控制权配置对企业投资行为的影响研究——基于企业家注重声誉的视角

如何通过提高企业家声誉来优化企业投资行为事关我国企业的健康发展。通过构建企业投资支出的回归模型,对控制权配置与企业投资行为进行实证检验。实证分析表明,在企业家注重声誉的前提下,第一大股东持股比例与企业投资支出水平负相关,而当内部现金流充裕时,股权制衡比例与企业投资支出水平正相关。因此,可以通过建立企业家征信制度、完善充分竞争的企业家市场、确保企业家有长远预期和培育合格的市场主体等措施,提高企业家声誉,优化企业投资行为。     

Evaluating the Financial Performance of Pension Funds: An Individual Investor's Perspective

Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.     

个人信用保证机制的征信制度和诉讼制度比较研究

征信体系通过建立一种声誉制度,促进人类合作、提高群体成员效用和福利。个人信用保证机制的征信制度和诉讼制度哪个成本更低、相对价值更高需要客观分析。在完全竞争的信贷市场研究场景下,声誉机制有引致合作行为的能力;扩展博弈下,诉讼制度的威胁使得借贷者施加一个高的努力程度,提高了社会总剩余。基于现代信息技术的声誉机制出现以后,存在于每个银行内部的声誉就变成了一个统一、全范围扩展的声誉机制,所以声誉制度比诉讼制度可以获得更高的社会总剩余。     

产业声誉自治中的困境及治理

产业声誉是近年来我国许多行业面临的现实热点问题,其无形性、公共性的特征导致“产业声誉出现公地悲剧,难以得到维护”,但是传统的“有形公地”的解决方案（产权私有化、政府管制）难以有效解决产业声誉悲剧。作为一种可行的解决方案,产业自治受到了理论界和实践界的关注,但在产业声誉自治中存在“社会合作困境”,其制约了自治作用的发挥。文章在对社会合作困境分析的基础上,提出了三种解决思路：经济性激励解决方案、选择性激励解决方案、非经济性激励解决方案,并对每种方案的作用机理进行了详细的阐述。以期促进该领域的理论发展,并推进现实产业声誉的治理。     

Women on Corporate Boards of Directors and their Influence on Corporate Philanthropy

This study examined the relationship between the proportion of women serving on firms' boards of directors and the extent to which these same firms engaged in charitable giving activities. Using a sample of 185 Fortune500 firms for the 1991–1994 time period, the results provide strong support for the notion that firms having a higher proportion of women serving on their boards do engage in charitable giving to a greater extent than firms having a lower proportion of women serving on their boards. Further, the results suggest a link between the percentage of women on boards and firm philanthropy in the areas of community service and the arts, but found no link between women boardmembers and firm giving to support education or public policy issues. The implications of the findings and some areas for future research are discussed.     

Impact of Reputation and Promotion on Internet Auction Outcomes: Finnish Evidence

The purpose of this article is to explore the impact of seller’s reputation and promotional methods on auction outcomes in the Finnish online auction website, Huuto.net. Multiple linear and logistic regression analyses are used to test a set of hypotheses. The dataset consists of 227 auctions of iPhone 4S 16 GB mobile phones posted for auction by 138 individual sellers. The main finding is that sellers who have acquired a free identification from Huuto.net achieve a hefty increase in the final sales price. Sellers who have not established an online reputation achieve considerably lower closing prices at auction. An increase in negative feedback points reduces the final sales price. Purchasing display-enhancing promotional options does not increase the price but may improve probability of sale. Establishing reputation, avoiding negative feedback, and acquiring identification pay off. The promotional options associated with fonts and colors are not worth the cost.     

A neural network based reputation bootstrapping approach for service selection

With the concept of service-oriented computing becoming widely accepted in enterprise application integration, more and more computing resources are encapsulated as services and published online. Reputation mechanism has been studied to establish trust on prior unknown services. One of the limitations of current reputation mechanisms is that they cannot assess the reputation of newly deployed services as no record of their previous behaviours exists. Most of the current bootstrapping approaches merely assign default reputation values to newcomers. However, by this kind of methods, either newcomers or existing services will be favoured. In this paper, we present a novel reputation bootstrapping approach, where correlations between features and performance of existing services are learned through an artificial neural network (ANN) and they are then generalised to establish a tentative reputation when evaluating new and unknown services. Reputations of services published previously by the same provider are also incorporated for reputation bootstrapping if available. The proposed reputation bootstrapping approach is seamlessly embedded into an existing reputation model and implemented in the extended service-oriented architecture. Empirical studies of the proposed approach are shown at last.     

The Effects of Auditor Social and Human Capital on Auditor Compensation: Evidence from the Italian Small Audit Firm Market

Abstract

This study examines whether social and human capital influence the compensation of individual auditors in the small audit firm market. We employ a sample of Italian auditors and use measures from the network and auditing literatures to capture their professional connections, representing social capital, and their industry expertise, representing human capital. Our findings show a positive and economically meaningful association between these individual attributes and auditor compensation. We run several tests to address potential endogeneity issues in our research design. Our results suggest that, in the small audit market, clients perceive as valuable those auditors with higher social and human capital, and as a result, are willing to pay a premium for these specific auditor attributes.     

Environmental Governance of Enterprises and their Economic Upshot through Corporate Reputation and Customer Satisfaction

Drawing on resource‐advantage and signalling theories, we investigate two mechanisms, namely corporate reputation and customer satisfaction, by which the environmental governance of enterprises can benefit their economic performance. Based on secondary data from the 500 largest US enterprises compiled from multiple sources, our findings contribute to the literature by establishing the link between corporate reputation and green reputation. We also establish the economic performance paths of environmental governance via corporate reputation and customer satisfaction. This study expounds on why ‘green’ matters and identifies the performance roles of two corporate strategic resources extractable from the environmental governance of enterprises. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment     

审计师行业专长、产品市场竞争与财务重述——来自中国证券市场的经验证据

以2007~2012年我国 A 股上市公司为样本,对审计师行业专长与财务重述的关系,以及产品市场竞争程度对两者关系的影响进行实证研究。结果表明：审计师行业专长有助于降低财务重述发生的概率;产品市场竞争则削弱了审计师行业专长对财务重述行为的抑制作用。