政府透明度的经济学视角

本文从经济学的角度,对政府透明度与民营机构透明度进行类比,论述了政府透明度的涵义以及对政府有效制约的原理、意义,尝试探讨妨碍政府提高透明度的根本原因,并提出了政府和官员主导、民众利用媒体舆论推动来提高政府透明度的思路.     

Optimal vs satisfactory transparency: The impact of global macroeconomic fluctuations on corporate competitiveness

Being able to separate temporary global macroeconomic influences – caused by fluctuations in exchange rates, interest rates and inflation – from intrinsic performance – related to a superior product, production process or management – is crucial to assessing the development of a firm’s competiveness. Against that background, this paper analyzes institutions’ role in making firms supply outside shareholders with relevant information corresponding to satisfactory transparency from the shareholder perspective. Based on a sample of the 100 largest public European firms, it is found that no firm provided information to a level deemed satisfactory by the outside shareholder. One explanation may be that optimal transparency for the firm does not equal satisfactory transparency for the outside shareholder. However, the implementation of IFRS/IAS 1 in the EU as of 2005 and a company’s international cross-listing activities exhibit associations with a better supply of information and a narrowing of the gap. Shareholders in the Anglo-Saxon corporate governance system are provided with more relevant information than those in other corporate governance systems. The paper adds to the literature on the role of institutions in international corporate governance, with a particular focus on information asymmetries in an international business context.     

Governmental Financial Reporting Reforms and Relationship Marketing: An Analysis of International Public Sector Accounting Standards Implementation

This study aims to investigate the effect of the implementation of International Public Sector Accounting Standards (IPSASs) on corruption. This study utilizes a primary data approach based on survey design. The study uses a sample of 255 accountants and auditors in the Nigerian public sector. Multivariate regression analysis r is performed on data gathered from the field of study. The study finds that the implementation of IPSASs significantly affects transparency and accountability favorably at .05 level of significance. The analysis of the result based on the doctrine of Oli–eclectic paradigm, agency and culture theories indicates that improved transparency and accountability in the public sector will enhance relationship marketing.     

Tweaking public sector reporting with integrated reporting (IR) concepts

ABSTRACT

This paper examines the annual departmental reports prepared by Maltese government departments and highlights the gap between current practices and integrated reporting (IR). The authors suggest that principles and elements of IR could be gradually introduced in an effort to enhance transparency and accountability. The internalization of integrated thinking could also lead to enhanced value creation, and overcome the silo mentality that characterizes the Maltese public sector. Detailed guidelines for preparing ADRs urgently need to be developed in Malta—preparers should not expect to find them in the IIRC Framework, because they are not there.     

Enhancing environmental information transparency through corporate social responsibility reporting regulation

This research aims to contribute to the scientific debate about the lack of interlinkages between mandatory non-financial reporting and sustainable business models. For our purposes, a counter-accounting analysis was conducted on the non-financial reports of a sample of 145 Italian firms interested by the Directive 2014/95/EU effects. Specifically, the study adopts an empirical approach to evaluate environmental information transparency, which represents one of the main critical issues concerning the non-financial declarations prepared by European Italian Public Interest Entities (PIEs) to comply with Directive 2014/95/EU. The results highlight that corporate governance and report characteristics affect environmental transparency. Furthermore, the results confirm the overall attitude to avoid the disclosure of unfavourable or unavailable environmental information through impression management strategies. Finally, the analysis underlines the opportunities for policymakers to rethink mandatory non-financial reporting to sustain the ecological transition of European PIEs.     

Aggregate insider trading and market returns: The role of transparency

Using a sample of countries that require timely disclosures of insider trades, I investigate the effect of country‐level institutions that promote transparency on the extent to which aggregate insider trades predict market returns. I find that financial information transparency mitigates the predictive content of aggregate insider trades when markets are more likely to deviate from fundamentals (i.e., during market fads), and when there is greater co‐movement in stock prices. In contrast, there is some evidence that governance and investor protection mitigate the association between aggregate insider trades and future earnings surprises. Hence, holding constant the timely disclosures of insider trades, other capital market institutions play complementary roles in mitigating the informational frictions that give rise to the predictive content of aggregate insider trades.     

Does transparency of central banks communication affect credit market? Empirical evidence for advanced and emerging markets

This study examines the effect of the transparency of central banks communication on credit market. In particular, this study investigates how central banks’ effort to provide more detailed information about their objectives regarding the price stability (monetary policy transparency) and financial stability (financial stability transparency) policies are able to mitigate information asymmetry on credit market, through the net interest margin charged by the banks to engage in financial intermediation (credit spread). The findings denote central bank transparency is able to reduce the credit spread. Additionally, the evidence suggests the effect of central bank transparency on the credit spread is greater in emerging markets, where there is less information available on credit market. In brief, transparency in central banks communication is an important tool to mitigate the information asymmetry in the credit market.     

提高供应链透明度的RFID技术——以沃尔玛RFID战略为例

RFID技术作为21世纪十大技术之一,凭借着在识别领域的诸多优点,受到了越来越多的应用,首先介绍RFID技术内容和它自身的优势及特点,然后分析RFID技术如何发挥作用来提高供应链的透明度,最后结合沃尔玛RFID战略的实例进行论证。     

我国货币政策透明度的实践及问题研究

提高货币政策透明度有利于加强货币政策的可信性和有效传递,因而受到了各国的重视。我国货币政策透明度的实践及实证分析结果表明,提高货币政策透明度具有积极的效用。然而,当前总体上我国货币政策透明度还不高,还存在着目标不透明、信息披露不完全、决策不公开等一系列问题。因此,如何提高货币政策透明度成为当前央行亟待解决的问题。     

财务重述、管理层权力与股价崩盘风险：来自中国证券市场的经验证据

股市震荡引发投资者和监管层对股价崩盘风险的关注。从财务重述背后所反映的财务信息质量低下和公司治理失效出发,探讨其对股价崩盘风险的影响,结合管理层权力这一影响组织行为和产出能力的代理人特征,探讨其对财务重述与股价崩盘风险之间关系的影响。研究结果表明：相比未发生财务重述的公司,发生了财务重述的公司的股价崩盘风险明显更高;进一步纳入代理人特征———管理层权力后,发现代理人的这一特征对上述关系有明显的促进作用。