企业控制机制:控制权争夺的边界和效应

公司兼并和收购市场中企业控制权机机制、控制权争夺的价值、控制权争夺的福利效应、大股东在公司控制权争夺中对公司政策产生影响。外部性排除了负有义务的股东完全取得接管收益的可能性,无论控制权争夺的结果如何,股东财富在控制权争夺其间是增加的。从股东的福利效应方面来说,控制权争夺的失败也就是股东财富的损失。大股东提高了预期利润,并且他们所占股份越多,则提高越大。董事会的失误导致了敌意接管的出现,可由公司控制的外部市场对董事会的疏忽作用进行弥补。     

Structuring Corporate Headquarters: An Investigation of Franchising

This article focuses on the structuring of the corporate headquarters in a franchise organization. Four essential issues that are related to franchisors organizational structure are discussed—homogeneity and heterogeneity of franchisors structure, company-owned and franchise arrangement, the dynamics between strategy and structure, and performing innovative and administrative functions simultaneously in the headquarters. Propositions are given for each issue. The results of qualitative analysis associated with each issue are discussed.     

机构投资者与公司治理

随着机构投资者的发展壮大,人们越来越关注其对公司治理方面的作用。由于机构投资者巨大的股票持有量,他们存在参与公司治理的愿望。但因为经济往来关系、法律法规规定、信息处理障碍导致机构投资者并不能有效地参与公司治理。     

Organizational Culture: A Framework and Strategies for Facilitating Employee Whistleblowing

Seven dimensions of organizational culture that influence the employee reflection process that ultimately leads to whistleblowing behavior are presented. These include 1) vigilance, 2) engagement, 3) credibility, 4) accountability, 5) empowerment, 6) courage, and 7) options. Key considerations within each dimension are discussed and a compliance framework is used to identify strategies for encouraging a culture that supports employee communication, questioning, and reporting of illegal, unethical, and illegitimate practices within organizations.     

企业文化对员工心理契约的影响机制研究——以某高科技上市公司为例

本文的基本观点是,企业文化是通过影响员工心理契约的形成而发挥作用的。本研究发现,企业文化是员工心理契约形成的更一般性的基础,企业文化的特征将决定员工心理契约的性质。我们认为,员工心理契约是一个平衡结构,员工责任和组织责任在内容和强度上都需要平衡。     

我国商业上市公司的股权结构与公司业绩——基于市净值指标的实证分析

文章以沪深两市55家商业上市公司为样本,对股权结构与公司业绩的关系进行回归分析。结论表明:商业上市公司国有股比例对公司业绩并没有显著的影响,但法人股比例与公司业绩显著正相关,流通股比例与公司业绩显著负相关。同时,第一大股东持股比例与公司业绩没有显著关系,但前五大股东持股比例与公司业绩显著正相关;另外,第一大股东的控制能力对公司业绩有显著的负面影响。     

融资约束与公司投资关系研究综述

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。     

资本结构在我国上市公司治理中作用的实证分析

本文以1994～2002年间沪市上市公司为对象，研究了样本公司的资本结构特征，考察了总负债比、长期负债比和流动负债比与总资产收益率以及净资产收益率之间的关系，对资本结构在我国上市公司治理中的作用进行了实证分析。研究结果发现我国上市公司资本结构无法发挥在公司治理中的作用。本文分析了原因并提出了相应的对策。     

Corporate social responsibility and marketing: An integrative framework

This article introduces a conceptualization of corporate social responsibility (CSR) that emphasizes the role and potential contribution of the marketing discipline. The proposed framework first depicts CSR initiatives as the actions undertaken to display conformity to both organizational and stakeholder norms. Then, the article discusses the managerial processes needed to monitor, meet, and even exceed, stakeholder norms. Finally, the analysis explains how CSR initiatives can generate increased stakeholder support. Isabelle Maignan (imaignan@feweb.vu.nl) is an assistant professor of marketing at the Vrije Universiteit in Amsterdam in the Netherlands. Her research focuses on corporate social responsibility and its marketing dimensions in an international setting. Her work has appeared in theJournal of the Academy of Marketing Science, theJournal of International Business Studies, theJournal of Business Research, theJournal of Advertising, among other journals and conference proceedings. O. C. Ferrell (oc.ferrell@colostate.edu) is chair and a professor of marketing at Colorado State University. His research focuses on marketing ethics and corporate social responsibility. His work has appeared in theJournal of Marketing, theJournal of Marketing Research, theJournal of the Academy of Marketing Science, theJournal of Public Policy and Marketing, as well as other leading journals. In addition, he is the coauthor ofMarketing: Concepts and Strategies, Business Ethics: Ethical Decision Making and Cases, Business and Society: A Strategic Approach to Corporate Citizenship, Marketing Strategy, and other textbooks.     

隧道挖掘和公司治理

控制性股东对少数股东的利益侵占（隧道挖掘）成为公司治理研究的热点问题。现代商业集团中对公司控制权和现金流权的分离使控制性股东具有隧道挖掘的动机。本文讨论了隧道挖掘的影响因素、主要形式和市场识别能力，并对未来研究提出建议。