产品市场竞争、董事会治理与上市公司信息披露质量

以我国627家上市公司为样本,通过实证研究发现董事会规模、内部董事比例、两职分离状况的系数有利于提高企业的信息披露质量;独立董事比例以及董事会会议召开次数对信息披露质量的提高没有影响。在高竞争度的样本内,企业的内部董事比例、董事会会议召开次数与信息披露质量存在一定的显著性,董事会规模、独立董事比例、两职分离状况的系数与信息披露质量均表现出关系不显著的特征,这说明产品市场竞争与董事会治理机制之间为替代关系;而在低产品市场竞争度样本回归中,董事会治理五个特征变量与市场披露的相关系数与全样本基本一致。     

董事会独立性价值的再研究——基于对绩效波动影响的分析

通过对我国上市公司2000～2007年的数据分析发现,独立性程度较高的董事会与较小的(ROA)波动之间存在着显著的正相关关系,与Q的波动之间不存在显著的相关关系,另外,对董事会独立性与绩效波动之间的中间作用机制进行分析发现,拥有较高独立性董事会的公司,在一定程度上是通过减少企业的非经常性收益和经营性操控应计的波动来对企业绩效的波动产生影响.     

An examination of state and local government pension underfunding – Implications and guidance for governance and regulation

State and local government pension underfunding has become a major focus of public policy debate due in large part to recent Governmental Accounting Standards Board (GASB) actions that have brought national attention to the issue. The extent of these plans underfunding has been debated, along with the necessity for state government intervention and the level of regulatory actions that should be enacted by state legislatures. State and local public pension plans do not fall under the enumerated powers of the federal government in the Constitution and are therefore left to each individual state to regulate. The amount of plan underfunding and enacted public policy by state varies greatly. Additionally, in contrast to numerous state balanced-budget laws, legal directives for fully funding public pensions are virtually non-existent. This paper analyzes the state and local public pension crisis, examines current and long-term risk, studies public employee fiscal conditions, considers the societal impacts of these plans, considers the strengths and weakness of pension plan types, recommends public policy and regulation, and offers strategies for managers, board members, and public officials to adopt.     

The institutional determinants of IPO firm prospectus length in a developing context: A research note

This study focuses on the impact of institutional quality on the amount of disclosure in IPO firms listing prospectuses using the six well established World Bank Governance indices, namely corruption control, government effectiveness in promotion of private sector development, political stability and absence from terrorism, regulatory quality, rule of law and lastly democratic voice and accountability. Using a unique hand-collected sample of 165 IPO firms from across Africa from 2000 to 2011 I find evidence that enhanced rule of law and regulatory quality impact on the amount of disclosure by firms, reflected in length of IPO listings prospectuses. In addition I find evidence that founder-led entrepreneurial firms are more likely to disclose more alongside firms in extractive and technology industries that rely on local stock exchanges as a source of external finance. In contrast IPO firms that have significant long term foreign partners or are subsidiaries of foreign Multinational Enterprises are likely to disclose less than other types of firm underscoring their apathy to domestic investors and relative lack of dependence on indigenous stock markets as a viable source of external finance.     

德、日公司监事会制度比较

德国和日本是实行公司监事会制度的典型国家。在不同国家,监事会的地位和权力是不同的。不同国家的公司监事会制度均植根于各自的历史传统、经济环境和已有的公司法理念,各国公司监事会制度均有一定的内生缺陷。     

Time varying price discovery of the New Third Board market in China: does the market-making system help?

This paper examines whether the market-making system helps to improve the price discovery ability of New Third Board (NTB) market in China. We first estimate the time-varying coefficients error correction models, then apply common factor weight method to quantify the time-varying price discovery contributions, and finally explore the impacts of trading volume and volatility to price discovery contributions. Empirical results show that both markets have time-varying characteristic in terms of the magnitudes and directions of the equilibrium price adjustment due to error correction term. The Shanghai Composite Index, SZSE Component Index, and SME Index are found to lead in price discovery, while NTB exhibits the leadership on the GEM Index. Volume and volatility have significant influence on the price discovery contribution. The NTB contribution is positively related to its own trading activity, negatively related to the trading activity of Shanghai and Shenzhen stock markets, while negatively correlated with the volatility of both markets. In comparison, trading activity of SZSE Component Index and volatility of GEM Index have the greatest negative impacts on the contribution of NTB market. As an important part of China’s multi-level capital market, the pricing mechanism of the NTB market needs further to be improved.     

关于民营企业建立健全的治理结构的思考

改革开放以来我国的私营企业得到了蓬勃发展,不仅表现在数量上,还表现在资本上。但是在经历了疯狂的资本扩张后,私营企业进入了一个相对理性的发展时期,竞争的激烈,环境的变化使私营企业面对如何稳定发展,长久生存和继续扩大规模等诸些难题。本文拟以从公司的治理结构角度对上述问题进行分析,并提出建议。     

The Economic Consequences of the Statement of Financial Accounting Standards (SFAS) No. 150

SFAS No. 150, “Accounting For Certain Financial Instruments with Characteristics of Both Liabilities and Equity” (SFAS 150), requires companies to report mandatorily redeemable preferred stock (MRPS) as a liability, and the dividends on these securities as interest expense. The purpose of this study is to examine the economic consequences of SFAS 150’s adoption on a sample of public companies. Our analysis indicates that adoption resulted in both intended and possible unintended economic consequences. Specifically: (1) the impact of SFAS 150 on non-public companies caused the FASB to review its position on the disclosures concerning MRPS; (2) some companies redeemed their MRPS prior to the adoption date of the standard; and (3) approximately 4% of sample firms were required to disclose MRPS as a liability.