国有资本的放大与控制

随着我国经济体制改革进一步向纵深推进，国有资本的放大与控制成了必须认真研究的课题。资本要放大，要混合，同时要保持控制，这本身就是一对矛盾。按照十六届三中全会新决定的精神，需要由国有资本控股的企业，应区别不同情况实行绝对控股或相对控股。不一定绝对控股，而允许相对控股，这大大地拓宽了国有资本控股的思路。

宁夏银行信息披露事务探析

商业银行对外披露信息,有助于银行的存款人、投资者和其他相关利害关系人了解其经营业绩、财务状况、风险管理、风险暴露、会计政策、经营管理和公司治理等信息,分析判断银行的经营状况和风险状况,在维护自身利益同时,也有利于从外部加强对银行的监督,促使其完善公司治理结构,强化内控制度,提高经营水平和经营绩效。作为一家跨区域经营的城市商业银行,宁夏银行自2002年起编制年度报告,2008年起发布社会责任报告。

Quality of Accounting Information and Internal Audit Characteristics in Nigeria

The basic goal of accounting is to provide quality accounting information that will aid reliable decision-making. The quality level of this accounting information comes from the company＇s governance practices, thereby emphasizing the importance of corporate governance in companies. Recently, following the financial crises resulting in accounting scandals, attention has been moving towards internal audit function as an important factor in the structure of corporate governance. This paper therefore examined the extent of the relationship between internal audit function and the quality of accounting information of companies. The study adopted the survey research design. The research instrument employed was questionnaire which was administered to internal auditors of the ＂Big Four＂. Linear regression analysis was employed in the analysis of the data collected with the use of Statistical Packages for Social Sciences （SPSS）. The results revealed that there is a significant relationship between the internal audit characteristics and the quality of accounting information. It was recommended that in order to provide credibility to the financial statement, there should be a law in place mandating attachment of internal auditors report to the financial statement.

The Impact of Corporate Governance on Banks Performance and Loan Quality： Evidence From Italian Cooperative Banks

In the banking system, a context characterized by growing instability and by the speed of evolution of business dynamics, the system of corporate governance plays a key role, both for large banks and for banks with a smaller size. The paper aims to investigate the influence of corporate governance of the banks that operate in the cooperative credit system on performance and quality of loans, over the years 2010-2011-2012. In order to achieve this aim, the following research hypotheses have been formulated： There is a statistically significant relationship between the size and the structure of the board and banks Performance operating in the cooperative credit system; there is a statistically significant relationship between the size and structure of the board and the credit quality of banks operating in the cooperative credit system. The analysis is conducted on a sample composed of 48 Italian banks, divided into 24 cooperative banks and 24 popular banks. The sample is made up of banks from all over Italy and very different in terms of dimension. For the sample construction, data relative to governance of banks were collected from the balance sheets in the period from June to August 2014. Financial-economic data were collected from the Financial Statements and from Bankscope database. The methodology of analysis is based on multivariate OLS （ordinary least squares） regression models. The main results refer to the presence of significant relationships between board dimension and the quality of loans and among the number of committees and performance and the quality of loans. The presence of a significant and negative relationship between the board dimension and the ratio of impaired loans to gross loans indicates the possibility that enlargement of board dimension allows a better quality of loans. The presence of a positive relationship between the number of committees and the ratio of impaired loans to gross loans signals the possibility that a greater number of committees can produce a worse quality of loans. The presence of a negative relationship between the number of committees and bank performance suggests to limit and manage the complexity of governance in banks operating in the cooperative credit system.

An Overview of the New Listing Rules and Corporate Governance Best Practice in Sri Lanka

Corporate governance represents institutional structures and incentive mechanisms that are implemented in order to mitigate the principal-agent problem and to thus promote the long-term competitiveness of the firm. The purpose of this paper is to examine the nature of corporate governance best practice and the new listing rules in Sri Lanka. The paper discusses the evolution of the corporate governance best practice giving special reference to the new listing rules in Sri Lanka, Sri Lankan stock market overview and the importance of best practice governance for the developing economy of Sri Lanka. Corporate governance practices in Sri Lanka has made a progress towards best practice, but, this paper argues, that substantial reforms need to be implemented to effectively promote and sustain the accountability and transparency.

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.

Board of Directors, Independent Directors and Audit Fees： Based on the Empirical Data of the GEM of China

As one of the alternative variables of audit quality, audit fees have been researched widely in the Mainboard of China stock market, but empirical research based on the GEM （Growth Enterprise Market） of China is very few. From the perspective of GEM of China, this article observes and studies the impact of corporate governance structure represented by board of directors and independent directors on audit fees. This article selects the data of 348 listed companies in the GEM of China in 2012, proves that there is a positive correlation between the number of meetings, independent directors＇ salaries and audit fees through the use of multiple linear regression model, and accordingly proposed suggestions that improve the corporate governance structure of the GEM of China.

Analysis of the development and application of incomplete contract theory based on the basic theory of economics

Incomplete contract theory （GHM-model）, namely, GHM model, Grossman-Hart-Moore model, GHM model or called ownership - control model by Grossman and Hart （Grossman ＆ Hart, 1986）, it is established by Hart and Moore （Hart ＆ Moore, 1990） and other cofounder, so this theory is also known as GHM theory or GHM model. Domestic scholars generally call their theory incomplete contract theory or incomplete contract theory, because the theory is ba^ed on the following analytical framework： They use the incompleteness of contracts for research as starting point to property or （ residual ） optimal control with Ge for research purposes. It is the most important analytical tool for analyze business theory and corporate governance structures with Ge control incentives to obtain the information. GHM model directly inherit the transaction cost theory by Coase, and Williamson, and it is a critical development. Among them, the 1986 model is mainly to solve the integration problem of assets, in 1990, the model evolved into a general model of asset ownership.

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.

Moving Towards a New Era in Corporate Governance Research Methods

Corporate governance is a relatively young field. Nonetheless, the research in this domain has been growing at an impressive speed in recent decades. Analysis of corporate governance has become a key factor in our understanding of corporations in recent years, and an indicator of investor confidence in the decisions is taken by the managers and board of directors of the listed companies. This paper evaluates both qualitative and quantitative techniques that are implied in corporate governance field. The methodological techniques are a key element of the research process In this article, the authors developed a content analysis of the published empirical research in order to expose a possible gap between what is currently done versus what needs to be done in terms of the techniques of data analysis used in corporate governance field. The results of this study allow the authors to draw some valuable conclusions regarding the trends in methodological techniques that support the evolution of corporate governance. The findings indicate that, in general, the researchers are inclined to more sophisticated quantitative techniques. However, the use of qualitative techniques remains preponderant among corporate governance scholars.

Governance Structure, Surplus Free Cash Flow （SFCF）, and Earnings Quality： Evidence From Malaysia＊

Prior researches focus mainly on the relationship between governance structure and earnings quality. Unlike the previous researches, this study attempts to empirically examine the role of surplus free cash flow （SFCF） as a moderator in the relationship with the new requirements of Malaysian code on corporate governance （MCCG）. By using the estimated generalized least square （EGLS） upon a sample of Malaysian firms, the results show that firms with an independent chairman experience persistent earnings numbers. The results also demonstrate that the current earnings of finns with small boards and independent audit committee members are more likely to persist in the future, when SFCF is high. However, in contradiction to the authors＇ expectation is the significant, but negative and interactive effect of current earnings and audit committee competence on earnings persistence. The findings, though disappointing, suggest investors to consider both the governance structure and free cash flow （FCF） agency problem when evaluating the sustainability of firms＇ earnings. They also call for more independent directors, effective meetings, and more competent audit committee members.