As the global economic crisis deepens,people have a clearer understanding of risks.Since internal control and corporate governance can better control risks in the development of a company,how to properly handle the re...As the global economic crisis deepens,people have a clearer understanding of risks.Since internal control and corporate governance can better control risks in the development of a company,how to properly handle the relationship between internal control and corporate governance has become the focus of research.There are mainly three views on the relationship between the two among scholars’researches including environmental theory,basic theory and chimerism theory.In the normal operation of a company,as internal control and corporate governance are closely related,people are more inclined to the point of view of chimerism,claiming that the two affect each other and they are inseparable.展开更多
The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority...The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital （VC）, this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.展开更多
The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by...The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by acts and regulations, this paper establishes models of arrangement for corporate rights of control, and then analyses the composite basic features derived from the models. To conclude, a main frame for the arrangement and innovation of corporate rights of control is put forward based on the real practice of listed companies in China.展开更多
In recent years,bank credit business is booming with the increasing borrowing intention of China’s listed companies,and debt financing has become the major approach among listed companies’financing strategies.As a s...In recent years,bank credit business is booming with the increasing borrowing intention of China’s listed companies,and debt financing has become the major approach among listed companies’financing strategies.As a series of institutional arrangements about rights,responsibilities and benefits between different shareholders,corporate governance mechanism has a significant influence on the cost of debt financing.This paper employs variable coefficient panel data model to investigate the relationship of the listed company’s debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics.The results show that optimizing the structure of both Board of Directors and Board of Supervisors,establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company’s debt financing costs.Meanwhile,property rights have an interactive influence on corporate governance from four aspects,which indirectly effect in company’s debt financing costs.展开更多
文摘As the global economic crisis deepens,people have a clearer understanding of risks.Since internal control and corporate governance can better control risks in the development of a company,how to properly handle the relationship between internal control and corporate governance has become the focus of research.There are mainly three views on the relationship between the two among scholars’researches including environmental theory,basic theory and chimerism theory.In the normal operation of a company,as internal control and corporate governance are closely related,people are more inclined to the point of view of chimerism,claiming that the two affect each other and they are inseparable.
文摘The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital （VC）, this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.
文摘The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by acts and regulations, this paper establishes models of arrangement for corporate rights of control, and then analyses the composite basic features derived from the models. To conclude, a main frame for the arrangement and innovation of corporate rights of control is put forward based on the real practice of listed companies in China.
基金This research is supported by the National Natural Science Foundation of China under Grant No.71003115Collaborative Innovation CenterResearch Innovation Team Supporting Plan of the Central University of Finance and Economics
文摘In recent years,bank credit business is booming with the increasing borrowing intention of China’s listed companies,and debt financing has become the major approach among listed companies’financing strategies.As a series of institutional arrangements about rights,responsibilities and benefits between different shareholders,corporate governance mechanism has a significant influence on the cost of debt financing.This paper employs variable coefficient panel data model to investigate the relationship of the listed company’s debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics.The results show that optimizing the structure of both Board of Directors and Board of Supervisors,establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company’s debt financing costs.Meanwhile,property rights have an interactive influence on corporate governance from four aspects,which indirectly effect in company’s debt financing costs.
