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.

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.

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.

Modeling Farm Management Modernization： Case Study of Japanese Rice Farming Corporations

While conventional family-owned and family-operated farms remain the most common structure, the number of Japanese agricultural corporations has increased in recent years as a result of changing policies. Some of them are possibly starting to adopt modem corporate management practices to remain viable in a more competitive environment. However, changes in the business structure have not always been accompanied by changes in farm management practices. This study represents a theoretical and empirical investigation into farm modernization practices to provide perspective and recommendations to enhance farm business. Various aspects of farm modernization were considered, including temporal, economic and functional modernization. Critical elements of farm modernization were examined using a structural equation model of surveys, wherein questionnaires were delivered to 2,260 agricultural corporations across Japan in 2014 and 2016, generating 669 usable responses from rice farming corporations. Overall, these corporations demonstrated moderate degrees of modernization, indicating that they have not yet completely transitioned from conventional management styles to modem corporate management and that the farm-household complex system still exists for many of them. It was also found that farm modernization is significantly affected by both production and business management systems, although it was unclear whether a farmer＇s managerial capabilities were critical for farm modernization. The findings of this study indicate that current farming corporations may benefit from incorporating additional modernization practices. The analytical framework and results will help farmers to better understand their management practices and can be used to provide ideas for policy development to promote competitive farm businesses.

Study on the Current Implementation Situation of the Independent Director System in China＇s Listed Companies

The independent director system, as an effective measure to improve the corporation governance structure of China＇ s listed companies, is focused by more and more people at the capital market. In this paper, the proportion of independent directors in the board of directors, and the actual condition, compensation, and duties performing of independent directors are analyzed by taking A-share listed companies in Shanghai Stock Exchange as an example, so that the current implementation situation of the independent director system in China＇ s listed companies is analyzed deeply through the empirical method. Finally, suggestions for its imorovement are orooosed.

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.

Silent Large Shareholders and Entrenched Bank Management： Evidence from the Banking Crisis in Japan

Since the beginning of the 1990s, Japanese banks have become saddled with huge amounts of non-performing loans and a significant number of them have failed. We investigate the cause of this banking crisis that has jeopardized the stability of the financial and economic system. Following Hanazaki （2001）, we argue that the deficiency of effective corporate governance of banks in Japan has caused inefficient management. Our focus here is the role of large shareholders who happen to be banks and insurers. We argue that these large shareholders appear to collude or conspire with management instead of being tough monitors. Consequently, the management became entrenched. Our empirical results show that during the 1980s these ＂entrenched banks＂ extended more lending. Even after the collapse of the bubble in the 1990s, they did not dramatically undertake restructuring to cope with the accumulated bad loans.

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.

世界一流大学法人内部治理结构研究

大学内部治理结构体现治理过程中的权力结构组成和参与决策主体的特征,决定着大学治理能力的现代化水平。学习和借鉴世界一流大学内部治理经验范式,有助于推动世界一流大学建设进程,服务教育强国建设战略目标顺利实现。基于学界关于大学内部治理结构类型和价值维度划分,以美国加利福尼亚州立大学、日本东京大学、新加坡国立大学三所采用法人化治理模式的世界一流大学为研究对象,对其内部治理结构进行分析发现,大学法人内部治理结构在自律性、民主性、责权性方面存在各自特征和差异,其中,加利福尼亚州立大学在自律性、民主性、责权性三方面均表现出较高水平;东京大学强调责权性,在自律性和民主性方面水平相对较低;新加坡国立大学在自律性和责权性方面水平较高,但民主性水平较低。

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。

分权制衡:建立多元、开放的公共图书馆法人监督机制

推动建立法人治理结构,构建以公益目标为导向、内部激励机制完善、外部监管制度健全的现代管理体制和运行机制是实现公共图书馆治理现代化的重要时代命题。其中,建立专门监督机制,形成对公共图书馆决策和执行过程的有力约束和制衡,对保障各利益相关方权益,落实公共图书馆法人治理公益目标具有重要意义。文章对第七次全国县级以上公共图书馆评估定级中被评为一、二级图书馆的373家省、市级图书馆法人治理结构改革信息进行调查,结合各馆设置监事会/监事的情况,分析公共图书馆法人治理结构中的公共图书馆监督机制,综合法人内部治理和外部治理两方面要求,对构建各利益相关方广泛参与的多元、开放的公共图书馆法人监督体系提出建议。

公司治理结构与会计信息质量研究

对当前的企业管理系统而言,公司的运营模式和财务数据质量都是关键议题,并且两者间具有明显的联系。确保财务信息的准确性是提升公司收益的关键因素,而健全的管理体制则是保障财务数据质量的基本要求。此外,高标准的财务报告可以为公司决策提供精确的数据支持,并有助于提高管理的效率,从而推动建立更全面、有效的经营策略框架。

控制权争夺动因和社会资本参与影响研究——以奥马电器的控制权争夺为例

控制权是公司治理机制及利益相关者实现利益最大化的核心因素,因此,控制权争夺成为各利益相关者博弈的主题。在控制权争夺的过程中,公司大股东和公司创始团队的社会资本运作能起到不可忽视的作用。基于控制权争夺动因和社会资本影响的视角,通过对奥马电器控制权争夺的案例研究,以社会资本理论、公司治理理论、委托代理理论为基础构建理论框架,探究奥马电器被控股的成因,分析奥马电器控制权争夺的历程和公司价值的发展趋势,重点剖析社会资本在奥马电器的控制权争夺过程中产生的影响。研究发现:社会资本对企业发展具有促进利益共享、降低交易成本、高度集中控制权等益处,是企业获得控制权不能忽视的关键因素。同时对于控制权争夺过程中企业价值如何更好发展提出了可行性建议和启示。

气候治理行动与企业环境责任履行——来自气候适应型城市建设的证据

气候治理行动对于应对日益严峻的气候危机及其灾害性影响至关重要。以2017年气候适应型城市建设为契机,基于2013—2020年中国A股上市企业的经验数据,使用双重差分法探究气候治理行动对企业环境责任履行的影响。结果表明:气候治理行动能显著促进企业履行环境责任,且随着时间推移,这种促进作用不断增强。机构投资者持股和多样化董事会作为重要的内外部治理机制,所产生的监督效应和治理效应可以有效加强气候治理行动对企业环境责任履行的积极影响。对作用机制的探索发现,气候治理行动促进环境责任履行的主要传导机制在于诱发企业绿色创新效应。异质性分析表明,气候治理行动对气象灾害严重、温室气体高排放地区的企业及高数字化转型、重污染企业的促进效应更明显。上述研究结论揭示了气候治理行动与企业环境责任承担之间的紧密联系,为实现气候变化应对和可持续发展提供了重要启示。

分税制下财政治理现代化的双重内涵与建构路径——基于结构功能主义的视角

财政治理现代化决定了国家治理体系和治理能力的现代化。分税制财政体制已经从“适应市场经济体制”转型为“匹配国家治理现代化”,作为中国式现代化的重要内容,分税制下财政治理现代化具有纵横协同治理体系现代化和权、责、利相统一的治理能力现代化的双重内涵,前者呈现出治理主体间的三重结构,后者则呈现出治理功能上的四重维度。纵横协同的治理体系优化需要实施“有效市场”与“有为政府”的衔接配合、增强统一领导与“两个积极性”的有机联动以及落实“省负总责”与“分级负责”,而权、责、利相统一的治理能力现代化则需要优化配置事权、支出责任与财力、财权,将纵横协同的治理体系优势转化为国家治理的效能。结构功能主义的研究范式有助于阐释中国式财政治理现代化的规范内涵,并为新一轮财税体制改革提供理论依据和制度支撑。

学习型治理:中国式现代化的源头活水

知识是人类社会最为重要的财富,是解决各种社会公共问题的基础,也是国家治理与善治的支撑。人类社会的发展就其本质而言是知识的积累、扩展与深化。国家治理需要掌握与运用人类社会领域的全域知识,处理解决各种模糊复杂而又密切关联的劣构问题。党的十六大以来,中国国家治理者逐步探索形成了政治局集体学习制度,对经济、政治、社会、文化、生态、科技等各个社会领域的知识和问题展开深入的理论学习和实践研讨。这些集体学习具备强烈的历史与全球导向,可以深化治理者对人类社会与世界格局的理解与认知,为国家治理进行知识储备,有力支撑了改革开放以来国家的健康发展。在百年未有之大变局的时代背景下,国家之间的竞争集中体现为国家治理者在全域知识上的学习、理解与运用,国家治理者的知识广度和深度决定着国家治理的绩效和成败。

双重股权结构在公司治理中的应用研究

随着中国经济体制改革的加速,外部投资市场资金的流入给上市公司带来了不少机遇。然而,机遇往往伴随着挑战,如何在吸引外部资金的同时,保障创始人的控制权并确保公司的长期稳定发展成为了一个亟待解决的问题。在这样的背景下,双重股权结构应运而生,成为保障创始人控制权的重要手段。文章阐述了双重股权结构的概念、特征、优势与不足,并结合公司治理对双重股权结构的应用提出了针对性的建议,对促进我国资本市场和企业的健康发展具有重要意义。