长三角跨界水污染排污权交易机制构建研究

长三角地区跨界水污染问题日趋严重,文章从经济基础、环保水平及法律保障三个角度分析了长三角地区建立排污权交易市场可行性,描述了长三角地区排污权交易现状,构建了由排污权交易一级市场和二级市场两部分组成的跨界水污染排污权交易机制模式,并进一步细化为法规制定、总量控制、排污权初始分配、交易市场构成以及排污许可证交易等几个方面进行阐述,最后提出了针对该机制建设的政策建议。     

债权融资结构与公司治理效率——来自中国上市公司的经验证据

从债务规模、债务期限、债务来源三个维度对上市公司的债权融资治理效率进行实证检验,结果表明,资产负债率与公司绩效显著负相关,债权融资没有发挥应有的治理效应;长期债务和企业债券融资的治理效用是显著的,而商业信用融资与银行借款均不能对上市公司经营者形成有效监督和制约,反而一定程度上加重了上市公司的代理冲突。     

惯例多元性：研发联盟何以提升治理绩效

网络组织内部结构优化与运行效率提升离不开惯例这一重要的知识资源,作为描述联盟组织行为方式的一般术语,联盟惯例表现为稳定的做事方式、标准化的作业程序和统一的行为准则等多种形式,并且在协调主体之间合作关系、增强组织内部稳定程度以及提升经验信息交流效率等方面发挥着重要作用。基于上海、南京和杭州地区261家企业调研数据,从惯例多元性视角出发,将联盟惯例解构为行动逻辑、内隐规范和交互共识,研究不同治理机制下联盟企业提升合作绩效的问题,同时揭示多元联盟惯例在研发联盟治理过程中的作用机理。研究结果表明：契约治理机制与研发联盟绩效之间存在倒U型关系,关系治理机制与研发联盟绩效之间存在正向关系;联盟惯例的3个维度对其调节效应不同,其中,行动逻辑和内隐规范对契约治理机制与联盟绩效之间的关系均有显著正向调节效应,而交互共识对契约治理机制与联盟绩效之间的关系有显著负向调节效应,同时,交互共识对关系治理机制与联盟绩效之间的关系有显著正向调节效应。     

Does tourism lead to peace?

Tourism is often heralded as a force for peace, however, empirical research to confirm this suggestion is scant. To address this gap, this research integrates several datasets on conflict and tourism to examine whether a larger inflow of tourists makes civil conflict less likely. Several theoretical arguments of the role of tourism alongside other peace determining factors are presented. These inform the development of a probit model, and several specifications, that tests the hypothesis based on data from 126 countries and for the years from 1995 to 2010. The findings provide strong evidence that increasing tourism arrivals have a stabilising effect and increase the chance of peace. Implications for tourism and its role in the process of development are discussed.     

If Only We Had Listened to Ross Skinner!*

Ross Skinner built his intimate knowledge of the intricacies of the art of accounting through a very long and rich career as an “accounting philosopher". This allowed him to both observe, and be part of, the formalization of today's GAAP. The duration and timing of Skinner's career also allowed him to experience directly the gradual evolution of our accounting model from an approach based largely on principles to one based increasingly on rules. The objective of this paper is to look behind accounting figures, which are the product of varying combinations of rules and judgment, and to discuss some recent events that have rocked the auditing and accounting profession. Our comments are presented in the context of views expressed by Skinner in his 1995 “Judgment in Jeopardy” article. Skinner had a keen interest in accounting history. Therefore, we begin our paper by referring to Paciol's notion of “venture accounting". We use this notion to introduce our discussion of financial reporting, which has become an important instrument of resource allocation and a challenge for professional judgment. This leads us to describe some of the ideas Skinner presented in his article on accounting judgment as “visionary". Had we listened to him, perhaps we could have avoided some of the costly changes and additions recently imposed on our governance system, such as the creation of the Canadian Public Accountability Board and the tightening of several laws and regulations.     

Duration and relational choices: Time based effects of customer performance and environmental uncertainty on relational choice

This paper investigates the influences of customer performance and environmental uncertainty on the customer's choice of relational exchange strategies over the duration of their relationship. Relational exchanges of short, intermediate, and long term duration are investigated with the results showing different performance outcomes and environmental factors impacting relational choice at different times in the relationship. The results help explain conflicts reported in prior relational exchange research and provide valuable insights for practitioners responsible for managing relational exchanges.     

财务呈报动因与盈余信息质量

财务报告是报告编制者在会计准则和呈报动因驱动下权衡成本和收益的一个产物。中国上市公司独特的外部制度环境和内部治理结构,形成了其独特的财务呈报动因,本文通过上海和深圳证券交易所1998-2005年上市公司的财务数据,全面考察了我国上市公司财务呈报动因对其盈余信息质量的影响。研究结果表明:上市公司所在地的法制环境和市场化程度等外部环境,以及公司治理结构等内部因素在很大程度上决定了公司盈余信息的质量。由此进一步指出:政府监管机构应该有针对性地优化上市公司所处的信息报告环境,建立健全法律制度,深入公司治理机制的改革,才能有效地提高上市公司的财务报告质量。     

国有商业银行公司治理改革问题研究

本文通过对公司治理的内涵和发展历程的分析,在公司治理国际比较的基础上讨论了商业银行公司治理与一般公司治理的区别,并提出了国有商业银行公司治理改革的几条重要思路.本文主要有以下几个观点,首先,明确的责权划分、有效的约束与激励机制、加强信息披露以提高透明度是国有商业银行公司治理改革的核心;第二,银行产权改革并非是银行公司治理改革的必然前提,两者可以并行不悖;第三,由于商业银行的特殊性,所以国有商业银行公司治理改革的目标应该充分考虑利益相关者的利益;第四,国有商业银行激励机制创新的关键在于破除"官本位"思想,推行以专业技术资格为定位标准的行员等级制.     

上市公司内部控制体系研究与分析——从“德隆系”内部控制失效谈起

本世纪初美国资本市场相继爆发一系列的财务造假丑闻,促成《萨班斯-奥克斯利法案》的出台,将上市公司内部控制的要求提升到一个新的高度。本文简要介绍了美国《内部控制整体框架》对内部控制要素的定义,以及《萨班斯——奥克斯利法案》对美国上市公司在内部控制方面的要求。并以内部控制要素为基础,结合我国德隆系的内部控制失效案例,分析了我国当前上市公司内部控制的现实困境,提出了建立健全我国上市公司内部控制体系的对策和建议。     

全球产业重构与中国产业整合战略

从股权安排到各种非股权安排,跨国公司在全球范围内重构产业体系的投资方式逐渐由绿地投资、跨国并购发展到国际战略联盟,其治理机制也呈现出从一体化治理、价值链治理到虚拟再整合治理的演进轨迹。在全球产业重构的背景下,跨国并购、国有资产重组和民营企业扩张正在对中国产业系统的基础架构进行系统性重塑和整合。本文在对产业整合实践和研究文献综述的基础上,提出了中国产业整合战略的内涵、主要内容以及产业整合五个层面的金融机制与治理结构。