理论·实践·创新:洞悉国际前沿 推进会计发展——2010北美华人会计教授年会述评

北美华人会计教授年会(CAPANA,以下简称年会)是海内外会计学者分享最新研究成果、探讨热点会计问题、创新会计理论的学术盛宴。第三届年会由北美华人会计教授协会主办,西南财经大学承办,本次年会收到大量海内外学者的研究论文,内容涵盖了目前北美实证会计领域的最新动向,包括了股票期权、信息披露、盈余管理以及债券投资者保护等在学界长期存在争议的一系列理论问题。本文以摘选出的八篇会议论文为基础,扼要介绍了这些蕴涵重要学术价值和深刻实践意义的最新研究成果,并结合国内外研究现状加以简短评述。最后总结了此次年会对于中国会计学界在会计理论、实务研究等方面所带来的启发与思考。     

高管权力、薪酬契约与国企改革——来自国有上市公司的实证研究

建立有效的薪酬契约是国有企业改革的核心问题,而高管拥有的权力可能引发其在薪酬激励方面的自利行为。以2004-2008年的国有上市公司为研究样本,实证发现：国有企业高管的权力越大,不但能获得更高的薪酬水平,还攫取了更多的超额薪酬,并且拉大了高管层与普通员工之间的薪酬差距,表明国企高管的确通过权力的运用扭曲了薪酬激励机制。另外,虽然高管的薪酬业绩敏感性整体上呈现不对称特征,但那些拥有较高权力的同时又建立了政治联系的高管可能基于政治动因的考虑降低了薪酬粘性。进一步的研究显示,政府控制层级的提升和制度环境的改善一定程度上能够抑制国企高管攫取超额薪酬,但并不能有效约束薪酬差距的扩大。本文的研究结果有助于我们理解国有企业高管权力的经济后果,并为当前有关国企薪酬体制改革的政策导向提供了经验启示。     

试论城中村改造中的法律困境及破解路径——兼评《国有土地上房屋征收与补偿条例》

城中村的改造涉及到诸多法律问题,因为集体土地上财产征收法律制度的缺失,国有土地上房屋征收法律制度的缺陷以及征收程序、补偿制度等的不完善,导致城中村的改造出现各种法律困境。《国有土地上房屋征收与补偿条例》的颁布施行在一定程度上为解决问题提供了途径,但是问题依然严峻。在吸收借鉴国外征收理论及制度安排,在我国宪法及现有的法律体系内制定一部《征收征用法》,完整、统一地规定房屋及其他财产的征收、征用才是城中村改造中法律困境的出路。     

Does a minimum wage increase endanger restaurant jobs? Examining the role of franchising

This study examined the effect of federal minimum wage increases on the U.S. restaurant industry. Based on the competitive labor market perspective, this study expected that minimum wage increases would negatively (positively) influence restaurant employment (compensation), while franchising would positively moderate the minimum wage-employment (minimum wage-compensation) relationship. The results of the analysis showed that minimum wage increases negatively influence employment, while franchising positively moderates the adverse effect of minimum wage increases on restaurant employment. This study also revealed that minimum wage increases positively influence per employee compensation, but franchising does not significantly moderate the relationship. This study suggested that franchising provides a buffer that absorbs the adverse effects of minimum wage increases on restaurant employment. Conversely, franchise restaurants may face potential service quality issues because franchise firms seem to strategically adjust full-time employees to part-time workers to address minimum wage increases.     

留地安置模式对公平补偿的启示

从广义上讲,征地补偿模式包括完全货币化的补偿模式和不完全货币化的补偿模式。在目前完全货币化补偿模式日益受到批评的情况下,湖南省长沙市的不完全货币补偿模式——留地安置模式——不断受到好评,本文旨在简析这种安置模式的长处和不足,并指出这种安置模式对实现对被征地农民的公平补偿的启示。     

Scheduling sales force training: Theory and evidence

To have a productive sales force, firms must provide their salespeople with sales training. But from a profit-maximizing perspective, there are also reasons to limit training: training is expensive, it has diminishing returns, and trained salespeople need to be compensated at a higher level since their value in the outside labor market has increased. Due to these reasons, the following inter-related questions are not straightforward to answer: (1) How much training should be provided and how should training be scheduled over time? (2) How should compensation vary with training? (3) Should salespeople be asked to pay for some or all of their training? An analytical model is developed and analyzed using optimal control theory to provide answers to these questions. Thereafter, an empirical investigation is undertaken that broadly corroborates the analytical findings.     

飞地经济与横向生态补偿机制构建探索——以成都、甘孜共建成甘工业园区为例

中央专项转移支付是目前我国实行生态补偿的主要方式,地区间的横向生态补偿机制尚处探索阶段,加快形成地区间横向生态补偿机制的具体模式是生态文明体系建设的重要内容。2015年,四川省成都市和甘孜州合作共建的“飞地产业园区”——成甘工业园区被认为是贯彻党中央构建横向生态补偿机制精神的典范。本文通过对成甘工业园区的详细考察,在与传统工业园区发展模式进行多维比较的基础上,认为“飞地经济”模式下的工业园区能够为探索地区间横向生态补偿机制提供积极经验,总体上符合两地的共同利益。但与传统模式相比,飞地经济模式存在运行逻辑上的内在差异,这种差异导致博弈过程中的弱势方甘孜州在客观上承担了能源、资源输出以及优惠政策中转的责任,可能引发甘孜州的新型贫困等潜在问题。因此,建议通过加快构建甘孜州水电资源开发生态修复产业化制度、完善现有的“成甘飞地经济”模式、实施“产城一体”的飞地工业园区发展战略等措施推动飞地经济更好服务于生态补偿机制建设。     

基于农户感知的森林碳汇扶贫效应分析

伴随着集体林权制度改革的深化和森林碳汇项目时间的深入,项目实施区域农户在森林碳汇项目实施、持续发展中的主体作用日益突出。农户对实施森林碳汇项目开发的价值评判决定其行为态度,在实现应对气候变化与减贫双赢中起着关键性作用。文章借鉴感知价值理论构建了农户森林碳汇扶贫效应感知价值理论模型,基于典型民族地区抽样调查数据,运用结构方程模型实证检验了农户对森林碳汇项目开发扶贫效应感知价值与其支持项目后期运营意愿的关系。研究结果显示,（1）大规模造林再造林项目开发取得较为明显的扶贫效应,包括正面影响和负面影响。（2）农户对森林碳汇扶贫开发利大于弊的赞成率为72.56%,农户愿意支持森林碳汇项目后期运营的赞成率为69.82%,利大于弊的感知价值对农户支持项目后期运营的意愿具有显著正向作用。（3）感知利益和感知风险直接影响森林碳汇扶贫效应感知价值。其中,感知利益具有显著正向影响,影响程度依次为感知经济利益 > 感知社会利益 > 感知生态利益,农户对触及自身切身利益的森林碳汇扶贫开发经济利益感知最高,尤其是对森林碳汇项目开发对外来投资引入的最为敏感。感知风险具有显著负向影响,影响程度依次为感知情境风险 > 感知心理风险 > 感知经济风险,鉴于长期、大面积的林业生态建设衍生负面影响日趋扩大和农户对近期、客观风险感知的敏感性使得农户对情景风险的感知最为强烈。     

国有企业高管薪酬、公司治理与费用粘性

代理问题是我国国有企业费用普遍存在"粘性"的主要成因,而高管薪酬激励被认为是缓解代理问题的重要机制。鉴于此,笔者实证检验了国有企业高管薪酬激励对费用粘性的影响。结果发现:国有企业存在费用粘性,并且该现象主要源自管理层的机会主义行为;高管薪酬激励有助于缓和代理问题引起的费用粘性,同时良好的公司治理环境能够增强高管薪酬激励在降低费用粘性时的效果。进一步的研究发现,高管薪酬激励作用的发挥因国有企业控制层级的不同而存在差异。     

Corporate governance in the post Sarbanes-Oxley period: Compensation disclosure and analysis (CD&A)

In recent years, the entire fabric of corporate governance, certainly in the United States, has dramatically changed. With the passage of what has colloquially become known as SOX (the Sarbanes-Oxley Act of 2002), US-based corporations have operated under stricter governance guidelines than at any previous time, especially as regards the structure of boards of directors and financial oversight of the corporation. A now perennial governance “hot button” issue not addressed by SOX is concern over continually rising executive compensation. Until the 2006 adoption of new compensation disclosure guidelines by the Securities and Exchange Commission (SEC), it had been nearly 15 years since federal attention had been devoted to compensation guidelines or regulations. Beginning with 2007 filings, US corporations must now include a Compensation Disclosure and Analysis (CD&A) section. The intent behind the CD&A is to provide investors access to clear explanations of executive compensation and the philosophy that underlies compensation. As often happens, this good intent is accompanied by several unintended risks that may mitigate the effectiveness of the CD&A.