董事会独立性和有效性的动态分析

现有的董事会独立性与公司绩效间相关关系的大多数实证研究得出两者并不相关的结论,这与人们的普遍认识不符.本文运用时间序列分析的方法,并充分考虑到公司治理的滞后效应,动态分析我国上市公司的绩效和董事会独立性的相关关系.我们的研究表明,董事会独立性和公司绩效间呈现出"U"型动态曲线关系:上市公司在绩效较差时,翌年便会以增加独立董事名额的形式来提高董事会的独立性;主动增加独立董事可以改善公司的绩效,这种正面促进效应将滞后体现出来,滞后效应的跨度期可长达3年;被动增加独立董事不能明显改善公司绩效.上述结果表明,董事会独立性和公司绩效在短期不相关,是受到外部政策的直接影响.希望本文的结论能够为政策制定者提供借鉴.     

Bank profitability and interest rate risk

It is frequently asserted that the profitability of institutions that lend long and borrow short is restricted during periods of rising interest rates. In banking circles this assertion has been translated into a concern primarily for the soundness of smaller banks, which are commonly thought to hold a large proportion of their portfolios in longer term fixed-rate loans and thus face considerable interest rate risk. Moreover, with the popularity of the new “NOW” accounts and competing money market mutual funds, there is a fear that a potential profit squeeze at these institutions has been made more probable. The present study examines the issue of the interest rate sensitivity of commercial bank profitability at a theoretical level and attempts to measure empirically the extent to which the profitability of different size classes of banks has been affected by periods of changing interest rates since 1976. This study finds that small commercial banks as a group have actually experienced increased profitability both absolutely and relative to large banks in recent periods (since 1976) of rising interest rates. However, this variation is numerically small. This finding calls into question both the usefulness of the maturity composition model as a predictor of interest rate risk and the concern for the supposed plight of small banks during periods of rising interest rates.     

Market performance and the nature of a competitive fringe

It is sometimes argued that increasing the size of fringe firms in relation to market leaders will result in more competitive performance in the market. This paper tests the hypothesis that the number and size distribution of fringe firms in a market will affect overall market performance. The analysis is based on a sample of 3777 commercial banks located in 372 local markets during 1976–1980. Test results indicate that a competitively structured fringe of firms has a procompetitive influence on performance in the market. This implies that mergers between fringe firms are likely to have an adverse effect on competition rather than a procompetitive effect, as sometimes argued.     

Interaction between tax and accounting practice: Accounting for stock-in-trade

This paper studies the issue of interaction between tax and accounting practice through an examination of the process followed by the Institute of Chartered Accountants in England and Wales (ICAEW) when formulating Recommendation on Accounting Principles (RoAP) No. 22 as a replacement for RoAP No. 10. We show that the ICAEW had a clear intention of persuading the Board of Inland Revenue of the legitimacy of replacement cost as a basis of stock valuation, and that the preparation and publication of RoAP 22 succeeded, to a significant extent, in achieving that outcome. We also reveal that RoAP 22 appears to have affected the way in which some companies valued their stock and how their bases of stock valuation were disclosed in corporate published accounts.     

The development of inflation accounting in Turkey

Turkey, as a developing country, suffered from high inflation rates for many years. However inflation accounting was not applied till the year 2003 because of some political reasons. The high rates of inflation heavily distorted the financial statements of the companies in Turkey. The companies tried to benefit from the incentives in the Turkish Tax Regulation negating the effect of inflation till the year 2003. At the beginning of 2004 inflation accounting was applied at last. The purpose of this study is to emphasize the effects of inflation on the companies in Turkey and what they did in order to protect from the distortions of inflation till the year 2003. Also the regulations of the Ministry of Finance and Capital Market Board considering inflation adjustment were examined and compared by illustrations.     

Network Rail – forward or backward? Not-for-profit in British transport

This article examines the brief and unsuccessful career of the privately-owned infrastructure company, Railtrack, and its part in the privatised railway system in the UK between 1996 and 2001. It discusses the decision of the British government to discontinue public support for Railtrack and to set up a new not-for-profit company, Network Rail, to replace it. The ongoing public debate over these events and the prospects for the new company are analysed. Two earlier, and broadly successful, examples of not-for-profit companies in British transport history, are briefly considered for comparative purposes – the Port of London Authority and the London Passenger Transport Board.     

Growth Enterprise Board on Track

In Premier Wen Jiabao＇s Government Work Report to the NPC,he said,＂China will establish a stock market for high growth enterprises this year,accelerate development of the bond market and steadily develop the futures market.＂But he didn＇t layout a fixed timetable.     

When does internal governance make firms innovative?

Using managerial risk-taking as a lens to explore firm innovativeness, this study addresses the risk alignment effects of firm-level governance and its context-dependent nature. On the basis of the contrasting theoretical predictions of agency and stakeholder theories, the investigation shows how internal governance, in terms of managerial ownership and board competence, shapes the performance of new product introduction in a sample of 194 Taiwanese firms. These relationships are also conditioned separately by industry-wide technological opportunity and within-firm resource slack. This study enriches the body of knowledge in the strategic outcomes of corporate governance by demonstrating the general efficacy of two distinct governance arrangements and their contingent value when subject to different environmental and organizational munificence.     

审计质量对分析师预测的影响研究

分析师预测是市场进行投融资决策的重要依据,因此分析师职业受到更多关注。以2011-2018年上市公司的数据为样本,研究了审计质量与分析师预测两者之间的联系。研究结果发现,审计质量对上市公司分析师预测有显著影响。进一步研究发现,在董事会规模较大的公司中,审计质量与分析师预测关系更显著。