独董独立履职须靠法规指引

<正>《上市公司独立董事履职指引》9月12日正式发布。自2001年引入独立董事制度至今,时历12年,首份关于A股独董的规范性文件正式落地。之前关于上市公司独立董事履职要求的规定散落在不同的法律法规中。证监会主席肖钢表示,此次《上市公司独立董事履职指引》的发布和出版,对于指导和促进上市公司独立董事规范、充分、有效履职,进一步发挥独立董事群体在完善上市公司治理中的作用,必将起到积极的促进作用。《指引》将提高上市公司治理水平《上市公司独立董事履职指引》     

独立董事履职质效提升的实践探索

<正>独立董事制度（以下简称“独董制度”）是公司治理的重要内容。我国独董制度建立以来,有力推动了上市公司董事会决策的科学性,对完善公司治理结构发挥了重要作用。但在实践中,独董制度仍存在独董职责定位不够清、履职方式不够多、履职保障不够好等问题。2023年4月,国务院办公厅发布《关于上市公司独立董事制度改革的意见》（以下简称“《意见》”）,8月中国证监会出台《上市公司独立董事管理办法》（以下简称“《独董办法》”）,     

上市公司独立董事,独立吗?懂事否?

独立董事机制是上市公司治理中的重要组成部分,上市公司独立董事履职在独立性、专业性、有效性等方面都暴露出诸多问题亟待解决。本文通过介绍独立董事的概况、存在的问题及原因,结合美国独立董事制度的特点,提出了完善我国上市公司独立董事机制的思考。     

关于独立董事制度的几点思考

独立董事制度的实施对整体提高上市公司规范运作水平,保护中小投资者合法权益方面发挥了重要作用。本文通过独立董事履职情况探讨完善独立董事制度,探索独立董事制度运行更有效的措施。     

首个上市公司独董履职制度出台

正中国上市公司协会日前发布《上市公司独立董事履职指引》,这是我国自2001年推行这项制度以来首个针对独立董事履职的制度性文件。根据要求,独立董事应当保持身份和履职的独立性,无法符合独立性条件的,应当提出辞职。独立董事的连任时间不能超过6年,原则上最多在5家上市公司兼任独立董事。值得注意的是,指引明确,独立董事不仅有权从公司领取适当津贴,还享有要求上市公司为其履行独立董事职责购买责任保险的权利。如果由半数以上独立董事提出但未被上市公司采纳的提案,     

聚焦中国独立董事制度

独立董事在中国的出现已有14个年头,有人认为独董已成为上市公司的花瓶,也有人坚持认为独董只是需要更加“独立”。独董应该如何规范管理和监督？《上市公司独立董事履职指引》对此给出了答案。该文件对上市公司独立董事的义务和职权等进行了界定,这是中国自2001年推行这项制度以来首个针对独立董事履职的制度性文件。     

独立董事制度的有效性:基于盈余管理视角

本文从盈余管理的视角研究我国独立董事制度的有效性,为我国独立董事制度的完善提供实证支持.结果发现,具有会计专业能力的上市公司独立董事人数越多,盈余管理程度越低;独立董事薪酬越高,上市公司盈余管理程度越高.但没有发现独立董事比例、履职环境与其盈余管理程度具有显著的相关关系.     

完善我国独立董事制度刍议

《关于在上市公司建立独立董事制度的指导意见》的出台，为我国上市公司设立独立董事提供了法规依据，但是该《指导意见》在界定独立董事作用、确保独立董事的独立性机制、促进独立董事勤勉敬业的约束激励机制等方面还存在明显不足，需要进一步修改和完善。     

独立董事在上市公司信息披露中法律责任问题研究

上市公司出现信息披露违法违规行为时,独立董事往往需要承担相应法律责任。实证分析表明,我国独立董事因上市公司信息披露违法违规承担法律责任的突出问题表现在两个方面：一是责任认定,独立董事勤勉尽责的判断标准尚不明确;二是责任区分,独立董事与其他董事是否需要区分责任,如果需要,应当按照什么标准区分亦不明确。建议在修改《公司法》和制定《上市公司监督管理条例》过程中,考虑引入合理调查标准,独立董事应以谨慎人的标准开展合理调查,允许其合理信赖专业意见,并综合考虑履职情况、专业背景等因素区分独立董事与其他董事责任;同时,进一步细化履职保障方面的规定,以更好激励和督促独立董事履行职责。     

聚焦中国独立董事制度

<正>编者按:独立董事在中国的出现已有14个年头,有人认为独董已成为上市公司的花瓶,也有人坚持认为独董只是需要更加"独立"。独董应该如何规范管理和监督?《上市公司独立董事履职指引》对此给出了答案。该文件对上市公司独立董事的义务和职权等进行了界定,这是中国自2001年推行这项制度以来首个针对独立董事履职的制度性文件。中国独董制度之路如何走?本刊将引领读者走进非议中     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.