Who are better monitors? Comparing styles of supervisory and independent directors

This paper compares the unobservable style effect between independent directors and supervisory directors on firm performance. Utilizing the unique Chinese board system with both independent and supervisory directors and a large panel data of 2,240 public firms from 2003 to 2017, this paper finds that both supervisory and independent style is crucial in determining variations of firm performance. The effects of both independent and supervisory director style are less significant when the “type II” agency problem is more severe in a firm. Moreover, outside independent director style is more effective when information costs are low or when firms need more outside resources, while inside supervisor director style is more effective when there are no major internal changes. Finally, the results also suggest that increasing qualified supervisor representations are beneficial to firms.     

CEO power and annual report reading difficulty

We examine the impact of CEO power on reading difficulty of corporate annual reports. We find that CEO power is positively related to reading difficulty, implying that annual reports of corporations with powerful CEOs are difficult to read and understand. More importantly, we find that the relation between CEO power and reading difficulty is moderated by earnings performance or corporate governance. Additional findings suggest that this relation becomes stronger for firms with lower financial reporting quality or for CEOs with shorter tenure. Our study not only joins the debate on the consequences of powerful CEOs but also uncovers several factors that moderate the relation between CEO power and annual report reading difficulty.     

The New Comparative Political Economy

With the collapse of communism in the late 1980s the field of comparative political economy has undergone major revision. Socialism is no longer considered the viable alternative to capitalism it once was. We now recognize that the choice is between alternative institutional arrangements of capitalism. Progress in the field of comparative political economy is achieved by examining how different legal, political and social institutions shape economic behavior and impact economic performance. In this paper we survey the new learning in comparative political economy and suggest how this learning should redirect our attention in economic development.JEL classification: B53, O10, O20, P0     

政府部门绩效审计评价：基于预算的视角

随着政府绩效审计在我国的逐步开展，政府绩效审计评价已成为当前理论和实务界探讨较多的领域，评价指标的设置和评价方法的选取更是焦点。本文在回顾近年来我国政府绩效审计评价研究的基础上，从预算这一独特的视角，探讨了我国政府部门绩效审计评价指标的构建和评价方法的选择。     

Structural Decomposition Analysis of Physical Flows in the Economy

Many environmental problems can be attributedto the extraction and emissions of physicalsubstances. Increasing our understanding of theeconomic and technological driving forcesbehind these physical flows can contribute tosolving the environmental problems related tothem. The input-output framework is a usefulsetting in which to integrate detailedinformation about economic structure andphysical flows. In this article a specificmethod in input-output analysis is reviewed,namely Structural Decomposition Analysis (SDA).It is based on comparative static analysis,which decomposes historical changes of a policyvariable into determinant effects. SDA has beenapplied, for example, to analyze the demand andtechnological driving forces of energy use,CO₂-emissions and various other pollutantsand resources. This article examines thetheoretical aspects of structuraldecomposition, in particular those concerningphysical flows and environmental issues.Furthermore, the article includes an extensivesurvey of empirical studies.     

我国封闭式基金折价与基金运行绩效的相关性检验

笔者以我国的封闭式基金为样本,利用面板数据建模,综合考量了基金折价率与基金绩效指标间相关关系.研究结果发现,基金绩效指标对当期折价指标有显著的负的影响;而当期的基金折价指标不能准确预测未来绩效水平,即基金折价率并没有提供对未来基金绩效的有价值信息.     

股权结构与公司绩效实证研究的发现及其评价

对中国国有企业改革的研究,主要有“委托—代理”“、法定产权与事实产权不一致”“、产业定位与产权特性相对称”等三个理论框架。对股权结构与公司绩效的实证研究,为这三个理论框架的逻辑分析提供了有力的经验证据,也为深化国有企业改革提供了明确的、有益的指导。     

非农化经营与农业上市公司经营绩效——理论分析与实证检验

我国农业上市公司非农化经营现象甚为严重,这一现象对农业上市公司经营绩效的影响引起了社会各界的广泛关注.农业上市公司非农化经营主要可以归纳为产业层次和企业管理层次这两方面成因.农业发展不足的现实成为我国农业上市公司非农化经营取向的最大产业背景因素.文章运用农业比较利益理论、外部性理论以及多元化经营理论,形成对农业上市公司非农化经营成因和非农化经营对绩效影响的理论分析框架.通过实证分析所得出的结论是:非农化经营从整体上减损了农业上市公司经营绩效.研究认为,政府应该着力在改善农业投资经营环境和制度创新上下功夫,才可能真正引导农业上市公司专注于农业上来;同时认为,目前农业上市公司主要应当实施农业专业化经营战略,在条件具备的情况下才实施与主业相关的多元化战略,现阶段应尽量避免非相关多元化经营.     

基于政府职能转变的绩效审计研究

政府部门绩效审计的根本推动力量来源于政府职能的转变。立足科学发展，将实施绩效审计纳入政府职能转变之中。多方位和谐推进，解决实施绩效审计时出现的问题。     

论平衡记分卡的"不平衡"

国内对平衡记分卡的认识,与发达国家相比还存在很大差距。许多人还没有真正认识到平衡记分卡的含义和用法,仅仅追求形式,使平衡记分卡成为组织"看起来好看,用起来无用的装饰品"。本文提出根据企业实际情况建立精简的"不平衡"记分卡的观点,借以与大家进行深入讨论。