多个大股东治理机制的有效性——基于制度环境的分析

结合制度环境深入考察了多个大股东的行为选择及其作为一种治理机制的有效性问题,我们发现,多个大股东的公司治理作用只有在特定的制度环境下才是有效的,而在制度环境很不完善的条件下,外部大股东的监督是不存在或者说多个大股东的公司治理作用是无效的。     

银企关系与会计信息稳健性——中国资本市场的经验证据

本文以Watts（2003）的契约理论为基础，分析股东与债权人之间利益冲突对会计信息稳健性的影响。虽然会计信息稳健性有助于保护债权人的利益，但是如果股东可以作为公司的债权人，则投资者对会计信息稳健性的需求下降。本文采用Basu（1997）模型分析了2004年中国上市公司会计信息稳健性，发现国家控制的上市公司的会计信息稳健性程度较低，而民营控制的上市公司会计信息稳健性程度较高，但是股东特征对会计信息稳健性的影响，随着银行在公司中利益的增加而趋于一致。     

中国大中型造纸企业技术创新机制探讨

建立和健全大中型企业以技术创新为核心的技术进步的内在机制 ,保障提高技术创新的绩效是目前亟待解决的问题。本文根据 2 0 0 0年中国科技统计年鉴中的数据 ,对大中型造纸企业在技术创新方面存在的主要问题进行分析 ,就如何完善其动力机制和运行机制提出建议     

Sanov meets Cramér again

We introduce a new method for proving large-deviation principles (LDPs). This method amounts to "mixing" a collection of LDPs with a sequence of probability measures that obeys itself an LDP. As an illustration, we construct from empirical measures a sequence of capacity-valued maps that can be considered as an indexed collection of LDPs. The index 1 coincides with Sanov's theorem. By taking a Poisson mixture we establish a new connection with Cramér's theorem.     

建立法人股东为主导的股权治理模式

股权结构是公司治理结构的基础,其设置状况是否合理对公司治理结构的效率有着决定性的影响.文章针对当前上市公司股权治理的弊端,设计出一种股权持有者多元化、股权集中程度分散化的股权结构,并提出我国上市公司应建立以法人股东为主导的治理模式.     

蒙代尔-弗莱明模型在发展中大国的适用与延伸

M-F模型是开放经济宏观经济学的基本模型,其存在的缺陷和局限是理论拓展的主要方向。本文对M-F模型的前提假定和分析过程作出了放松和修正,使其适用于发展中大国的情形。并在M-F模型的货币政策效应分析基础上,提出M-F模型在发展中大国的延伸分析方法,即Semi-M-F模型分析方法,指出发展中大国的货币政策是部分起作用的。最后,对Semi-M-F模型分析方法在中国的应用进行评述。     

When to accept a sequence of gambles

When is a sequence of gambles, which is initially rejected eventually accepted? The eventual acceptance is defined as a pair property between the utility function and the sequences of gambles. A sequence of gambles is accepted when the gambles follow a large deviation principle and the utility function is non-satiated and bounded from below in a certain way. The number of gambles required for acceptance is computed.     

Probability theory in fuzzy sample spaces

This paper tries to develop a neat and comprehensive probability theory for sample spaces where the events are fuzzy subsets of The investigations are focussed on the discussion how to equip those sample spaces with suitable -algebras and metrics. In the end we can point out a unified concept of random elements in the sample spaces under consideration which is linked with compatible metrics to express random errors. The result is supported by presenting a strong law of large numbers, a central limit theorem and a Glivenko-Cantelli theorem for these kinds of random elements, formulated simultaneously w.r.t. the selected metrics. As a by-product the line of reasoning, which is followed within the paper, enables us to generalize as well as to bring together already known results and concepts from literature.Acknowledgement. The author would like to thank the participants of the 23rd Linz Seminar on Fuzzy Set Theory for the intensive discussion of the paper. Especially he is indebted to Professors Diamond and Höhle whose remarks have helped to get deeper insights into the subject. Additionally, the author is grateful to one anonymous referee for careful reading and valuable proposals which have led to an improvement of the first draft.This paper was presented at the 23rd Linz Seminar on Fuzzy Set Theory, Linz, Austria, February 5–9, 2002.     

论股东表决权的限制

表决权是股东最本质的固有权利,原则上不得剥夺并限制。但是,决议的最终目的是公正地产生股东们普遍意愿,决议应代表全体股东或大多数股东的利益。但有时候会存在大股东滥用表决权或表决权的行使会损害公正性的危险。因此,本文将从股东表决权的限制角度,阐述如何实现对中小股东利益的保护。     

公司治理对高管报酬的调节效应分析——基于民营上市公司大股东控制、董事会监督的视角

文章以2006年深、沪两市的235家民营上市公司为样本,实证检验了大股东控制、董事会监督对民营上市公司高管报酬的调节效应。实证结果为:我国民营上市公司的公司绩效与高管报酬正相关,董事会监督的调节作用会强化二者正相关关系,但大股东控制的调节作用会扭曲二者的正相关关系。结论表明,在我国民营上市公司的报酬决定中存在"赎买效应"和"任职激励效应",加强对大股东控制的监管,推进董事会独立性的建设,对于提升我国民营上市公司的治理水平具有重要意义。