碳关税与战略性自主创新政策

从"碳关税"对我国对外贸易战略和对外贸易企业的影响入手,提出在低碳经济背景下我国国际贸易的发展,必须以战略性自主创新政策理论为指导,政府和企业必须采取一系列对策应对"碳关税"这一新的贸易壁垒。     

独立董事比例、产权性质与长期债务融资契约

独立董事比例越高则长期债务融资比重越大,这一现象只在民营上市公司样本中有稳定表现,原因在于独立董事比例越高,监督能力越强,民营公司独立董事承担的监管风险相对更高,监督动力更强。监管当局应该适当提高上市公司独立董事比例,严格独立董事责任机制,以进一步改进独立董事制度效率。     

Do Boards of Directors Influence Corporate Sustainable Development? An Attention‐Based Analysis

Following the attention‐based view of the firm (ABV), boards of directors’ link to corporate sustainable development (CSD) could be dependent upon certain attention structures: valuation of environmental stimuli, rules of the game and the players. Studying a sample of large Australian firms, the findings indicate that the proposed attention‐directing structures do appear to be linked to CSD in a manner consistent with the ABV. Specifically, creating awareness through scanning efforts links boards to CSD. Stakeholder debate, as a boardroom rule, is also significantly associated with CSD. Furthermore, as a so‐called ‘player’ on the board, women directors have a moderating effect on the relationships between environmental scanning, stakeholder debate and CSD. The findings are discussed along with limitations and directions for future research. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

国外董事会及其董事评价的经验与启示

探讨国外董事会及其董事评价的经验与启示将有助于我国企业更好地推行董事会及其董事评价工作。我国的董事会及其董事评价工作应在借鉴国外经验的同时，结合我国的法律、法规、制度以及我国公司治理的实际状况，系统全面地建立健全具有中国特色的董事会及其董事评价体系。     

浅议民事法律行为制度的发展历程

大陆法系的民法制度主要由五个部分组成,民事主体制度、民事客体制度、民事法律行为制度、代理制度及诉讼时效制度。其中,民事法律行为制度在民法体系中有怎样的地位及意义呢?它是如何产生发展及完善的呢?这就是我要讨论的主题。     

Acquisition experience, board characteristics, and acquisition behavior

Literature on acquisition places more concern on the consequence of an acquisition event and pays less attention to what factors influence the motive for initiating the acquisition strategy of a firm. Through the lenses of organizational learning and corporate governance theories, the study examine whether the prior acquisition experience and board characteristics affect firms' acquisition behavior. Hypotheses are tested on a sample of 92 acquisition events of Taiwanese electronics firms during the period from 1997 to 2007 by employing the survival function model. Empirical results indicate that business acquisition experience positively influence the inclination of the acquirer adopting a subsequent acquisition, while board characteristics do not relate to the likelihood of the acquirer making a subsequent acquisition. These findings provide theoretical and managerial implications for organizational learning and corporate governance theories in general and acquisition management in particular.     

Investor reaction to women directors

Existing studies on women directorships present equivocal results on the association between appointing women directors and firm performance. These studies tend to focus on western countries and largely ignore investors' reactions to such appointments. This paper applies the financial event study method and finds that investors generally respond positively to the appointment of women directors in Singaporean firms. Regression analyses also reveal that investors are most receptive when the women are independent directors and are least receptive when the directors assume the CEO role. This study not only tests the theory of gender diversity in an Asian context but also examines whether investors react systematically to the different positions that women directors hold on corporate boards, a question that has received little attention in prior studies.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

非政策性因素的独立董事形成机制实证研究

本文以面板数据模型为主要研究方法,考察非政策性的独立董事形成影响因素。本文实证结果及政策涵义可以归结如下:独立董事在国有控股公司中比例较低,在控股权发生变更时显著增加,说明了实现全流通除了有利于国有股减持外,也有利于市场接管机制作用的发挥;股权结构与独立董事比例关系的实证结果,显示在完成改制上市之后,下一步改革方向应当是降低控股股东的持股比例,同时增加其他大股东的持股比例;绩效变动是股东采取行动的一个因素,但股票价格波动对股东行动的影响很小,显示我国上市公司对一般投资者的关注还不充分;企业规模的扩大、销售收入的增长和资产负债率的上升也是独立董事比例增加的因素,间接反映了独立董事可能给企业带来潜在的外部资源。     

Estimating the value of political connections in China: Evidence from sudden deaths of politically connected independent directors

This paper estimates the value of political connections by examining stock price reactions to sudden deaths of retired government officials who were acting as independent directors of private firms in China from 2003 to 2012. Employing an event study, we find that, if a private firm loses political connections because of the sudden death of an independent director who was previously a government official, its stock price drops 3.61% on average within ten trading days. After the loss of political connections, we find that it is possible but infeasible for a private firm to reestablish political connections with the government in a short period of time. Moreover, the sudden death of a retired government official leads to a reduction in the economic benefits (e.g., bank loans, tax preference, and government subsidies) obtained by a private firm, which provides a reasonable explanation for the negative stock price reaction after losing political connections.