试论国家加大工程质量整治行动

调动全社会各部门、各级领导高度重视工程质量的整治行动,抓住建筑市场混乱的源头和要害,还建筑业一个健康、规范、有序的建筑市场新秩序。     

Press freedom and jumps in stock prices

Press freedom varies substantially across countries. In a free environment, any news immediately becomes public knowledge through mediums including various electronic media and published materials. However, in an unfree environment, (economic) agents would have more discretionary powers to disclose good news immediately, while hiding bad news or releasing bad news slowly. We argue that this discretion affects stock prices and that stock markets in countries with a free press should be better processors of economic information. Using an equilibrium asset-pricing model in an economy under jump diffusion, we decompose the moments of the returns of international stock markets into a diffusive risk and a jump risk part. Using stock market data for a balanced panel of 50 countries, our results suggest that in countries with a free press, the better processing of bad news leads to more frequent negative jumps in stock prices. As a result, stock markets in those countries are characterized by higher volatility, driven by higher jump risk and more negative return asymmetry. The results are robust to the inclusion of various controls for governance and other country- or market-specific characteristics. We interpret these as good stock market characteristics because a free press improves welfare and increases economic growth.     

Impact of growth strategy on mode of governance in alliances

The aim of this study is to analyse the way in which growth strategies influence the choice of governance mode in corporate alliances. Specifically, the study looks at how expansion, diversification and internationalisation strategies determine choice of joint ventures rather than other types of alliances. To that end, we analysed a sample of 918 alliances among companies from the European Union-15 between 2000 and 2004. The results suggest that companies prefer to set up joint ventures when their strategies are based on expansion and related diversification, whereas they prefer other types of alliances when they follow a strategy of unrelated diversification. Furthermore, in international alliances, it appears that the impact of growth strategy on alliance governance mode is similar for the entire range of companies employed in the sample.     

环境不确定下企业孵化网络治理机制对治理绩效影响研究

从企业孵化网络本身以及环境视角分析了企业孵化网络治理绩效的影响因素,通过企业孵化网络治理机制对治理绩效关系的实证分析,验证了环境不确定下企业孵化网络的契约治理机制、管理治理机制对治理绩效的影响。结果表明:企业孵化网络治理机制中的契约治理机制、关系治理机制对治理绩效具有正向调节作用;环境不确定性会扩大或缩小治理机制对治理绩效的作用强度。企业孵化网络在高市场不确定性环境下,采用关系治理机制的绩效较好;在高技术不确定性环境下,采用契约治理机制的绩效较好。     

Managing the foreign investment portfolio: How industry and governance diversity influence firm performance

Foreign investment has been seen as an important strategy for learning about new technologies and markets. However, the link between the characteristic of a foreign investment portfolio and firm performance has not been examined in detail. Using panel data from 199 Taiwanese firms, this study examines how the foreign investment portfolio in terms of industry and governance diversity influences firm performance. This study finds that governance diversity has an inverse U-shaped relationship to firm performance, whereas industry diversity does not. In addition, this study also finds that their relationships are affected by R&D capability and industry profitability. The empirical findings of our study are useful for firms that invest in emerging economies.     

社交媒体上“用嘴投票”对管理层自愿性业绩预告的影响

本文研究了投资者 “股吧”讨论这种“用嘴投票”机制能否发挥治理作用进而促进管理层进行自愿性业绩预告。用上市公司股吧中的发帖量、阅读量和评论量来衡量投资者“用嘴投票”的参与程度,研究发现投资者“用嘴投票”参与度越高,管理层进行盈余预测自愿性披露的概率越大,且更愿意及时披露业绩下滑等坏消息。进一步研究发现,投资者“用嘴投票”是通过对股价产生影响、引发监管层关注和招致媒体报道这三个渠道对管理层产生预警进而发挥治理作用。且这一治理机制在管理层受到互联网信息影响可能性越大、公司中小股东户数越多以及论坛的讨论内容越负面时更为显著。     

论行为公共政策及其在财政治理中的应用:逻辑、案例与对策

行为公共政策尚处于全球学术研究的前沿领域,而其应用特别值得中国中等收入发展阶段财政治理的重视和探讨。本文首先论述了行为经济理论四个阶段的发展逻辑,并对每个阶段进行了简要述评。基于理论逻辑所揭示的从"经济人"到"人类"的假设条件变化,在对公共政策进行简要回顾的基础上,本文阐述了行为经济为其带来的改变,并对行为政策与传统政策进行了比较分析。接着,在提出行为政策的五点特征及其对财政治理的启示后,本文较详细阐述了行为政策在全球实践的典型案例,并在最后为中国当下财政治理提出了五个方面的对策建议。     

我国金融市场基础设施管理:现状、难点和立法路径

随着我国金融市场的纵深化发展,金融市场基础设施因其基础服务、系统性风险管理、辅助监管以及助力金融市场开放和营商环境完善等作用而日益受到重视,并成为现代金融治理和推动金融现代化的重要内容。但我国金融市场基础设施在运行和管理过程中却存在监管分散、制度空白、支持宏观审慎监管不力等情况,各方在相关概念和标准、统筹监管、恢复与处置安排等方面难以形成法律共识。为更好发挥金融市场基础设施作用,完善制度环境,我国应从金融市场基础设施的相关概念入手,明确其稳健运行所需的保障手段,完善统筹监管框架,有效衔接其他相关法律,并通过分步走的方式填补制度空白,提高立法层级。     

注册制下完善A股分拆上市对策研究

分拆上市作为证券市场优化资源配置和促进市场化并购重组的重要手段,在境外市场被广泛运用,但A股市场的分拆案例相对较少。2019年12月,证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》(以下简称《若干规定》),为引导和规范上市公司分拆所属子公司在境内上市奠定了政策基础。由于我国分拆上市制度还刚刚起步,仍需在加强监管、完善配套制度、确立有关业务规则等方面开展持续研究。为厘清成熟市场分拆上市的实践,本文重点研究美国和中国香港市场,对其分拆上市的相关规则、有益经验以及最新案例进行梳理和归纳,在此基础上提出相应的政策建议,以期为后续细则制定提供参考。     

基于科学的企业内部治理问题：文献综述与研究展望

迄今为止,基于科学的企业研究已经取得重大进展。尝试对基于科学的企业内部治理研究成果进行梳理,以基于科学的企业内涵、创业者角色、科学家团队治理、董事会治理、股东治理、高管治理为逻辑框架,对基于科学的企业内部治理研究现状进行总结归纳。在此基础上,从基于科学的企业治理机制视角提出未来研究方向,包括企业权力配置、激励机制设计、人员配置等系列研究问题。提出的未来研究方向可丰富和拓展基于科学的企业治理理论框架,为理解和指导中国情境下基于科学的企业治理实践带来启示。