Research on the Influence of Equity Structure on Corporate Performance

Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.

Systematic analysis of corporate environmental responsibility:elements,structure,function,and principles

Corporate Environmental Responsibility(CER) is the subsystem of Corporate Social Responsibility(CSR),which continues to increase prominence in the global economy.Nowadays,CER becomes more important in corporate sustainable development.Based on Carroll's pyramid mode of CSR,this article explores the systematic feature of CER.From a systematic perspective,it sorts out its elements,structure,function,and principles of CER.And the four levels of economic,legal,ethical,and charitable structure are emphasized.With these considerations interpreted into practice,success will be achieved in potential cost savings,technological innovation,increased public acceptance,and better relations with governments.

Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms （Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011）

The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.

Research on the Impact of Market Competition, Ownership Structure, and Corporate Social Responsibility

This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.

Arrangement for Capital Structure in the Framework of Corporate Governance

Using the method of principal component analysis, the paper conducts a systematic study on the issue of how corporate governance influences capital structure. The study manifests the results that the proportion of circulation shares, the ability that other big shareholders contend with the first biggest shareholder, the proportion of corporation-owned shares, and the frequency of directorate meetings all have a positive relationship with the liability level. Meanwhile, the concentration degree of owners＇ equity, the proportion of state-owned shares, the phenomenon that one person serves as both chairman of directorate and general manager, and the intensity of competition in product market are all negatively related to the level of debt. Finally, the scale of directorate, the proportion of independent directors as well as the percentage of management-owned shares have no significant relationship with the capital structure. The statistic analysis also shows that the proportion of independent directors of some Chinese listed companies does not meet the regulation of the CSRC. In addition, the paper tests the impacts of corporate operating characteristics on capital structure.

The Analysis of the Governance Effect of Chinese Public Corporation Based on Capital Structure

Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decides the level of the corporate governance to a great degree. This paper discusses the governance effect of Chinese public corporation in the view of capital structure. At last, the author suggests that the government should change the state of state-owned stock which takes a great proportion, make the state-owned stocks and corporation stocks enter and circulate in the market, develop investment banks, promote the stockholder＇s rights to circulate and recombine, enhance the supervision and the management of the stock markets, perfect the mechanism of the market＇s operation, set up the mechanism of the way to protect to pay back the debt, perfect the system of bankruptcy and develop the way of bond-financing, offset the drawbacks of the indirect-financing among banks and so on. All of the advice was given to perfect the public company＇s capital structure and improve the efficiency of the corporate governance.

STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

Corporate governance mechanisms and firm valuation in Malaysian listed firms： A panel data analysis

Corporate governance mechanisms emerge to tackle agency problems in ensuring that shareholders＇ funds are not expropriated or wasted on unprofitable activities. The issue arises as to whether these improvements have been effective in reducing agency costs, and therefore enhancing firm value. The objectives of this paper is to examine the effects of governance mechanisms of dividend, types of ownership structure, and board governance on firm value. This paper utilises a panel data analysis of 403 firms listed on the Bursa Malaysia over a four-year period from years 2002 to 2005. A hierarchical regression analysis is used to test the hypotheses and the data is analysed using the generalized least square （GLS） estimation technique. Overall, the results highlight the importance of moderating role played by board governance variables with types of ownership structure to influence firm value. However, the benefits of better corporate governance through enhanced board governance are not the same across all firms since their incentives vary with respect to dividend and different types of ownership structure mechanisms.

Managing Dynamics in Corporate Networks

A crucial issue in collaborating in manufacturing corporate networks between different companies is to identify to what extent different strategic and operational decisions need to be coordinated between the involved companies. In this paper, we elaborate on the issue of synchronization and coordination of information flow based on interconnectivities between companies in order to coordinate a corporate network by the means of DSM, Dependence Structure Matrix. The results show that DSM can be used to identify interconnectivities, dependencies on information flow among actors in a network and to identify which information needs to be shared between companies in the network.

Comparative Analysis of Managerial Ownership and Its Effect on Corporate Performance in Selected Asian and European Transition Economies

This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific unification of ownership and control on corporate performance. Findings in the paper are based on research that produced empirical data for Croatia which is subsequently compared with evidence from other Asian and European transition countries facing the same issues. Consequently, transitional ownership structures, influenced by actual privatization process, like emergent corporate governance mechanisms, highly concentrated ownership and undeveloped markets for corporate control are also described. Research findings show that direct or indirect managerial ownership are important phenomena in transition countries, research has also shown that stable and concentrated managerial ownership have positive effects on firms＇ profitability in the observed transitional environments.

Board independence, ownership structure, audit quality and income smoothing activities： A study on Malaysian market

The 1997 economic crisis faced by many East Asian economies has generated a substantial amount of debate largely focused on issues such as the roles and functions of good corporate governance （CG）. Lack of transparency has been singled out as the major culprit of the crisis and it has been alleged to cause management to indulge themselves in unhealthy activities such as income smoothing （IS） act. The paper extends Nasuhiyah, Hian, Sob and WEI （1994） by incorporating contextual variables that proxy for CG, ownership structure and audit quality. The empirical analysis is conducted on a sample of Bursa Malaysia listed companies for a period between 1991 and 2000. The main intention of taking this time span is to observe to what extend has previous business operations inculcated the feature of CG in the running of their companies＇ activities despite not being obligatory for them to uphold. The results showed that the existence of non-executive directors and the presence of brand name auditors to be significant in hindering the management from indulging in IS. The study opens the way for a richer understanding of the links among CG, ownership structure, audit quality and IS in Malaysia.

Association Model Among Competitive Advantage Factors and Corporate Performance

This study sought to answer the following question： The empirical model in which strategic planning affects innovation and competitive advantage and how does this influence corporate performance perceived by the CEOs of companies in Monterrey, Nuevo LEon, does this have an acceptable outcome in regards of the theoretical fit model？ This study was empirical, quantitative, descriptive, exploratory, explicative and transversal in nature. The studied population consisted of executives who attended the training sessions of the Institute of Public Accountants of Nuevo Le6n （IPANL）. For this study, a sample of 134 executives was selected by convenience sampling. For the data collection, an instrument of 94 indicators was elaborated and the indicators within the study were the following： 31 indicators for strategic planning, 15 indicators for innovation, 24 indicators for competitive advantage, and 24 indicators for corporate performance. The null hypotheses were analyzed using multivariate analysis denominated as a structural equation model, utilizing maximum plausibility methods. According to the selected structural equation indexes, the obtained results show that the proposed model had an acceptable goodness of fit index.

债务展期、期限结构与企业创新

企业创新需要持续稳定的资金支持,但中国企业融资主要依赖的银行贷款却是以短期贷款为主,故债务展期对企业创新的影响尤其值得关注。利用2007年银行贷款展期政策调整的准自然实验,本文实证研究发现:(1)银行收紧贷款展期政策后,原本更依赖短期贷款的企业创新活动不仅未有减少,反而明显增加,专利申请和发明专利申请数量平均增长了近28%。(2)渠道检验显示,银行收紧贷款展期后,原本更依赖短期贷款的企业显著增加了长期贷款且债务融资成本并未显著提高,面临的融资约束程度明显降低,无形资本投资明显增加。(3)异质性检验结果显示,上述现象仅出现在大企业和国有企业,这可能是因为大企业和国有企业有较强的贷款谈判能力。总之,本文的研究结论表明,银行收紧贷款展期使企业从短期贷款转向长期贷款,融资稳健性的提升有利于企业创新,但在此过程中要特别重视可能对民营中小企业的不利冲击。

高管薪酬结构与企业创新——基于高管风险承担视角

创新是企业获得技术优势的重要行为,有助于国家实现高水平科技自立自强,高管是企业做出创新决策的主体。以2008—2021年中国沪深A股上市公司为研究对象,对高管薪酬结构影响企业创新的效应及作用机制进行了实证检验。研究发现,随着高管薪酬结构中股权薪酬比例的提升,企业创新投入水平呈先上升后下降的倒“U”型趋势。进一步地,以激励物的Delta指数和Vega指数为度量的高管风险承担在薪酬结构影响企业创新的路径中发挥了中介作用。异质性分析表明,高管股权薪酬对企业创新的正向激励效果仅显著存在于非国有企业和位于高市场化程度地区的企业当中。因此,企业要制定合理的薪酬结构,适当提高股权薪酬占比,并注重改善激励环境提升高管的风险承担能力,为企业创新创造良好的内外部环境。

董事网络位置对企业风险承担的影响研究——来自中国上市公司的经验证据

风险承担是企业实现持续发展的重要因素。基于社会网络视角,本文运用中国A股上市公司2011~2022年的样本数据,实证研究了董事网络位置对企业风险承担的影响及其作用机理。结果表明:董事网络中心度显著提升了企业风险承担水平,结构洞对企业风险承担起到显著的抑制作用。知识溢出在董事网络中心度以及结构洞对企业风险承担的影响中均发挥遮掩效应;进一步研究发现,经济政策不确定性正向调节董事网络位置对企业风险承担水平的影响。基于研究结论,企业应该合理构建董事网络关系;优化董事网络结构,适度获取外部知识,提升决策质量。

多维驱动因素联动效应对企业数字化创新的影响——基于SEM与fsQCA的实证分析

随着云计算、大数据、人工智能等数字科技蓬勃发展,数字化创新深刻影响着企业创新与运营模式。利用结构方程模型(SEM)与模糊集定性比较分析方法(fsQCA)分析技术不确定性、市场不确定性、企业家精神、组织学习、组织忘记对企业数字化创新的影响。结果发现:技术不确定性、市场不确定性、企业家精神、组织学习、组织忘记和数字化创新6个要素存在因果线性关系,并发现学习主导型、市场驱动学习型和市场主导型3条数字化创新路径,以及3条非高数字化创新路径。其中,市场驱动学习型最有可能激发数字化创新。结合结构方程模型(SEM)分析结果,比较上述6条路径发现,数字化创新的影响因素具有非对称性,3条非高数字化创新路径并不是3条高数字化创新路径的对立面。

企业税负结构、税收成本粘性与全要素生产率

从税源的纳税人结构来看,我国税收收入主要源于企业,宏观层面的税制结构在微观领域主要投射为企业税负结构,税制结构对经济效率的宏观影响会通过企业税负结构对微观全要素生产率的促进或抑制来实现。因此,基于上市公司微观主体实证检验企业税负结构变化对微观全要素生产率的影响,可以验证税制结构对经济效率的宏观治理效应。研究结果表明:现行以间接税为主的企业税负结构对全要素生产率具有显著的抑制作用,具体表现为企业增值税负与企业所得税负比值越大,对全要素生产率抑制作用越强。进一步研究结果表明:企业税负结构是通过增加税收成本粘性对全要素生产率产生抑制作用;在当前税收立法水平与税制安排下,税收征管在企业税负结构抑制全要素生产率中发挥了正向调节作用。

我国公共图书馆法人治理结构建设实践的文本表征——基于公共图书馆章程的考察

在法人治理结构建设背景下,章程是公共图书馆理顺内外关系、确立决策与管理体系的根本性规章。本研究对我国5省的74家省市级公共图书馆官方网站进行调查,获取17份包含法人治理结构建设内容的章程文本,从组织目标、管理运行架构、理事长与馆长的产生、运行规范4个方面,分析法人治理结构在其中的表现与设计情况,发现在公共图书馆章程中关于法人治理结构的设计尚存在组织目标不够完备、管办分离有待深化、监督机制设计不完整、信息沟通反馈机制尚待健全等问题,建议从加强组织目标设计、强化理事会职权、健全监督机制、完善配套制度建设和建全信息沟通反馈机制等方面进行优化。

公共图书馆理事会的多元构成及其履职情况分析——以京津冀地区16家公共图书馆为例

理事会的构成和运行情况是公共图书馆法人治理结构改革的重要指标,可以直接反映改革的具体成效。本文对京津冀地区43家公共图书馆进行调研,遴选16家公共图书馆作为数据样本,对图书馆理事会成员结构、理事长任职、理事会履职情况等进行分析,对京津冀公共图书馆法人治理结构改革提出完善“多元共治”新治理格局、深化“管办分离”、完善制度体系建设等优化建议。