This study examines the relationship between social tolerance and firm innovation. We find that firms located in states with higher levels of social tolerance are more innovative. We also find that firms in areas with higher degrees of social tolerance attain higher diversity scores. In addition, the relationship between social tolerance and firm innovation is stronger for firms located in states with higher levels of social capital and for firms with weaker diversity initiatives. Collectively, our findings support the notion that social tolerance, representing the openness and inclusiveness of a local community, plays a significant role in firm innovation.

This study investigates the effect of digital finance on dividend payouts. Using the digital finance index from PKU-DFICC and a sample of Chinese listed firms, we find a positive relation between digital finance and dividend payouts. Supporting our hypothesis that digital finance reduces information asymmetry and increases insiders' incentive to pay out dividends, the positive relation is stronger for firms with severe information asymmetry. Additionally, digital finance's role in reducing financing constraints also promotes dividend payouts. Overall, our findings suggest noteworthy implications of digital finance on financial markets via dividend payout policy.

This paper investigates how country-level Employment Protection Legislation (EPL) affects auditors' pricing decisions. Using a sample of 22 OECD countries over the 1996-2011 period, we find that auditors charge lower fees for firms whose employees have greater collective bargaining power as a result of country-level employee protection legislation reforms. We further explore the potential channels and find that a firm's labor power is negatively associated with its earnings management, but positively associated with the value of employee stock options plans and staff wages. In addition, we find that the negative relationship between employee power and audit fees is more profound for firms headquartered in countries with weak corporate governance (i.e., common law countries, non-EU countries, worse governmental effectiveness), and for firms in less labor-intensive industries. Our main findings are also robust to a variety of sensitivity checks.

We examine whether the discretionary governance practices of pension board of trustees have a significant impact on the returns of the plan's invested assets. We construct a unique database of board practices by analyzing meeting minutes of public plan board of trustees. Employing Principal Component Analysis, we formulate a pension plan Board Engagement Index to capture board dynamics beyond mere board size and composition. Our results demonstrate that pension funds characterized by a higher level of board engagement - reflected in higher index scores - exhibit enhanced fund performance. Our results are robust to endogeneity concerns. On an annual basis, one standard deviation increase in the engagement index corresponds to a 3.9% increase in benchmark-adjusted returns, everything else constant. Our findings underscore the substantial impact that board engagement can exert on a plan's financial performance.

We study the relationship between the cost of bank loans and the charges filed to the National Labor Relations Board (NLRB) due to managerial interference in employee rights. Loans issued after the filing of the allegations are associated with significantly higher loan spreads than loans initiated before the filing of allegations. Strong allegations that result in withdrawal with adjustments or compliance tend to positively affect the loan pricing. Further, interfering firms tend to experience higher default risks in the years following the filing of charges. Our paper is the first in the literature to show the impact of violation of employee rights on the cost of bank loans, which has an implication for environmental, social, and governance (ESG) lending where loan contract terms are contingent on borrower ESG performance.

作为缓解代理冲突的重要长效激励机制,股权激励在中国经过多年的发展取得了一定成效.尽管学术界关于股权激励形成了诸多研究成果,但目前尚缺乏针对股权激励实施情况的系统全面分析.本文通过对中国股权激励制度变迁和相关文献进行梳理,以2006～2020年中国A股市场股权激励公司为研究对象,从激励强度、激励对象、激励模式、激励时间间隔、激励有效期、行权条件等维度对当前中国上市公司股权激励实践进行系统性分析并提炼其特征,在此基础上对目前实践差异进行解释,并探讨未来股权激励的研究方向.本文揭示了中国资本市场上市公司股权激励全貌,并为后续股权激励研究开展提供了思路.

We find a negative relation between hedge fund manager’s personal income tax rates and fund performance. Using changes in tax deferral regulation or in state-level tax rates suggest causality in the tax-performance relation. Higher taxes disincentivizes (i) managers to hold stocks with greater information asymmetry that require more demanding acquisition and processing of information, (ii) managers that value leisure more, and (iii) managers with lower pay-performance sensitivity and lower co-ownership. Taken together, these findings are consistent with higher taxes reducing managers’ work incentives.

薪酬激励历来是公司治理与管理的重要研究议题.作为一种正式制度,薪酬激励机制无论是设计还是有效实施,在理论上均基于委托代理框架及传统管理控制逻辑.然而,信任作为一种非正式制度安排,在现代企业薪酬机制设计中起着独特的作用,并与正式制度安排产生互补效应.作为一家以崇尚信任文化为特征的美国高科技公司,Netflix的薪酬激励设计与实施更是全面体现了其薪酬设计(主要指股票期权)的独特性,包括薪酬激励全员覆盖、薪酬结构自选择、行权条件市场化等等.通过案例分析发现,信任文化对薪酬激励具有重要影响.无论是理论还是中国高科技公司薪酬机制设计,Netflix公司的做法都具有某种启示和借鉴意义.

中国经济的持续增长,离不开国有企业与民营企业股东资源的互补与共生发展.国有企业混合所有制改革,既是股东结构的重构,更是各种股东资源的聚合与效应发挥.基于中国联通"二次混改"经典案例,对混合所有制改革要素进行了逻辑归纳,系统论述了国有企业混合所有制改革中股东资源的作用逻辑与机理——"混"的是股东资源(物质基础),"改"的是公司治理(上层建筑).因此,国有企业混合所有制改革应重点关注外部大股东的准入门槛,以资源异质性和资源优势互补性为根本选择混合所有制改革模式,发挥混合所有制改革后大股东联盟的良序治理,并动态优化股东资源,完善股东进入和退出机制.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">当前,管理会计应用中对工具属性的过度强调引发了诸多异象,影响了管理会计应用的效果。本文认为,管理会计应用是一种制度化的管理行为,是为了特定目的而利用管理会计知识的管理活动。据此,本文分析了管理会计知识和管理会计应用的定位差异,区分了工具性应用与体系性应用这两类不同的管理会计应用,并在制度经济学的框架下讨论了管理会计的制度结构:基础性制度、治理性制度和运作性制度。本文发现,制度属性的缺失或不完善,正是影响我国管理会计应用效果的根本原因。</span>

管理会计是学界与业界当下热议的话题之一.但是,管理会计知识与管理会计应用是两个不同语境的话题.管理会计知识作为一种归纳或抽象,有其自身的纯粹性和完整性,即:逻辑正确、数据(信息)占有充分真实、计算无误、应用预期效果明显;管理会计应用则是"何人"在"何种应用场景"下选择应用"何种知识"这样一个知识转化过程,具有明确的目标导向,且以"简单就好、管用就好"为要义.当下,要将管理会计知识有效转化为真正有效的管理会计应用,不仅要高度关注知识的学习与普及,而且需要重视细分行业的业务体系及管理场景分析,以构建具有行业共性的管理会计应用体系.

董事会作为连接企业与外部环境的主要桥梁,为企业获得关键信息和重要资源提供了便利通道.董事会对企业战略决策的选择、制定和实施发挥关键性作用.董事会社会资本反映董事通过关系获取资源的能力,影响董事提供的建议和资源.本文以2010-2014年创业板上市公司1607个样本观测值为实证研究对象,结合资源依赖理论和Finkelstein的经典权力模型,将公司治理的两大主体——董事会和CEO纳入同一研究框架,分别探讨两种董事会社会资本,商业联系和政治联系对企业研发投入的影响.董事会提供资源也需要动机,除了董事,CEO也负责资源分配和战略决策,CEO权力的主要作用之一是处理企业内部来源于其他高管成员和董事会的不确定性.高权力CEO有能力影响董事会的决策,并且CEO和董事间的互相作用可能影响战略决策的质量.本文对董事会依赖激励董事提供资源的观点进行延伸,进一步分析CEO权力对于董事会资本和研发投资关系的调节作用.研究发现:董事会商业联系与企业研发投资显著正相关;由于“政策性负担”的存在,董事会政治联系对企业研发投资具有消极影响;创业板企业的CEO具有“管家精神”,高权力CEO对董事会商业联系与企业研发投资关系的调节作用不显著,但是高权力CEO能够显著降低董事会政治联系对企业研发投资的消极影响.主要理论贡献如下:第一,拓展了现有关于董事会对研发投资影响的研究.以往研究多聚焦于董事会构成、董事会规模等特征变量,忽视了董事社会资本的作用,利用资源依赖理论通过董事提供的指导和资源解释董事会如何影响研发投资,开拓了董事会与研发关系研究的新视角.第二,在董事会社会资本、CEO权力和研发投资间建立联系,通过CEO权力对于董事会资源提供影响的实证研究,加深了对董事会社会资本和研发投资两者关系的理解,填补了三者间关系文献的空白.第三,回应以往关于CEO-董事会关系如何影响董事会资源依赖角色和战略决策的研究.这与以往建议的考虑董事会资本和资源配置关系时动机的重要性相一致.探究了公司治理研究领域的一个重要话题—CEO和董事间关系的黑箱,而且也补充了正在兴起尚未成熟的CEO-董事会相互作用对组织成果的影响研究流.第四,以往基于代理理论的研究,主要使用容易直接获得的替代变量(如内、外部董事比例),并且报告一个混合的结果,本研究将董事会社会资本进行细致地维度划分,丰富了董事会社会资本的内涵和外延.该研究为董事会社会资本利用、充分发挥CEO管家精神以及形成董事会和CEO战略联盟提供了建议和支持.

因背离传统"一股一票"的股权安排,双重股权结构历来饱受争议.本文回溯了美国公司双重股权结构从探索到发展再到兴盛的演进历程,并以时间为主线,归纳了历史上有关此议题的三次理论争议及其内在逻辑.我们发现:不同阶段的双重股权结构虽在表现形式上大体相同,但构建原因存在本质区别.上世纪20年代和80年代,双重股权结构的应用都是公司控制人在家族控制或反收购等特定情境下被动采取的权力维系手段;而在21世纪则更多是创始股东为实现公司的持续稳定经营和长期发展战略而主动引入的股权制度变革.基于国外学者关于双重股权结构中"日落条款"等机制设计的最新讨论,本文还详细解析了中国科创板的特别表决权制度,并针对其具体实施提出了相关建议.

Purpose The purpose of this paper is to examine the impact of post-trade transparency on price efficiency and price discovery. Design/methodology/approach The authors use an exogeneous change in market transparency in the Taiwan Stock Exchange that mandates the disclosure of unexecuted orders of the five best bid and ask prices after each trade, and conduct an event study analysis. Findings After the change, price efficiency enhances for both large and small firms, although the impact on stock prices is greater when the firm is larger. The authors also find that post-change trading reveals more private information for large firms but more public information for small firms. The findings support the view that transparency has a positive impact on market quality. Originality/value The paper adds to a large body of literature investigating the relationship between transparency and market behavior, especially the ongoing debate about whether trading transparency positively affects price dynamics. The findings also have important policy implications for the regulators.

本文基于"业务驱动财务"的机理,从微观视角分析了企业成本动因,并进一步结合我国成本管理现状,对财务在"降成本"的独特作用及"业财融合"的必要性展开讨论.本文认为,业务与管理驱动了成本,它们之间存在显著相关性,财务主动、全面融入公司战略层面及业务运营各环节能够为"降成本"提供坚实的基础.在中国当前成本管理实践中,以"业财融合"为基础探索"降成本"的思路,不仅有助于明确成本动因,而且能够为降成本提供全方位的决策支持.

本文以营利组织为基础,围绕业财融合的本质特征、业财融合的主要领域、业财融合的组织模式等展开讨论.本文认为,"业务—财务"是一枚硬币的两个方面,其融合是天然的,不受管理职能分工的人为影响,业财融合主要体现在组织战略、经营计划、业务运营等核心领域,其常用模式包括制度化、财务部门主动嵌入、项目制等.在中国当下的管理实践中,重视或提倡业财融合,不仅有助于从观念上、行动上实现财务体系转型升级,而且有助于发挥财务体系在公司价值创造中的独特作用.

Despite the growing importance of institutional investors in global capital markets and the link between bank earnings management and financial crash risk, little is known about the role of institutional investors in mitigating bank earnings management. We conduct the first international analysis of this issue using a broad sample of banks and institutional investors. We find a negative relation between institutional ownership and bank earnings management, after controlling for the stringency of a country's bank regulations and other relevant bank and country characteristics. Additionally, institutional ownership is more negatively related to earnings management in countries with more-stringent bank disclosure requirements or when ownership is held by domestic rather than foreign institutional investors. Institutional ownership is also more negatively related to earnings management in countries in which insiders extract more private benefits or when ownership is held by institutional blockholders. Our findings have important policy implications regarding institutional investors' engagement with banks.

We study whether the innovation decisions of a firm are improved as a result of information reflected in the firm's stock price. We show that firms with more informative stock prices, as measured by price nonsynchronicity, have better innovation outcomes, as measured by the number of patents and patent citations. Our results are not driven by managerial private information and are robust to various alternative specifications. We also find that price informativeness is more important to innovation when managers are less experienced or face greater uncertainty about the optimal innovation strategy, and that these effects are primarily observed in small- and mid-sized firms where additional information may be of greater value. Our results are consistent with the notion that capital markets can have real effects on the economy.

以资源依赖理论、战略调整内生理论为基础,研究董事会异质性对公司战略调整的影响,及行业环境条件在其中发挥的作用.研究发现,董事会任期、年龄、职能背景、教育专业异质性与战略调整显著正相关;资源丰度对董事会年龄、教育专业异质性与公司战略调整之间的关系有显著的负向调节作用:行业复杂性对董事会年龄、教育专业异质性与公司战略调整之间的关系有显著的正向调节作用;行业动荡性对董事会年龄、教育专业异质性与公司战略调整之间的关系有显著的负向调节作用.研究结论对于企业优化董事会结构,提升战略应对能力有所启示.