中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--公司治理
工作论文
2010-06-22 第3卷 第8期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

Board Composition, Board Activity and Ownership Concentration, the Impact on Firm Performance

Shiguang Ma University of WollongongSchool of Accounting and Finance
Gary Tian University of WollongongSchool of Accounting and Finance

Cultural Values and Corporate Risk-Taking

Dale Griffin University of British ColumbiaSauder School of Business
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityGuanghua School of Management
Longkai Zhao Peking UniversityGuanghua School of Management

产权保护、主业变更与企业绩效

黄俊 上海财经大学会计与财务研究院
张天舒 上海对外贸易学院上海对外贸易学院


论文摘要

Board Composition, Board Activity and Ownership Concentration, the Impact on Firm Performance

Shiguang Ma University of WollongongSchool of Accounting and Finance
Gary Tian University of WollongongSchool of Accounting and Finance

This paper provides a parallel investigation on the impact of board composition, board activity and ownership concentration on the performance of listed Chinese firms. We find that independent directors enhance firm performance effectively than other board factors. The frequency of shareholder meetings, rather than board meetings, is positively associated with firm value. Tradable share ownership concentration has a positive and linear relationship with firm value, while state and total share ownership concentration represent U(V) shapes. Importantly, companies with the highest levels of both total share and tradable share ownership concentration have a greater firm values than companies with the highest levels of only a single concentration.

Cultural Values and Corporate Risk-Taking

Dale Griffin University of British ColumbiaSauder School of Business
Kai Li University of British ColumbiaSauder School of Business
Heng Yue Peking UniversityGuanghua School of Management
Longkai Zhao Peking UniversityGuanghua School of Management

We investigate the role of natural culture in corporate risk-taking using measures of income variability, R&D spending, and use of long-term debt. We identify three dimensions of national culture that should influence corporate risk-taking, and we isolate the effects of country-level and firm-level variables by using a hierarchical linear modeling approach. The three specific cultural values that we study – harmony, individualism, and uncertainty avoidance-- have both direct and indirect effects on our various measures of risk-taking. These results survive when we control for firm-level and country-level characteristics.

产权保护、主业变更与企业绩效

黄俊上海财经大学会计与财务研究院
张天舒 上海对外贸易学院上海对外贸易学院

针对我国上市公司频频发生的业务“变脸”行为,本文考察了产权保护对上市公 司主营业务变更的影响。研究发现,在产权保护越差的地区,公司更易变更自己的经营主业。 进一步的研究显示,由于国有公司更多地得到政府支持,产权保护对其主业变更的影响较弱; 而对于民营企业,主业变更则显著地受到产权保护的作用。短期内,通过改变主营业务公司 业绩得到改善;但长期来看,由于竞争力的缺乏和发展后劲的不足,主业变更公司的市场表 现较差。


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