上市家族企业价值与第二大股东身份关系的实证研究

以2011年629家中国上市家族企业的横截面数据为样本,检验了第二大股东身份对企业价值的影响。研究发现家族企业第二大股东身份会影响企业价值,这种影响依赖于家族企业执行控制权的方式,并且当其他大股东更具有竞争力的时候,第二大股东身份对企业价值的影响会显著增强。     

Toward a Common Good Theory of the Firm: The Tasubinsa Case

Tasubinsa is a “Special Employment and Occupational Center” constituted in accordance with Spanish Law where 90% of the workers have mental, sensorial or physical impairments of at least 30%. Its positive experience of more than 15 years provides entirely different responses from mainstream neoclassical theory (transaction cost theory, agency theory, and shareholder theory) to basic questions such as “What is a firm?”, “What is its purpose?”, “Who owns a firm?”, and “What do a firm’s owners seek?”. The article discusses how these different premises give rise to a distinctive corporate culture centered on the handicapped person.     

上市公司“隧道行为”及其治理

公司资产和利润被转移到其控制性股东手中的“隧道行为”普遍存在,在我国资本市场上,由于特殊的制度背景,这种控制性股东剥夺中小股东利益的现象表现得更为突出。治理我国上市公司“隧道行为”应依靠一套严密的规则,包括以立法和政府管制为主导的关联交易的监管;充分和严格的信息披露;尊重独立董事的意见和建立股东派生诉讼制度等。     

What Corporate Social Responsibility Activities are Valued by the Market?

Corporate management is torn between either focusing solely on the interests of stockholders (the neo-classical view) or taking into account the interests of a wide spectrum of stakeholders (the stakeholder theory view). Of course, there need be no conflict where taking the wider view is also consistent with maximising stockholder wealth. In this paper, we examine the extent to which a conflict actually exists by examining the relationship between a company’s positive (strengths) and negative (concerns) corporate social responsibility (CSR) activities and equity performance. In general, we find little evidence to suggest that managers taking a wider stakeholder perspective will jeopardise the interest of its stockholders. However, our findings do suggest that the market is not only influenced by the independent CSR activities, but also the totality of these activities and that the facets that they value do vary over time. It seems that␣most recently, the market has valued most firms that satisfied minimum requirements in the areas of diversity and environmental protection but were most proactive in the area of employee-relations. Ron Bird is an Emeritus Professor in the School of Finance and Economics at the University of Technology, Sydney. His research interests focus on market implications of corporate social responsibility and also dysfunctionality within capital markets. He received his Master's degree in economics at Monash University in 1971. Anthony D. Hall is currently the Head of the School of Finance and Economics and Director of the Quantitative FinanceResearch Centre at the University of Technology, Sydney. His research interests cover all aspects of financial econometrics. He was awarded a PhD in econometrics from the London School of Economics in `976.Francesco Momente is Professor of Corporate Finance at the Bocconi University, Milan (Italy). His research intersts focus on the market valuation of corporate social responsibility and the value relevance of accounting information.He received his PhD in General Management at Ca' Foscari University, Venice (Italy) in 1998. Francesco Reggiani is Professor of Corporate Finance at the Bocconi University, Milan (Italy). His research interests focuson the market valuation of corporate social responsibility and corporate governance. He received his PhD in GeneralManagement at Bocconi University in 2001.     

Pre-disciplinary and Post-disciplinary Perspectives

David Kang, Crony Capitalism: Corruption and Development in South Korea and the Philippines (Cambridge University Press, 2002)

Vivek Chibber, Locked In Place: State-Building and Late Industrialization in India (Princeton University Press, 2003)

Yongping Wu, A Political Explanation of Economic Growth: State Survival, Bureaucratic Politics, and Private Enterprises in the Making of Taiwan's Economy, 1950–1985 (Harvard University Press, 2005)     

The impact of corporate governance on employment relations in South Korea: the shareholder versus stakeholder perspectives

This study empirically examined the impact of corporate governance on employment relations outcomes utilizing a comprehensive data set drawn from 214 Korean firms. The study contrasted the stakeholder and shareholder perspectives of corporate governance in investigating the impact of corporate governance on employment relations outcomes. The results showed that the stakeholder corporate governance orientation (as compared to the shareholder orientation) had positive relationships with education/training expense, average employee tenure and industrial relations (IR) climate, as well as a negative association with number of strikes. Overall, the results implied that the stakeholder orientation of firms led to more beneficial effects for employees and more consensual relations with labour unions than the shareholder orientation did.     

从股东派生诉讼制度动态博弈分析看中小股东保护

股东派生诉讼作为一种对抗性的行为,本身是一个策略选择过程。本文用博动态博弈分析了诉讼原告、被告之间的行为选择情况,并加入可置信的承诺行动修正均衡解。在博弈分析结果上提出对中小股东保护的制度改进建议。     

Underwriting Fees and Shareholder Rights

Do firms’ governance provisions affect their terms of obtaining external financing? We hypothesize that it is more difficult for firms with more restrictions on shareholder rights to raise external equity, and that since analyst coverage is an important part of underwriting services, underwriters would use analyst recommendations to promote issuing firms with weaker shareholder rights more strongly and charge them higher underwriting fees. Consistent with our hypothesis, we find that analyst recommendations on issuing firms with weak shareholder rights increase more than those with strong shareholder rights prior to SEOs, and that underwriting spreads are positively related to issuing firms’ shareholder rights as proxied by the G‐index. Furthermore, the effect of shareholder rights on underwriting fees is largely contained in the six provisions in the E‐index.     

大股东减持作为一种支持行为之探析

＂掏空＂和＂支持＂行为对公司来说是两种作用对称的行为。大股东减持作为＂掏空＂行为之一已有研究,作为支持行为还未见研究报道,然而大股东减持是能够作为支持行为的。大股东减持既可能用套现获得的资金直接支持上市公司,也可能是通过引进战略投资机构、优化公司的股权结构提升公司治理效率实现支持。两个案例的分析进一步说明了大股东在公司处于财务困境时减持可能是大股东支持行为之一,但这还有待于对大股东减持与其支持行为关系进行实证研究。     

The Economic Impact of Capital Expenditures: Environmental Regulatory Delay as a Source of Competitive Advantage?

This study tests the proposal that by undertaking voluntary capital expenditures that are subject to lengthy environmental regulatory delays, listed companies can gain a competitive advantage. The stock market is found to react positively to new capital expenditure announcements when projects are expected to experience long delays in obtaining environmental regulatory approval. Two sources of potential competitive advantage are firm learning and first mover advantages. Lengthy delays in regulatory processes and high compliance costs incurred for environmentally‐sensitive projects may allow firms opportunities to develop specialised capabilities and/or to deter industry competitors and new entrants, resulting in greater expected project NPVs. The findings also underscore the importance of non‐financial environmental information to investors in their assessment of firm value.