反映的所有间接信息。会计治理研究中的一个基本目标是为财务会计提供的信息,在多大程度上减缓由所有权和经营权两权分离所带来的代理问题,以及减少信息不对称问题提供证据。本文着重探讨财务会计信息在公司治理机制中的作用,公司治理机制对财务会计信息反作用的互动研究,并提出了公司治理的对策。     

公司财务治理框架分析

公司财务治理是公司治理的核心，其内容包括财务信息的生成和呈报机制及其背后的财权配置。依据对财务信息的影响力，将公司治理的利益主体划分为两类，并论述了两类利益主体的财务治理框架，同时探讨了内部人控制的产生机制、政府的制度供给及其在公司财务治理中的作用等相关问题。     

财务契约、财务危机预警与公司财务治理

本文将财务预警系统纳入公司财务治理结构中，根据财务契约与财务预警的关系，采用制度形式对财务预警系统的信息传输渠道和反馈方法规范化，以提高有效性的发挥。文章从财务契约的股权契约，报酬契约，信贷契约和其他利益相关者契约与财务危机预警的关系入手，分别讨论在股东之间，股东与经营者之间，债权人与股东和经营者之间如何用契约的形式，保证财务预警系统在公司治理中有效运作。     

After the "Bubble": Valuation of Telecommunications Companies by Financial Analysts

In this article, we present the results of a series of interviews given by financial analysts specializing in the European telecommunications industry. Our objective is to gain an insight into their approaches to analysis and valuation (information sources, valuation methods, determinants of recommendations, etc.). We also consider whether analysts' approaches have changed since the “high‐tech bubble”. We find that today they rely much more on the discounted cash flow analysis method than at the end of the 1990s, when valuation was largely based on multiples. In line with this, analysts have changed their focus from revenue‐oriented measures towards an assessment of profitability and cash flow generation. Further, analysts claim to have become more diligent and more critical in their analysis.     

宏观经济环境、公司治理与财务困境研究

考察宏观经济环境与公司治理结构对公司陷入财务困境的影响,首先应从财务困境定义出发,界定困境公司组和非困境公司组,利用Logistic模型检验公司治理结构对公司财务困境的影响;其次应综合分析宏观经济环境与公司治理结构对公司陷入财务困境的影响。研究表明:公司治理结构、大股东侵占与公司陷入财务困境的可能性显著相关;同时,宏观经济环境对于公司陷入财务困境也有一定的影响,特别是公司对于工业增加值和实际利率水平等变化越敏感,就越容易受到弱化的公司治理结构的影响而陷入财务困境。     

公司治理与财务舞弊的研究分析

本文在对财务舞弊的国内外文献回顾与总结的基础上,剖析了国有企业改革、公司治理结构、政府行为缺失等影响因素,提出加强政府法律法规建设的完整和及时性,提高其行为透明度,完善公司内部和外部治理结构、建立监管理体系等,是解决我国企业财务舞弊问题的路径选择。     

Corporate Governance and Financial Constraints on Strategic Turnarounds*

abstract The paper extends the Robbins and Pearce (1992 ) two‐stage turnaround response model to include governance factors. In addition to retrenchment and recovery, the paper proposes the addition of a realignment stage, referring specifically to the realignment of expectations of principal and agent groups. The realignment stage imposes a threshold that must be crossed before the retrenchment and hence recovery stage can be entered. Crossing this threshold is problematic to the extent that the interests of governance‐stakeholder groups diverge in a crisis situation. The severity of the crisis impacts on the bases of strategy contingent asset valuation leading to the fragmentation of stakeholder interests. In some cases the consequence may be that management are prevented from carrying out turnarounds by governance constraints. The paper uses a case study to illustrate these dynamics, and like the Robbins and Pearce study, it focuses on the textile industry. A longitudinal approach is used to show the impact of the removal of governance constraints. The empirical evidence suggests that such financial constraints become less serious to the extent that there is a functioning market for corporate control. Building on governance research and turnaround literature, the paper also outlines the general case necessary and sufficient conditions for successful turnarounds.     

公司治理、财政补贴与企业预算松弛

本文选择2011-2017年沪深两市主板民营上市企业为研究对象,重点研究了财政补贴和公司治理对预算松弛的影响,并进一步分析了公司治理在财政补贴与预算松弛关系中的作用,研究发现:财政补贴与预算松弛之间显著负相关;公司治理水平越高,预算松弛程度越低;公司治理显著增强了财政补贴与预算松弛之间的相关性。     

Corporate Governance,Investment, and Firm Valuation in Asian Emerging Markets

We investigate the effects of corporate governance and family ownership on firm valuation through investment efficiency in Asian emerging markets. Using 3 years of time series data from the Credit Lyonnais Securities Asia corporate governance score for 10 Asian emerging markets, we find that good corporate governance leads to better or more efficient investment decisions and eventually to higher firm value. We also find that investors reward firms for improvement in corporate governance. The findings do not hold for Asian firms with a family or concentrated ownership structure. The results are not driven by changes in accounting standards in these markets.     

公司声誉、财务信息与债务违约风险估计

假设公司资产信息是完全的,在财务信息完全和不完全两种情况下,本文把公司声誉水平作为一个影响因素,估计了公司债务违约概率,并着重分析了债务违约概率对声誉水平的敏感性。数值模拟分析的结论并不完全支持声誉水平与违约概率负相关、债务期限与违约概率正相关的常识。资产波动率、公司资产的瞬时漂移率分别与违约概率负相关、正相关。这些结论为把声誉纳入信用风险度量中提供了一个新的研究视角。     

基于公司治理的财务分析体系探讨

现代公司治理结构对不同的利益相关者提出了不同的财务管理目标,利益相关者通过财务分析对公司治理作出评价。本文通过探讨公司治理与财务分析的相关性,提出基于公司治理优化财务分析体系,使财务分析体系能更好的反映公司治理。     

基于公司治理结构的财务控制模式选择

公司治理结构是公司制度的核心,良好的公司治理结构是提高企业经营管理效率的基本要素。科学、有效的内部控制制度,是现代企业实现其经营管理目标的有力保证。公司治理能促使财务控制有效运行,是保证财务控制功能发挥的前提和基础,是实行财务控制的制度环境。财务控制在公司治理中担当的是内部管理监控系统的角色,加强和完善企业财务控制,应从完善公司治理出发完善企业财务控制环境,财务控制作为管理当局为履行管理目标而建立的一系列规则、政策和程序,与公司治理有着密不可分的关系。     

基于公司治理的财务监控机制研究

现代企业制度中核心问题是委托代理问题,对企业财务监控的弱化必然对企业造成巨大的损失,甚至会导致企业的终结。要解决企业的财务监控问题,必须要建立健全企业的内部和外部的财务监控机制。本文对公司财务监控机制进行了研究,并对公司内外财务监控机制的构建提出了设想。     

我国公司治理中财权分配问题的探析

当前我国正处于经济体制的转轨时期,国有企业改革的深化面临许多公司财务治理问题。企业财权配置不合理,会严重损害股东的利益,同时导致公司严重的内部人控制问题,债权人的利益得不到保障。因此,财权配置的合理与否是影响财务资源配置效率的关键性因素,对财务治理体系各个部分均具有决定性影响。     

Corporate Governance and the Financial Value of Financially Distressed Listed Companies

The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and studies how the level of corporate governance affects the value of listed company losses. Research results show that, among corporate governance factors, the largest shareholder and the market for corporate control have obvious positive effects on the financial value of loss listed companies; the proportion of state-owned shares, the type of audit opinion, and corporate govemance factors have obvious negative effects on the financial value of loss listed companies; and managerial ownership, the proportion of independent directors, and the size of the board have no obvious driving effect on the financial value of loss listed companies.     

金融生态环境、债务治理效应与现金持有价值

文章将现金持有价值作为衡量企业资本配置效率的指标,系统考察了银行信用和商业信用两种债务融资的治理效应。实证检验发现,银行信用比例与现金持有价值呈负相关关系,在短期银行信用比例较高的企业中这一负相关关系尤为明显,特别对处于金融生态环境较差地区的企业,银行信用不仅不具有债务治理效应,反而会阻碍资本的有效配置。较之银行信用,商业信用并没有显示出显著更优的资金效率治理功能,并且其治理效应不受金融生态环境地区差异的影响。     

The Use of Valuation Models by UK Investment Analysts

This paper examines the use of valuation models by UK investment analysts. The study is based on, first, semi-structured interviews with 35 sell-side analysts from 10 leading investment banks and with 7 buy-side analysts from 3 asset management firms and, second, content analysis based on 98 equity research reports for FTSE-100 companies covered by the sell-side interviewees. We observe that analysts perceive the discounted cash flow (DCF) (and to some extent ‘sophisticated’ models in general) to have become significantly more important than prior survey evidence suggests, although we also find the (somewhat paradoxical) continued importance of ‘unsophisticated’ valuation multiples, notably the price/earnings ratio (PE). We find perceived limitations in the technical applicability of the DCF, which cause analysts to rely in practice upon valuation multiples and subjective judgement of whether the market price ‘feels right’. We also find that contextual factors, notably the analysts' need for their research to be credible to buy-side clients, cause the use of subjective, unsophisticated methods of valuation to be played down. Given the inherent flexibility of the DCF model, coupled with its ostensible credibility, it becomes the natural vehicle for conveying the analyst's research, even though it is very rarely relied upon to determine target prices and investment recommendations. We conclude that, while the literature has focused on the technical merits of alternative valuation models, analysts' actual usage of valuation models also requires an understanding of social and economic context and motivations.     

Financial Crisis and Changes in Firm Governance,Corporate Structure,and Boundaries

The paper researches the effects of the 2008 financial crisis on various measures of firm governance, including the impact on firm boundaries such as buyer–supplier relationship, capital structure, and employment effects. Using a unique data set of 1686 Eastern European firms, we examine how the crisis affected the financial and employment decisions of different industrial and service sector firms. As these firms faced a steep decline in sales and capacity utilization, as well as credit constrains, they were forced to make significant and far reaching changes in various aspects of their operations. We discuss the implications of these changes. Copyright © 2013 John Wiley & Sons, Ltd.     

企业债务融资结构与公司治理

企业债务是一种融资工具，而债务融资结构则对公司治理效应产生影响。本主要分析了企业债务期限结构、债务分布结构和债务优先结构，以及各种债务结构之间的协调配置对公司治理的影响。