The Analysis of the Governance Effect of Chinese Public Corporation Based on Capital Structure

Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decides the level of the corporate governance to a great degree. This paper discusses the governance effect of Chinese public corporation in the view of capital structure. At last, the author suggests that the government should change the state of state-owned stock which takes a great proportion, make the state-owned stocks and corporation stocks enter and circulate in the market, develop investment banks, promote the stockholder＇s rights to circulate and recombine, enhance the supervision and the management of the stock markets, perfect the mechanism of the market＇s operation, set up the mechanism of the way to protect to pay back the debt, perfect the system of bankruptcy and develop the way of bond-financing, offset the drawbacks of the indirect-financing among banks and so on. All of the advice was given to perfect the public company＇s capital structure and improve the efficiency of the corporate governance.

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.

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.

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.

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.

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.

Improving PetroChina's Company Value: a Corporate Governance Perspective

In China, the concept of corporate governance does not have a long history, and the implementation of corporate governance has been growing up with the process of China's enterprise reform especially the SOEs (state-owned enterprises) reform and economic growth. In the last two decades, China's enterprise reform has been the focus of economic reform and system reform, and the importance of corporate governance became clearly recognized among the join stock corporations which had undergone or are ongoing the corporatization progress.

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.

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.

分化的正义:企业ESG的系统演化路径

在系统论视角下,ESG观念兴起背后所揭示的其实是社会系统之间既发生功能分化又存在结构耦合的演化特质。功能分化意味着不同的社会功能子系统是以不同的价值沟通作为自主运作前提的。比如,经济系统在市场运作层面遵循着“利润即正义”的价值沟通;生态保护系统则遵循“绿色即正义”的价值沟通;而社会伦理系统则充满了“以人为尺度”的正义想象,等等。在此背景下,结构耦合并不是以某种具有终极性色彩的价值逻辑去否定社会功能子系统的自主价值沟通,而是将外部环境信息的激扰有选择地转译为系统默认的沟通代码。就此而言,“以利促行、以行固义、以义统利”的ESG话语可以说非常深刻地表达了结构耦合这种既非必然、又非不可能的偶联性特质。而其要旨就是通过选择分化机制让市场的头部企业能够不断提升我国ESG能力的上限,并以此参与塑造、甚至引领全球化体系的生成、演化。与此同时,法律作为全社会的“免疫系统”则可以通过企业合规机制切实保障我国ESG实践的合法性下限。由此,社会诸系统之间分化的正义便可以在全社会系统中成为可能。

面向电子政务的业务型GIS研究

我国近年来将建设电子政务作为社会经济信息化的突破口。随着人们对电子政务认识的不断深化和各类电子政务系统功能的不断提升 ,电子政务的建设对GIS数据和技术也提出了强烈的需求。分析了GIS面临的新机遇和挑战。提出了以业务型GIS应对电子政务对GIS数据和技术的需求 ,从而将GIS融入当前社会经济信息化建设的主流中 ,讨论了业务型GIS的概念与特点 。

公司治理结构与盈余管理研究——基于我国ST公司的经验证据

本文以我国ST上市公司为研究样本,从股权结构、董事会和监事会方面,对盈余管理与公司治理结构之问的关系进行了实证分析。结果表明,流通股与盈余管理无相关关系,股权集中度与盈余管理正相关,独立董事与盈余管理负相关。此外,由于我国股权结构相对比较集中,致使股权制衡度与盈余管理正相关,没有发挥其约束作用。这些结果表明,股权适度集中,有相对控股权的大股东的公司盈余管理较轻,治理效果较好。

地区社会信任对企业股权结构的影响研究——来自CGSS和中国上市公司的经验证据

股权结构是企业的核心治理结构安排,对股东参与公司治理的动机和行为有重要影响。本文使用来自中国综合社会调查(CGSS)的社会信任数据和中国上市公司数据探讨了地区社会信任这一非正式制度对企业股权结构的影响机理。研究发现:(1)地区外群体社会信任对企业股权集中度有负向影响,地区内群体社会信任对企业股权集中度有正向影响,说明内群体社会信任程度高和外群体社会信任程度低的社会信任格局是中国企业股权结构高度集中的重要成因;(2)地区正式制度环境与外群体社会信任可以相互替代:地区正式制度环境越好,外群体社会信任对企业股权集中度的负向影响越弱;(3)企业业绩越好,地区外群体和内群体社会信任对企业股权集中度的影响越弱。

业务型GIS在电子政务中的应用

电子政务作为政府信息化的先行工程 ,成为各个城市信息化建设的重中之重。基于对管理信息系统和地理信息系统两大核心技术的掌握和不断地成熟完善 ,融会贯通构建城市综合信息平台 ,将企业门户、办公自动化、业务审批与地理信息全面结合 ,将政府的政务信息化与GIS的决策支持相融会 。

基于CSTBC的企业所得税管理系统数据库结构及数据模型的研究

以国家税务总局制定的"企业所得税税务代理工作底稿"为基础,研究建立了企业所得税纳税管理系统软件中数据库的结构体系;以报表数据单元格为核心,研究出一种基于CSTBC(Coordinate-Standard Table Block-Coalesce block)报表显示、存储方式,由此架构了系统数据库的逻辑结构关系模型,分析了在企业所得税纳税申报系统程序中各环节间数据的链接和相应的运算、管理关系,给出了"坐标唯一"的BBGS(报表公式表)化的数据运算处理方式,并构建了系统数据库表内、表间数据勾稽关系模型;叙述了企业所得税纳税管理系统软件的主要功能与应用。

上市公司治理结构实证研究——以沪市部分*ST公司为例

融资结构、资本结构与公司治理是三个紧密相关的范畴。本文通过分析2005年我国*ST上市公司的融资结构和资本结构,揭示当前上市公司存在的治理弊病,提出改善企业融资结构从而改变资本结构作为提高公司治理效率的突破。

基于B/S结构的电子政务系统的研究与实现

电子政务是政府部门进入现代化行政管理的重要环节。详细地介绍了电子政务系统的开发工具、总体设计、性能安全、系统功能的实现。

公司治理、内部隧道与政府责任——基于S* ST光明掏空事件的分析

以上市公司实际控制人为利益侵占主体,基于产权不明、政府监督机制失效为切入点,对S*ST光明的最终控制人通过"内部隧道",将上市公司资源转移到自己为实际所有人的关联公司过程中的公司治理机制失效、政府出资人失位等内外机制原因进行分析。认为要保护国有资产及其他公众投资者的利益,就应从明确产权、完善公司治理机制出发,强化政府委托人对代理人、经营者的监督制度和激励制度。