On the Benefits of Withholding Knowledge in Organizations

Transferring knowledge to an agent makes him more successful or productive, which is beneficial for the principal. However, knowledge transfer also increases the agent’s outside option. I identify two reasons for withholding knowledge — to reduce labor costs within a principal–agent relationship, and to weaken the agent in case of a separation. Moreover, the role of synergy is discussed both for building up a principal–agent relationship and for transferring knowledge. While synergy is decisive for knowledge transfer, cooperation between the principal and agent may even take place in the absence of synergy. Furthermore, I analyze whether the principal is more likely to transfer knowledge to a more able or to a less able agent. Finally, the advantages and disadvantages of a noncompetition clause are briefly discussed.     

信托业务关联交易信息披露分析

2005年信托公司年报披露,代表信息披露向规范化发展的有力举措。然而在年报当中理解财务报表所必需的要素披露尚不够充分,尤其是难以判断数额巨大的关联交易对信托公司、信托项目财务状况造成的影响程度,以及是否属于不当关联交易。其中信托业务关联交易的定价政策、关联交易对信托业务与信托公司盈利能力的影响、信托财产安全状况以及是否存在违规挪用信托财产的问题无疑构成当前迫切需要研究的问题。本文对此进行了探讨。     

会计准则中的资产和负债要素问题的探讨

资产定义中的“拥有”与“控制(广义)”有相同的含义,在表述时不应将其并列使用。资产要素是指企业经营管理的具有获利能力的现时资源。修订稿中的“法定义务”和“推定义务”都是法律规定的义务,应将其改为订立合同的义务和没有订立合同的义务。考虑预计负债因素后的负债要素的定义是:过去的交易、事项形成或很可能形成的企业的现时义务,履行该义务预期会导致经济利益流出企业。     

Optimal bank asset and liability management with financial futures

This paper presents a model for optimal bank asset and liability management with financial futures. This model is a multiperiod linear programming model based on Markowitz portfolio theory. Given the bank's initial position, its economic forecasts, and the constraints under which it operates, the model can help a bank's senior executives determine the current and expected future balance sheet composition and financial futures position which will minimize the bank's operating risks and which will meet the bank's expected profits goal with the minimum possible profits risk. By parametrically varying the expected profits goal, the model will generate the set of risk-return efficient decisions. Bankers need then examine only the set of efficient decisions to choose their optimal solution. A simplified example is used to illustrate the application of our model and to demonstrate that banks that use financial futures in asset and liability management can obtain better results than banks that do not use financial futures.     

银行与企业交叉持股的理论与依据——基于国际比较的研究

本文通过文献回顾分析了世界主要国家银行与企业交叉持股的经济后果。从银行持有企业股份的角度而言,一方面银行持有企业股份能降低委托代理成本,另一方面银行同时作为股东和债权人会产生利益冲突。从企业持有银行股份的角度看,企业持股银行最直接的后果是关联贷款。但是,关联贷款既可能是掏空银行的手段,也可能是因为银行对企业股东更为了解,所以发放关联贷款。本文的结论表明,银行与企业交叉持股既有积极的一面,也要严密防范金融风险。本文的结论对于促进产融结合具有积极的意义。     

异质机构、企业性质与关联交易

基于2007-2009年3618家A股上市公司数据,本文从关联交易密度和关联交易频率两个维度对机构持股、企业性质和关联交易之间的关系进行了实证研究。结果发现：机构持股对企业关联交易的抑制作用并不显著,这种不显著性主要归因于证券投资基金;不同性质的机构对企业关联交易的抑制作用不同,其中证券投资基金对企业关联交易基本不存在抑制作用,而险资和合格的境外机构投资者则相反;企业性质对异质机构和关联交易间的关系有显著的调节作用,民营上市公司中机构投资者的抑制作用要强于国有上市公司。     

对我国环境责任保险中若干问题的思考

传统经济模式向循环经济模式转变的过程中,我国污染事故频发的现实与传统救济途径不能满足现实需求的矛盾,环境责任保险制度的建立和完善也成了必然要求。     

操纵证券市场行为民事责任研究

操纵市场行为的大量存在对我国证券市场的健康发展造成恶劣的影响,成熟证券市场国家的实践表明,追究操纵者的民事责任对遏制操纵市场行为有重要意义.但是,我国证券法律没有对操纵市场的民事责任问题作出相关规定.本文综合运用了比较研究、实证研究和法律经济分析等研究方法,参照了发达证券市场国家及地区的有关制度设计,吸收和借鉴了国内外法学理论研究成果,对操纵市场行为的民事责任制度进行了比较系统的分析.     

Related party transactions and firm value: The moderating role of corporate social responsibility reporting

This study investigates the influence of related party transactions (RPTs) on firm value. Further, it examines whether a firm’s corporate social responsibility (CSR) reporting reflects its corporate values and ethical concerns, therefore mitigating the value-destroying effects of RPTs. Based on 274 observations from publicly listed firms in Indonesia, our results show that RPTs (i.e., related party sales) are negatively related to firm value. Further, we find that in the presence of better CSR reporting, the relationship between RPTs and firm value becomes more positive. This is in line with the view that CSR reporting, which reflects firms’ ethical concerns, may serve as a mechanism against managers’ opportunism. However, we find that related party payables have a positive relationship with firm value. Further investigation reveals that, although certain RPTs show a short-term, value-enhancing effect, these transactions seem to result in subsequent tunneling activities, suggesting managerial opportunism in the long term.     

关联交易、线下项目与盈余管理——来自中国上市公司的经验证据

近年来,关联交易盈余管理愈演愈烈,极大地损害了投资者的利益。以往大量研究提供了上市公司操纵应计项目及线下项目进行盈余管理的证据,本文则以中国上市公司2002--2004年的面板数据为研究样本,首次大样本检验关联交易、线下项目与盈余管理的关系。本文的主要结论包括：（1）有配股盈余管理动机的公司的第一类关联交易（通常计入线上项目的关联交易）比例显著高于控制样本,第三类关联交易（担保抵押类关联交易）比例显著低于控制样本。（2）有避亏盈余管理动机的公司的第二类关联交易（通常计入线下项目的关联交易）比例显著高于控制样本。（3）有盈余管理动机的公司,当其附属企业集团时,或者其控股股东处于绝对控股地位时,其关联交易比例更高。（4）第一类关联交易与线下项目显著负相关,有盈余管理动机的公司,线下项目较低时第一类关联交易比例较高。（5）配股公司配股后的关联销售和关联采购比例显著低于配股前。扭亏为盈的公司扭亏当年的第二类关联交易比例显著高于扭亏前一年。综上所述,计入线上项目的关联交易是上市公司为获取配股资格而进盈余管理的重要手段,计入线下项目的关联交易是上市公司为避免亏损而进行盈余管理的重要手段;上市公司控股股东处于绝对控股地位时,或控股股东隶属某一企业集团时,关联交易盈余管理行为更严重;进行盈余管理时,线下项目与计入线上项目的关联交易具有替代性。