会计收益的持续性与高管薪酬

运用中国沪市1999--2006年的相关数据,检验会计收益的持续性对高管薪酬相对于会计业绩敏感性的影响,结果表明,高管薪酬对会计业绩的敏感性随着会计收益中所包含的持久性强度的增加而增加。这一结果支持了基于会计收益的高管薪酬合同能够激励管理者创造股东长期价值的观点。     

Limited Information and the Sustainability of Unlisted-Target Acquirers' Returns

Abstract:  Relaxed disclosure requirements of unlisted firms, as compared to publicly listed companies, lead to limited quality and quantity of information at bid announcements, causing difficulty in valuing gains from mergers. This raises the question: are the frequently reported superior announcement-period gains to unlisted-target acquirers sustainable in the long run? Our results for the UK show that unlisted-target acquirers gain on announcement, but suffer a substantial loss in the long run. This reversal in fortune of unlisted-target acquirers is in sharp contrast to the performance of listed-target acquirers in the UK. Therefore, short-run gains for unlisted-target acquirers may result from investors' excessive optimism when faced with limited and biased information.     

多委托人激励理论:一个综述

当双边委托-代理关系中的委托人从一个增加到数个时,委托人之间便产生了合作与竞争的问题,此环境下的激励机制设计与传统委托-代理关系相比就要复杂得多。自Bernheim和Whinston(1985,1986)提出多委托人(亦称共同代理)框架以来,Martimort(1996～2004)的一系列论文进一步发展了多委托人激励理论。本文系统梳理了该领域的主要研究路径:一是共同代理博弈均衡的特征;二是多委托人环境下的激励机制设计原理;三是委托人的竞争与合作对激励提供的影响;四是代理人面临多任务情况时的激励问题。最后论文总结了多委托人激励理论的多方面应用并探讨了其未来的发展方向。     

论我国旅行社的集团化过渡时期

采用了“理论与实践相结合”以及“辩证法”的方法,首先阐述了这一阶段定论的原因,进一步分析了过渡时期我国旅行社集团化的方式和亟须解决的主要问题。     

Responding to a corruption crisis through disclosure and remedial action: The case of Petrobras

This case study adopts a positivist perspective to examine how Petroleo Brasileiro S.A (“Petrobras”), a high-profile company in its native Brazil with multiple listings including in Brazil and the US, responded to a major corruption scandal arising in 2014. We consider Petrobras's response both in terms of its visible activities – i.e. in relation to anti-corruption and compliance (“ACC”) disclosures in its annual report (AR) and sustainability report (SR), as well as actioned remedial policies that constitute the crisis plan – and how the company went about interacting with stakeholders during and after the immediate crisis period. We conducted a content analysis of ACC disclosures and assessed Petrobras's remedial activities in the eight-year period 2010–2017 as disclosed in its ARs, SRs and press releases. We find firstly that, consistent with legitimacy theory, Petrobras responded by voluntarily and substantially increasing its relevant disclosures so as to regain legitimacy, a finding which mirrors those found elsewhere following corruption and environmental crises. Secondly, the unique corporate governance situation at Petrobras combined with the fact that leadership was allegedly implicated in the scandal, led the post-crisis management team to undertake a series of remedial actions that prioritised the need to take and maintain executive control and independence from the government, whilst at the same time carefully managing the relationship with this influential stakeholder: - actions which argue strongly in favour of stakeholder-agency theory and multiple agency theory interpretations of the nature of stakeholder interactions that transpired during the crisis period of disequilibrium, and which precluded the type of stakeholder dialogue seen in some previous environmental crisis situations. Finally, we show that Petrobras's crisis management response actions align well with models of trust repair and legitimacy management, and suggest the company considered it had successfully regained legitimacy by 2017.     

柳州市农家乐旅游存在问题及发展模式分析

农家乐旅游是依托田园景观、自然生态、民俗风情等农村特色资源,以＂吃农家饭、住农家屋、干农家活、购农家物、享农家乐＂等为主题体验的一种新兴旅游业态。随着农家乐旅游在全国各地呈现迅猛发展,许多省市的农家乐旅游也暴露出在规划和管理上的薄弱、产品结构不完善等的问题。文章针对柳州市农家乐旅游存在的问题及未来发展模式进行了分析,提出了相应看法和建议。     

媒体关注与公司现金股利支付*

随着中国证监会针对上市公司现金股利支付行为的一系列政策的出台,公司的现金股利支付行为成为广受热议的重点话题。本文从媒体关注视角研究了中国上市公司的现金股利支付行为。通过实证研究,本文得到如下研究结论：（1）媒体关注的增多可以显著提高公司未来股利支付意愿和支付水平;（2）媒体关注与“铁公鸡”公司、“微股利”公司的比例显著负相关;（3）与国有控股公司相比,媒体关注对民营控股公司未来股利支付意愿和支付水平的正面影响更为显著;（4）媒体关注对第一类和第二类代理问题更严重的公司的现金股利支付意愿和支付水平的正向影响更强。进一步的研究还显示,媒体关注与现金股利支付意愿和支付水平的正相关关系在管理层持股比例低、非国际四大会计师事务所审计、分析师跟踪少的公司样本中更显著。以上结论说明媒体关注是除行政治理外,另外一种督促上市公司支付现金股利的重要机制。本文除了具有丰富媒体治理和股利政策两方面理论研究的贡献外,对监管机构规范资本市场股利支付行为和保护投资者权益具有重要政策启示。     

去杠杆政策降低公司财务风险了吗？——基于股权集中度的分析视角

不论是“减债”,还是“增权”,去杠杆政策都会提高股权集中度,这有助于实际控制人克服“搭便车”行为,抑制管理层的卸责行为,所以去杠杆政策可能会降低企业的财务风险。对此,基于2014—2019年我国A股上市公司数据,运用双重差分模型检验了去杠杆政策对公司财务风险的影响。结果显示,去杠杆政策能显著降低公司财务风险,尤其是对于非国有企业和在主板上市的企业而言,政策效应尤为显著。中介效应检验表明,股权集中度在政策效应中发挥了部分中介作用。因此,建议企业应在去杠杆进程中顺势而为,适度集中公司股权,借此降低财务风险。     

The simple analytics of information and experimentation in dynamic agency

Summary. The dynamics of a stochastic, two–period principal–agent relationship is studied. The agent's type remains the same over time. Contracts are short term. The principal designs the second contract, taking the information available about the agent after the first period into account. Compared to deterministic environments significant changes emerge: First, fully separating contracts are optimal. Second, the principal has two opposing incentives when designing contracts: the principal ‘experiments,’ making signals more informative; yet dampens signals, thereby reducing up–front payments. As a result, ‘good’ agents' targets are ratcheted over time. Received: November 28, 2000; revised version: December 1, 2000     

Firm Value,Information Problems and the Internal Capital Market

We examine how information problems between the firm and the investor affect the value of an internal capital market. While the extant literature finds that, on average, the diversified firm's access to an internal capital market is positively related to firm value, this paper finds that the results hold only for firms which face low levels of information problems. Firms facing the high levels of information problems realize no value from internal capital market access, consistent with the Jensen Free Cash Flow hypothesis. When information problems are large, agency costs dominate any savings that result from using an internal capital market to avoid selling under-priced securities in the external capital markets.