从公共财政视角浅析国家治理的实现路径

改革开放35年来,市场经济的发展不仅改变了中国的经济结构,而且也深刻影响着中国的社会结构.社会利益的多元化对人们生活方式、思想观念、价值取向等方面产生了深远影响,也对国家的治理理念和治理模式提出了新的挑战.现代化的国家治理不应仅单纯强调政府与市场的协调与合作,更重要的是要通过调动各种力量和资源实现政府、市场与公民社会三者之间的多重稳定均衡,从而实现善治的治理目标.文章以国家治理的概念为切入点,通过分析国家治理的逻辑和模式论证了现阶段我国构建国家治理体系的必要性和重要性,并从财政学的视角提出了我国实现有效国家治理的路径.     

Shareholder Conflict as a Determinant of Corporate Social Responsibility Commitment for Shared Growth

In this study, we seek to explore shareholder conflicts as a determinant of large firms' corporate social responsibility (CSR) commitment for shared growth with subcontractors. Using a sample of 232 firms in the Korean chaebols during 2006'12, we find that CSR commitment is negatively related to controlling shareholders' cash flow rights but positively related to control-ownership disparity. We also find that foreign blockholders mitigate the positive relationship between CSR commitment and control-ownership disparity. This study offers a view of how controlling shareholders and blockholders protect their interests while enhancing their reputations as good citizens through CSR commitment.     

Institutions,moral hazard and expected government support of banks

We model the expected support of banks with credit ratings from Moody's and Fitch, taking explicitly into account the capacity and willingness of governments to provide support in case of need, as well as their concerns about moral hazard (i.e., that the expected support may induce banks to assume bigger risks). Our results suggest that moral hazard concerns are relatively weak. In addition, a substantial part of the expected support can be attributed to the quality of a country's institutions. These findings have important implications for the dynamics of banking crises, the value of the ‘fair’ insurance premium banks might be called upon to pay for the expected support, as well as for ways to reduce the resulting negative externalities.     

What Drives Executive Stock Option Backdating?

We study motives for executive stock option backdating, the practice of changing the grant dates of current options to dates in the past using hindsight. We find that smaller, younger and less profitable firms tend to be more heavily involved in backdating. These results are consistent with the retention hypothesis. In line with the incentive hypothesis, we find that backdating occurs more for options that are out‐of‐the‐money. We derive some evidence for the agency hypothesis, in the sense that backdating companies have a larger percentage of inside directors. However, contrary to this hypothesis, we conclude that backdating firms have better protection for minority shareholders compared to firms that do not backdate.     

Mutual monitoring and corporate governance

Mutual monitoring in a well-structured authority system can mitigate the agency problem. I empirically examine whether the number two executive in a firm, if given authority, incentive, and channels for communication and influence, is able to monitor and constrain the potentially self-interested CEO. I find strong evidence that: (1) measures of the presence and extent of mutual monitoring from the No. 2 executive are positively related to future firm value (Tobin’s Q); (2) the beneficial effect is more pronounced for firms with stronger incentives for the No. 2 to monitor and with higher information asymmetry between the boards and the CEOs; and (3) mutual monitoring is a substitute for other governance mechanisms. The results suggest that mutual monitoring provides important checks and balances on CEO power.     

Do analysts add value when they most can? Evidence from corporate spin‐offs

This article investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spin‐offs, we gain unique insights into how analysts portray diversified firms to the investment community. We find that while analysts' research about these companies is associated with improved forecast accuracy, the value of their research about the spun‐off subsidiaries is more limited. For both diversified firms and their spun‐off subsidiaries, analysts' research is more valuable when information asymmetry between the management of these entities and investors is higher. These findings contribute to the corporate strategy literature by shedding light on the roots of the diversification discount and by showing how analysts' research enables investors to overcome asymmetric information. Copyright © 2013 John Wiley & Sons, Ltd.     

以企业文化为导向的星级酒店CRM的实证研究

酒店业的高速发展以及顾客的期望值不断提高,如何利用CRM系统来提升客人的满意度,以达到提升酒店竞争力是酒店需要关注的,本文对客户关系管理(CRM)理论研究和国内星级酒店CRM中存在的问题进行分析,最后以三亚丽思卡尔顿酒店基于企业文化创建的CRM系统值得我国国内酒店学习和借鉴。     

民间统计组织管理模式

最近几年,民间统计组织在中国已取得了快速的发展,它具有三种管理模式：完全不管、完全管制和适当管制。随着民间统计组织的发展、成熟和完善,政府应转变自己的角色和功能,应从“管理者”转变成“服务者”,并用“服务”模式取代“管制”模式。     

国资改革的"淡马锡之路"

改革开放以来,国内企业在公司治理方面面临更多的风险,同时在公司治理方面也有了一定的进步,但与其他国家企业相比还有一定的差距。本文从新加坡经验入手,根据相应的资料,对公司运作问题进行分析研究,并探索公司完善的法人治理。