Corporate Governance Intelligence： Minority Shareholder＇s Aspects （Evidence From Ukraine）

The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.

Corporate Governance, Sustainable Development and Value Creation Some Evidences From Italian Listed Companies

Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expectations converging around the entrepreneurial formula and not only of those attributable to shareholders. In such a defined context, corporate governance tends to evolve from a situation of primary care for the expectations of shareholders （shareholder＇s view） and for the correlated financial responsibility, to a wide consideration of all the stakeholders （stakeholder＇s view） and related responsibilities （financial, environmental, social, administrative）. The correct carrying out of governance processes requires, therefore, a clear focus on sustainable development and on the related assumption of a concept of global responsibility. The decisions made by the governing bodies must be driven by the purpose to create value in the long term according to conditions of fairness and sustainable development. To sum up, this research aims to deepen the existing connections between corporate governance, sustainable development and value creation on the basis of the empirical analysis of a limited number of listed Italian companies afferent to the public utilities sector. The paper, based on a deductive approach, is composed of two distinct but strictly connected parts： the first theoretical and the second empirical. The empirical research consists of a content analysis of the most recent documents （sustainability reports and annual reports） worked out by the selected companies. The results obtained about the degree respect of sustainable development conditions by each company are linked to the related value dimension （social, economic, competitive and environmental performance） aimed at verifying if the assumption of a corporate governance approach inspired by sustainability is susceptible of favouring the company development in a medium long term. From the delivered research it emerges how public utilities that promote behaviours in line with the sustainability conditions are marked out by stable growth paths. Conversely, the companies that assume a vision mainly addressed to the economic dimension, neglecting the other areas are generally compromised in the performance realized.

Non-state Political Theoretical Paradigm of African Union Citizenship

The charter that created the African Union came into effect in 2002. It is now 12 years in place but most Africans would not be sure whether they know the rationale and ultimate role of the AU in promoting good governance, peace, security and progress on the continent. Annual summits take place in Addis Ababa, and several resolutions are taken, but it is though the respective heads of states just return to their colonially engineered states to resume business as usual. As a result, poverty, conflicts （both internal and regional）, bad governance continue to plague the majority of the African countries with a few exceptions. Of late emerging economies such as China and India deal with Africa as if it were a one country--this could be the time for Africans to begin envisioning a new continental political architecture, with an African citizenship. The provisions of the African Union Charter are enshrined in the Constitutive Act, are summaries in Articles 3 and 4, that deal with objectives and principles. The objectives are （Desta, 2013, pp. 160-161）： （1） Achieve greater unity and solidarity between the African countries and peoples of Africa; （2） Defend the sovereignty, territorial integrity and independence of its member states; （3） Accelerate the political and social-economic integration of the continent; （4） Promote and defend African common positions on issues of interest to the continent and its peoples; （5） Encourage intemational cooperation, taking due account of the Charter of the United Nations and the Universal Declaration of Human Rights; （6） Promote, peace, security and stability of the continent; （7） Promote democratic principles and institutions, popular participation and good governance; （8） Promote and protect human and people＇s rights in accordance with the African Charter on Human and Peoples＇ Rights and other relevant human rights instruments; （9） Establish the necessary conditions which enable the continent to play its rightful role in the global economy and in international negotiations; （10） Promote sustainable development at the economic. Social and cultural levels as well as the integration of African economies; （11） Promote co-operation in all fields of human activity to raise the living standards of African peoples; （12） Coordinate and harmonize the policies between the existing and future Regional Economic Communities for the gradual attainment of the objectives of the Union; （13） Advance the development of the continent by promoting research in all fields, in particular in science and technology; （14） Work with relevant international partners in the eradication of preventable diseases and the promotion of good health on the continent. The principles of the AU Constitutive Act are （Ibid. 162-163）： （1） Sovereign equality and interdependence among Member Sates of the Union; （2） Respect for borders existing on achievement of independence; （3） Participation of the African peoples in the activities of the Union; （4） Establishment of a common defense policy for the African Continent; （5） Peaceful resolution of conflicts among Member States of the Union through such appropriate means as may be decided upon by the Assembly; （6） Prohibition of the use of force or threat to use force among Member States of the Union; （7） Non-interference by any Member State in the internal affairs of another; （8） The right of the Union to intervene in aMember State pursuant to a decision of the Assembly in respect of grave circumstances, namely： war crimes, genocide and crimes against humanity; （9） Peaceful co-existence of Member States and their right to live in peace and security; （10） The right of Member States to request intervention from the Union in order to restore peace and security; （11） Promotion of self-reliance within the framework of the Union; （12） Promotion of gender equality; m. Respect for democratic principles, human rights, rule of law and good governance; （13） Promotion of social justice to ensure balanced economic development; （14） Respect for the sanctity of human life, condemnation and rejection of impunity and political assassination, acts of terrorism and subversive activities; （15） Condemnation and rejection of unconstitutional changes of governments. While there is mention of participation of African peoples in the activities of the Union as principle （c） and objective （g）, there is no explicit mention of civil society organizations （media, faith-based organizations, and NGOs） as principle actors in implementing the objectives of the Union. I want to argue that the failure of the respective African states to eradicate poverty, end armed conflicts, and address governance issues is caused by lack of a common regional integration model that takes an African Union citizenship seriously, but at the same time respecting the role of civil society and faith-based organizations, that predate the state in Africa. It is evident that Afi＇ican Unity （AU） and sub-regional integration groups such as East African Community （EAC）, Southern African Development Community （SADC）, Economic Community Of West African States （ECOWAS）, as well the New Partnership for Africa＇s Development （NEPAD）, are designed and operationalized from a statist political philosophical framework. Moreover, since the African states are largely contested as a colonial creation, the AU cannot successfully implement the institution of an African citizenship without acknowledging the role of and giving space to non-state actors in AU and other regional integration models and initiatives. This paradigm shift will require rethinking the relationship between the state and non-state actors in Africa.

The Impact of Shareholder Activism on Corporate Performance——Evidence from China

The separation of ownership and management of companies results in agency problems between shareholders and management to some extent.In Western countries,shareholders usually actively participate in the company’s management and monitor management issues in order to enhance the company’s performance.At present,China’s securities market,as well as institutional investors are undergoing a rapid development,while problems of governance among listed companies in China have been negatively affecting the development of capital markets.Institutional investors have developed to form a certain scale.Moreover,national policies,as well as the split-share structure reform,further encourage the growth of institutional investors,and their active participation in corporate governance in order to better promote the development of capital markets.A great deal of research pertains to the effects of shareholder activism on corporate performance in Western countries.However,research on shareholder activism in China is scanty.Furthermore,chances are that in some specific Chinese regions and industries circumstances are unique,in which the well-established theories cannot be effectively applied.Therefore,this paper empirically analyzes the correlation between shareholder activism and corporate performance so as to examine how effective China’s institutional investors participate in the governance of listed companies.This paper empirically tests the impact of shareholder activism on corporate performance.In this paper,an unbalanced panel data set consisting of observation is constructed.Then,in order to insure validity of results,a series of preliminary tests are conducted.Furthermore,Panel data method and robustness check are performed for empirical analysis.Finally,the result of the empirical tests shows that there is a positive correlation between Chinese institutional shareholding ratio and corporate performance of listed companies.This indicates that shareholder activism can definitely promote the corporate governance and corporate performance in China.

新《公司法》若干重要问题解读(笔谈)

新《公司法》修订所涉及的内容非常丰富,修订内容包括公司登记制度、股东出资责任、公司治理制度、公司资本制度、控股股东义务、董监高信义义务等方面。赵旭东教授指出,本次《公司法》修订在公司登记与信息公示制度、股东出资责任和法律后果、公司资本制度、公司治理制度、股东权益保护和控股股东义务这五个关键领域实现了重大突破和创新。周林彬教授集中解析了“国家出资公司组织机构的特别规定”一章,认为新《公司法》的亮点之一是通过新设这一章积极回应了我国国有企业治理的“本土实践”与“中国问题”,给出新时期国有企业治理的“中国方案”,推进了中国特色的国有企业治理制度的设计,重塑了国有企业的规范体系。刘凯湘教授对本次《公司法》修订中与公司资本制度相关的若干条文展开解析,包括限期认缴制、新增有限公司股东出资义务加速到期制度、股东违反出资义务的责任承担规则、董事会的催缴出资义务、股东失权制度、董监高对股东抽逃出资的连带责任、类别股的规定、授权资本制等。赵万一教授深入探讨了这次《公司法》修改的主要特点,认为新《公司法》既坚持了其商法属性,同时又充分考虑了《民法典》的既有制度内容,适当兼顾了与《民法典》之间的制度衔接关系,从而既为科学解决民法与商法的关系提供了理念和制度支持,也为中国式法律制度体系的创建提供了完美的立法实践样本。周友苏教授深入解析了新《公司法》在完善股东出资制度方面增加的股东出资缴纳、股东出资“加速到期”、股东失权、股东出资责任这四条新规定,认为新《公司法》在完善股东出资制度方面增加的这些新规定,积极回应了我国自2013年以来公司数量大幅增长所带来的股东盲目认缴、天价认缴、期限过长的现象突出,损害债权人利益的纠纷案件呈明显上升态势等问题,极大地强化了保护债权人的力度。李建伟教授深入解析了《公司法》修订中与法定代表人制度相关的若干条文,认为新《公司法》关于法定代表人的规定较之以往更加体系化,并有望基本解决困扰公司实践许多年的诸多难题,但其中亦存在不完全规范的问题。

非国有股东参与治理影响国有企业战略激进度吗?

以2008—2020年国有上市制造企业为样本,手工收集非国有股东控制权数据构建非国有股东参与治理指标,分析股权和控制权非对等配置逻辑下非国有股东参与治理对国有企业战略激进度的影响,分析结果显示二者呈倒U型关系。因此,混合所有制改革不仅仅是股权层面的混合,更要考虑非国有股东控制权比例的合理安排,才能更好地发挥不同所有制资本的协同治理效应。进一步的分析结果显示,高金字塔层级组国有企业、地方国有企业及低市场化程度地区国有企业中的上述关系更为明显。该结论对国有企业混合所有制改革中推动非国有资本融入内部治理机制有一定的参考价值。

引入战略投资者对企业经营绩效的影响研究

引入战略投资者可以发挥战略协同作用,使企业股本结构得到最优配置,提高企业治理水平,是企业发展的良好契机。通过实证深入探究引入战略投资者对企业经营绩效的影响,使上市公司完善引入战略投资者的相关机制,发挥战略投资者的最大优势,从而实现改善企业经营绩效的目标。以2000-2022年间我国沪深A股235家引入战略投资者的上市公司为研究样本,将净资产收益率、资本积累率、应收账款周转率、流动比率分别作为被解释变量,战略投资者持股比例作为解释变量,公司规模和资产负债率作为控制变量,构建模型,分析战略投资者与企业经营绩效之间的关系。实证研究结果表明:引入战略投资者对企业经营绩效有显著的促进作用。为了借助战略投资者的优势改善企业经营绩效,结合实证分析结果,提出以下对策建议:一是战略投资者应当完善自身投资理念;二是企业应当选择合适的战略投资者;三是国家需要完善相关法律法规。

连锁股东与企业创新绩效——来自制造企业的经验证据

连锁股东作为资本市场新兴所有权主体,对创新的影响引起广泛关注。本文基于2007~2022年沪深A股上市公司数据,探究连锁股东对企业创新绩效的影响。研究发现:连锁股东通过协同治理显著提升企业创新绩效。在采用PSM法、工具变量法等进行稳健性检验后,本文结论依然成立。路径机制检验表明,信息效应与产能效应是连锁股东提升企业创新绩效的两条重要渠道。拓展性分析发现,高管风险偏好和企业数字化转型均正向调节连锁股东对企业创新绩效的提升作用;异质性检验发现,连锁股东对企业创新绩效的提升作用在高科技企业和东、西部地区企业中更为显著。本文为连锁股东发挥协同治理效应的现有文献提供了重要补充,为当前企业基于自身情境优化创新战略,实现高质量发展提供指引。

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。

“双向混改”情境下非控股股东治理机制与资本配置效率

本文在区分“双向”混合所有制改革两类混改情境的基础上,基于正式制度与非正式制度视角,从股权治理、高层治理、网络治理三个维度构建非控股股东治理参与度模型,考察了非控股股东参与治理与企业资本配置效率的内在关系。研究表明:在“双向”混改情境下,非控股股东参与治理能提高企业的资本配置效率;非控股股东参与治理提高国有企业的资本配置效率主要体现在制衡效应而非资源效应,非控股股东参与治理提高民营企业的资本配置效率主要体现在资源效应而非制衡效应;非控股股东参与治理能够通过缓解国有企业预算软约束和抑制国有企业过度投资来提高国有企业资本配置效率。本文有利于从“双向”混合所有制改革的视角引导非控股股东更好发挥治理作用。

连锁股东与企业经营效率:协同治理还是市场合谋?

以2007—2021年沪深A股上市企业数据为样本,通过DEA—BCC模型测量经营效率,探索连锁股东对企业经营效率的影响。研究发现,连锁股东对企业经营效率存在协同治理效应,提高了企业经营,在经过Heckman两阶段回归、倾向得分匹配(PSM)和替换核心解释变量等检验方法后结论仍旧成立;连锁股东通过同行业势力促进行业间企业信息、资源交流,同时改善企业内部控制,使得企业经营效率提高;连锁股东对国有和非国有企业经营效率都有积极影响,且在行业竞争程度高的行业中更能发挥作用。连锁股东应规避短视决策,利用自身的联结网络加强企业间合作;同时监管部门应加强监管,引导投资者理性投资。

连锁股东的协同效应——基于应计盈余管理和真实盈余管理的视角

随着连锁股东在中国资本市场越来越常见,分析连锁股东对企业的影响具有理论价值及现实意义。通过手工整理季度层面十大股东信息,以2007—2020年沪深A股上市公司为样本,从连锁股东的治理协同效应和利益协同效应视角分析其对企业盈余管理的影响。研究结果表明:连锁股东与企业盈余管理的回归系数显著为负,降低了企业应计盈余管理和真实盈余管理的程度。进一步的分析结果表明:连锁股东主要是减少了企业的正向应计盈余管理、异常的酌量性费用和经营活动现金流量;控股股东的身份有助于连锁股东发挥自身的协同效应;连锁股东对受分析师关注较多的企业盈余管理的抑制作用更强。影响机制分析表明,连锁股东通过提高企业治理水平及产品市场势力,降低对管理层的股权激励,进而降低企业盈余管理。

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。

非控股股东投票参与决策、数字化转型与公司治理

非控股股东投票参与决策是维护投资者利益以及完善公司治理的重要方面。基于2012—2020年中国沪深A股上市公司非控股股东出席股东大会投票数据,研究发现:(1)非控股股东参与股东大会投票率越高,对公司治理水平的提升效应越显著。公司数字化转型强化了非控股股东投票参与决策的公司治理效应。(2)非国有企业和法治环境水平高的公司会强化非控股股东投票参与决策的公司治理效应。(3)非控股股东投票参与决策通过发挥治理效应抑制控股股东“掏空”和提高高管薪酬契约有效性,进而提高公司治理水平,具体表现为控股股东资金占用、公司关联交易的显著下降和高管薪酬粘性的降低。研究结果拓展了非控股股东的公司治理效应相关研究,为数字经济背景下优化股权结构、完善投资者保护制度、提升公司治理水平提供了有益参考。

股份合作制改革与农村集体经营性资产治理绩效

股份合作制改革是推动农村集体经营性资产实现“共建共治共享”治理格局的可行思路,但其实施成效仍有待严谨的检验。本文使用河南省381宗农村集体经营性资产的治理历程调查数据,采用交错双重差分法,从公平和效率两个维度评估了股份合作制改革对农村集体经营性资产治理绩效的影响。研究结果表明:(1)股份合作制改革能够破除资产占有主体错位、收益分配不公的“异化”问题,促进农村集体经营性资产公平共享;(2)股份合作制改革能够破除资产经营成本高企的“拥挤”问题,提高农村集体经营性资产经营效率;(3)从短期效果来看,股份合作制改革并未促进农村集体经营性资产增值;(4)股份合作制改革对资产治理绩效的影响依试点类型、资产类型、村庄类型、股权设置、股份管理、治理结构、表决原则的差异而存在异质性。为推动改革任务全面准确落实,应秉承时间服从质量的进度要求,完善改革验收办法,适时开展改革“回头看”工作。

“国家队”持股与高质量审计需求

由中证金融、中央汇金牵头组成的“国家队”近年来大举增持二级市场股份,引发各界对其持股长期治理效应的广泛讨论。文章利用中国2015—2022年沪深A股上市公司数据,探讨“国家队”持股对企业高质量审计需求的影响。结果发现,“国家队”持股提高了企业选择国际“四大”会计师事务所提供年报审计的概率,并且这种影响在信息透明度低、代理冲突严重的公司中更显著。机制检验表明,“国家队”持股对高质量审计师选聘的影响主要通过提高内部控制质量与获取媒体关注两种机制。最后,“国家队”持股的长期效应也在一定程度上有助于提高企业的市场价值。研究结论为探究企业的审计需求影响因素提供了新证据,对引导上市公司完善以质量为导向的事务所选聘机制具有借鉴意义。

地方融资平台持股上市公司与城投债发行定价

近年来,越来越多的地方融资平台通过持股上市公司的方式来实现自身的产业化转型。本文在债券定价理论的框架下,运用固定效应模型对2007—2021年城投债发行数据进行实证检验,研究发现融资平台持股上市公司显著降低了城投债的发行利差,并且相较于参股上市公司,控股上市公司可以帮助融资平台在更大程度上降低发行利差。机制检验发现,融资平台持股上市公司对城投债发行利差的影响是通过增强自身的造血能力、风险抵御能力和提高媒体监督力度实现的。异质性检验发现,当融资平台公益性职能较强、地方政府救助能力较弱、地区制度环境较差,以及持股公司的财务状况较好、市场竞争地位较高、股利分配较多时,融资平台持股上市公司降低城投债发行利差的作用更为明显。本文从融资平台持股上市公司这一新颖的角度切入,丰富了城投债发行定价和融资平台转型领域的研究,对于我国完善地方政府债务治理、实现国有资本的保值增值也具有政策启示作用。

政府支持、高管激励对企业研发投入的影响——基于创业板上市企业的模糊集定性比较分析

政府与企业层面影响企业研发投入的因素已受到学术界广泛关注。现有文献多专注于讨论单一因素的“净效应”,忽视了多因素层面的协同影响效应。通过运用模糊集定性比较分析(fsQCA)方法对创业板上市的104家高新技术企业进行分析,探究政府与企业两个层面的主要因素如何协同影响企业的研发投入。结果表明,政府支持与高管激励存在6条不同的路径可促使高新技术企业进行高研发投入,具体可归纳为企业主导型、政府推动型和联手推动型3类模式,其中企业主导型最常见。研究结论从各层面因素协同影响的视角对企业研发投入提供了新解读,为创业企业根据政府支持情况匹配较为恰当的高管激励提供了借鉴参考。

股份合作制改革对村民公共事务参与的影响

农村集体产权股份合作制改革对于保障村民合法权益、完善乡村治理机制具有重大意义。本研究基于江苏、安徽、陕西3省的90份村委会问卷和965份村民问卷,运用多层线性回归模型等计量分析方法,探究股份合作制改革对村民公共事务参与的影响。研究发现,股份合作制改革通过完善村庄参与制度、增强村民权利意识,进而推动村民参与公共事务,在开展网格化管理和距离城区更近的村庄,股份合作制改革对村民参与的影响效应更强。但进一步的分析表明,股份合作制改革未能显著提升村民对公共事务决策和监督的影响力,这可能揭示了改革尚未实质性提高村民话语权。在深化股份合作制改革的进程中,要充分关注村庄社会条件,注重各类政策间的协同推进,并不断扩大村民的实质性参与,推动村庄治理的现代化。

数字化转型会促进异质股东资源协同吗?

数字技术的发展对国有企业混合所有制改革中异质股东资源的识别、获取、集聚及协同提出了新的挑战。本文引入耦合协同模型来测度异质股东资源协同度,以2013—2020年沪深A股参与混合所有制改革的国有上市公司为研究样本,探究企业数字化转型对异质股东资源协同的影响及其内在作用机理。研究结果表明,企业数字化转型能够积极促进异质股东资源协同,发挥股东资源协同效应,产生良好的协同效果。进一步研究表明,企业数字化转型主要通过提高公司透明度和内部控制质量影响异质股东资源的整合和协同,该作用在非高新技术国有企业、东部地区国有企业和混合所有制改革程度较高的国有企业中表现得更为明显。研究结论揭示了企业数字化转型对异质股东资源协同的作用机制,为推进公司股东资源治理理论创新和制定下一轮国有企业改革实践方案提供了重要启示。