Study on Problems of Group of Companies Listing as a Whole and Corporate Governance

Listing as a whole refers to reorganize all the enterprises＇ businesses, establish a stock corporation and increase capitals to list by issuing social public shares. TCL Group and Wuhan Iron and Steel （Group） Corporation have set a good example for other groups of enterprises that have parts of their assets listed, and will guide groups of enterprises which are affiliated to the center authority of China to list their assets. Listing as a whole, is beneficial to make clear the complex share-holding relationships between the group and its affiliates. It will also be beneficial to improve the whole structure of corporate governance, decrease the correlation trade, reduce the information disclosure cost, and solve the problem of the correlation trade between the group and its affiliates. However, it is far beyond the standard of what standardized corporate governance requires. Standardized corporate governance at least possesses two factors： One is the equality of the rights of shareholders, namely the same share with the same rights; the other is the clear rights boundary of the stakeholder and the existence of the efficient mechanism of equilibrium of rights. These two factors do not have the necessary relations to whether the group list as a whole or not, but depend on the maturity of the market and the soundness of the law and regulation.     

风险投资企业治理模式比较及效率研究

风险投资企业的治理问题作为一个新兴的研究领域日益受到理论界和实践部门的关注。本文通过构建风险投资企业治理模式的简单模型,对三种典型的风险资本运作模式进行了比较和相应效率分析,提出我国风险投资企业应采取强制性制度变迁和诱致性制度变迁相结合的治理模式。     

非营利组织推动企业履行社会责任的作用机制研究

非营利组织与企业在社会责任建设领域存在一定的契合性,由于其战略目标和宗旨存在一致性和互补性,所以两者可以达成合作的目标。非营利组织可以成为企业履行社会责任的代理、监督、标准制定、环境创造等机构,其推动企业履行社会责任的作用机制呈现出一种金字塔式的结构特点。     

腐败问题研究的理论回顾及展望

现在很多企业从事多种产品的生产和销售,而产品种类之间义存在着地位差异。那么,产品负面信息对公司层的逆向作用究竟如何。旗舰产品的负面信息在产品之间的流通对非旗舰产品又会产生怎样的影响。文章通过实验分别从纵向（产品层-公司层）和横向（产品-产品）检验了产品负面信息的逆向作用。研究表明：公司评价受产品负面信息的显著影响;非旗舰产品的负面信息对旗舰产品也产生显著影响。     

企业文化刚性的成因及其克服

企业文化是维护企业竞争优势的一个源泉,对企业发展具有重要的推动作用.但在企业发展过程中,企业文化有可能产生文化刚性,将企业锁定于某种僵局的状态,从而阻碍企业的发展.因此,在企业成长过程中,需要采取有效措施克服文化刚性,以保持企业的持续性成长.     

“霍山现象”中的民营企业研究

作为国家级贫困县的霍山县,其工业经济在短短的十几年间奇迹般地崛起,被经济学界称之为“霍山现象”、“霍山模式”。霍山民营企业对“霍山现象”的形成起关键性作用。本文通过对霍山民营企业的调查研究,分析了促进霍山民营企业成长的几个重要因素,并剖析了民营企业在投资环境、治理结构及融资等方面存在的问题,提出了进一步发展民营企业的对策建议。     

Transparency in the interbank market and the volume of bank intermediated loans

In the present paper we study the equilibrium interaction through which the interbank market is related to the public lending and borrowing market. It turns out that this interaction is affected by the transparency in the interbank market. Interbank market transparency is modeled by means of more informative signals about future interbank rates. We find that more transparency might increase or decrease the volume of bank intermediated loans in the public market. In particular, the impact of more transparency on the volume of loans depends on the curvature of the marginal cost function of the banking firm. Furthermore, we find that expected profits of the bank are higher when the interbank market is more transparent.     

高管权力、内部控制与公司价值

从内部控制角度出发,以我国2008—2013年度沪深两市A股上市公司为研究样本,在研究内部控制与公司价值之间关系的基础上考察公司高管权力配置结构对两者之间关系的影响,并进一步分析不同产权性质下内部控制与公司价值之间的关系以及高管权力对两者关系的影响,结果表明：完善的内部控制有助于提升公司价值,高管权力过于集中会削弱内部控制的有效性并抑制内部控制对公司价值的提升作用;与国有上市公司相比,非国有上市公司的内部控制对公司价值存在显著的提升作用,但在高集权的情况下,无论是国有上市公司还是非国有上市公司,内部控制均不能对公司价值起到显著的提升作用。     

Foreign investment,corporate governance and performance in the Chinese listed A Share companies

We present a novel lens on the presence and impact of qualified foreign institutional investors (QFII) in top shareholdings of the non-financial domestically listed Chinese ‘A’ share firms. The initial results suggest that the presence of a QFII as a top shareholder in these companies is associated with their better performance, using both Tobin’s Q and ROA as the performance measures. Our models include variables representing corporate governance mechanisms, foreign legal person shares, a proxy for international affiliations and a number of time-variant firm characteristics. Economically, the coefficient of impact on the market measure is the more significant, while the effect of having a QFII in top shareholdings on both performance measures is empirically significant. Previously, studies have often ignored the potential for reverse causality beyond using lagged regressors. This is problematic. Therefore, we follow up with a 2SLS instrumental variables and system GMM model to further mitigate this potential and find the empirical relationship holds. Contrary to earlier work on QFIIs and governance post-implementation of the QFII scheme, the findings from our models suggest that the presence of a QFII top shareholder augments market performance holding equal existing corporate governance mechanisms and other controls.