非控股大股东退出威胁能提高企业ESG表现吗?

控股股东股权质押可能激发非控股大股东采用退出威胁的方式参与治理。以2010-2019年我国沪深A股上市公司为样本,重点考察控股股东股权质押背景下非控股大股东退出威胁对企业ESG表现的影响及在不同内外部治理环境中的差异。研究发现控股股东股权质押下企业ESG表现显著降低,非控股大股东退出威胁会显著提高控股股东股权质押下企业ESG表现,在两权分离率较高、市场化程度较高、法治建设较好的地区,非控股大股东退出威胁对企业ESG表现的治理效应更显著。研究结论有助于拓展对非控股大股东退出威胁治理效应的认识,为健全股东治理机制和优化股东治理环境提供理论和经验参考。

Tracing Ultimate Shareholders＇ Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution

Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.

Expropriation of Big Shareholders——Research Review on the Domestic Literature

It is tangible that big shareholders infringe the interests of small and medium shareholders in China's listed companies,and such behaviors of big shareholders influence not only the normal production and business operation of companies but also the sound development of the capital market. At the same time,the economic order of society is also disturbed. Therefore,expropriation of big shareholders shall be governed effectively in time. This paper tries to analyze related research findings on expropriation and make conclusion from three aspects—the ways of expropriation,economic consequences of expropriation and the management effects of expropriation,pointing out the limitation of present research and the direction for the future.

A Research on the Relationship of Charismatic Leadership Behaviors of Agricultural Cooperative Managers With Cooperative Shareholders＇ Performance and Satisfaction

In this study, the cooperative shareholders＇ performance and satisfaction were investigated as antecedent. Charismatic leadership of cooperative managers has been identified as antecedent. In addition, shareholders＇ age, education, land size, and duration of membership in the cooperative were investigated to have effect on the shareholder＇s performance and satisfaction. Charismatic leadership of cooperative managers is the subject of research on the effects of performance and satisfaction of the cooperative shareholders. A field survey was conducted. This study has been applied to Cukobirlik, an agricultural sale cooperative in East Mediterranean of Turkey. The researchers collected data by random questionnaire method. The research data were collected from 155 cooperative shareholders. For the data, exploratory factor, correlation, and regression were analyzed. The results of this analysis show that there is a meaningful relationship between charismatic leaders and the performance and satisfaction of shareholders for these cooperatives. Another result, there is significant relation between land size of cooperative shareholders and the performance and satisfaction of cooperative shareholders.

A Historical Review of the Development of Women’s Higher Education in China (1908-2020): Stages, Explanations, and Trends

The development of women’s higher education in China can be divided into four stages:emergence(1908-1948);foundation(1949-1976);accelerating development(1977-2008);and the qualitative leap(2009-2020).This work considers the principal institutional mechanisms that contributed to this development.First,flexibly planned parenthood gradually promoted gender equality and openness in society facilitated by systematic“awards,grants,and loans”initiatives to support women’s higher education economically.Second,compulsory education ensured that left-out and migrant children had access to higher education.Third,effective connectivity across different education types bridged education gaps between those with different levels of education.Fourth,China made great efforts to invite and integrate international experiences that promoted the development of women’s higher education.Looking beyond these achievements,we also discuss the future trends of women’s higher education in China.

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.

控股股东股权质押、融资约束与企业ESG表现

基于2010—2020年A股上市公司样本,探究控股股东股权质押与企业ESG表现之间的关系及其内在机制,并在此基础上根据企业年龄和是否存在两职合一对样本数据进行分组检验。研究结果表明,控股股东股权质押对企业ESG表现产生了显著的负面影响。机制检验表明,控股股东股权质押加大了企业的融资约束,进而降低了企业的ESG表现。异质性检验结果发现,控股股东对企业ESG表现的抑制作用在公司成立时间较短、董事长与总经理两职合一的情形下表现得更为突出。

China's Women Leaders Promote Quality and Equity in Family Planning

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控股股东股权质押、企业金融化与企业创新

以2012—2020年我国A股非金融上市企业为样本,考察控股股东股权质押、企业金融化与企业创新之间的关系。研究结果表明:控股股东股权质押抑制企业创新,并且在控股股东持股比例低的企业和市场化进程低的地区更为显著;控股股东股权质押导致企业金融化动机增强,而企业金融化挤出企业创新,表现出更强的投机套利动机;控股股东股权质押存在金融化和融资约束两条渠道抑制企业创新,一方面通过促进企业金融化挤出企业创新,另一方面通过加剧融资约束抑制企业创新。

股权质押、市场时机选择与企业风险承担——以信息技术行业为例

以2013—2020年沪深两市A股信息技术行业上市公司为样本,实证分析控股股东股权质押及其时机选择对上市公司风险承担的影响,并探究不同质押率下的影响程度。实证结果发现,控股股东股权质押对上市公司风险承担产生正向影响,且影响程度对质押率较高的公司更为显著;市场时机选择在控股股东股权质押对上市公司风险承担的影响中起调节作用,股权质押对企业风险承担的正向作用随着市场时机的增大逐渐减弱,并在达到某一临界值后转变为负向作用。研究结果对于规范上市公司控股股东股权质押行为、缓解企业融资约束和提升企业价值等具有启示。

控股股东股权质押对年报前瞻性信息披露的影响研究

近年来,随着上市公司股权质押的数量越来越多,控股股东股权质押和市值盈余管理成为研究热点。基于此,以上市公司控股股东股权质押作为研究对象,选取2013—2022年我国A股上市公司所发布的年度财务报告为样本,利用上市公司股权质押数据,从文本信息的内容和态度偏好程度进行挖掘。结果表明:控股股东进行股权质押后在年度报告中披露更多的积极信息和有利股价的预测信息,而控股股东为了控制风险,具有强烈粉饰年度报告的动机。进一步研究发现,粉饰年度报告采用的手段主要是增加乐观信息的陈述,上市公司面临外界质疑时将会披露更多的乐观文本信息。

基于B-S公式的欧式股本权证多因素定价模型

综合分析了保底条款、股本摊薄、交易费用和除权除息四个重要因素对股本权证价值的影响.在B-S公式框架下,采用递进方式建立了具有这四个因素影响的欧式股本权证定价模型,实证分析表明该模型较B-S模型更好地反映了股本权证的特性.

新《公司法》下失权股东的责任承担与救济

新《公司法》第52条建立了股东失权制度,取代了司法解释规定的股东除名制度。股东失权后其对公司债权人的义务和责任并未被免除。股东承担责任的理论基础应为债权人的代位权。股权被处理前,公司债权人仍可向失权股东主张其在未出资本息范围内就公司债务不能清偿的部分承担补充赔偿责任。失权股东向债权人承担责任的,原则上应允许失权股东复权。当公司和失权股东无法就复权达成一致时,应由公司享有最终决定权。无法复权的,失权股东可向公司追偿。股权被处理后,仅在股权被依法转让且新股东未实际缴纳出资的场合下,债权人才能要求失权股东承担补充清偿责任。即使股东承担补充清偿责任,此时也已无法复权,但有权向新股东追偿。

股价下跌背景下控股股东股权质押比例对真实盈余管理的影响

在落实2024年政府工作报告中对鼓励企业投资、股权投资、投资者有效投资等重要指示精神,实现企业长远发展的实践中发现,控股股东股权质押比例对真实盈余管理的影响研究具有重要的理论意义与指导价值。而在控股股东股权质押比例与真实盈余管理呈正相关基础上,加入股价下跌这一调节变量后,二者的关系并不明确。通过对A股上市公司中进行股权质押的公司数据进行实证分析发现,在股价下跌时,控股股东股权质押比例增加会促进上市公司真实盈余管理。由于企业真实盈余管理会影响企业会计信息披露的真实性,因此,为促进企业长远发展,实现投资者有效投资,首先企业要加强会计信息披露的管理,其次投资者个人应加强投资知识的理论学习,增强投资风险意识并对企业所披露的会计信息的真实性具有一定的识别能力。

大股东减持、股权质押对股票收益率的影响研究

大股东减持行为一直备受投资者关注。研究大股东减持对股票收益率的抑制作用对于进一步规范大股东行为和促进我国资本市场健康发展具有重要意义。本文以2008—2022年沪深两市所有上市公司的大股东减持数据为样本,定量评估了大股东减持对股票收益率的抑制作用,同时考虑了股权质押这一变相减持形式对股票收益率的影响。研究结果表明,大股东减持对股票收益率有显著的抑制作用。此外,股权质押率越高,股票收益率越低。异质性研究发现,大股东减持对国有企业和非国有企业股票收益率的影响程度不同,对国有企业的影响更大。相比于国有企业,股权质押更可能成为非国有企业大股东变相减持的方式,从而对股票收益率造成影响,需要投资者加以关注。最后,本文为我国减持新规的进一步优化设计提出了相关政策建议。

分数布朗运动下B-S权证定价模型的修正

分析证券市场的有效性,指出其线性范式与现实市场状况并不符合。传统的金融学认为证券收益率服从对数正态分布,而大量的实证表明收益率分布与正态分布相比有"尖峰胖尾"特征,具有分形结构。在此基础上剖析了传统B-S权证定价模型的不足,结合分形市场中的分数布朗运动,提出了基于分形理论的B-S股本权证定价模型,考虑了股本稀释效应。由于股本权证定价模型需要已知企业股权价值及其波动率,但企业价值是权证价格的函数。基于此,运用数值方法以股票价格和波动率来估计企业价值波动率,并给出了在实际运用中的案例。

Foss v. Harbottle规则与中国股东代表诉讼

英国公司法中的Foss v. Harbottle规则及其例外是英国公司法保护少数派股东权利的一种独特的救济方式。它不仅影响了英美法系国家的股东代表诉讼制度,而且影响着部分大陆法系国家和地区的股东代表诉讼制度。尽管中国新公司法已经确定了自己的股东代表制度,但英国在代表诉讼制度上的保守态度和经验,依然值得我们借鉴。

未届期出资股权转让后的出资义务主体研究——兼评新《公司法》相关规定

对于未届期出资股权转让后的出资义务主体,我国《公司法(2023年修订)》在立法过程中出现了摇摆,《一审稿》采用了受让股东责任制,但《二审稿》《三审稿》及《公司法(2023年修订)》均改用共同责任制。认缴制下,股东出资的期限利益应受法律保护,股权转让自由应处于价值考量的优先顺位。与此同时,出资义务以意定性为本质属性,组织性尚不足以突破出资债权的一般法规则。应将未届期出资股权转让后的出资义务主体限定于受让股东,出让股东不应承担一般性的补充责任。对于特殊情形下的公司债权人保护,现有的法律规范已提供了可能的救济制度供给。

新《公司法》视野下股东失权制度的解释与适用

为推进公司资本制度前段改革,新修订的《公司法》引入股东失权制度应对股东抽逃出资风险,确保公司资本充实。在了解制度之初,需辨析股东失权与股东除名、股权限制之间的区别。梳理股东失权制度从舶来品写入《公司法》的历程,其背后实质是厘清了股东资格和股权之间的逻辑关系。从股东失权制度的价值与功能入手,可解读我国股东失权制度的适用条件、程序要件、对失权股份的处置与被失权股东的救济途径,建议细化董事会催缴出资规则,在认缴制改革中发展失权规则,实现瑕疵出资股东法律责任的强化。