完善我国公司治理和财务治理模式的思考

随着国有企业改革的深化,人们越来越认识到公司治理和财务治理模式不完善是国有企业存在的深层次矛盾,是阻碍国有企业改革的关键所在,因此必须尽快完善我国国有企业公司治理和财务治理模式,才能使其适应市场的变化和竞争的要求。     

‘Good’ farm management employment: Emerging values in the contemporary Irish dairy sector

The number of Irish dairy farms with herds greater than 100 cows has increased from 4.5 % in 2005 to 23 % in 2016. The abolition of the dairy quota in 2015 has led to predictions that this trend will continue and that an additional 6000 people will be required to work on dairy farms by 2025. Ownership of farms is esteemed, with farm employment perceived as a poor second option, so it is necessary to identify possible routes towards creating 'good' farm employment relationships. This paper explores the social, cultural and economic values of employers and employees in the context of early experiences of farm employment in post-quota Ireland. Using narrative analysis, this study found that employees gained esteem and pride from acquiring managerial responsibilities and receiving recognition for their abilities and accomplishments from their employers. Greater social recognition of employ’ abilities by peer groups and in networks (social capital) cemented ‘good employee’ status. Employers, in a context of unprecedented dairy production expansion, emphasised the need for and demonstrated changing of power structures to open up the farm to new forms of influence. However, employers’ reflexivity in support of employment relationships was undermined overall by what the management literature calls a weak ‘rewards system’ for employees. Without the supportive scaffolding of a formalised rewards system, relational gestures of responsibility-devolution and employ’ appreciation of employees may be insufficient to sustain quality farm management employment in the long term. Inevitably, this diminishes the attractiveness of farm employment, limiting the drawing of talent not only into farm employment but into associated capacity-building programmes.     

自然资源资产全民所有权的实现逻辑及机制完善

研究目的：围绕新时代人民日益增长的美好生活需要,揭示自然资源资产全民所有权的实现逻辑,提出完善全民 所有权实现机制的建议。研究方法：归纳法,演绎法。研究结果：自然资源资产生态属性决定生态产品是自然资源资 产所有权实现的重要内容;全民所有权行使主体直接行使所有权意义上的资源资产管理权利,实现自然资源资产保值 增值;通过自然资源保护和市场交易实现生态产品供给及经济收益最大化,通过公益支出实现公共服务均等化,从而满 足人民日益增长的美好生活需要,构成自然资源资产全民所有权实现的基本逻辑。研究结论：自然资源资产全民所有 权实现,需在改善自然资源资产本底基础上,通过权利赋予、市场流转、收益分配和配套制度建设,为全体公众谋利益。     

混合所有制改革是否有助于缓解人力资本配置扭曲

将人力资本在所有制企业间的配置扭曲（错配）理解为技术配置扭曲和规模配置扭曲两个方面,基于1998—2013年中国工业企业数据库的相关数据,探讨国有企业混合所有制改革影响人力资本配置扭曲的内生机理,结果表明：混合所有制改革鼓励非国有资本通过参股、控股和并购等方式参与到国有企业的生产决策中,这有助于完善国有企业的公司治理结构和利润分配机制,进一步缓解人力资本的技术配置扭曲和规模配置扭曲程度;相对于非行政垄断行业,行政垄断行业中国有企业混合所有制改革对于人力资本配置扭曲的缓解作用较小。     

河北省林权制度演进的动因分析

河北省林权制度演进的动因主要包括国家意志的改变、农民需求的变化、人口数量的变化、森林资源稀缺程度的变化、要素和产品相对价格的变化等几个主要方面。以制度变迁理论、时间序列分析和供求理论对相应因素进行深入分析,结果显示:诸多动因相互作用推动了河北省林权制度的演进。因而,在制定林权政策时,要综合考虑各方面因素的影响以及相互之间的关系以期达到一个均衡状态。     

国外住房共有产权制度及对我国的启示

本文从共有产权的基本概念入手,介绍了共有产权制度在英国、美国和澳大利亚的发展概况,从住房形式、保障对象、产权分配和组织机构等方面解释其具体做法。通过总结三国的模式,在共有产权形式、独立的管理机构和保障性延续方面提出了对我们有益的启示。最后提出了完善我国住房共有产权制度的建议。     

Employee stock ownership and financial performance in European countries: The moderating effects of uncertainty avoidance and social trust

This study investigates how the effect of employee stock ownership on financial performance may hinge on the diverse cultural and societal contexts of European countries. Based on agency and national culture theories, we hypothesize that the positive relationship between employee stock ownership and return on assets (ROA) is stronger in those nations with lower uncertainty avoidance and higher social trust. Using a multisource, time‐lagged, large‐scale dataset of 1,741 firms from 21 countries in Europe, our multilevel, random coefficient modeling analysis found evidence for these hypotheses, suggesting that uncertainty avoidance and social trust serve as important contextual cues in predicting the linkage between employee stock ownership and financial performance. Our supplemental analysis with distinction between the managerial and nonmanagerial employee stock ownership further indicates managerial employee stock ownership has a direct positive effect on ROA. Although nonmanagerial employee stock ownership had a nonsignificant association with ROA, the relationship was positive and significant when uncertainty avoidance was low and social trust was high. This research contributes to the existing literature by illuminating some of the contextual influences altering the effectiveness of employee stock ownership. Our findings also offer practical suggestions for effectively using employee stock ownership.     

混合股权制衡度与真实盈余管理行为

混合所有制改革形成了非国有股与国有股相互制衡的股权结构。通过研究国有企业中非国有股权和国有股权相互制衡的程度与真实盈余管理行为的关系发现：混合股权制衡度显著抑制了国有企业的真实盈余管理行为,但当国有性质股权占比小于非国有性质股权占比时上述抑制作用减弱。另外,参与混合所有制改革的金融类、外资类股权相比民营类股权制衡度,对真实盈余管理行为发挥了更显著的治理作用。机制检验发现,混合股权制衡一方面通过提升业绩,提高对真实盈余管理动机的抑制作用,从而缓解了真实盈余管理行为;另一方面通过提升内部控制对真实盈余管理的抑制作用,降低了真实盈余管理行为。以上结论有助于深化国有企业混合所有制改革,为提升混改中的审计监管质量提供参考。     

产权性质、独立董事机制与投资效率——来自中国A股非金融类上市公司的经验证据

选取我国沪深两市2006—2010年非金融类上市公司为研究样本,从独立董事职能的角度,结合产权性质,考察了独立董事机制对投资效率的影响。经验证据表明:独立董事比例的提高整体上可明显改善投资效率;相比国有上市公司,提高民营上市公司的独立董事比例能够更显著地改善投资效率;提高独立董事薪酬水平对改善投资效率的作用并不显著;将投资非效率区分为投资不足和投资过度两种情形后,以上结论依然成立。     

不同所有制下管理者过度自信与公司债务融资的关系

本文以2002—2008年我国沪深两市A股上市公司为样本,利用OLS回归模型考察了在不同所有制公司中管理者过度自信与债务融资之间的关系。研究结果显示:在不同所有制的上市公司中,管理者过度自信对公司债务融资的影响存在差异。与非国有上市公司相比,国有上市公司的管理者更加过度自信,更倾向于选择债务融资;在债务期限方面,不同所有制公司的过度自信管理者都倾向于使用长期债务,但在国有上市公司中这种倾向表现得更为显著。