Abstract

顾嘉仁创业六年,最深刻的体会是做生意的基础,一个是人,一个是钱,而钱的问题最终也是通过人来解决,所以最终创业成败的核心还是取决于人。2013年的夏天,顾嘉仁(Jerry)有些烦恼。2012年顾嘉仁从澳大利亚大学毕业回国,带回了他的第一桶金。这是大学最后一年父亲送给他商业实践的一份大礼。

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不论是对于家族企业还是非家族企业,董事会性别多样化的优势作用是非常明显的,不仅表现在降低欺诈的频率方面,还对企业运营及财务系统的优化、供应链、企业品牌建设、社会责任等多方面有正向影响。

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家族企业 ;  女性领导 ;  企业品牌建设

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We perform transaction-level analyses of entrusted loans, one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and the increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and they largely flow into real estate. The pricing of entrusted loans, especially of nonaffiliated loans, incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments. (C) 2019 Elsevier B.V. All rights reserved.

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Credit shortage ;  Entrusted loans ;  Fundamental risk ;  Informational risk ;  Shadow banking

Abstract

财富和幸福是什么关系?我们看财经济学家是怎么分析幸福的,在幸福经济学里面,有一个难题叫伊斯特林悖论,一般而言,富人比穷人更加幸福,但是当我们把社会或人从时间序列来比,在不同的社会,随着时间的流逝,当国家的收入提高时,人们并没有随之感到更加幸福.

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富人 ;  幸福经济学 ;  收入 ;  时间序列 ;  社会 ;  穷人 ;  经济学家 ;  财富

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通常来说,人民币国际化有三个条件:第一,有独立的货币发行机制;第二,有独立的汇率形成机制;第三,有独立的全球循环通道。

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人民币国际化 ;  逸民 ;  汇率形成机制 ;  发行机制 ;  货币

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一个人的领导力、认知力和情商并不能在社会中学到,而是要在小时候就开始打下扎实的基础。所以,家族企业传承要回归到家庭教育,重视价值观的培养。家文化、家庭和睦关系会影响二代接班的态度和意愿,家庭的归属感会带来强烈的责任感。

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伊斯特林悖论 ;  传承意义 ;  家族企业 ;  家族成员 ;  幸福感 ;  领导力

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在上一期专栏文章中,我们从性别与道德、风险厌恶以及性别多样性角度三方面阐释了董事会中的性别多元化对欺诈频率和严重程度有哪些影响,并且我们还区分了这些因素在男性主导产业与女性主导产业中的不同表现。我们得出了三个假设:公司董事会中的女性成员减少了欺诈的频率,而在董事会中女性比例最高为50%的公司中,这种影响正在减弱;董事会的性别多样性减少了投资者对欺诈声明的负面反应;女性董事在男性主导行业的影响将强于女性主导的行业。 本文根据 Douglas Cumming，T.Y. Leung，Oliver M. Rui. Gender Diversity and Securities Fraud. Academy of Management Journal, 2015, 1572-1593. 论文翻译而成。刘心洁编译，论文原作者之一芮萌教授对原文进行了适当改写。

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中国上市公司 ;  监事会 ;  欺诈行为

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在上一期专栏文章中,我们从中国证监会(CSRC)搜集了从2001年到2010年期间中国所有被发现的欺诈案件,其中有742起执法行动公告。我们创建了一组没有被采取强制措施的公司(非欺诈公司),对于每个发生欺诈的公司,我们对照一个非欺诈公司,选择标准有三个:股票交易地点、行业类型以及公司规模。

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发生概率 ;  女性董事

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We propose and test a new explanation for forced CEO turnover, and examine its implications for the impact of firm performance on CEO turnover. Investors may disagree with management on optimal decisions due to heterogeneous prior beliefs. Theory suggests that such disagreement may be persistent and costly to firms; we document that this induces them to sometimes replace CEOs who investors disagree with, controlling for firm performance. A lower level of CEO-investor disagreement serves to partially “protect” CEOs from being fired, thus reducing turnover-performance sensitivity, which we also document. We also show that firms are more likely to hire an external CEO as a successor if disagreement with the departing CEO is higher. Disagreement declines following forced CEO turnover. Using various empirical strategies, we rule out other confounding interpretations of our findings. We conclude that disagreement, independently of firm performance, affects forced CEO turnover.

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CEO turnover ;  Corporate governance ;  Heterogeneous beliefs ;  Investor-management disagreement

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We examine the role of relationship-based resource allocations during the approval process of secondary equity offerings (SEOs) in the Chinese capital market. In this unique regulatory setting, SEO-seeking firms must have their applications approved by an Issuance Examination Committee (IEC) of the China Securities Regulatory Commission (CSRC), a hybrid template between government-directed and market-directed models. We identify guanxi-based relationships as cases in which the partner of an intermediary professional firm (e.g., auditing or law) employed by the SEO applicant also serves on secondment as a full-time IEC member. Our results show that these guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management, related-party transactions, and inter-company loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SEO period, which indicates that it results in inefficient resource allocations. In addition, we show that these quid pro quo arrangements benefit IEC-member intermediaries through higher market shares and professional fee revenues. Overall, our evidence suggests that relationship-based resource allocations lead to negative spillover effects that impose social welfare losses.

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