竞争、产权、公司治理三大理论的相对重要性及交互关系

对于国有企业与民营企业间的绩效差异,文献一般从三个理论角度进行研究:竞争、产权与公司治理。但是我们认为其中的各种观点都只强调了某一个方面而忽略了其他方面。本文采用世界银行对中国5大城市7个行业的700多家公司在1996—2001年运营情况的调查数据,分别从单因素效应、多因素效应以及它们之间的相互作用三个方面,对以上三个理论的相对重要性进行了实证研究。研究发现:(1)当分别对各单个因素进行考察时,各因素都对样本公司绩效有积极影响。然而当对这些因素进行综合考察时,我们发现产权结构与公司治理作用相对重要,而竞争效应则不甚显著;(2)在产权与公司治理,以及产权与竞争之间,存在着某种程度的替代性;(3)非国有企业在某些治理机制方面比国有企业显示出特定的优势,但另一方面市场竞争对于国有企业绩效影响大于对非国有企业的影响。研究表明,现有的理论观点都有其片面性,对企业绩效的全面的研究需要将三个理论体系结合起来进行综合考察。我们的研究将对中国正在推行的民营化浪潮,以及改善公司治理和完善市场竞争,都具有重要的政策指导意义。     

Institutions and economic growth in Portugal: a quantitative exploration

This paper presents a broad diagnostic of the level of institutional development in Portugal in the legal, corporate governance and financial systems. A comparative assessment suggests that Portuguese institutions are less developed than their European Union and East Asian counterparts, more developed than Greek institutions and on a level similar to that of Spanish institutions. We use data for a wide cross-section of countries since 1960 and correlate indicators of institutional development with the long-term average growth rate, identifying issues where reform is likely to significantly affect economic growth. We construct three new indices that measure the potential of institutional reform - the impact of reform on growth, the required reform effort and the efficiency of reform index - by taking into consideration the institutional distance between Portugal and the European Union. These indices measure, respectively, which reforms have the most payoff in terms of growth, which are less costly to undertake and which deliver the most growth per required effort. Our results strongly suggest that in a large number of issues, institutional reform may translate into substantially higher rates of economic growth. Of the ten most promising reforms, six are in the legal area, irrespective of which of the indices is considered. Whereas legal reform is promising at the aggregate and the microeconomic levels, in the financial sector aggregate indicators offer the wider scope for productive reform, while in the corporate governance area it is indices at the micro level that hold the most promise. These results support the view that a comprehensive reform effort is likely to deliver higher rates of growth in Portugal, allowing faster real convergence with the rest of the European Union.Received: January 2003, Accepted: February 2004, JEL Classification: O0, O5, K00, K4, G2, G3This paper is based on Firms, Financial Markets and the Law: Institutions and Economic Growth in Portugal, prepared for the conference Desenvolvimento Económico Português no Espaço Europeu: Determinantes e Políticas, organized by the Banco de Portugal. Financial support by the Banco de Portugal, NOVA FORUM and FUNDAÇÃO Para a Ciência e tecnologia and Polti through feder are gratefully acknowledged. Comments from Marcelo Rebelo de Sousa, two anonymous referees and the editor are sincerely appreciated. The usual disclaimer applies.     

衰退产业中企业创新战略选择

衰退产业是一种越来越普遍的产业形态。产业创新是衰退产业中企业的生存选择。衰退产业创新有三种基本战略,即进攻型创新战略、防御型创新战略和模仿与依赖型创新战略。     

The tax (dis)advantage of a firm issuing options on its own stock

It is common for firms to issue or purchase options on the firm's own stock. Examples include convertible bonds, warrants, call options as employee compensation, and the sale of put options as part of share repurchase programs. This paper shows that option positions with implicit borrowing—such as put sales and call purchases—are tax-disadvantaged relative to the equivalent synthetic option with explicit borrowing. Conversely, option positions with implicit lending—such as warrants—are tax-advantaged. I also show that firms are better off from a tax perspective issuing bifurcated convertible bonds—bonds plus warrants—rather than an otherwise equivalent standard convertible.     

公司治理结构·会计信息系统·独立审计:结构与效率分析

公司治理结构、会计信息系统和独立审计是微观经济运行系统的三个基本组成单元。三者以委托代理关系为中心形成了功能互补、共生互动的经济运行系统 ,共同维持着受托责任机制运行中的公平与效率。通过对三者的经济关系结构进行理论描述 ,分析其内在关系结构的缺陷以及与虚假会计信息之间的关联性 ,并在此基础上提出共同预防虚假会计信息的治理措施     

银行竞争、专用性人力资本投资激励与国有商业银行的公司治理

本文结合中国银行业竞争日趋激烈的现实背景,从商业银行专用性人力资本投资激励的独特视角入手,分别讨论了银行高层管理者和普通员工的专用性人力资本投资激励与他们参与银行公司治理机制的有关问题.研究发现,在国有商业银行公司治理结构改善过程中,更需要增加专用性人力资本投资的有效激励,并通过积极引入境外战略投资者和加强职工代表在银行监事会中影响力的办法,进一步激励银行员工进行能够提高银行经营绩效的专用性人力资本投资.     

会计管制与公司治理

本文从企业契约理论出发,在回顾会计管制国际经验的基础上,将会计管制引入对公司治理问题的思考,指出了会计管制目标的实现对解决公司治理问题的重要性。其不仅要求反思会计管制理论与实践,同时要求在具体分析公司治理模式的基础上,重新思考会计管制的目标及其实现问题。提出应从现行公司治理框架下改进会计管制措施,从而实现会计管制与公司治理的良性互动。     

基于公司治理的企业内部会计控制研究

公司治理作为公司利益相关者的制度安排是由一系列的控制制度管理的。良好的内部会计控制是正确处理公司利益相关者关系,完善公司治理的重要保证,同时还有利于内部会计控制系统的健全。本文认为,企业必须根据公司治理的需要,建立健全企业内部会计控制系统,以促进企业持续稳定发展。     

现代企业员工流失的影响及对策

员工流失是现代企业管理方面一个影响很大的问题，并且正越来越成为国家、企业倍感关注的话题。作者认为可以通过对员工流失的科学规范管理把员工流失的损失减到最小，并能够为企业带来益处。本文首先分析了员工流失给企业带来的各种影响，既而提出了相应的对策，以期企业有所借鉴。     

公司治理与会计信息质量控制

简要分析了公司治理结构与会计信息质量的关系,并在借鉴国外公司治理经验的基础上,结合中国企业的实际情况,从公司股权结构、公司治理模式、独立董事制度、股票期权激励约束机制以及绩效评价体系等有关公司治理的五个方面提出了若干建议和设想。