“债转股”与高管薪酬业绩敏感性研究

"债转股"对高管激励具有显著影响,基于A股上市公司样本研究发现,相对于非"债转股"公司来说,"债转股"公司的高管薪酬业绩敏感性较高,"债转股"能提高对公司高管的激励效应。提高高管薪酬业绩敏感性要结合公司治理结构的优化,当单一大股东持股比例过高时,可以引进新的股东改善公司治理的监督机制以更好地激励高管;企业所有权分配的支配权的让渡必须依靠各产权主体之间的资源谈判来完成,应使债权人在公司治理中更好地发挥相机治理及其对高管激励的替代效应。     

董事责任保险、董事会治理与企业创新

董事责任险是企业治理领域的热点问题。基于2006-2015年我国沪深上市公司数据,实证检验董事责任险对企业创新的影响及其治理职能发挥路径。研究发现,董事责任险作为独立治理机制,对企业创新不具有显著影响;董事责任险治理职能被董事会特征激活,即二者间存在显著交互影响关系,说明董事责任险通过董事会特征等治理机制对企业创新产生影响;董事责任险的引入助长了企业机会主义行为,从而抑制了企业创新。     

股权结构、代理问题与公司多元化折价

本文利用我国最新的上市公司资料,在得出我国上市多元化公司存在折价的基础上,从股权结构的角度来验证了代理问题和公司多元化折价的关系.我们发现,国有股权与公司多元化程度呈现负相关关系,法人股与多元化程度呈倒U形曲线关系,流通股与多元化程度呈正比例关系;股权集中度、机构持股比例和管理层持股与多元化程度呈负相关关系.结果表明,代理问题在有效解释公司多元化程度的同时,也有效地解释了公司多元化折价的产生.     

公司社会声望与高管薪酬:公共服务抑或职业声誉

本文基于"隐性—显性"契约激励研究范式,探讨公司社会声望对高管薪酬的影响以及作用机制。本文选取2009—2017年间的非金融A股上市公司为样本,研究发现,拥有较高社会声望的公司,其高管显性薪酬较低。具体而言,公共地位较高的国有企业、具有较高市场声誉的民营上市公司,其高管薪酬平均而言分别比其他上市公司低4.97%和6.30%。进一步地,我们发现公司声望对我国高管显性薪酬契约存在两种作用机制:一方面,公共地位较高的国有企业,可以为高管带来较高的社会声誉和社会认可,满足了"公共服务"类高管的社会声望偏好,从而降低了显性薪酬的支付水平;另一方面,市场声誉较高的民营企业,可以为高管带来较高的职业声誉和未来职业利益,符合"以商为荣"类高管的社会声望偏好,使高管愿意接受较低的显性薪酬。本文的结论为公司声望作为一种有价值的资源,可以对高管显性薪酬形成议价能力提供了重要证据,揭示了公司声望对高管显性契约激励的影响路径;同时,为国有企业高管薪酬契约设计以及激励机制提供了一定启示。     

The association between audit committee effectiveness and audit risk

Audit committees (ACs) are expected to play a key role in improving financial statement integrity and as a consequence reduce audit risk. Companies reporting conformity with regulations can have an AC that appears effective but is not actually effective in substance. We surveyed audit partners and managers to identify their indicators of actual AC effectiveness (auditor‐chosen list). We hypothesize a negative association between AC effectiveness and audit risk, only when an auditor‐chosen list, rather than extent of conformity with regulations, is used to measure effectiveness. Results support our expectations.     

我国注册会计师刑事责任若干问题探讨

提供虚假证明文件罪和出具证明文件重大失实罪是与注册会计师刑事责任最为密切的两个罪名,有关此两罪的立法和司法实践存在诸多需要探讨的问题。在立法方面,探讨了两罪的追诉标准和提供虚假证明文件罪的法定加重情形等问题;在司法实践方面,从单位犯罪、共同犯罪两个方面探讨了两罪的法律适用。     

Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads). We are especially interested in how the environmental, social, and governance (ESG) related performance of the corresponding countries moderates this relationship. We find only weak evidence that superior corporate social performance (CSP) results in systematically reduced credit risk. However, we do find strong support for our hypothesis that a country’s ESG performance moderates the CSP–credit risk relationship. Superior CSP is regarded as risk-reducing and rewarded with better ratings and lower z-spreads only if it is recognized by the environment. In addition, we find a reduction of corporate bonds’ z-spreads by approx. 9.64 basis points if the CSP of a company mirrors the ESG performance of the country it is located in.     

Wall of cash: The investment-cash flow sensitivity when capital becomes abundant

In the mid 2000s the oil and gas industry was hit by what might be best described as a ‘wall of cash’ as oil prices successively reached new record levels and access to external financing improved greatly. In this article we investigate what this sudden abundance of liquidity implied for the investment-cash flow relationship, the interpretation of which continues to generate controversy in the literature. For financially constrained firms we find that the investment-cash flow sensitivity decreases in the abundance period (2005–2008), suggesting that the financing constraints became less binding in this period. For financially unconstrained firms the investment-cash flow sensitivity instead increases over time, suggesting that this relationship is driven by agency problems related to free cash flow. Our paper is the first in the investment-cash flow literature to bring evidence from a natural experiment in which there was an unexpected, exogenous, substantial, and persistent decrease in the cost of external financing.     

Valuation effects of corporate social responsibility

This paper develops a valuation model of the firm that provides for the expenditure of corporate resources in support of community, social or environmental causes. We show that under certain circumstances CSR expenditures create value for the firm. We also test our model by simulations and confirm that, at least under some conditions, CSR does pay off in the form of value creation.     

Stock liquidity and managerial short-termism

We examine whether stock liquidity exacerbates or mitigates managerial short-termism. Utilizing earnings management as a proxy for managerial short-termism, we establish three major findings. First, firms with liquid stocks engage in less accrual-based and real earnings management. Second, the effect of stock liquidity on earnings management is amplified for firms with high levels of managerial pay-for-performance sensitivity. Third, the positive association between the intensity of earnings management and firm cost of capital is evident only for firms with low stock liquidity. Our findings are consistent with the threat of blockholder exit as the main governance channel through which stock liquidity discourages opportunistic earnings management and mitigates managerial short-termism.