An Empirical Research on the Relationship between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the smaller scale of the board of the directors is, the better performance is. With the ownership structure changing better, the structure of the board of directors will change better and promote the performance. The duality leadership structure doesn＇t affect the corporate performance. The fundamental method for the governance effectiveness of the board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human .

A Study of the Role of the Board of Directors in Corporate Governance Based on UK Listed Companies

Companies are directed and controlled by corporate governance.It acts on the company internally and externally.The board of directors is responsible for the governance of the company;that is to say,the board of directors is the brain of the company,while corporate governance is the blood distributed throughout the company,which not only supplies blood to the whole,but also reflects the situation.Therefore,with regard to the role of the board of directors in corporate governance,this paper objectively analyzes the importance of the board of directors in corporate governance from theory to practice and from the internal composition of the board of directors to the impact of the board’s actions on the enterprise as a whole based on United Kingdom(UK)listed companies.

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.

Net Pension Liability Impact on School Districts after Incorporation of Governmental Accounting Standards Boards (GASB) Statement Number 68

This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.

The Mediating Effect of Corporate Governance on the Relationship Between Accounting Information and Stock Market Return of Listed Entities in Ghana

The study examined the mediating effect of corporate governance on the relationship between accounting information and stock market returns of listed entities on the Ghana Stock Exchange.The population of the study was forty(40)listed entities from 2007-2019 with 520 firm-year observations.The study applied a panel regression model that takes unobserved individual heterogeneity and distributional heterogeneity into consideration.In addition,the study employed cross-section dependence test,Levin-Lin-Chu,ImPesaran,Pesaran,Kao,and Larsson cointegration test,fully modified ordinary least square(FMOLS),and dynamic ordinary least square(DOLS).The results of unit root test showed that all the variables are integrated at first difference.Moreover,the results of cointegration test revealed that accounting information variables were cointegrated in the long run.The result of FMOLS and DOLS further revealed that all the accounting information variables with the exception of OCFPS and NTA have a direct insignificant relationship with the stock market return.The study revealed that corporate governance which was proxied by board size also strengthens the relationship between TAT and stock market return and NTA and stock market return at 5%significant level under FMOLS and DOLS respectively.

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.

董事会断裂带、内部控制与审计质量——基于制造业上市公司的数据

断裂带的存在极容易使董事会形成不同的子群体,而子群体间的相互作用又会反向牵制和干扰董事会的监督能力,进而影响审计质量。以2013—2021年中国沪深A股制造业上市公司为样本,探究董事会断裂带对审计质量的影响。研究发现:首先,董事会断裂带与审计质量呈倒U形关系,断裂带异常会干扰公司董事会监督职能的正常发挥,从而影响审计质量;其次,董事会断裂带与审计质量的倒U形关系主要源于任务导向断裂带的作用,在企业成熟期更为显著;最后,内部控制能够削弱董事会断裂带对审计质量的影响,而良好的内部控制有助于缓解股东与管理层的代理成本,弥补董事会子群体间冲突带来的负面影响,在合理范围内有效地提升审计质量。

颠覆性技术创新治理研究与启示——以英国高级研究与发明局建设模式为例

为巩固全球科学超级大国地位,2022年以来英国陆续出台相关法律和政策,支持成立英国高级研究与发明局,并将其作为法定机构进行治理。本文首先通过分析ARIA相关的法律内容与政策举措,梳理其最新进展;随后分析了ARIA与美国国防高级研究计划局、英国研究与创新署的区别;最后提出了探索成立法定机构来支持颠覆性技术发展和强化创新主体非常规科技创新活动治理能力等建议。

薪酬治理、研发创新与企业上市:基于联想集团的案例研究

从定位及规则角度看,科创板最显著的标签就是企业的科创属性。企业在上市时,应把握各板块特点,识别适合发行人的属性,找准公司上市定位,以促进公司的可持续发展。本文以联想集团申报科创板上市为例,分析其科创投入与科创属性、高管薪酬治理,探究其上市过程中存在的问题,对其他红筹企业回归A股具有一定的启示意义。

业绩变动、董事会治理与高管离职行为研究

本文基于2000—2020年上市公司高管数据,论证了公司业绩与CEO离职率之间的逻辑关系,同时探讨了董事会治理的作用逻辑,为上市公司治理团队建设提供政策建议。研究发现:(1)业绩和CEO离职率间关联性比预期更强,绩效原因导致的CEO离职率占总离职率比重估计值在52%—57%,大于强制型或自愿型离职率所占比重;(2)CEO任期内都可能会发生绩效引致型离职,由于董事会评估CEO能力的准确性随任期增加而提高,CEO任期初绩效引致型离职概率更大,而任期末离职率变小,但下降速度比较缓慢;(3)董事会学习能力可以解释自愿型和强制型离职率的变动,但对绩效引致型离职率变动的解释可能会出现偏差,因为存在多种非绩效因素导致CEO离职;(4)董事会对CEO能力的了解比较缓慢且受到任期内企业绩效变动的冲击,冲击越大,董事会了解的信息越不准确,绩效引致型离职率越低。本文从新视角揭露了上市公司CEO离职的内在机理,传统的强制型和自愿型离职行为可能不全是真相,绩效引致型离职比较容易被忽视。长远来看,关注绩效引致的CEO离职可以帮助企业预防重大绩效风险,实现绩效的长期稳定增长。

董事会非正式层级如何影响管理层年报语调操纵?

非正式层级是董事会发挥监督及治理作用的隐性因素,而这一隐性治理机制对于年报文本信息披露的影响及作用机理仍鲜有研究。本文利用2010—2021年沪深A股非金融上市公司数据,在理论分析的基础上实证检验董事会非正式层级对管理层年报文本语调操纵的影响。研究结论表明:更为清晰的非正式层级有助于董事会高效行使治理与监督职能,进而能够对管理层操纵年报文本语调发挥抑制效应;从作用机理上看,抑制效应可能通过协调代理关系、增强披露意愿及扩大资源掌控等作用路径得以实现;此外,从横截面检验结果看,抑制效应因受到来自董事会及企业特质层面的一系列异质性因素影响而呈现出差异化表现。

董事会非正式层级与企业绿色创新

党的二十大报告指出,要站在人与自然和谐共生的高度谋划发展。绿色创新是解决目前环境问题与经济发展之间矛盾的有效手段。在中国关系本位社会的文化和制度背景下,董事会非正式层级能否在企业绿色创新实践中发挥治理作用是值得关注的重要问题。本文以我国2010—2020年沪深A股上市公司为样本,研究发现董事会非正式层级越清晰,企业的绿色创新水平越高,包括绿色创新数量与质量双重维度的提升。机制检验表明,管理者自利行为在两者之间发挥中介作用。进一步分析结果显示,在企业内部控制较好、媒体关注度较高、融资约束程度较低以及政府环保补助较多的情境下,董事会非正式层级对绿色创新的促进效应更为明显。本文从微观运作层面为理解董事会治理和绿色创新提供一种新的视角和结论,对于优化董事会治理和提高企业绿色创新水平具有重要借鉴意义。

数字普惠金融、政府补助与融资约束:来自中小板高新技术企业的经验证据

以2011—2021年中小板高新技术企业为研究对象,对数字普惠金融、政府补助与企业融资约束之间的关系进行的实证分析发现:首先,数字普惠金融显著缓解了中小板高新技术企业的融资约束,且这一效应随政府补助的增加而加强;其次,分维度来看,数字普惠金融覆盖广度对融资约束的影响显著为负,且政府补助能够发挥积极的调节作用;再次,异质性分析表明,对于使用非“四大审计”、成立年限较长、所在地区经济发展水平较低、所在地区银行竞争程度较低的企业,数字普惠金融对其融资约束的缓解作用更显著,政府补助的调节效应也更强。

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。

政务新媒体互动内容分析及诉求回应研究——以人民网留言板数据分析为例

[研究目的]网络问政已成为新时代主要的政民互动方式之一。通过充分挖掘网络政民互动内容的特征,可以了解民众的民意诉求,亦可以及时发现地方政府部门工作中有待改善之处。[研究方法]根据框架理论,采用自然语言处理技术挖掘中部超大城市领导留言板互动内容中的语言特征、内容特征及行为特征,并分析不同特征间的潜在关联。[研究结论]研究表明,语言特征方面,民众留言弱者框架的占比最高,抗争框架所占比例较低。政府偏好使用描述话语和共情话语,规则话语的使用频次较低。内容特征上,各项领域内容特征与城市统计年鉴相应数据存在关联性,能够客观反映各领域存在的问题,且通过聚类能够有效发掘热点议题和实体辅助政府回应。行为特征方面,民众投诉/求助类留言比例与人均地区生产总值具有相关性。政府回复的行为特征与民众留言的内容特征存在潜在关联,其中政府行为的处理类型受民众留言的内容特征影响最大,缺乏关注语言特征和行为特征。

公司治理水平与数字化转型:来自上市公司的证据

基于股东、董事和高管视角,构建了包含股东网络、股权集中度、董事会多样性和传统技术导向型高层管理团队在内的公司治理水平指标,以中国3040家沪深A股上市公司为样本,探讨公司治理水平对数字化转型的作用机制。研究发现:公司治理水平是企业进行数字化转型的关键驱动因素;另外,公司治理水平不同维度指标的影响机制表明,股东网络降低了企业的融资约束,股权集中度增加了企业的风险承担,董事会多样性增加了企业的创新能力,从而推动了企业的数字化转型;而传统技术导向型高层管理团队降低了企业的战略执行,阻碍了企业的数字化转型。

机构伦理审查信息化管理系统的建设与实践

随着社会进步,科技研发活动全球化发展,医疗机构伦理委员会审查项目日益增多,电子信息化的建设及管理显得异常重要。在机构伦理审查电子信息化建设的过程中应基于科技伦理治理的新政策,考虑机构伦理委员会的制度和标准操作规程,并结合工作实际制定合理的流程,简化人工操作,提高项目管理的准确性,做到精细化管理,方便研究者、伦理委员会秘书及委员的沟通交流。

监事会/监事视角下公共图书馆法人治理结构优化研究

公共图书馆法人治理结构将决策权、执行权、监督权分别交由不同机构,对于有效落实图书馆法人自主权、实现图书馆治理具有重要意义。本文根据前期对全国365家市(地)级以上公共图书馆法人治理结构实践情况的网络调研结果,从监事会/监事视角切入,将公共图书馆法人治理结构划分为二元—监事缺失型、二元—监事内嵌型、三元—监事会独立型3种类型,分别对不同类型中监事会/监事与理事会、管理层之间的权力制衡关系进行分析。尝试在章程中明晰监事职责、优化监事产生方式、支持监事开展常态化评价工作等方面,提出公共图书馆法人治理结构优化策略,以期促进公共图书馆法人治理结构科学化和规范化发展。

世界一流企业董事会组织模式研究——以国家能源集团为例

加快建设世界一流企业是党中央对国有企业改革发展作出的重大部署,面对治理体系和治理能力现代化的紧迫需求,国资央企亟待构建适应新发展阶段的战略型董事会组织模式。以国家能源集团为例,文章阐述了在董事会规范建设和有效运行方面的实践,形成可供借鉴、推广的董事会组织治理经验,构建了助力企业成为世界一流企业的模型。世界一流战略型董事会应实现创新、绿色、价值三大发展方向,提升前瞻战略、科学决策、风险防控、创新推动和绿色治理五大核心竞争力,形成嵌入聚焦董事会核心战略治理职能为基石的组织架构。

论中国数据交易所“国际板”的法律规范构建

目前,中国数据交易所“国际板”已由规划愿景转化为现实图景,但面向“国际板”的基础制度规范却至今“未露踪影”,致衍生风险潜存其中亟待化解。依循属性对比,数据交易区别于证券交易的独特性为“国际板”的制度规范勾勒基础框架;经由风险解构,跨境交易风险与数据跨境风险的叠加为“国际板”的制度规范标注规制重点;基于现状检视,跨境数据交易的治理机制障碍为“国际板”的制度规范指明补缺方向。今后,数据交易所“国际板”的法律规范应统筹“数据交易治理”与“跨境数据流通治理”的双重面向,兼顾监管层与交易商的主体规范、制定“全周期”的跨境交易规则、在协同架构下充实监管措施并对外完善跨境数据交易治理规范,为数据交易所“国际板”的高质量发展提供有效的法律保障。