Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the da...Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the data of Chinese listed companies from 2012 to 2016,this paper included government administrative penalties regulation into the study of factors influencing corporate financial performance and conducted an empirical analysis.The research shows that punitive supervision has a significant negative impact on corporate financial performance;rectifying the effect on financial performance would increase the operating cost.Simultaneously,the degree of punitive supervision will also affect corporate financial performance,with the financial performance of listed companies subjected to severe punitive supervision being poorer.展开更多
In the environmental protection field of China,due to“lower law-breaking cost but higher law-abiding cost”,it is a common case that the enterprise chooses to break through the law on purpose.The punishment to the un...In the environmental protection field of China,due to“lower law-breaking cost but higher law-abiding cost”,it is a common case that the enterprise chooses to break through the law on purpose.The punishment to the unlawful practices by the law directly decides the law-breaking cost of the enterprise,furthermore,influences the willingness to abide by the law and the trend to break through the law.The law-breaking cost of enterprises is jointly decided by the administrative liability,civil liability and criminal liability.However,in China,the enterprises breaking through the law are mainly penalized for the administrative liabilities,focusing less on the civil compensation liability on the environmental damage and criminal liabilities on the environmental crimes.Nevertheless,a complete environmental liability system is composed by administrative punishment,civil compensation and criminal sanction,none of which is dispensable.There-fore,the three layers defense could be established on punish ing and deterring the environmental law-breakers.Considering all three aspects,administrative liability,civil liability and criminal liability,this paper analyzes the systemic disadvan-tages of the current environmental administrative punishme nt,civil compensation and criminal sanction in China,and inves-tigates the legitimate reasons for the higher law-abiding cost compared with the law-breaking cost,and it is finalized with the measures and suggestions to solve this problem.展开更多
文摘Financial performance is an indicator to measure the strength of a company’s business operation capability,which is of great concern to enterprise managers,external investors,and government regulators.Based on the data of Chinese listed companies from 2012 to 2016,this paper included government administrative penalties regulation into the study of factors influencing corporate financial performance and conducted an empirical analysis.The research shows that punitive supervision has a significant negative impact on corporate financial performance;rectifying the effect on financial performance would increase the operating cost.Simultaneously,the degree of punitive supervision will also affect corporate financial performance,with the financial performance of listed companies subjected to severe punitive supervision being poorer.
基金This work was supported by the task force by the Center for Industrial Development and Environmental Governance,Tsinghua University,Beijing,China.
文摘In the environmental protection field of China,due to“lower law-breaking cost but higher law-abiding cost”,it is a common case that the enterprise chooses to break through the law on purpose.The punishment to the unlawful practices by the law directly decides the law-breaking cost of the enterprise,furthermore,influences the willingness to abide by the law and the trend to break through the law.The law-breaking cost of enterprises is jointly decided by the administrative liability,civil liability and criminal liability.However,in China,the enterprises breaking through the law are mainly penalized for the administrative liabilities,focusing less on the civil compensation liability on the environmental damage and criminal liabilities on the environmental crimes.Nevertheless,a complete environmental liability system is composed by administrative punishment,civil compensation and criminal sanction,none of which is dispensable.There-fore,the three layers defense could be established on punish ing and deterring the environmental law-breakers.Considering all three aspects,administrative liability,civil liability and criminal liability,this paper analyzes the systemic disadvan-tages of the current environmental administrative punishme nt,civil compensation and criminal sanction in China,and inves-tigates the legitimate reasons for the higher law-abiding cost compared with the law-breaking cost,and it is finalized with the measures and suggestions to solve this problem.
