长期资产减值准备:盈余质量与市场反应

对2001～2006年旧资产减值会计制度实施期间的相关数据进行检验,本文发现长期资产减值准备所产生的应计盈余明显地降低了会计盈余的质量。按长期资产减值准备的应计盈余所构建的逆向套利组合能获得显著的超额报酬率,长期资产减值准备的应计盈余与超额回报负相关,说明市场不能识别长期资产减值准备对会计盈余质量的影响。本文的结论支持新会计准则禁止长期资产减值准备转回的规定。     

独立董事制度在普通法系国家（地区）篚移植及其启示

1990年以后,许多普通法系国家（地区）引入了起源于美国的独立董事制度,以期加强公司治理,提高国家竞争力。这表明,在全球化背景下,不同国家的公司治理具有趋同的趋势。然而,从实施效果来看,这些国家（地区）的独立董事制度尚存在种种问题,其有效性与美国有一定差距。这又反映了公司治理制度移植以及全球趋同的困难性。     

接管壁垒缺失与国有企业经营者低效更替的发生

接管壁垒是治理结构的一个重要环节,它在维护企业家职位稳定性的同时,可以防止和减少低效率更替的发生。本文的分析表明,在以行政干预下的“内部人”控制为特征的国有企业治理结构中,接管壁垒的缺失使企业经营者的更替陷入“低壁垒,高更替,低效率”的恶性循环。因此,解决领导班子问题必须从治理结构的源头－产权改革开始,并为企业家阶层的形成提供金融制度的支持。     

公司治理、董事会规模与上市公司的实际控制

最优合约理论和管理权力理论都从不同侧面对高管人员的激励报酬进行了解释,但都有不足。在分析和评述这两种理论的基础上,从公司治理角度,通过对公司治理与高管人员报酬的实证研究,发现在我国上市公司中公司治理机制的改进对高管人员报酬的影响正在逐步体现:当董事会规模大、流通股中机构投资者多、发行了外资股或实现了海外上市、公司的实际控制人为个人及公司规模扩大都能显著提高高管人员报酬;任职年限、ROA和独立董事占比与高管人员报酬正相关但不显著。     

基于企业自主创新的企业文化建设策略

基于企业自主创新的企业文化建设是企业自主创新的关键。企业经营管理者应通过培育企业主体创新意识的创新价值观、构建以创新绩效为导向的激励机制、畅通信息沟通渠道、鼓励员工进行参与和自主管理、以"合作伙伴关系"代替"单向控制型关系"、营造有利于自主创新的人文环境、构建学习型组织等措施来加强创新型企业文化建设。     

Socio-economic developmental strategies as retail performance indicators: A balanced scorecard approach

This research analyses the commitment to and use of ‘balanced scorecards’ by retailers in generating sustainable profitability, whilst contributing to socio-economic development in South Africa. An international literature review of scorecard frameworks, plans and reports by major retail companies and semi-structured dialogic interviews with a purposive sample of retail business stakeholders and government officials formed the methodology. By contrasting the literature and empirical insights, a summary of findings was generated, which conclude that most retailer scorecards (formal or informal) seek to balance financial with ‘cause-related marketing’ targets, but implementation differs according to factors such as company size, developmental maturity and managerial competence. Furthermore, collaboration between retailers and state institutions in scorecard management is not a reality, as has been achieved in other industries. It is therefore recommended that a Retail Charter scorecard framework be considered, to promote public/private-sector knowledge-sharing and socio-economic development.     

Study on Problems of Group of Companies Listing as a Whole and Corporate Governance

Listing as a whole refers to reorganize all the enterprises＇ businesses, establish a stock corporation and increase capitals to list by issuing social public shares. TCL Group and Wuhan Iron and Steel （Group） Corporation have set a good example for other groups of enterprises that have parts of their assets listed, and will guide groups of enterprises which are affiliated to the center authority of China to list their assets. Listing as a whole, is beneficial to make clear the complex share-holding relationships between the group and its affiliates. It will also be beneficial to improve the whole structure of corporate governance, decrease the correlation trade, reduce the information disclosure cost, and solve the problem of the correlation trade between the group and its affiliates. However, it is far beyond the standard of what standardized corporate governance requires. Standardized corporate governance at least possesses two factors： One is the equality of the rights of shareholders, namely the same share with the same rights; the other is the clear rights boundary of the stakeholder and the existence of the efficient mechanism of equilibrium of rights. These two factors do not have the necessary relations to whether the group list as a whole or not, but depend on the maturity of the market and the soundness of the law and regulation.     

循环经济体系下的企业逆物流运行模式创新研究

在日益稀缺的资源环境下,经济的发展模式逐渐从粗放型转向集约型,发展循环经济成为了一种．必然趋势。在循环经济体系下,从产品到再生资源这一过程需要依赖逆物流的有效运作来完成,由于逆物流的交易成本较高、技术处理水平较低,以及质量标准与监管问题日益凸现,在现阶段企业逆物流的运作尚处于摸索阶段。为建立起一个有效的企业逆物流激励机制,文章就逆物流的运行模式提出三个层面的创新：宏观视角的政府战略导向机制;中观视角的行业协会战略规划机制;微观视角的企业战略部署机制。     

强化公司社会责任

公司社会责任是经济全球化公司发展的主潮流。本文通过对跨国公司以及国内公司的社会责任现状进行分析,并从公司自身建设与加强政府职责两方面提出对策来强化公司的社会责任。     

风险投资企业治理模式比较及效率研究

风险投资企业的治理问题作为一个新兴的研究领域日益受到理论界和实践部门的关注。本文通过构建风险投资企业治理模式的简单模型,对三种典型的风险资本运作模式进行了比较和相应效率分析,提出我国风险投资企业应采取强制性制度变迁和诱致性制度变迁相结合的治理模式。