民俗节庆遗产与旅游经济的融合发展模式研究——以三清山板灯节为例

民俗节庆遗产具有较高的旅游品牌、艺术、审美、体验价值,在塑造和加强区域旅游形象,拉长旅游产业链条,促进旅游娱乐和旅游购物发展方面具有很大的潜力。三清山板灯节是三清山地方民俗文化的重要组成部分。板灯节作为地域特色文化品牌,是重点开发项目之一,已经产生了积极的社会反响。但是从目前的保护现状来看,仍存在诸如传承人缺乏、保护不力、缺乏知名度等问题。有鉴于此,三清山板灯节的发展应在新型管理体制、节庆产品创新、品牌共建推广、区域旅游合作四个方面寻求重点突破。     

股权结构、董事会特征与QFII持股的实证分析

通过对股权结构、董事会特征与QFII持股关系的研究,发现管理层持股比例、第一大股东持股比例、审计委员会设立状况以及公司规模与QFII持股显著正相关,独立董事比例、净资产收益率与公司成长性与QFII持股均没有显著关系。结果说明完善公司治理对于中国引入相关QFII有着重要作用。     

Board experience and value creation in cross-border acquisitions: The role of acquirer and target country institutions

Our study investigates the effects of board acquisition experience on value creation in cross-border acquisitions and the dependence of this relationship on acquirer and target country institutions. We draw on cross-border acquisition research and institution-based corporate governance research to argue that the effect of board acquisition experience depends on the institutional characteristics of the acquirer and target countries and on cultural differences between these two countries. Based on 1775 cross-border acquisitions of U.S. and European acquirers, we show a positive effect of board acquisition experience on the announcement returns of cross-border acquisitions, which is even stronger when the target country’s takeover regulations are less friendly and when the target and acquirer countries are culturally more distant.     

Interdependencies of female board member appointments

We investigate the appointments of female board members of Japanese corporations together with the corporations’ performance. We relate the presence of female board members to the board and ownership networks of the corresponding firms. We find that firms with female board members often show above average performance. We also find that corporate boards and the corresponding members show homophily with respect to gender in their networks. The observed homophily leads to interdependencies in the appointments of new board members. New appointments of female board members are more likely at firms with ties to other boards with female board members.     

Board member age,stock seasoning and the evolution of capital structure in Chinese firms

This study examines the evolution of capital structure for Chinese stock issuers over an eleven-year period, stretching three years pre- to eight years post-listing. The paper scrutinizes the role of a key demographic in this seasoning process: The age of board officers. The present study’s key postulate is that board age proxies for a firm’s growth options. While issuer indebtedness exhibits little to no connection with other board properties, a strong inverse association exists with officer age. Moreover, entities with older boards experience notably smaller contractions in leverage on listing, as well as more subdued upswings post-IPO. Results are congruent with older board firms possessing fewer growth options and raising less capital at IPO. Additionally, study findings suggest that the Global Financial Crisis delayed Chinese firms’ re-leveraging adjustments post-IPO. Finally, changes to leverage at IPO, and in the years thereafter, appear similar for both hot- and cold-market issuers.     

Board Size,Independence and Performance: An Analysis of Thai Banks

This study examines the impact of board size and independent directors on the performance of local commercial banks in Thailand. A panel fixed-effect in the individual regression model is used to examine this relationship over 1999–2003. The results showed a statistically significant negative relation between Thai banks’ board size and their performances. In addition, a statistically significant positive relationship was found between the proportion of independent directors on the bank board and performance.     

创业板上市公司资本结构影响因素的实证研究

本文选取了2010年4月份前在创业板上市的65家公司为样本,进行回归分析,考察创业板上市公司资本结构的影响因素、研究表明：资泰结构与企业规模、经营能力呈显著的正相关关系;与盈利能力、偿债能力呈显著的负相关关系;同时与资产有形性、股票投资收益、高管持股比例不具有显著的相关关系。     

银行股东大会选任董事长法律效力浅析

股份有限公司(包括各类金融行业的公司)的董事长是怎么产生的呢?答案是由董事会以全体董事的过半数选举产生。其法律依据是《公司法》第110条:董事会设董事长一人,可以设副董事长。董事长和副董事长由董事会以全体董事的过半数选举产生。然而现实中的情况却要复杂得多,除了一部分董事会产生的董事长以外,还有不少股份有限公司的董事长是由股东大会选举或任命产生的。那么,股东大会能否选任董事长,这种途径产生的董事长到底有有没有效力呢?本文将在分析股东大会的性质和职能基础之上,结合我国《公司法》的有关规定及立法目的,同时考虑到公司在运营过程中的实际情况,逐步得出一些令人信服的结论,希望能对司法实践中处理此类问题提供一些有益的建议和帮助。     

中小板市盈率投资组合与股票收益研究

中小板企业上市后业绩下滑,并未表现出与其高水平市盈率相匹配的成长性。通过构建市盈率投资组合,对比分析后发现企业的高市盈率可能是由于相对于其股价而言,每股盈余较低所致;基于低市盈率的投资组合投资策略具有高收益、低风险的特点,我国中小板市场存在市盈率效应,但不能被规模效应所解释。该研究结果为中小板市场的研究提供了经验数据,结论对于中小板投资者具有一定的启示意义。     

The Global Governance of Systemic Risk: How Measurement Practices Tame Macroprudential Politics

ABSTRACT

This article explores how systemic risk has been governed at the international level after the financial crisis. While macroprudential ideas have been widely embraced, the policy instruments used to implement them have typically revolved more narrowly around the monitoring of risk posed by discrete ‘systemically important’ entities. This operational focus on individual entities sidelines the more radical implications of macroprudential theory regarding fallacies of composition, fundamental uncertainty and the public control of finance. We explain this tension using a performative understanding of risk as a socio-technical construction, and illustrate its underlying dynamics through case studies of systemic risk governance at the Financial Stability Board (FSB) and the International Monetary Fund (IMF or Fund). Drawing on official reports, consultation documents and archival sources, we argue that the FSB’s and IMF’s translations of systemic risk into a measurable and attributable object have undermined the transformative potential of the macroprudential agenda. The two cases illustrate how practices of quantification can make systemic risk seemingly more governable but ultimately more elusive.